Bitcoin
SEC Chairman Gary Gensler Criticizes Crypto Market Bill Ahead of House Vote
Hours before the US House of Representatives was set to vote on an encryption bill, President Biden released a declaration saying he is against the legislation, but not threatening to veto it.
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The White House expressed opposition to the bill, ‘The Financial Innovation and Technology for the 21st Century (FIT21) Act,’ on Wednesday afternoon due to concerns about inadequate investor protections.
The bill, ‘The Financial Innovation and Technology for the 21st Century (FIT21) Act, would effectively classify cryptocurrency as a commodity, not a security, and would therefore make it exempt from securities regulations.
“The Administration looks forward to working with Congress to ensure a comprehensive and balanced regulatory framework for digital assets, building on existing authorities, that will promote responsible digital asset development and payments innovation and help reinforce U.S. leadership. in the global financial system,” the White House statement said. “HR 4763 in its current form lacks sufficient protections for consumers and investors who engage in certain digital asset transactions.”
The statement was made just hours after US Securities and Exchange Commission Chairman Gary Gensler publicly expressed his opposition to the project.
Gensler stated, “FIT21 would create new regulatory loopholes and undermine decades of precedent regarding oversight of investment contracts, placing investors and capital markets at immeasurable risk.” He reiterated his position on cryptocurrencies as securities, expressing concern that the bill would exclude blockchain-registered investment contracts from the legal definition of securities and therefore the protections of federal securities laws.
“Further, by removing this set of investment contracts from the legal list of securities, the bill implies what courts have repeatedly ruled – but what crypto market participants have tried to deny – that many crypto assets are being offered and sold as securities under existing law,” the chair added.
The bill would allow companies to self-certify that they are issuing digital commodities and would also give the SEC 60 days to determine whether those assets meet the bill’s definition of digital commodities.
“There are more than 16,000 crypto assets currently. Given the limits on personnel resources and no new resources provided by the bill, it is implausible that the SEC could review and challenge more than a fraction of these assets,” he said.
FIT21 was introduced last summer to determine whether a cryptocurrency should be classified as a commodity or a security and assign oversight accordingly between the Commodity Futures Trading Commission (CFTC) and the Securities and Exchange Commission (SEC).
Per Forbes, Republican candidate and former US President Donald Trump and his advisors also support the crypto market framework project. Trump, who used to criticize encryption as a fraud against the US dollar, is now promoting himself as a crypto candidate. Yesterday he announced that he would start accepting campaign donations in crypto.
The crypto industry has been eagerly awaiting regulatory action from US authorities and advocating for changes in laws to prevent crypto from being categorized as a security.
The SEC chairman, however, referred to crypto as a security from time to time and asserts that it is under its jurisdiction. Gensler, who previously taught a course on blockchain and cryptocurrencies at the Massachusetts Institute of Technology, is known for his strict approach to crypto regulation. He called the cryptocurrency market the Wild West, emphasizing its need for regulation.
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‘This is huge’ — Billionaire Mark Cuban issues ‘incredible’ Bitcoin and crypto prediction amid price slump
Bitcoin
Bitcoin
came back with a vengeance this year when former President Donald Trump Cryptocurrency boosts US presidential election in November with ‘revolutionary’ plan.
The price of bitcoin has surged to more than its all-time high in recent months, surpassing $70,000 per bitcoin and triggering a wave of mega-optimistic predictions about the price of bitcointhough it fell again this week, falling below $65,000 after the Federal Reserve kept interest rates steady.
Now, as Elon Musk suddenly breaks his silence on bitcoin and cryptocurrenciesBillionaire investor Mark Cuban called a California plan to digitize 42 million car titles using blockchain an “incredible step forward” and “huge” for cryptocurrencies.
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Mark Cuban, famous Shark Tank investor and billionaire owner of the NBA team Dallas Mavericks, has… [+] called a cryptocurrency update “amazing” amid bitcoin’s price slump.
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The California Department of Motor Vehicles (DMV) has digitized 42 million car titles using blockchain, it was reported by Reuters, through technology company Oxhead Alpha on the Avalanche blockchain and designed to detect fraud and facilitate the securities transfer process.
“This is an incredible development for crypto,” Cuban, best known as an investor on TV’s Shark Tank and owner of the Dallas Mavericks NBA team, posted on X, joking that U.S. Securities and Exchange Commission (SEC) Chairman Gary Gensler could sue the state as part of his hostility toward cryptocurrencies and blockchain technology.
“The reason this is huge for crypto is because people who hold the tokens will have an app with an Avalanche wallet,” Cuban said. “Tens of millions of Californians having and using a crypto wallet in the next five years, or however long it takes, normalizes the use of wallets and crypto.”
John Wu, president of Avalanche developer Ava Labs, told Reuters that California’s DMV is “creating a wallet that you can download on your phone.”
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Bitcoin’s price has rallied this year, triggering a wave of bullish bitcoin price predictions from… [+] people like billionaire Mark Cuban.
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Last month, Cuban predicted that if the US dollar falls as the global reserve currency, bitcoin could become “a global ‘safe haven’” and a “global currency.” potentially sending the price of bitcoin to a much higher level.
According to Cuban, bitcoin could become what its most ardent supporters “envision” — a means “of protecting our economies… This is already happening in countries facing hyperinflation.”
The price of bitcoin has skyrocketed over the past year, largely due to the world’s largest asset manager, BlackRock, leading a bitcoin attack on Wall Street.
Analysts are starting to pay more attention than usual to Bitcoin-proxy’s underlying enterprise software business MicroStrategy Inc.
How to better invest cash generated from operations is what originally prompted co-founder and CEO Michael Saylor to turn to Bitcoin four years ago. Since then, the Tysons Corner, Va.-based company has adopted a two-pronged strategy of investing in the cryptocurrency instead of traditional assets like short-term Treasuries and ramping up its software operations.
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Bitcoin has retreated from a six-week high as investors shift their focus to speculation the U.S. may sell seized tokens just days after Donald Trump vowed to create a government stockpile of the cryptocurrency if he is elected president again.
The US transferred $2 billion worth of Bitcoin to a new digital wallet address on Monday, blockchain research firm Arkham said in a publish on social media platform X. Market analysis firms have speculated that the tokens are from the Silk Road marketplace, where customers used virtual currencies to buy illegal drugs and hacking tools before it was shut down.
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