CFTC
Tennesse Republican pitches joint SEC-CFTC crypto oversight
Published
7 days agoon
By
adminA new crypto bill on Capitol Hill seeks to share oversight powers between the SEC and CFTC, two regulatory juggernauts.
Introduced by U.S. Representative John Rose of Tennessee, the Bridging Regulation and Innovation for Digital Global and Electronic Digital Assets would establish a Joint Advisory Committee focused on cryptocurrencies. This collaborative effort would enlist knowledge and expertise from both the Securities and Exchange Commission and the Commodity Futures Trading Commission.
According to Rep. Rose, the current “heavy-handed” regulation-by-enforcement style has proved ineffective. Rather than tussle for oversight, the SEC and CFTC should cooperate with private actors to build a digital asset framework.
The BRIDGE Digital Assets Act proposes including 20 nongovernmental individuals from the cryptocurrency industry. The committee would meet at least biannually and serve two-year terms. Rep. Rose also suggested exploring how decentralized technology could improve traditional financial sectors without jeopardizing investor safety.
Washington interested in crypto laws
The BRIDGE Digital Assets Act is yet another attempt by American lawmakers to standardize rules for the crypto complex. In May, the U.S. House of Representatives passed a bipartisan bill sharing regulatory powers between the SEC and CFTC.
The White House objected to the so-called Financial Innovation and Technology for the 21st Century Act, but noted its willingness to negotiate on FIT 21 and other digital asset bills.
Both the CFTC and SEC have sued crypto heavyweights multiple times, although the two regulators disagree on how digital assets should be treated.
Assets like Ethereum (ETH) highlight the agencies’ different approaches. SEC Chair Gary Gensler has responded vaguely when asked if Ether is a security or a commodity like Bitcoin (BTC). Conversely, CFTC Chair Rostin Behnam has categorically stated that ETH is a commodity and should fall under CFTC oversight.
Source link
You may like
Hut 8 and BITMAIN To Launch Next-Generation ASIC Bitcoin Miner with Liquid-to-Chip Cooling
German Government Shuts Down 47 Exchanges, Says They’re Tied To ‘Illegal Activity’
Toncoin, Intel Markets and Ethereum
Whale Dumps Entire PEPE, FLOKI, and WLD Holdings, What’s Next For These Assets?
Nervos Network Bulls Add More Profits To Their Wallets With Gambling Token Mpeppe
Celebrating 10 Years of the Hardware Wallet Revolution
CFTC
Wintermute to launch Polymarket competitor with Chaos Labs
Published
2 days agoon
September 17, 2024By
adminWintermute plans to foray into the on-chain prediction market, with its first betting pool focused on the U.S. presidential elections.
The crypto trading firm and market maker Wintermute disclosed ongoing work on an on-chain betting platform, OutcomeMarket. The decentralized protocol will utilize Oracle technology from Chaos Labs to handle pricing and risk management.
According to the announcement, Wintermute’s prediction platform will launch with two tokens: TRUMP and HARRIS, representing the Republican and Democratic U.S. presidential candidates.
OutcomeMarket is said to debut on major blockchain networks like Ethereum (ETH), Coinbase’s Base, and layer-2 chain Arbitrum (ARB). The web3 startup added that tokens will appear across decentralized finance ecosystems and exchanges to better the trading experience.
Tokens via OutcomeMarket will be usable in DeFi and listed on multiple trading venues, expanding utility and improving accessibility for a broader audience
Wintermute on new U.S. election prediction platform
Wintermute eyes Polymarket’s arena, but CFTC oversight looms
Wintermute’s latest venture could look to take market share from Polymarket, one of the largest on-chain outcome betting platforms, with over $1 billion in election-related wagers.
Bloomberg integrated Polymarket’s election data into its terminal, further legitimizing decentralized prediction markets. This collaboration occurred despite regulations preventing U.S. bettors from using Polymarket.
The Commodity Futures Trading Commission has taken a firm stance against election betting contracts, arguing that big-money wagers may influence outcomes.
CFTC lawyers attempted to delay Kalshi from listing its prediction market, but a judge overruled it. Still, the regulator continues to challenge Kalshi in court.
In a Sept. 17 speech at Georgetown University, CFTC chair Rostin Behnam said the watchdog would also scrutinize offshore betting platforms with U.S. users. Behnam emphasized that the agency’s proposed ban on prediction markets is part of a fight against what it views as illegal activity and market manipulation.
Source link
CFTC
'An Explosion of Election Gambling' Is Nigh, CFTC Warns Appeals Court
Published
5 days agoon
September 15, 2024By
adminThe regulator pleaded with the court to halt Kalshi’s political prediction markets for the duration of the CFTC’s appeal.
Source link
CFTC
Even Temporarily Blocking Election Contracts Risks ‘Irreparable’ Harm, Kalshi Argues
Published
5 days agoon
September 14, 2024By
adminKalshi, which won a significant victory in court last week when a federal judge ruled its political prediction markets should be allowed to trade in the U.S., said the CFTC wouldn’t suffer any major harm if its new contracts were allowed to trade during the appeal process, but the company would “suffer substantial – indeed, irreparable – harm” if it’s blocked from letting people bet on the outcome of the 2024 elections.
Source link
Hut 8 and BITMAIN To Launch Next-Generation ASIC Bitcoin Miner with Liquid-to-Chip Cooling
German Government Shuts Down 47 Exchanges, Says They’re Tied To ‘Illegal Activity’
Toncoin, Intel Markets and Ethereum
Whale Dumps Entire PEPE, FLOKI, and WLD Holdings, What’s Next For These Assets?
Nervos Network Bulls Add More Profits To Their Wallets With Gambling Token Mpeppe
Celebrating 10 Years of the Hardware Wallet Revolution
FET price rises as CEX inflows rise ahead of Cudos merger vote
5 Crypto to Sell to Avoid Losses After Fed’s 50 bps Interest Rate Cut
Bitcoin on the Cusp of Breakout Into Parabolic Phase, Says Crypto Analyst – Here’s the Timeline
Germany's Commerzbank and DZ Bank To Offer Bitcoin and Crypto Trading
Hut 8 deepens Bitmain partnership with launch of new ASIC miner in 2025
Binance CEO Says Institutional Investors Grew 40% This Year
Solana’s New Phone Promises More for Less—And Already Seeing Huge Demand
Federal Reserve Cuts Interest Rates by 50 Basis Points to Address Economic Uncertainty
XRP, SOL stagnate as new rising altcoin seizes the moment with another ATH
Top Crypto News Headlines of The Week
Ethereum, Solana touch key levels as Bitcoin spikes
Bitcoin 20% Surge In 3 Weeks Teases Record-Breaking Potential
Bitcoin Open-Source Development Takes The Stage In Nashville
Ethereum Crash A Buying Opportunity? This Whale Thinks So
Why Did Trump Change His Mind on Bitcoin?
New U.S. president must bring clarity to crypto regulation, analyst says
Will XRP Price Defend $0.5 Support If SEC Decides to Appeal?
Shiba Inu Price Slips 4% as 3500% Burn Rate Surge Fails to Halt Correction
Citigroup Executive Steps Down To Explore Crypto
Bitcoin flashes indicator that often precedes higher prices: CryptoQuant
Crypto Market Movers: 5 Altcoins Making Waves This Bull Run
Dormant Bitcoin wallet from 2014 moves BTC worth $10.2m
Polygon on-chain activity spikes despite MATIC price dip
The Other Satoshis: Bitcoin's Most Important Early Contributors
Trending
- 24/7 Cryptocurrency News1 month ago
Top Crypto News Headlines of The Week
- Bitcoin2 months ago
Ethereum, Solana touch key levels as Bitcoin spikes
- Bitcoin2 months ago
Bitcoin 20% Surge In 3 Weeks Teases Record-Breaking Potential
- Opinion2 months ago
Bitcoin Open-Source Development Takes The Stage In Nashville
- Altcoins2 months ago
Ethereum Crash A Buying Opportunity? This Whale Thinks So
- Donald Trump2 months ago
Why Did Trump Change His Mind on Bitcoin?
- News2 weeks ago
New U.S. president must bring clarity to crypto regulation, analyst says
- Price analysis1 month ago
Will XRP Price Defend $0.5 Support If SEC Decides to Appeal?