The Securities and Exchange Commission's (SEC) chances of defeating Ripple in court are slim, as experts believe the court has thoroughly studied all arguments over the years and is unlikely to overturn its previous decision. If the SEC does succeed, it could have significant implications for the crypto market, leading to many companies relocating out of the United States and a decline in cryptocurrency prices.
The Chairman of the House Financial Services Committee, Patrick McHenry, criticized the Biden Administration's proposed crypto tax regulations, claiming that they aim to "kill" the digital asset industry in the U.S. and urged for clearer rules.
Prominent lawyer and founder of CryptolawUS, John Deaton, criticizes the SEC for charging Ripple CEO Brad Garlinghouse and argues that if former SEC leaders had testified earlier, the entire situation could have been avoided.
Prominent crypto commentators criticize the new crypto tax reporting rules proposed by President Joe Biden, fearing that they will push the crypto industry further away from the US and stifle innovation.
Attorney John Deaton addressed the importance of accountability within regulatory bodies, emphasizing the need to hold both current and previous figures responsible, such as Gary Gensler and Jay Clayton, to maintain fairness and consistency in regulatory actions, particularly in relation to the "Safe Harbor" proposal for cryptocurrencies. Deaton also discussed the complexities of the Ripple legal case and the potential influence it may have on the SEC's approach to other cryptocurrencies, highlighting the urgency of regulatory clarity in order to prevent financial harm in the industry.
The U.S. Court of Appeals for the DC Circuit ruled that the SEC was unreasonable in denying Grayscale's permission to launch a Bitcoin ETF, potentially opening the door to a significant influx of capital into the crypto markets.
US Congressman Warren Davidson is urging the SEC to fire its chair Gary Gensler due to his controversial actions against cryptocurrency and his inconsistent treatment of similar products, which could potentially hinder digital asset development in the US.
Grayscale Investments CEO Michael Sonnenshein believes that the recent court decision in favor of Grayscale could lead to a new and unprecedented environment for cryptocurrencies, potentially expanding mainstream acceptance of digital assets and boosting the chances for other asset managers to win approval for their bitcoin products.
Presidential candidate Vivek Ramaswamy praised Grayscale's victory over the SEC, stating that the decision will help keep Bitcoin and blockchain innovation within the United States, and he promised to rescind federal regulations that fail the Supreme Court's test, potentially limiting the SEC's influence.
The Securities and Exchange Commission (SEC) may have suffered setbacks in its regulation-by-enforcement approach to the cryptocurrency industry, with the latest ruling in favor of Grayscale Investments potentially paving the way for the emergence of a bitcoin spot exchange-traded fund (ETF); however, the SEC could appeal the decision or find new ways to deny similar applications, and the lack of a regulated exchange for the bitcoin spot market remains a challenge. Despite court challenges, SEC Chair Gary Gensler is expected to continue pursuing his regulation tactics, while Congress and a potential Republican president in 2024 may play a role in shaping the regulatory environment for digital assets.
SEC chief Gary Gensler has waged war against the cryptocurrency industry, evolving from an optimistic view to becoming more hardline and filing lawsuits against platforms like FTX, Binance, and Ripple. Despite recent legal setbacks, Gensler remains determined to regulate the sector.
The SEC's denial of Grayscale's spot Bitcoin ETF application has been reviewed by a judge due to the SEC's failure to provide a coherent explanation, while the SEC also delayed verdicts on several Bitcoin spot market ETF applications, including BlackRock's, causing prices to rally; in other news, Circle's USDC stablecoin has experienced a significant decrease in market cap, SEC Commissioner Hester Peirce criticized the SEC's attempt to bring crypto exchanges under its jurisdiction, a lawsuit against Uniswap was dismissed by a New York judge, StarkWare zeroed all user balances on old wallets, Vivek Ramaswamy celebrated Grayscale's win over the SEC, the SEC delayed its verdict on multiple ETF applications including BlackRock's, and Chinese courts considered cryptocurrencies legal property protected by law.
Sen. Bill Hagerty accuses SEC Chair Gary Gensler of stifling crypto innovation and calls for more hearings to examine the SEC's actions in the crypto sector.
United States Representative Tom Emmer has sponsored an appropriations amendment to limit the SEC's use of funds for digital asset enforcement until comprehensive regulations are in place, citing concerns about the misuse of taxpayer funds by SEC Chair Gary Gensler. Emmer has previously introduced bills to enhance regulatory transparency in the cryptocurrency industry.
Ripple's chief legal officer criticizes the SEC's latest submission as a "contradictory shift" and highlights SEC Chair Gary Gensler's inconsistency and appetite for expanded regulation.
Senator Sherrod Brown has expressed a negative view of the crypto industry, stating that it is rife with fraud and abuse, making his support crucial for any future crypto legislation in the US. Securities and Exchange Commission Chair Gary Gensler has also criticized the sector, but Brown's stance is seen as pivotal for the industry's regulatory framework.
U.S. SEC Chair Gary Gensler criticized the crypto industry during a Senate hearing but did not provide any information on the regulator's stance on Bitcoin spot ETF applications, which are currently under review.
A court victory for Grayscale Bitcoin Trust may lead to its transformation into an exchange-traded fund, potentially providing a profitable opportunity for investors. However, the approval of the US Securities and Exchange Commission (SEC) remains uncertain, despite a recent favorable ruling.
Gary Gensler, the chairman of the US Securities and Exchange Commission (SEC), is facing criticism for his alleged corrupt practices and his crackdown on cryptocurrencies, with some accusing him of selectively targeting companies and undermining justice and market integrity.
Summary: The United States SEC's Crypto Enforcement Chief, David Hirsch, has warned that more punishment and charges will be brought against crypto exchanges and De-Fi projects that do not comply with the law, targeting not just the top players but the entire industry. The SEC will continue conducting investigations and taking action in the space.
Ripple CEO Brad Garlinghouse criticizes SEC Chair Gary Gensler, accusing him of pursuing power and politics instead of sound policy, while XRP price remains strong despite being delisted from NYDFS' approved tokens list.
Crypto legislation is unlikely to progress in the current US Senate, according to former Senator Pat Toomey, despite recent progress in the House, although the lack of a clear position from Senate Banking Committee Chairman Sherrod Brown may be seen as a positive sign according to Coinbase's policy chief.
Four members of the United States Congress are urging SEC Chair Gary Gensler to approve the listing of spot Bitcoin exchange-traded funds (ETFs) immediately, claiming that the SEC is discriminating against such products despite legal precedent. They argue that spot BTC ETFs would provide increased investor protection and transparency.
SEC Chair Gary Gensler will address the U.S. Financial Services Committee about the Securities and Exchange Commission's focus on AI, predictive data analytics, and the cryptocurrency sector, emphasizing the need for updated rules and protections for investors and issuers in the crypto space.
SEC Chair Gary Gensler is facing increasing backlash from the financial services industry as they adopt a more confrontational stance, with some industry members suing him over his rulemaking proposals.
Republican lawmaker Rep. Andy Barr accused SEC Chair Gary Gensler of "kneecapping" U.S. capital markets with excessive regulatory proposals during a House Financial Services Committee hearing, criticizing rules related to data analytics, artificial intelligence, and climate disclosure.
SEC Chairman Gary Gensler faced criticism during a House Financial Services Committee hearing regarding the SEC's policies and actions, including the issuance of Staff Accounting Bulletin (SAB) 121 on accounting and disclosure of crypto assets, without consulting prudential regulators or the Financial Accounting Standards Board (FASB). The bulletin, which requires disclosure of risks associated with digital asset custody, has faced opposition and accusations of being "regulation disguised as staff guidance." Issues such as the approval of spot Bitcoin exchange-traded funds and the SEC's stance on Grayscale's Bitcoin ETF application were also discussed.
SEC Chair Gary Gensler criticized the practices of crypto companies and their handling of customer assets in his congressional testimony, while remaining silent on the SEC's plans for spot bitcoin ETFs after a recent legal setback. Gensler also noted that the agency has not yet decided how to proceed with a judge's ruling regarding bitcoin ETF applications. Additionally, Gensler mentioned that the SEC is preparing for a potential government shutdown, which would significantly slow down reviews and approvals of filings.
SEC Chair Gary Gensler stated that a Pokémon card is not considered a security, but did not provide a definitive answer on whether a tokenized Pokémon card could be classified as a security under US law. This discussion took place during a US House Committee on Financial Services meeting, where Gensler was questioned by Representative Ritchie Torres. Torres argued that tokenizing a Pokémon card does not automatically make it a security and criticized Gensler's approach to crypto regulation. However, on platforms like Courtyard, Pokémon cards can be tokenized as NFTs, allowing collectors to retain a digital version while the physical card remains vaulted and insured. Tokenized Pokémon cards also enable collectors to earn royalties and store their collections digitally as proof of ownership. The SEC continues to grapple with providing regulatory clarity for blockchain assets and has relied on the Howey Test to determine if an asset is a security.
SEC Chair Gary Gensler faces criticism from lawmakers, including accusations of kneecapping capital markets and calls for his firing, during a congressional hearing on market oversight, while also dodging questions about Bitcoin and Pokemon cards.
Venture capital firm Paradigm accuses the SEC of overstepping its boundaries and argues that Congress should be responsible for filling regulatory gaps in cryptocurrencies, not the SEC, as it could harm innovation and destabilize markets outside its jurisdiction.
The House Financial Services Committee's hearing on the oversight of the Securities and Exchange Commission (SEC) revealed ongoing debates over the regulatory status of Bitcoin and Ether, with SEC Chair Gary Gensler providing ambiguous answers and raising questions about the need for congressional action for establishing regulatory clarity in the digital asset market.
The article argues that the SEC and Chairman Gensler's attempts to regulate digital assets are misguided and lack understanding of their potential, and advocates for Congress to prevent these overbearing regulations in order to allow the industry to thrive and contribute to the global economy.
