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Gary Gensler, Chairman of the U.S. Securities and Exchange Commission (SEC), issued a stern warning to crypto exchanges. He emphasized that they must follow the rules set in place. His comments came during an interview with CNBC on Wednesday, where Gensler made clear that protecting the public from bad actors remains a top priority. This […]
House of Representatives members brought up FTX, Donald Trumps token launch, and SEC Chair Gary Gensler at the Dazed and Confused digital assets hearing.
Though there was seemingly no evidence connecting them to his crypto policies, Gary Gensler has been subject to violent threats from individuals since at least 2022.
With the US election in November and polls showing Harris in a dead heat with Donald Trump in battleground states, Democratic voices in the crypto industry are speaking up.
The Consolidated Audit Trail would gather a monumental amount of data, and more than it is meant to when it exposes the identity of crypto wallet holders.
The premise that presidential candidate Kamala Harris could pick an anti-crypto Treasury Secretary if elected is looming.
Messari, a leading US-based crypto market intelligence platform, has declared independence from the Securities and Exchange Commission (SEC), citing the regulator’s stringent approach to the emerging industry. On July 7, Ryan Selkis, Messari CEO, stated: “I’ve declared independence from the SEC and its corrupt Chair Gary Gensler. In the months ahead, Messari will be operationalizing […]
The post Messari CEO declares independence, wages regulatory war on ‘illegitimate’ SEC appeared first on CryptoSlate.
Coinbase has criticized the US Securities and Exchange Commission’s (SEC) effort to block “reasonable discovery” from Chair Gary Gensler in their ongoing legal battle. Last month, the exchange requested the SEC Chairman to produce certain communications, including emails, reflecting his views on digital assets from 2017 to the present. The SEC challenged this move, citing […]
The post Coinbase demands Gensler’s private emails in SEC battle over crypto rules appeared first on CryptoSlate.
XRP is one of the top performers, looking at the performance over the last three weeks. After sinking below $0.40 in early July, the coin has rebounded sharply, adding 60%. As the coin outperforms leading altcoins like Solana and Ethereum, for example, there could be more room for growth. Is XRP Ready For $150? Analyst Thinks So From the daily chart, XRP is trending above key reaction levels. Notably, the close above $0.55 (now key support) reversed losses posted in mid-April. Additionally, the confirmation of recent gains and the close above $0.62 earlier today could spur demand, extending gains toward $0.74 and eventually $1. Related Reading: Analyst Says ETH Price Will Struggle As Spot Ethereum ETFs Expectations Crash As optimism reigns, one analyst on X thinks the coin is preparing for sharp gains in the coming weeks and months. Sharing a price chart, the analyst said XRP is breaking out from the local resistance and the multi-year resistance trend line. From his analysis, the trader said XRP just broke from a “massive, 2,351 days resisting trend.” The breakout from the bull flag anchored at the swing high, when prices rose to all-time highs of over $3.20, and the swing low, $0.16, when the coin plunged to $0.16 in 2021, is crucial. In the analyst’s estimation, XRP is now preparing for more gains that could propel the coin to $150 for an over “21,000% climb” from spot rates. Settlement Of United States Versus SEC Case Crucial It remains to be seen how prices will behave going forward. However, one of the key drivers of demand in the coming days and weeks will be the outcome of the ongoing case pitting Ripple and the United States Securities and Exchange Commission (SEC). Despite the partial win in July 2023, the regulator wants Ripple to pay a huge penalty of $2 billion. However, things are evolving fast, with Ripple lawyers defending that XRP is not an unregistered security as the regulator alleged. The United States SEC is being accused of regulation by enforcement, forcing crypto innovation elsewhere. During the last Bitcoin conference, former President Donald Trump said if he took over, his administration would fire Gary Gensler, the current head of the Commission. Trump said his plan would be to make America the leader in crypto and even establish a BTC reserve. Related Reading: Render Continues To Flash Red In All Timeframes Whats Going On? Brad Garlinghouse, the CEO of Ripple, has been critical of the United States SEC. After the agency requested the court to retract their classification of some altcoins, including ADA and SOL, as unregistered securities, Garlinghouse claimed the agency has been acting to fulfill a “political agenda and/or acting on bad faith” against crypto players. Feature image from DALLE, chart from TradingView
Donald Trump took the stage at the Bitcoin Conference and mapped out a plan for crypto policies if he wins in November against Democratic Party presidential nominee Kamala Harris
The Republican candidate laid out a plan for crypto policies should he win in November against prospective Democratic presidential nominee Kamala Harris.
Gary Gensler will be forced out as SEC chairman if Trump is elected but he could remain as a commissioner to continue his anti-crypto crusade.
Tucked away in a footnote as part of a recent statement, the SEC commissioner said his agencys current approach to crypto does not aid capital formation or protect investors.
The complainants called the matter "urgent," but it remains unclear if the SEC will open an investigation.
Judge Katherine Polk Failla said she would hear from SEC and Coinbase lawyers on July 15 whether SEC Chair Gary Genslers private communications on crypto were fair game.
US Securities and Exchange Commission (SEC) Chairman GaryGensler delivered a cautionary message to cryptocurrency exchanges,underscoring that merely providing disclosures to investors does not immunizethem from regulatory scrutiny.
Crypto Disclosure Gaps and Regulatory Concerns
Speaking in an interview with CNBC yesterday (Wednesday),Gensler stressed the inadequacy of disclosures alone, especially if cryptoexchanges are involved in activities like market manipulation or disseminationof misleading information affecting investment decisions.
He highlighted the prevalent absence of disclosures fromnumerous crypto firms, operating in a manner that would not meet the standardsexpected in traditional financial markets. The SEC has intensified its enforcement efforts in thedigital assets realm, particularly following the collapse of cryptocurrencyexchange FTX in late 2022.
The agency is actively pursuing legal actions against someof the major players in the US crypto market, including an ongoing case againstCoinbase, the largest exchange in the country by daily trading volume.
News Flash - 5 Jun 2024 !1 @SECGov Chair @GaryGensler Asserts Disclosures Alone Insufficient to Protect #Crypto Exchanges #SEC Chair Gary Gensler stated in a #CNBC interview that crypto exchanges providing disclosures are still subject to enforcement actions by the agency. pic.twitter.com/SD4quYVrM7
Altcoin Alerts (@Altcoin_Alerts) June 5, 2024Balanced Approach on Crypto ETFs
Gensler adopted a nuanced approach when discussing thepotential for crypto exchange-traded funds (ETFs), citing examples like thoseinvolving the Solana memecoin BONK.
The year is 2024 Jim Cramer is asking Gary Gensler if we should have a BONK ETF on CNBCthis is real life pic.twitter.com/5zyCzDZwAq
gaut (@0xgaut) June 5, 2024This moderated stance aligns with the SEC's recent greenlight on spot Ethereum ETFs, a decision that surprised many given previousconsiderations of Ethereum as an unregistered security. The SEC's approval of Ethereum ETFs has spurred discussionson the agency's openness to considering other altcoin spot ETFs.
Observers speculate that political dynamics, including theinfluence of the crypto lobby and the impending 2024 election, may havecontributed to the SEC's evolving position.
This article was written by Tareq Sikder at www.financemagnates.com.
Gary Gensler once described the Securities and ExchangeCommissions (SEC) role in policing the Wild West crypto industry as a copon the beat.
Although anecdotal, what has since followed is a series ofhigh-profile civil lawsuits against some of the sectors largest players. Yet,a statement like this would only ring true if the SEC actually adhered to itsvery own rule-driven standard.
SEC's Priorities in Crypto Regulation
Its no secret that the SEC, which aims to bringcrypto under tighter government scrutiny as its primary overseer, is continuingto drag its feet by refusing to tailor rules to clarify oversight of themulti-trillion dollar crypto sector. But it isnt just that the SEC hasdeclined to write newregulations on how digital assets should be treated, the agency has insteadplaced its focus, solely and lamentably, on enforcement actions that haveturned courts into execution chambers as academic J.W. Verret has remarked.
Gensler, who operates aschairman of the SEC, has previously claimed that most digital assets arecrypto asset securities despite there being no crypto-specific regulations in place that stipulate this. All the while,the SEC demands that cryptocompanies comply withstill-evolving securities-law requirements.
SEC Faces Scrutiny Amid Crypto Regulation SetbacksSEC under scrutiny for crypto regulation after losses against Ripple and Grayscale, raising questions about its independence and political influence.#Blockchain #CryptoNewshttps://t.co/bGqihWD4Nc
Global Crypto News (@GlobalCNNews) June 4, 2024Challenges Faced by Crypto Companies
In fact, the SEC has neverissued a single regulatory guideline pertaining to the registrationof digital assets. Inthe barren land of crypto regulatory ambiguity, crypto companies like BlockFi get sued for failing to registerdespite not knowing how to come into compliancein the first instance.
Notably,Gensler has publicly stated that Bitcoin (BTC) is not asecurity, but he has hinted that Ethereum (ETH)might be a securityand has repeatedly argued that hundreds of smaller tokens should fall under the SECs jurisdiction, which wouldmean that the companieswho issue such cryptocurrencies would need to register with U.S governmental authorities.
Defining Crypto as Securities
In addition to refusing toconduct the rulemaking needed to set stable crypto regulatorystandards, the SEC isunwilling to formally define what makes a crypto a security outside of the explanations the agencyprovides in its enforcement actions.
Granted, the SEC has statedthat it is in the process of forming cogent crypto policies, evidentinproposals such as thosewhich seek to overhaul the definition of exchanges in order torequire that investment advisors use qualified custodians to parktheir customerscrypto. However, if the SEC spent as much time clarifying crypto-specific rules (as manyin the industry haveurged it to do so) as it does suing crypto companies in court, we might have more answers.
Coinbase Accuses SEC of Stifling Crypto Industry with Regulation-by-Enforcement Strategy https://t.co/gD5WUjnyJt
Liisa Crypto (@LiisaCrypto) June 3, 2024But crypto regulatoryrulemaking isnt the SECs priority, nor is providing the clear answersthat would ease the legalquagmire that many cryptocompanies remain in.
Balancing Enforcement and Guidance
Genslers view is thatexisting securities laws are sufficiently clear because SEC measuresalready apply to crypto aconvenient but misguided argument that negates the necessity of new rules. Whats more, Gensler (who evenonce taught an MITblockchain lecture courseand has historically flip-flopped on his views) has said that while misconduct isrampant in the cryptosector, crypto only accounts for a small portion of the U.S capital markets.
If indeed crypto is too smallof an industry to exist on the SECs direct radar, why has thisostensibly inconsequentialsector garnered so much of the agencys attention, leading to controversial billion-dollar penalties for cryptocompanies like Ripple? How does pursuing a punitive campaign against cryptoassist in the issuingof clear guidance on core issues that impact the industry?
Global Trends in Crypto Regulation
Hundreds of millions ofpeople worldwide use crypto for various purposes and believe in itspotential. The SECs inability to see how crypto is inevitably a part of ourfuture means thaton a federal regulatorylevel, the US could lag behind the rest of the world. The EU, UK, United ArabEmirates, Japan, Singapore and even China have introduced or are in the processof introducing permanentregulatory frameworks for crypto take note SEC. U.S policymakers should consider running a sandbox too, just like the UK has done.
BREAKING: President Biden vetoes bill that allows highly regulated financial firms to hold #Bitcoin and crypto. pic.twitter.com/qRWC2myigR
Watcher.Guru (@WatcherGuru) May 31, 2024I often find myself thinkingof the age-old dating question: Where do we go from here?. No,but really. How canthe crypto industry continue to move forward without a clear regulatory path ahead? The stakesare too high, especially as crypto has become increasingly woven into the global financial system. Investorprotection and enhancing public trust in our markets requires that we work witha sense of urgency, SEC enforcement division director Gurbir Grewal once remarked. I just wish that sense of urgency wouldbe applied to theformation of much-needed crypto regulatory guidelines.
This article was written by Mohadesa Najumi at www.financemagnates.com.
The SEC Chair spoke on CNBC on June 5, suggesting the commission could delay approving S-1 registration statements for exchanges listing spot Ether ETFs.
Ethereum enthusiasts were cruising down the information superhighway towards a July 4th fireworks celebration of a different kind: the launch of the first spot Ethereum ETF. Related Reading: Solana Poised For Epic Reversal? Analyst Spots Bullish Pattern Echoing 2022 Breakout Investor excitement was dampened when the US Securities and Exchange Commission unexpectedly sent back applicants’ proposals, delaying the much-anticipated debut. Missed Exit: Ethereum ETF July Launch Goes Up In Smoke The news came as a shock to many, as market watchers and analysts alike had confidently predicted a July launch, with some even suggesting a celebratory trade on Independence Day. Bloomberg ETF analysts Eric Balchunas and James Seyffart were among those waving the checkered flag a little too early. Their prediction of a July 2nd debut went kaput after the SEC decided to put the brakes on the process. Unfort think we gonna have to push back our over/under till after holiday. Sounds like SEC took extra time to get back to ppl this wk (altho again very light tweaks) and from what I hear next wk is dead bc holiday = July 8th the process resumes and soon after that theyll launch https://t.co/0ZQR7yiBLt Eric Balchunas (@EricBalchunas) June 28, 2024 Insiders claim that the SEC has delayed the anticipated debut date by requesting changes to the S-1 documents that issuers have submitted. Think of the S-1 Form as a company’s passport to going public. This first step in the rigorous registration process with the SEC provides all the necessary details for the regulator to examine the entity before it offers shares to the public for the first time. Now, this unexpected diversion raises serious concerns about the schedule as a whole. Although there are others who anticipate the green light by July 8th, the impending US holiday probably adds another layer of wrinkle. Uncharted Territory: The SEC Takes The Wheel For issuers and investors alike, the absence of a clear timetable is a major source of discomfort. In contrast to the earlier 19b-4 forms, which required the SEC to make a decision within a certain amount of time, the S-1 filing process allows the regulatory body as much time as it needs. This essentially gives the SEC full control, enabling them to make changes requests and perform a comprehensive assessment without feeling pressed for time. While SEC boss Gary Gensler has previously hinted at approvals “sometime this summer,” his comments haven’t offered much solace to the jittery market. The recent snafu with the S-1 forms indicates that even a summer launch might be overly optimistic. Related Reading: XRP Year-Long Curse Broken? Analyst Bullish On Cryptos 240% Rally The Road Ahead The SEC’s recent actions have thrown the timeline into disarray, leaving investors and issuers in a state of limbo. While approval might still happen sometime this summer, the lack of clarity paints a picture of a bumpy ride ahead for these highly anticipated investment vehicles. Featured image from Pexels, chart from TradingView
The SEC commented on the S-1 forms and requested resubmissions by July 8, potentially delaying the launch of spot Ether ETFs until mid-to-late July.
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