Connect with us

24/7 Cryptocurrency News

Senator Cynthia Lummis Accuses US SEC of Overreach In Coinbase Case

Published

on


Wyoming Republican Senator Cynthia Lummis has filed an amicus brief in Coinbase’s legal fight against the U.S. Securities and Exchange Commission (SEC). The filing was made to the U.S. Court of Appeals for the Second Circuit in connection with Coinbase’s appeal of the US SEC’s enforcement action against the exchange.

The SEC had sued Coinbase for allegedly running an unregistered trading platform, as well as an unregistered broker and clearing agency.

Senator Cynthia Lummis Says SEC Undermines Congress in Coinbase Lawsuit

In a recent brief, Senator Cynthia Lummis criticized the SEC for going beyond its mandate under the former chair, Gary Gensler. According to Lummis, the SEC’s actions went against Congress’s mandate in regulating cryptocurrencies. She also accused the agency of using its regulatory power to re-interpret securities laws and go after digital asset trading platforms without an act of Congress.

Lummis stressed that the role of Congress is to provide a clear legal framework for the regulation of digital assets in legislation. She stated that the SEC’s approach to regulation was unconstitutional. It violated the checks and balances between the legislative and executive branches.

This comes only days after Senator Cynthia Lummis was voted to head the Senate’s Digital Assets Subcommittee. She wants to set guidelines on cryptocurrencies and make Bitcoin part of the financial system in the United States. Senator Cynthia Lummis stressed that the country should act quickly to retain the leading position in financial innovation.

In 2023, the SEC brought a lawsuit against Coinbase alleging the company was operating as an unregistered exchange, broker and clearing agency. The top crypto exchange, called for the dismissal of the SEC lawsuit, accusing the regulator of overreaching in its application of securities laws. The case was since transferred to the U.S. Court of Appeals after a district court granted Coinbase the permission.

In her brief, Senator Cynthia Lummis claimed that what the SEC was doing was a form of “legislation by enforcement.” She pointed out that it is Congress, not the US SEC, that can define crypto regulations.

However, despite the ongoing SEC lawsuit, the top crypto exchange continues its global expansion. Coinbase secured a VASP license in Argentina, reinforcing its commitment to regulated growth. Matías Alberti will lead operations, aiming to strengthen the platform’s presence in the region.

Judicial Oversight on SEC’s Authority

Additionally, Lummis highlighted the need for the judiciary to intervene in cases involving the SEC’s enforcement of digital asset regulations. She stressed that the Second Circuit Court should provide clarity on when digital assets qualify as securities. This ruling, according to Senator Cynthia Lummis, could have effects on ongoing cases, including lawsuits against other exchanges.

The brief also noted that the Congress is in the process of drafting legislation that will help solve the issues. Senator Cynthia Lummis pointed to her work with Senator Kirsten Gillibrand on a bill that would help to define the jurisdictions of the SEC and the CFTC with regard to cryptocurrencies.

With Gary Gensler leaving the office of SEC Chair, the agency’s approach to regulating crypto is likely to change. Recently, the Acting Chair, Mark Uyeda unveiled plans to form a new crypto task force to work towards achieving reasonable crypto regulations.

✓ Share:

Ronny Mugendi

Ronny Mugendi is a seasoned crypto journalist with four years of professional experience, having contributed significantly to various media outlets on cryptocurrency trends and technologies. With over 4000 published articles across various media outlets, he aims to inform, educate and introduce more people to the Blockchain and DeFi world. Outside of his journalism career, Ronny enjoys the thrill of bike riding, exploring new trails and landscapes.

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

Analyst Identifies Key Support For Cardano Price Bullish Momentum

Published

on


Crypto analyst Ali Martinez has noted key support levels for Cardano (ADA) price between $0.67 and $0.80. He emphasized their role in sustaining the current bullish trend. According to Martinez’s analysis, these levels have historically acted as both resistance and support for the altcoin. The repeated interaction with this range indicates its significance in determining ADA price direction.

Key Support Levels for Cardano Price Stability

In a post on X, Ali Martinez highlighted that Cardano price has repeatedly tested the $0.67–$0.80 range. This zone has provided stability for ADA, preventing further declines and acting as a foundation for bullish movements.

Historical price movements suggest that this support area has been critical during both uptrends and corrections. The ability of ADA to hold above this range signals strong buying interest.

Recent market data indicates that ADA remains within this support range, maintaining its position despite market fluctuations. If buying pressure persists, Cardano price could establish a stronger footing and attempt an upward breakout.

Meanwhile, Grok 3 AI highlighted Cardano’s strong decentralization as a driving force behind its potential rally to $5-$6 in this bull cycle. If Cardano price can break key resistance levels, it may gain the bullish momentum needed to reach these ambitious price targets.

Technical Indicators Suggest Growing Buying Pressure

Supporting the bullish sentiments, the 1-day Moving Average Convergence Divergence indicates Cardano price is holding above key support levels, providing a foundation for a altcoin rally.

More so, the MACD line is above the signal line, signaling a bullish crossover. If ADA maintains its position above $0.75 and builds on this momentum, it will break the $0.80 resistance and push higher in the short term.

Furthermore, there is the Parabolic Stop and Reverse (SAR) indicator whose dotted lines are placed below Cardano price, which is common in an upward trend. This suggests that ADA price has found a strong support base, further reinforcing the likelihood of an upward move.

Cardano priceCardano price
Source: TradingView

ADA Price To $1?

If Cardano price remains above the key support range of $0.67–$0.80 and manages to break above resistance levels, analysts project a potential rally toward $0.94. A successful test of this price point could pave the way for ADA to revisit the $1 mark.

Conversely, if ADA fails to sustain support above $0.67, selling pressure could increase, driving the price lower. In such a scenario, the next key support level would be around $0.54, where buyers might re-enter the market.

Moreover, another analyst shared the bullish sentiments, emphasizing that ADA price movements suggest a potential breakout. The expert highlighted that if Cardano surpasses the critical resistance at $0.9837, it could pave the way for a rally toward $1.35.

✓ Share:

Ronny Mugendi

Ronny Mugendi is a seasoned crypto journalist with four years of professional experience, having contributed significantly to various media outlets on cryptocurrency trends and technologies. With over 4000 published articles across various media outlets, he aims to inform, educate and introduce more people to the Blockchain and DeFi world. Outside of his journalism career, Ronny enjoys the thrill of bike riding, exploring new trails and landscapes.

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

Pi Coin Price Crashes 50%, What Shall Investors Do Next?

Published

on


All the excitement around the Pi mainnet launch has faded within 24 hours of launch as the Pi Coin sees strong selling pressure with its price crashing more than 50% from the peak of $2 yesterday. The selling pressure comes with huge trading activity as daily trading volumes surge to more than $1.2 billion.

Pi Coin Sees Major Pump and Dump

Pi Coin, the native cryptocurrency of the Pi Network faces a major pump-and-dump as it currently trades around $0.70 falling more than 65% from its peak of $2.0 Investors’ euphoria surrounding the mainnet launch seems to be waning fast.

Even as of the current price of $0.70, the Pi Network pegs a market cap of $4.45 billion. With more than 10 million users, the Pi Network has achieved significant market following. following the mainnet launch, a total of 1 billion from the total 9.7 billion PI tokens are available initially. The remaining tokens will be locked in user wallets and unlocked over a period of time.

Although some market analysts have turned bullish, investors should be careful while taking fresh bets and look for any potential signs of trend reversal.

Will Binance and Coinbase Listing lead to Trend Reversal?

Despite the current Pi Coin price fall, the optimism surrounding the recovery remains high. Some market analysts believe that this would not be the right time to sell at the bottom considering that the daily trading volumes have remained robust at more than $1.2 billion.

Some of the global crypto exchanges like OKX and CoinDCX have already extended support to Pi coin. Furthermore, the industry has been pushing to bring the Pi Network’s native crypto token to top exchanges like Binance and Coinbase.

Binance and Coinbase, being among the largest cryptocurrency exchanges globally, offer access to a vast user base and high trading volumes. This increased liquidity can make Pi Coin more attractive to traders and investors. Besides, it will further boost the credibility of the crypto asset among retail investors.

Pi Community Shows Discontent

Following the massive pump and dump, there’s a major discontent among the Pi community. Notably, crypto commentator Wood LightYear expressed frustration over a specific narrative surrounding the Pi Network mainnet launch. In a statement shared on social media, LightYear said:

“The only narrative I really hated about yesterday’s listing of Pi was that of people having cheap access to accumulate what we paid for with our time, for many years.”

The sentiment highlights concerns among long-term supporters of the Pi Network, who believe the listing undermines the project’s core narrative of valuing time and attention

✓ Share:

Bhushan Akolkar

Bhushan is a FinTech enthusiast with a keen understanding of financial markets. His interest in economics and finance has led him to focus on emerging Blockchain technology and cryptocurrency markets. He is committed to continuous learning and stays motivated by sharing the knowledge he acquires. In his free time, Bhushan enjoys reading thriller fiction novels and occasionally explores his culinary skills.

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

Will Pi Coin Price Hit $10 After Open Mainnet Launch?

Published

on


After about 9 years of building its community, the Pi Coin Network finally launched on the mainnet to the amusement of the industry. However, for a coin whose IOU price traded as high as $183.49, the current price is highly disappointing to early miners. While still early, many are wondering if, with the inconsistencies tied to the protocol at this time, Pi Coin hit a high price of $10 after the mainnet launch.

Pi Coin Price Shocks Investors

The days leading to the mainnet launch of Pi Coin on the mainnet came with significant community hype. In the first few days, some community members anticipated the coin to skyrocket as high as $300. However, the current PI outlook has stunned expectant miners.

According to CoinMarketCap data, Pi Coin’s price was $0.7620, down 55.16% in less than 24 hours. With a market capitalization of $4.77 billion, PI has a trading volume of $1.09 billion. Despite its relatively young age, PI now has a valuation bigger than Monero (XLM), PEPE, and Internet Computer (ICP).

The coin’s ecosystem is calm but with optimism from early backers despite the backlash from industry leaders. Pi Network got huge support from global exchanges, with PI listing on OKX and CoinDCX, amongst others.

Some ecosystem trends must be considered when deciding whether or not the rebound to $10 is feasible.

Catalysts that May Push Pi Coin to $10

The PI network has a robust user base before its open mainnet launch. The project reported over 10 million users, a massive resource in projecting future success. With the user base and growing listing on exchanges, PI can maintain the liquidity it needs to bounce back.

Token launches are known to come with very sharp volatility. The same price drawdown PI Coin traded in was experienced by all top coins with hype leading to their launch. If the team continues to develop the project, chances of recovery in the long term are high.

In addition, PI Coin emerged positively in the crypto industry. Through the pro-crypto Trump administration, enforcement at the US SEC and CFTC are now a thing of the past. This means the PI Network team can focus on delivering the innovation in their roadmap.

The project may also get more clarity from the Crypto Task Force established by Mark Uyeda.

Is the $10 Price Target Feasible for the PI Network?

In the crypto industry, proponents believe anything is possible. For the Pi Network, only a 10% supply was released. This amounted to approximately 10 billion PI out of 100 billion. 

At the current price of $0.76, the coin has a Fully Diluted Value of $76.2 billion. At a $10 price market, this might take it closer to $1 trillion, a price that is not economically feasible.

However, the coin may attain this price if it employs some form of burning mechanism along the way. For now, most early miners just want PI Coin to reclaim the $1 price mark. There is also speculation it may surpass XRP at $2.6 if it bags a Binance listing soon.

✓ Share:

Godfrey Benjamin

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 X, Linkedin

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