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Top news stories of this week
US lawmakers file ‘SEC Stabilization Act’ to oust Gary Gensler
United States Representative Warren Davidson has introduced the “SEC Stabilization Act” in the House of Representatives. One of the main provisions of the bill is to fire Gary Gensler, chairman of the Securities and Exchange Commission (SEC). The bill would remove Gensler from office and redistribute power between the SEC chairman and commissioners. It would also add a sixth commissioner to the agency, prevent any single party from holding a majority on the commission, and create the position of an executive director. The SEC declined to comment on the matter.
BlackRock applies for spot bitcoin ETF – US first if approved
BlackRock, the world’s largest investment company, has filed an application for a bitcoin spot exchange-traded fund (ETF). If approved, it will be the first crypto spot ETF in the United States. According to the filing, Coinbase Custody Trust Company will be the custodian of the funds and Bank of New York Mellon will perform its fiat custody. The SEC has yet to approve a spot bitcoin ETF, despite numerous applicants. The world’s first spot-traded bitcoin ETF was the Canadian Objective Bitcoin ETF, set to be established in early 2021.
Binance CEO Changpeng Zhao refutes rumors of selling bitcoin to strengthen BNB
Binance CEO Changpeng “CZ” Zhao has denied allegations that Binance is secretly selling bitcoin (BTC) in order to artificially stabilize the price of its BNB token. There have been rumors over the past few days from many market commentators alleging deliberate market manipulation to artificially inflate the value of BNB. CZ said that Binance hasn’t sold any of its BTC or BNB, adding that the cryptocurrency exchange still “bags” FTX tokens — the native tokens of the now-defunct cryptocurrency exchange FTX.
SEC’s Gensler calls BTC, ETH ‘not securities’ in recent video
A newly surfaced video from 2018 of Gary Gensler has made rounds on social media, in which the now-chair of the US securities regulator is seen again saying that many cryptocurrencies are not securities. “Over 70% of the crypto market is bitcoin, ether, litecoin, bitcoin cash. Why did I name those four? They are not securities,” Gensler says in the video, which was excerpted from a 2018 event organized by Bloomberg for institutional investors. goes. At that time Gensler was a professor at the Massachusetts Institute of Technology. The video stands in stark contrast to his recent actions as SEC chairman.
Binance.US Hires Former SEC Enforcement Officer Amid Lawsuit
Former SEC enforcement officer Jorge Canelos has reportedly been appointed by Binance.US as part of the legal team defending the company against allegations of operating as an unregistered securities exchange. In response to the SEC’s action on June 5, Binance.US announced a suspension of USD deposits and a possible halt to fiat withdrawals, citing “extremely aggressive and scare tactics” from the regulator. On Twitter, a former SEC chief said the exchange is “clearly preparing for a criminal trial and continues to hire the best defense attorneys in the world.”
winners and losers
bitcoin at the end of the week ,B T c, is on $26,349ether ,ETH, But $1,716 And XRP But $0.47, stands at total market cap $1.06 trillion, According For Coinmarketcap.
Top 3 altcoin gainers of the week in the biggest 100 cryptocurrencies KuCoin Token (KCS) Manufacturer at 9.75% (MKR) at 8.08% and quant (qnt) at 4.10%.
EOS is the top three altcoin losers of the week (EOS) At -29.88%, AppCoin (APE) -26.07% and on flow (Flow) at -25.93%.
For more information on crypto prices, be sure to read Cointelegraph’s market analysis.
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Satoshi Nakamoto saves the world in NFT-enabled comic book series
most memorable quotes
“Inflation is moving in the right direction but comments from Jerome Powell indicate rates could remain high for a longer period of time, which will put bitcoin on the back foot.”
josh gilbertMarket Analyst at eToro
“Requiring a DEX to register in the same way as a national securities exchange is impossible.”
Paul GrewalCoinbase Chief Legal Officer
“US capital markets must be protected from a tyrannical chairman, including the current one. It is time for real reform and the dismissal of Gary Gensler as Chairman of the SEC.”
Warren DavidsonUnited States Representative
“The addressable market for digitizing the world’s assets and transferring value securely over the internet is greater than the sum of the value of all existing assets.”
emin gun sirrAva Labs CEO
“The banking system is failing. The legacy financial system is failing. (…) nothing works. Only bitcoin works.”
samson mowJan 3rd CEO
“Over 70% of the crypto market is bitcoin, ether, litecoin, bitcoin cash. Why did I name those four? They are not securities.”
Gary GenslerChairman of the US Securities and Exchange Commission
week forecast
Bitcoin Price Verges Downside As Traders Seek $24.5K Support
Bitcoin recovered some lost ground by the end of the week as markets shook off mixed United States macro signals.
Data from Cointelegraph Markets Pro and TradingView shows BTC/USD hovering around $26,000 after rallying more than $1,000 from the previous day’s low on June 16, when it broke above $25,000 for the first time in three months. had fallen down. The 4% decline came as the Federal Reserve kept interest rates on hold but suggested more hikes later this year.
On the lower time frame, traders remain cautious amid risks of further downside for BTC/USD. “Still in area of interest, but needs to hold above $24.5K to avoid cascade to $23k,” wrote Michael van de Poppe, founder and CEO of trading firm Eight.
FUD of the week
Curve Pool Imbalance Triggers USDT Concerns, Tether CTO Calls It FUD
Leaders of the decentralized autonomous organization that governs the ApeCoin ecosystem have been criticized by community members for what they describe as “insane” salaries. An organizational chart showed salaries ranging from $7,000 to $75,000 per month, shocking some community members and prompting inquiries from others. According to one board member, compensation is commensurate with the “responsibility and responsibilities of the role.”
‘Who the Hell’ Is Promethium and What Did It Tell Congress About SEC Compliance?
Relatively under-the-radar crypto company Promethium has been thrust into the limelight following the recent testimony of its co-founder, Aaron Kaplan, before a US House committee discussing crypto regulatory clarity. Kaplan’s testimony advocated for crypto to be regulated under current securities laws – a view also shared by the SEC. He argued that many of the frameworks provided by the SEC have “clearly laid out” the way forward for cryptocurrencies, adding that those arguing for new crypto-specific laws are “simply forced to follow”. Not ready for.”
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The hottest reads in blockchain. Offered once a week.
Top news stories of this week
US lawmakers file ‘SEC Stabilization Act’ to oust Gary Gensler
United States Representative Warren Davidson has introduced the “SEC Stabilization Act” in the House of Representatives. One of the main provisions of the bill is to fire Gary Gensler, chairman of the Securities and Exchange Commission (SEC). The bill would remove Gensler from office and redistribute power between the SEC chairman and commissioners. It would also add a sixth commissioner to the agency, prevent any single party from holding a majority on the commission, and create the position of an executive director. The SEC declined to comment on the matter.
BlackRock applies for spot bitcoin ETF – US first if approved
BlackRock, the world’s largest investment company, has filed an application for a bitcoin spot exchange-traded fund (ETF). If approved, it will be the first crypto spot ETF in the United States. According to the filing, Coinbase Custody Trust Company will be the custodian of the funds and Bank of New York Mellon will perform its fiat custody. The SEC has yet to approve a spot bitcoin ETF, despite numerous applicants. The world’s first spot-traded bitcoin ETF was the Canadian Objective Bitcoin ETF, set to be established in early 2021.
Binance CEO Changpeng Zhao refutes rumors of selling bitcoin to strengthen BNB
Binance CEO Changpeng “CZ” Zhao has denied allegations that Binance is secretly selling bitcoin (BTC) in order to artificially stabilize the price of its BNB token. There have been rumors over the past few days from many market commentators alleging deliberate market manipulation to artificially inflate the value of BNB. CZ said that Binance hasn’t sold any of its BTC or BNB, adding that the cryptocurrency exchange still “bags” FTX tokens — the native tokens of the now-defunct cryptocurrency exchange FTX.
SEC’s Gensler calls BTC, ETH ‘not securities’ in recent video
A newly surfaced video from 2018 of Gary Gensler has made rounds on social media, in which the now-chair of the US securities regulator is seen again saying that many cryptocurrencies are not securities. “Over 70% of the crypto market is bitcoin, ether, litecoin, bitcoin cash. Why did I name those four? They are not securities,” Gensler says in the video, which was excerpted from a 2018 event organized by Bloomberg for institutional investors. goes. At that time Gensler was a professor at the Massachusetts Institute of Technology. The video stands in stark contrast to his recent actions as SEC chairman.
Binance.US Hires Former SEC Enforcement Officer Amid Lawsuit
Former SEC enforcement officer Jorge Canelos has reportedly been appointed by Binance.US as part of the legal team defending the company against allegations of operating as an unregistered securities exchange. In response to the SEC’s action on June 5, Binance.US announced a suspension of USD deposits and a possible halt to fiat withdrawals, citing “extremely aggressive and scare tactics” from the regulator. On Twitter, a former SEC chief said the exchange is “clearly preparing for a criminal trial and continues to hire the best defense attorneys in the world.”
winners and losers
bitcoin at the end of the week ,B T c, is on $26,349ether ,ETH, But $1,716 And XRP But $0.47, stands at total market cap $1.06 trillion, According For Coinmarketcap.
Top 3 altcoin gainers of the week in the biggest 100 cryptocurrencies KuCoin Token (KCS) Manufacturer at 9.75% (MKR) at 8.08% and quant (qnt) at 4.10%.
EOS is the top three altcoin losers of the week (EOS) At -29.88%, AppCoin (APE) -26.07% and on flow (Flow) at -25.93%.
For more information on crypto prices, be sure to read Cointelegraph’s market analysis.
read this also
art week
Connecting the Dots: Collectivism and Collaboration in the Crypto Art World
features
Satoshi Nakamoto saves the world in NFT-enabled comic book series
most memorable quotes
“Inflation is moving in the right direction but comments from Jerome Powell indicate rates could remain high for a longer period of time, which will put bitcoin on the back foot.”
josh gilbertMarket Analyst at eToro
“Requiring a DEX to register in the same way as a national securities exchange is impossible.”
Paul GrewalCoinbase Chief Legal Officer
“US capital markets must be protected from a tyrannical chairman, including the current one. It is time for real reform and the dismissal of Gary Gensler as Chairman of the SEC.”
Warren DavidsonUnited States Representative
“The addressable market for digitizing the world’s assets and transferring value securely over the internet is greater than the sum of the value of all existing assets.”
emin gun sirrAva Labs CEO
“The banking system is failing. The legacy financial system is failing. (…) nothing works. Only bitcoin works.”
samson mowJan 3rd CEO
“Over 70% of the crypto market is bitcoin, ether, litecoin, bitcoin cash. Why did I name those four? They are not securities.”
Gary GenslerChairman of the US Securities and Exchange Commission
week forecast
Bitcoin Price Verges Downside As Traders Seek $24.5K Support
Bitcoin recovered some lost ground by the end of the week as markets shook off mixed United States macro signals.
Data from Cointelegraph Markets Pro and TradingView shows BTC/USD hovering around $26,000 after rallying more than $1,000 from the previous day’s low on June 16, when it broke above $25,000 for the first time in three months. had fallen down. The 4% decline came as the Federal Reserve kept interest rates on hold but suggested more hikes later this year.
On the lower time frame, traders remain cautious amid risks of further downside for BTC/USD. “Still in area of interest, but needs to hold above $24.5K to avoid cascade to $23k,” wrote Michael van de Poppe, founder and CEO of trading firm Eight.
FUD of the week
Curve Pool Imbalance Triggers USDT Concerns, Tether CTO Calls It FUD
Leaders of the decentralized autonomous organization that governs the ApeCoin ecosystem have been criticized by community members for what they describe as “insane” salaries. An organizational chart showed salaries ranging from $7,000 to $75,000 per month, shocking some community members and prompting inquiries from others. According to one board member, compensation is commensurate with the “responsibility and responsibilities of the role.”
‘Who the Hell’ Is Promethium and What Did It Tell Congress About SEC Compliance?
Relatively under-the-radar crypto company Promethium has been thrust into the limelight following the recent testimony of its co-founder, Aaron Kaplan, before a US House committee discussing crypto regulatory clarity. Kaplan’s testimony advocated for crypto to be regulated under current securities laws – a view also shared by the SEC. He argued that many of the frameworks provided by the SEC have “clearly laid out” the way forward for cryptocurrencies, adding that those arguing for new crypto-specific laws are “simply forced to follow”. Not ready for.”
Best Cointelegraph Features
‘Holy shit, I’ve seen it!’ – Coldy’s Snoop Dogg, Vitalik and McAfee NFTs: NFT Creator
NFT art pioneer creates crypto culture time capsule about Coldy Buffett, Buterin and McAfee – and writes song for Snoop Dogg.
Real Bedford is the “Bitcoin” football team that has made headlines and united BTC campaigners.
AI Eye: Is AI a Nuclear Level Threat? Why the AI Field All Moves Together, Stupid Pic Punishment
subscribe
The hottest reads in blockchain. Offered once a week.
