JPMorgan Strategists Suggest New "Other Category" for Ethereum to Avoid Securities Designation by Congress
June 16 (Cointime) - JPMorgan strategists have suggested that the US Congress could either classify Ethereum (ETH) in the same commodity category as Bitcoin (BTC) or create a new "other category" with less burdensome regulations than securities. This comes after some US Securities and Exchange Commission (SEC) officials questioned the details of a 2018 speech that stated ETH is not a security. The release of the "Hinman documents" may explain why the SEC has been avoiding taking action against ETH while targeting almost all major competitor tokens this year. Overall, the release of the documents is likely to benefit Ethereum and influence the direction of the current US congressional effort to regulate the crypto industry.
Crypto Market Remains Volatile After Fed Confirms Pause in Rate Hikes and SEC Charges Against Binance and Coinbase
June 15 (Cointime) - The crypto market has been volatile since the June 14 FOMC announcement and press conference with Fed Chairman Jerome Powell. Powell confirmed that the central bank would pause rate hikes for June, but also mentioned that at least two more rate hikes would be needed in the future. Despite starting the day up, Bitcoin's price has since retraced to a 24-hour low of $25,791, with some analysts predicting a drop to $25,000 based on current BTC derivatives data.
Billionaire Tim Draper Criticizes SEC Chair for Stifling Crypto Innovation with Damaging Policies
Billionaire Tim Draper has criticized the Chair of the U.S. Securities and Exchange Commission (SEC), Gary Gensler, for stifling crypto innovation with damaging policies. In an interview with Fox Business’s The Claman Countdown, Draper argued that the SEC should have no oversight on crypto technology and called for a new way of regulation.
Crypto Industry Forced Into Corner of Non-Compliance Amidst SEC Crackdown, Say Experts
Haseeb Qureshi, managing partner at Dragonfly, believes that the recent regulatory crackdown by the SEC on crypto exchanges was inevitable. He explains that after the Bittrex and Beaxy cases earlier this year, the SEC developed a clear legal theory that applies to all exchanges, including Coinbase and Binance.
South Korea's Metaverse Initiatives Face Challenges Without Blockchain Technology and Public Endorsement
In February 2022, the South Korean government announced a Digital New Deal to invest in a digital-based economy and create 1 million new jobs, with a small portion of the investment earmarked for metaverse development. Despite support from major technology companies and K-pop stars, locally developed metaverse platforms have failed to gain public adoption due to the lack of decentralized blockchain technologies.
Professor Carol Alexander questions SEC's ability to win lawsuit against Binance
According to Professor Carol Alexander of the University of Essex, the U.S. Securities and Exchange Commission (SEC) may not be financially strong enough to win its lawsuit against Binance. However, she also emphasized the importance of proper regulation in the cryptocurrency industry to prevent fraudulent activities.
SEC's Reign Over Crypto Might Be Over Soon Enough
The SEC's recent lawsuits against major crypto exchanges like Binance and Coinbase are part of a broader effort to regulate the trillion-dollar crypto market. The agency's ability to take legal action against crypto firms and exchanges hinges on its classification of digital assets as securities rather than currencies or commodities.
UK to Receive Early Access to AI Models from Google DeepMind, OpenAI, and Anthropic
During his speech at London Tech Week, British Prime Minister Rishi Sunak announced that Google DeepMind, OpenAI, and Anthropic have agreed to provide the UK with early access to their AI models for research and safety purposes. Sunak outlined a three-part plan to ensure safe deployment of AI systems in the UK, including cutting-edge safety research, the formation of a global task force, and investment in AI and quantum technologies.
Cardano Founder Charles Hoskinson and XRP Community Agree to Make Peace Amid SEC Lawsuits
Cardano founder Charles Hoskinson and the XRP community are reportedly making peace after a period of trolling and criticism.
Hong Kong Invites Global Crypto Trading Operators to Set Up Businesses Amid Proactive Crypto Regulations and CBDC Plans
Hong Kong has invited global crypto trading operators to set up businesses in the country, with Legislative Council member Johnny Ng expressing his willingness to provide assistance. The move comes after the US SEC filed lawsuits against crypto heavyweights like Binance and Coinbase.
