Crypto Companies Seek Regulatory Clarity and SEC Oversight Reform in Draft Bill Lobbying Effort
Crypto companies are lobbying Congress for support on a proposed bill that would provide regulatory clarity for the industry and limit the power of the SEC. The bill, drafted by Republican chairs of the House Financial Services and Agriculture committees, would define when a cryptocurrency is a security or a commodity and expand the Commodity Futures Trading Commission's oversight.
Charles d'Haussy of dYdX Foundation Discusses Future of Bitcoin ETF and Ethereum Platform
Charles d'Haussy from the dYdX Foundation shares his thoughts on the future of the platform after Ethereum and regulatory trends, with a focus on the possibility of a bitcoin ETF. The layout of a website is discussed in a code block, with a table displaying the CoinDesk Market Index and prices for various cryptocurrencies and financial assets.
Coinbase's Pre-motion Conference has been scheduled for July 13
The SEC has accused Coinbase of knowingly operating in violation of federal securities laws, citing the company's own warnings to shareholders about the possibility of assets traded on its platform being classified as securities. The regulator claims that Coinbase is deliberately ignoring established legal precedent in an attempt to create its own definition of an investment contract. Coinbase had previously filed a notice of intent to file a motion for judgment, citing comments made by SEC Chair Gary Gensler and the regulator's delayed response to the exchange's activities. A pre-motion conference on the case is scheduled for July 13.
JPMorgan Claims Bitcoin ETFs Unlikely to be a Game Changer for Crypto Markets
JP Morgan has stated that the creation of a spot Bitcoin ETF by BlackRock and others is unlikely to have a significant impact on the crypto market, even if approved by the SEC. The bank noted that previous applications for spot Bitcoin ETFs have been rejected, and even if approved, there is no guarantee of investor interest. Additionally, the largest spot Bitcoin ETF in the world, Canada's Purpose Bitcoin ETF, has seen flat inflows for two years. While a spot Bitcoin ETF could simplify buying Bitcoin for the average consumer and add liquidity to markets, it may also redirect trading activity from existing U.S. Bitcoin futures.
XRP Faces Challenges Amid Uptrend Break, Potential Price Retest, and Optimism for Ripple's SEC Lawsuit Outcome
XRP, the cryptocurrency tied to the XRP Ledger, has recovered from earlier lows but faces challenges as it falls below a crucial uptrend line. Pessimistic price predictions suggest a potential retest of the 200-Day Moving Average, but some anticipate a positive outcome if Ripple prevails in its SEC lawsuit, making XRP one of the top-performing cryptocurrencies in 2023.
Celebrities Face Reckoning for Endorsing Cryptocurrencies Amid Fraud Charges and Lawsuits
Celebrities who endorsed cryptocurrencies are facing consequences as the SEC orders Kim Kardashian to pay $1.26 million for inadequate disclosures when endorsing EthereumMax. A group of FTX customers is suing Tom Brady and Gisele Bündchen for compensation after the cryptocurrency exchange crashed, leaving the couple with worthless FTX stock and tokens.
Virginia Judge Rules SEC Must Conduct "Reasonable Search" for Empower Oversight's FOIA Requests
A judge in Virginia has ruled in favour of a motion from the SEC in a case brought by Empower Oversight, but with some exceptions. The judge said government agencies must conduct a "reasonable search for responsive records" in FOIA requests, and that the SEC's searches were not "reasonably calculated to uncover all relevant documents" in some of Empower's requests.
Spot Bitcoin ETF Applicants to Meet US SEC Next Week
BlackRock, Fidelity Investments, and other applicants for a spot Bitcoin ETF will meet with the U.S. Securities and Exchange Commission (SEC) next week. The meeting follows the refiling of their applications with the SEC, which now include details of their surveillance-sharing partners.
The Fate of Bitcoin's Price Hinges on Approval of US Bitcoin Spot ETF
July 5 (Cointime) - The fate of Bitcoin's price for the rest of the year depends on whether a Bitcoin spot ETF will be approved in the US. Joe Carlasare, a commercial litigator supporting Bitcoin, believes that there is a 30-40% chance of such a product launching within a year.
Kraken Emerges as Liquidity Leader Amidst SEC Enforcement Actions and Crypto Exchange Turmoil
July 4 (Cointime) - Enforcement actions by the SEC against Ripple, Binance, and Coinbase have negatively impacted the liquidity of other crypto exchanges. The CEX landscape has already faced challenges, and a new report shows a slow recovery in liquidity during Q2.