Connect with us

24/7 Cryptocurrency News

Senate Banking Committee Advances Plans for Crypto Subcommittee Vote

Published

on


The Senate Banking Committee, under the leadership of Senator Tim Scott, is preparing to establish its first-ever subcommittee focused on cryptocurrency oversight. This initiative comes amid increased government attention on digital assets, including the recent sale of $6.7 billion in Bitcoin seized from the Silk Road case by the U.S. Department of Justice.

The move is seen as part of broader efforts to provide regulatory clarity for the rapidly growing cryptocurrency industry. According to a report shared by FOX Business reporter Eleanor Terrett, Senator Cynthia Lummis has been tentatively selected to chair the subcommittee.

Senate Banking Committee Pushes for Dedicated Crypto Subcommittee

The new cryptocurrency subcommittee is similar to the one established in the House Financial Services Committee in 2023 by Patrick McHenry. The decision made by the Senate Banking Committee is in line with the efforts made by both parties to fill the gaps in the regulation of cryptocurrencies, which has been a concern within the digital asset industry.

A Senate aide stated that a vote to formalize Senator Lummis as chair with new Republican and Democrat members will most probably take place next Thursday. This vote is to occur before another confirmation hearing for Scott Turner, the person chosen by President-elect Donald Trump for the position of Secretary of Housing and Urban Development.

Senator Lummis has been one of the biggest proponents of the growth of digital assets and blockchain technologies. Her leadership in the subcommittee may be able to help bring more attention to addressing industry issues, for example the uncertainty of regulation that has led some companies to shift operations overseas.

Industry Seeks Clearer Regulations Amid Government Action

Senator Lummis has been one of the biggest proponents of the growth of digital assets and blockchain technologies. Her leadership in the subcommittee may be able to help bring more attention to addressing industry issues, for example the uncertainty of regulation that has led some companies to shift operations overseas.

The formation of the Senate’s crypto subcommittee is likely to make the process of enacting coherent and comprehensible legislation even easier. This follows other actions by the government in the crypto sphere such as the sale of Bitcoin that was seized from Silk Road. The DOJ’s auctioning off of $6.7 billion worth of Bitcoin not only represented a significant enforcement action, but also highlighted the government’s increasing presence within the asset class.

As the change of government admin looms, the cryptocurrency industry is also putting pressure on the incoming President of the United States, Donald Trump, to support friendlier policies. Moreover, sources indicate that industry leaders have called for formation of a US Bitcoin reserve and executive orders to foster advancement of the blockchain technology.

Expectations for Senator Lummis’s Leadership

If approved as chair, Senator Cynthia Lummis will have a pivotal influence on setting up the new course for the U.S. cryptocurrency policies. Lummis has long been a proponent of digital assets, often campaigning for their acceptance into the US financial system.

This comes amidst appointments by the Trump administration to replace important regulatory heads such as SEC Chair Gary Gensler with others that are more liberal in the cryptocurrency space. There has also been a suggestion of a new White House position called the “Crypto Czar” within the transition team’s plans.

The creation of the Senate’s cryptocurrency subcommittee has been seen as a significant move to help combat the problems facing the sector. This is anticipated to help promote discussions between the government and businesses to support growth and coordination on regulations.

The vote to set the final list of the members of the subcommittee will be held on Thursday.

✓ Share:

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.





Source link

24/7 Cryptocurrency News

Solana Cofounder Advocates For Decisive Governance As SIMD-228 Proposal Fails

Published

on


Following the failed bid of a proposal to change network tokenomics, Solana cofounder Anatoly Yakovenko has reiterated the need for decisive governance. Yakovenko argues that failing fast will do more for Solana than a slew of proposal approvals.

Solana Governance Has To Prioritize Speed And Incisiveness

Solana co-founder Anatoly Yakovenko has moved on from the community’s rejection of the Solana Improvement Document (SIMD)-0228. Yakovenko noted that despite the failed proposal, the speed of governance proceedings for Solana left an impressive mark.

The SIMD-0228 sought to change Solana’s tokenomics by introducing a dynamic inflation model, moving away from the network’s fixed inflation schedule. While the proposal split the network over centralization fears and disadvantages to smaller validators, Yakovenko highlighted the silver lining in its rejection.

Learning from the proposal, the Solana cofounder disclosed that the network’s governance must be “fast and decisive.” For Yakovenko, the quick resolution of the proposal frees up resources for the network to explore a better approach.

“How fast the ecosystem iterates is a thousand times more important than making sure that every proposal passes,” said Yakovenko.

Over 74% of validators participated in the vote with Yakovenko declaring support for the proposal. Big ecosystem players including VanEck supported the proposal amid speculation that Solana price will spike following the approval.

Bulls Eye Upward Movement For SOL Price

Despite the rejection of the proposal, bulls are still clinging to hope that SOL can go on a parabolic rally. The network has faced significant downward pressure in recent weeks, complicated by Alameda’s SOL unstaking. A steep drop in Solana DEX volume darkens the cloud for the future of the asset’s price.

However, analysts are keeping their eyes on the potential repeat of a 2021 pattern that can send SOL price to $4,000. There is speculation that Solana is on course to surpass Ethereum’s market capitalization.

Optimist are hinging their prediction on on-chain metrics and the soaring number of projects building on the network. In the short term, traders have their eyes on SOL to $200 before the end of March despite a looming death cross.

 

✓ Share:

Aliyu Pokima

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.





Source link

Continue Reading

21shares

21Shares To Liquidate Bitcoin and Ethereum Futures ETFs, Here’s All

Published

on


21Shares has announced that it is bringing down the curtain on its Bitcoin and Ethereum futures exchange-traded funds (ETFs). The issuer is eyeing March 28 as a tentative date for the liquidation of both ETFs amid a wave of new filings in the US.

21Shares Set To Liquidate Bitcoin and Ethereum ETFs

According to an announcement, crypto ETF issuer 21Shares has disclosed plans to ditch its Bitcoin and Ethereum futures ETFs. Per the announcement, the affected ETFs are the ARK 21Shares Active Bitcoin Ethereum Strategy ETF and the ARK 21Shares Active On-Chain Bitcoin Strategy ETF.

While the press release did not give clear reasons for the liquidations, it hinged its decision on a periodic review of its offerings. The statement cited a need to align existing product lineups with market dynamics and clients’ needs in a changing landscape.

However, pundits say the liquidations are a result of jarring ETF outflows in recent months.

Shareholders can sell their holdings up until March 27, a date touted as the last trading day for both ETFs. 21Shares plans to put the final nail in the coffin for both ETFs on March 28, liquidating all remaining assets.

“Shareholders who continue to hold shares of a Fund on the Fund’s Liquidation Date will receive a liquidating distribution with a value equal to their proportionate ownership interest in the Fund,” read the press release.

Increased ETF Activity In The Cryptoverse

Despite the wave of outflows, the ETF space is sizzling with frenetic activity. Buoyed by impressive returns, 21Shares slashed fees to 0.49% for its Bitcoin Ethereum Core ETPs.

Bitwise has rolled out its OWNB ETF to track companies holding Bitcoin on their balance sheets. Bitcoin ETF investors continue to put their faith in offerings in the face of price amid Rex Shares launching the first Bitcoin Corporate Bond Convertible ETF

Outside of Bitcoin, several issuers have filed for XRP, HBAR, DOGE, and AVAX ETFs with the US SEC. For Ethereum investors, CBOE has applied to the SEC to approve staking in Fidelity’s ETH ETF.

 

 

✓ Share:

Aliyu Pokima

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.





Source link

Continue Reading

24/7 Cryptocurrency News

BTC Regains $84K; ETH, XRP, SOL Pump

Published

on


The crypto market today (March 15) showcased notable rising trajectories, igniting investor optimism globally. Bitcoin (BTC) price regained a break above $84K intraday, while Ethereum (ETH), Solana (SOL), and XRP prices also pumped considerably. Simultaneously, meme coins witnessed remarkable intraday gains, in sync with today’s broader market trend. Besides, Kaspa (KAS) emerged as the day’s top gainer, leading the market’s price gains.

Crypto Market Today: BTC, ETH, XRP, SOL Prices Pump Sparking Optimism

The global crypto market cap gained nearly 3% in the past 24 hours, reaching $2.75 trillion. Further, liquidations across the sector was down 23% from yesterday, at $160.75 million (Coinglass data). As a result, crypto prices have prevented a downturn, embarking on a rising action as of early Asian hours on Saturday.

BTC Price Taps $85K Sparking Crypto Market Recovery Hope

As of press time, BTC price witnessed gains worth 3% intraday and exchanged hands at $84,433. The flagship coin’s bottom and peak over the day were recorded as $81,771.76 and $85,263.29, respectively. Bitcoin’s market dominance was up by 0.11% over the past day, reaching 60.88%. Overall, the flagship coin appears to be outperforming altcoins this Saturday, recovering after dealing with massive macro heat.

ETH Price Jumps 2%

ETH price gained nearly 2% in the past 24 hours and exchanged hands at $1,919. The coin bottomed and peaked at $1,883.69 and $1,945.09 intraday. Ethereum’s market dominance rested at 8.4% this Saturday, signaling an undermining performance in the alts sector. The second-largest crypto’s trading volume was also down by 35% to $11.58 billion today.

XRP Price Soars

XRP price witnessed a 6% uptick in the past 24 hours and exchanged hands at $2.43. The coin’s intraday low and peak were $2.28 and $2.44, respectively. Ripple’s native coin enjoys a bullish action amid soaring odds of an XRP ETF approval shortly ahead. On the other hand, CoinGape reported that Ripple minted 6.5 million RLUSD, adding a layer of intrigue to the coin’s price movements.

SOL Price Shoots Up 8%

SOL price witnessed a remarkable 8% increase intraday and closed in at $135. The coin hit a low and a high of $124.48 and $135.64 in the past 24 hours. Solana’s trading volume was also up by 15% to $3.17 billion. The coin sees price gains in sync with the broader trend.

Meme Crypto Market Today

Simultaneously, meme coins also witnessed considerable gains this Saturday, further solidifying investor optimism. Dogecoin (DOGE) price gained nearly 2% intraday and exchanged hands at $0.1729. Shiba Inu (SHIB) price soared over 3% intraday to reach $0.00001276. Even Pepe Coin (PEPE) price gushed over 3%, resting at $0.000007133.

Top Crypto Market Gainers Today

Kaspa (KAS)

Price: $0.08113
24-Hour Gains: +14%

Hyperliquid (HYPE)

Price: $14.23
24-Hour Gains: +11%

OKB (OKB)

Price: $46.25
24-Hour Gains: +10%

Top Crypto Market Losers Today

Pi (PI)

Price: $1.47
24-Hour Loss: -10%

Celestia (TIA)

Price: $3.51
24-Hour Loss: -3%

TRON (TRX)

Price: $0.2229
24-Hour Loss: -1%

Overall, traders and investors currently reflect an optimistic sentiment amid prices recovering from previous slumps. On the other hand, VanEck filed for an Avalanche ETF recently, adding to recent pro-crypto advancements across the globe.

✓ Share:

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.





Source link

Continue Reading
Advertisement [ethereumads]

Trending

    wpChatIcon