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US SEC Chair Gary Gensler Confirms Congress Testimony, Here’s What To Expect
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5 hours agoon
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adminThe crypto market braces as the US SEC Chair Gary Gensler confirms testifying before the congress this week. On September 24 and 25, the SEC Chair will testify before the Financial Services Committee and the US Senate Banking Committee. Notably, the crypto community and Capitol Hill are expecting intense scrutiny of the agency’s approach, given its aggressive stance on the digital assets space.
US SEC Chair Gary Gensler To Testify Before Congress
The US SEC Chair confirms testifying before the Congress this week, sparking market speculations. Notably, the testimony comes at a then when his leadership at the SEC is under immense scrutiny both from partisan lines and his political leanings.
In addition, as the US Presidential election approaches, lawmakers are anticipated to press the SEC chair hard on several issues like the crypto regulation approach, and handling of frauds like FTX, Terra, and others. Besides, recently, Coinbase CLO has criticized the SEC’s “crypto asset security” claims, as it faces heavy backlash from the community.
Meanwhile, according to Blockchain Association Government Relations Director Ron Hammond, Gary Gensler will face questions from both parties. However, these hearings would be somewhat different from the previous ones, according to him.
In other words, the differentiating support from the agency is what makes these hearings unique. According to Hammond, Gensler has fewer allies this time, as many have shown dismay with his leadership, especially with the agency’s recent crypto approach.
In addition, this is the first time Genser will be joined by other SEC Commissioners, which marks a rare event in such hearings. While the democratic leaders are likely to defend his policies, the Republicans are expected to counter his views. In other words, the Republicans are expected to put pressure on him questioning the agency’s direction.
SEC Faces Backlash Over Crypto Crackdown
The US SEC, under the leadership of Gary Gensler, has continued to face heavy criticism from the crypto community as we as from lawmakers. For instance, recently, House Majority Whip Tom Emmer and Financial Services Committee Chair Patrick McHenry, have criticized the agency due to their classifications of crypto airdrops as securities.
In a recent letter to the SEC Chair, the lawmakers said that airdrops are important for decentralization and the development of blockchain development. They accused the agency of creating a “hostile regulatory environment”, which has gained notable attention from the crypto community.
The timing of this hearing also fuels discussion. The SEC chair has faced numerous legal setbacks, with courts and Congress questioning the agency’s aggressive enforcement tactics. Besides, the discussions have further mounted as former US President Donald Trump said that he would fire Gary Gensler if he attains a victory in the upcoming US Presidential election.
Rupam Roy
Rupam is a seasoned professional with three years of experience in the financial market, where he has developed a reputation as a meticulous research analyst and insightful journalist. He thrives on exploring the dynamic nuances of the financial landscape. Currently serving as a sub-editor at Coingape, Rupam’s expertise extends beyond conventional boundaries. His role involves breaking stories, analyzing AI-related developments, providing real-time updates on the crypto market, and presenting insightful economic news.
Rupam’s career is characterized by a deep passion for unraveling the complexities of finance and delivering impactful stories that resonate with a diverse audience.
Disclaimer: 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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Exchange Appeals SEC’s Denial Of Rulemaking Petition
Published
36 mins agoon
September 23, 2024By
adminCoinbase vs SEC lawsuit has seen a renewed clash in a federal appeals court in Philadelphia, as the leading U.S. crypto exchange challenges the regulator’s refusal to establish new rules for digital assets.
The hearing marks the latest chapter in the ongoing dispute between Coinbase and the SEC, with the exchange seeking to overturn the SEC’s denial of its 2022 rulemaking petition.
Coinbase Challenges SEC’s Denial of Rulemaking Petition
In a court hearing on Monday, Coinbase urged the SEC to establish clear regulations for digital assets, arguing that existing securities laws are outdated and impractical for the crypto industry.
The exchange’s appeal centers on the SEC’s refusal to act on a 2022 petition requesting clarification on when a digital asset qualifies as a security and calling for a market structure tailored to cryptocurrencies.
The SEC denied Coinbase’s petition in December 2023, asserting that current regulations are sufficient and disagreeing with the idea that new rules are necessary. Coinbase contends that this stance has left the crypto market in regulatory uncertainty, making compliance difficult for companies operating in the U.S.
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Kelvin Munene Murithi
Kelvin is a distinguished writer with expertise in crypto and finance, holding a Bachelor’s degree in Actuarial Science. Known for his incisive analysis and insightful content, he possesses a strong command of English and excels in conducting thorough research and delivering timely cryptocurrency market updates.
Disclaimer: 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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Will Kamala Harris Sideline Senator Warren to Protect Crypto Industry?
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18 hours agoon
September 23, 2024By
adminDuring the recent fundraiser at Cipriani Wall Street in Manhattan on Sunday, US Presidential nominee Kamala Harris vowed to grow investments in the crypto industry if elected. This is probably the first pro-crypto statement from Harris in this election campaign as her Democratic colleagues like Senator Warren continue to work on stifling crypto innovation.
Kamala Harris Supports Crypto Industry
While pitching her economic agenda to donors in New York City on Sunday, September 22, Kamala Harris has vowed to boost investments in artificial intelligence (AI) and crypto if elected to power at the White House. He also added that her economic agenda would help boost innovation along with focused regulations thereby protecting investors and consumers. As per the Bloomberg report, Harris said:
“I will bring together labor, small business founders and innovators and major companies. We will partner together to invest in America’s competitiveness, to invest in America’s future. We will encourage innovative technologies like AI and digital assets, while protecting our consumers and investors.”
The US Vice President is also getting major support from crypto industry players with Anthony Scaramucci working on her crypto policies. However, unlike her opponent, Kamala Harris hasn’t walked the talk when it comes to showing support for crypto. ETF Store President Nate Geraci stated that empty promises won’t do much of a difference. Instead, actions would help!
Actions on digital assets…
Not words.
Could take positive actions right now. https://t.co/GHFHZdeEai
— Nate Geraci (@NateGeraci) September 22, 2024
Will the VP Go Against Senator Warren?
Massachusetts Senator Elizabeth Warren has been working to throttle innovation in the crypto industry by targeting crypto-friendly banks. Crypto industry veterans also hold her responsible for the Silvergate Bank bankruptcy filed last week adding that how she’s lobbying for big market players. they also believe that Senator Warren has been the architect of Operation Choke Point 2.0 under the Biden administration.
what actually happened:
– Warren encouraged a bank run against Silvergate because she saw an opportunity to harass a pro-crypto institution after FTX collapsed
– Warren uses talking points dreamed up by Silvergate short seller Cohodes – Cohodes did not deny having contacted…
— nic carter (@nic__carter) September 21, 2024
Custodia Bank CEO Caitlin Long also wrote that he Warren faction within federal agencies attempted to shut down all crypto-focused banks. Every crypto-native bank on the list has either been closed or “voluntarily” scaled back, except for Custodia Bank. Custodia has survived and continues to fight.
Interstingly, it will be crucial to see whether Kamala Harris can take the batton and sideline Senator Warren with he anti-crypto agenda. Coinbase chief policy officer Faryar Shirzad said:
“In DC, Presidents send signals for good or for bad. Joe Biden, let it be known that Senator Warren controlled fin reg, so we had a mindless and destructive multi-year war against US innovation. Kamala Harris going out of her way to mention crypto should send a clear message that the Biden/Warren era of destruction is over. We should press for more, but her statement today means a lot and we should recognize that”.
XRP lawyer John Deaton, the Reublican nominee from Massdachutes is all set to take Elizabeth Warren in the upcoming presidential election. The first Deaton vs Warren debate will happen on October 15.
Bhushan Akolkar
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Disclaimer: 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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BTC & Altcoins Volatile Post-FOMC, Binance Unveils Listings
Published
2 days agoon
September 22, 2024By
adminThe crypto realm has closed another week with attention-nabbing developments unfolding across the broader sector. Bitcoin & Altcoins saw increased turbulence after the U.S. FOMC meeting this month, whereas the BoJ announced unchanged interest rates, adding to speculations. Simultaneously, in light of key market events, BTC price fluctuated, driving the broader volatility.
Crypto Market Turbulent Post-FOMC & BoJ Interest Rate Decisions
Notably, the U.S. Fed’s latest decision of an interest rate cut by 50 bp has conversely sparked price fluctuations within the crypto sector. After riding a rollercoaster ride, BTC price closed this week at $63K, up from $59K in the past seven days.
Meanwhile, the Bank of Japan announced unchanged interest rates at 0.25%, adding to speculations on the market’s future price movements.
BitMEX co-founder’s remarks in the aftermath of the Fed’s rate cuts have raised further investor concerns. Talking at Token2049, Arthur Hayes warned that a rate cut may cause the crypto market to crash.
However, as Q3 ends, market sentiments remain optimistic due to Q4 being seasonally bullish for risk assets.
Binance Uncurtains A Stockpile Of Listings
Simultaneously, this week saw cryptocurrency exchange behemoth Binance expanding support for several tokens. The CEX launched KDAUSDT USD-Margined perpetual contract this week, pushing Kadena price up nearly 30%.
Moreover, the exchange listed Solana Name Service (FIDA) in another mover, causing the token’s price to pump. Also, TON-based Catizen went live on the exchange this week, with even CATI price soaring over 30%. UXLINK, another token, extended its weekly gains to 110% on UXLINKUSDT Binance futures listing. Altogether, the CEX giant Binance has garnered significant attention with its stockpile of listings this week.
Other News From Around The Globe
Meanwhile, some other buzzworthy crypto headlines for this week are:
BY Mellon was exempted from the SEC‘s SAB 121 this week, allowing the bank to offer crypto custody services.
Also, this week saw Bitcoin critic Peter Schiff warning of a BTC price crash to $20K looming over the digital asset horizon. Meanwhile, Ethereum co-founder Vitalik Buterin transferred a whopping 1.3K ETH, sparking speculations over Ethereum’s price among cryptocurrency enthusiasts.
Simultaneously, stablecoin giant Circle announced collaboration with Sony to bring bridged USDC to Soneium, Layer 2. In addition, American billionaire Elon Musk met El Salvador president Nayib Bukele this week to talk about emerging technologies. These developments collectively have set off waves across the globe.
Coingape Staff
CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.
Disclaimer: 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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