Republicans' Efforts to Regulate Crypto Markets in US May Face Hurdles Without SEC Technical Feedback
The proposed legislation by Republicans to create new regulations for crypto markets in the US may face challenges due to the Securities and Exchange Commission's (SEC) lack of technical feedback.
Coinbase Stock Outperforms Major Crypto Linked Funds in Past Month
Last week, Ripple had a partial win in its legal battle with the SEC, which boosted the global crypto industry. However, Coinbase's stock price surge has outperformed major crypto-linked funds in the past month, according to data from Kaiko.
Lawmakers Criticize SEC Chair’s Approach to Digital Asset Regulation
Representatives French Hill and Dusty Johnson, who respectively chair subcommittees on Digital Assets, Financial Technology and Inclusion and Commodity Markets, Digital Assets, and Rural Development, have joined other lawmakers in criticizing SEC Chair Gary Gensler's approach to digital asset regulation. In a letter to Gensler, they suggested that legislation would be a more effective approach than the SEC's current position of "regulating by enforcement".
CoinShares Survey: Bitcoin Has Strong Growth Outlook, but Ether Still Dominates Institutional Portfolios
According to a CoinShares poll of prominent asset managers, Bitcoin has the most compelling growth outlook among cryptocurrencies, but Ether still holds the largest position in their portfolios. However, the U.S. Securities and Exchange Commission's aggressive stance against the sector is weighing heavily on family offices, institutions, and wealth managers, with growing concerns that tighter regulation or an outright ban could pose risks to crypto in the future.
Cathie Wood remains Positive on Coinbase following Ripple's Partial Victory over SEC
Cathie Wood, CEO of ARK Investment Management, expressed her positive outlook on Coinbase following Ripple's recent legal victory against the SEC. Although the ruling did not fully favor Ripple, Wood believes it is a positive outcome for crypto exchanges. She joins other industry experts in suggesting that the ruling could set a precedent for Coinbase and Binance in their legal battles with the SEC. Despite receiving a Wells Notice and facing a lawsuit from the SEC, Coinbase's stock value has remained robust. However, investment firm Berenberg Capital Markets warns that regulation for crypto exchanges is still unresolved, and Coinbase Earn may be vulnerable to being defined as a security.
Coinbase CEO to meet US House Democrats on Wednesday
Coinbase CEO Brian Armstrong is reportedly scheduled to meet with a group of centrist House Democrats to discuss digital-asset legislation, tax, national security, privacy, and climate. The meeting will be held behind closed doors on Wednesday morning. Armstrong has been an outspoken critic of the SEC and has pushed for clearer crypto rules in Washington. The crypto industry has recently attacked SEC Chair Gary Gensler after the agency sued Coinbase and Binance for allegedly breaking securities laws.
CFTC's Pham Wants to Regulate Crypto in a Holistic Way
Commodity Futures Trading Commission Commissioner Caroline Pham addressed the discussions surrounding regulating the Treasury market and how the CFTC and SEC are working together on cryptocurrency regulation. It is desirable to regulate cryptocurrencies in a holistic manner. (Bloomberg)
XRP Surpasses Bitcoin in Trading Volume After Partial Win in SEC Lawsuit
XRP has gained some legal clarity in the long running lawsuit with the SEC, making it the only crypto to do so. XRP has surpassed Bitcoin in trading volume since the summary judgment was presented in the Ripple case, accounting for 21% of all crypto trading volume.
SEC Begins Review of Five Bitcoin ETF Applications, Including VanEck and Invesco Galaxy
The SEC has begun reviewing the latest bitcoin ETF applications, but the official review process won't start until the filings are published in the federal register. The regulator has requested public comments on all five of Cboe's ETF applications, including Wise Origin, WisdomTree, VanEck, Invesco Galaxy, and ARK 21Shares.
Pro-XRP Lawyers Speculate Both SEC and Ripple Will Appeal Judge Torres' Decision in Lawsuit
Australian lawyer Bill Morgan, who supports Ripple, has predicted that both Ripple and the SEC will appeal Judge Torres' recent summary judgment ruling in the ongoing SEC v. Ripple lawsuit. Morgan's prediction is in line with that of Marc Fagel, a retired attorney specializing in SEC enforcement and securities litigation.
