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Presidential debate may clarify crypto regulatory approach

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1 week ago

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Moe Vela, a former senior advisor to President Joe Biden, shared his thoughts on crypto’s possible role in tonight’s presidential debate. 

The presidential debate between incumbent Joe Biden and former President Donald Trump may very well be the most televised event this year. For cryptocurrency enthusiasts, the debate comes at a time when digital assets like Bitcoin (BTC) and Ethereum (ETH) have become hot topics in Washington. 

In addition to approved spot BTC ETFs, expected spot ETH ETF greenlights, and crypto bills like FIT 21, Grayscale Investments and The Harris Poll reports stated that “nearly half of likely American voters think some of their future investment portfolios will include crypto.”

Will crypto come up in the debate?

Moe Vela, a senior advisor at Unicoin, told crypto.news in an interview that moderators may not field crypto-related questions. But he expects at least one candidate to comment on crypto in some form. 

As previously reported, Trump said Bitcoin mining might be an antidote to proposed central bank digital currencies (CBDCs). Trump announced that all Bitcoin mining should happen in America and has styled himself the “crypto president.”

Although Trump has seemingly rebranded his candidacy as pro-crypto, the former U.S. President shared skeptical remarks in the past. In 2021, Trump called Bitcoin a scam that affected the U.S. dollar’s value. 

Vela suggested that Trump‘s crypto u-turn might be “political bluster.” However, the former White House advisor stressed that “both candidates and their campaigns MUST soon be clear about what type of regulatory environment they will develop and enforce.”

Under Biden’s administration, government agencies like the Securities and Exchange Commission (SEC) and the Federal Deposit Insurance Corporation (FDIC) have tightened the noose around crypto in an attempt to protect investors from risky investments.

Per Vela’s comments, “regulators and governmental agencies too often can be overzealous in their oversight roles,” and “regulators who are in denial and using regulations to obstruct, discourage, dismantle or destroy a sector are dangerous. “

As the litigation strategy for digital asset oversight received backlash from industry proponents, Biden’s administration has also issued an Executive Order (EO) mandating a whole-of-government approach to crypto policies. 

Carole House, one of the authors behind President Joe Biden’s EO, recently returned to the White House ahead of the elections. Vela believes the development signals the current regime’s recognition of crypto’s integral role in America’s future.

Whatever the case, as cryptocurrencies become more embedded in U.S. society, Vela emphasized that leaders should balance being pro-sector and pro-consumer to benefit innovation and investor freedom.



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24/7 Cryptocurrency News

Donald Verrilli Says US is “Debanking Crypto

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17 hours ago

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July 4, 2024

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Donald B. Verrilli, the Former Solicitor General under the Obama Administration has weighed in on crypto regulation in the US. Linked to Grayscale Investments, Verrilli has first-hand experience in dealing with the bottleneck around crypto regulation in the country.

Crypto Regulation: Debanking Crypto Innovators

Fox Business Journalist Eleanor Terrett spotlighted the take of Donald Verrilli, referencing the Custodia Bank legal tussle in the US. Recall that Custodia Bank and the Federal Reserve are locking horns regarding the failure of the latter to issue a Master Account to the former.

The immediate ruling in the case has favored the Federal Reserve, however, the case is far from over. According to Verrilli, the United States Office of the Comptroller of Currency (OCC) might have a hand in this. In a communique co-authored with Paul Clement, President Bush’s Solicitor General, the duo shed light on the directive of the OCC to banks.

Though the regulator tagged the guidance an informal one, it explicitly curtailed the ability of banks to do business with crypto firms. For an industry that is innovating at a fast pace, Verrilli and Clement noted that the conditions attached to banking crypto were daunting to meet.

With the duo wading into the crypto regulation challenges, analysts considers the political terrain is changing. While Eleanor Terrett blew open the position of Verrilli and Clement, she acknowledged that they have clashed in the past regarding Supreme Court cases.

Market experts believe the United States is falling back and might need futuristic crypto regulation to get back on track.

The digital currency ecosystem is not free from the grip of the United States Securities and Exchange Commission (SEC). In the Verrilli and Clement write-up, they cited the recent Coinbase lawsuit against the SEC and the FDIC.

Despite the pushback from Coinbase, the SEC has continued to file lawsuit against top firms in the industry. At the moment, the regulator has existing cases with Ripple Labs, Uniswap and more recently ConsenSys among others.

The crypto ecosystem is more united now than ever and there are coalition funding the next US election. The goal is to help more crypto focused lawmakers land seats in DC.

Read More: UK Labor Party Wins In Exit Poll, Is Labor Good For Bitcoin?

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Benjamin Godfrey is a blockchain enthusiast and journalists who relish writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desires to educate people about cryptocurrencies inspires his contributions to renowned blockchain based media and sites. Benjamin Godfrey is a lover of sports and agriculture. Follow him on Twitter, Linkedin

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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24/7 Cryptocurrency News

US Lawmaker French Hill Doubles Down On Trump’s Pro-Crypto Stance

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2 days ago

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July 3, 2024

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United States lawmaker French Hill noted that Donald Trump will take a more crypto-friendly approach than the present administration. The run-up to the Presidential Election has seen crypto become an issue with lawmakers making huge statements ahead of the polls. Donald Trump has also moved closer to the sector making a pro-crypto case.

French Hill Backs Trump’s Pro Crypto Stance

Republican lawmaker, French Hill explained the type of crypto regulatory framework he feels Donald Trump might adopt in the country. In a recent CNBC interview, French Hill stated that the recently passed FIT21 bill is the type of regulatory framework the Trump administration will adopt in the sector. 

The FIT21 bill is tipped to protect investors and consumers in the market by stating clear rules and powers of different regulatory bodies in the sector. According to Hill, Trump will adopt it because it directs the Securities and Exchange Commission (SEC) and Commodity Futures Trading Commission (CFTC) on the specific regulatory framework needed in the market. 

“… for people who are innovative and starting a token crypto, a related firm, custody of those assets, how to make sure consumers are protected, so that framework I think is the right approach and that’s what I will recommend for the President that he endorses, is we haven’t passed it between now and the end of this Congress.” 

Furthermore, he tipped Trump to be a pro-growth and innovative President on financial matters. 

Crypto Becoming Mainstream

This election cycle saw the crypto industry taking a place in mainstream issues following wider adoption across demographics. From candidates moving toward enthusiasts to recent pro-legislation in Congress, crypto assets have become a rallying point for officials. The US regulatory landscape has been criticized for stifling growth due to frequent SEC lawsuits. This led to executives pushing for pro-crypto laws and raising funds for pro-industry candidates. 

Also Read: Federal Reserve Forecasts “AI Will Be Deflationary” To Boost Economy

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David is a finance news contributor with 4 years of experience in Blockchain Technology and Cryptocurrencies. He is interested in learning about emerging technologies and has an eye for breaking news. Staying updated with trends, David reported in several niches including regulation, partnerships, crypto assets, stocks, NFTs, etc. Away from the financial markets, David goes cycling and horse riding.

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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Circle

Circle Awarded Europe’s First Stablecoin License Under New MiCA Crypto Rules

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4 days ago

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July 2, 2024

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Cryptocurrency firm Circle has achieved a significant milestone by securing registration as an electronic money institution (EMI) in France. This move grants Circle a crucial license to operate as a compliant stablecoin issuer under the European Union’s rigorous crypto laws. 

Circle Breakthrough

According to a CNBC report, the approved license positions Circle as the first global stablecoin issuer to achieve compliance with the European Union’s regulatory framework known as Markets in Crypto-Assets (MiCA). 

This framework, considered a cornerstone in the EU’s approach to governing cryptocurrencies, sets out comprehensive rules and obligations for crypto companies to ensure investor protection and safeguard against market manipulation.

Circle’s acceptance into the MiCA regulatory framework means that both its USDC and Euro Coin (EURC) tokens can now be issued within the European Union while meeting the stablecoin regulatory obligations outlined by MiCA. 

Additionally, Circle is opening up its Circle Mint service, enabling businesses to mint and redeem Circle stablecoins, to customers in France.

Expressing his satisfaction with the achievement, Jeremy Allaire, co-founder and CEO of Circle, emphasized the company’s longstanding commitment to building compliant and well-regulated infrastructure for stablecoins. He stated:

Our adherence to MiCA, which represents one of the most comprehensive crypto regulatory regimes in the world, is a huge milestone in bringing digital currency into mainstream scale and acceptance.

European Stablecoin Adoption

The EU’s MiCA law, which officially came into effect in May 2023, introduced the world’s first comprehensive regulatory framework for cryptocurrency operations. 

Last week, provisions specifically governing stablecoins were approved, imposing stringent measures on trading volume limitations for certain stablecoins, particularly those denominated in US dollars.

As a registered EMI in France, Circle can now extend its services, including the minting and redemption of USDC through Circle Mint, not only to customers in France but also to individuals and businesses across the European Union. 

This is made possible by the concept of “passporting” outlined in MiCA, which allows crypto businesses to offer services in one EU country and expand into other markets within the bloc.

While Circle’s achievement is commendable, it should be noted that additional obligations under MiCA about crypto asset service providers will become applicable by December 30, 2024. Crypto companies will then have until July 2026 to ensure full compliance with MiCA’s requirements.

Since its launch in September 2018 by Circle and crypto exchange Coinbase, USDC has gained significant traction and now holds the position of the second-largest stablecoin globally. 

According to CoinGecko data, USDC’s circulation amounts to $32.4 billion, trailing only Tether’s USDT, which holds the title of the world’s largest stablecoin with a circulation of $112.7 billion.

Circle
The 1-D chart shows the total crypto market cap’s valuation at $2.2 trillion. Source: TOTAL on TradingView.com

Featured image from Shutterstock, chart from TradingView.com 



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