Gary Gensler Gets Rare Support On Crypto From Ex SEC Chair

Also Read: Banks, VCs, Pension Funds Once Crypto-Friendly Steering Away From Crypto

advertisement

During the recent House Financial Services Committee hearing, Gary Gensler dodged the question on explaining how crypto firms should comply with the laws. The Committee Chair Patrick McHenry came down heavily against Gensler’s stance that existing securities laws are already compatible with the Crypto Market.

Jay Clayton Supports Gensler

Bitcoin Campaign

The World’s first licensed Crypto Casino. Begin your journey with 20% cashback up to 10,000 USDT.

Signup Ad

Speaking about the state of the Crypto Market and the debate around regulation, Clayton said securities can eventually become commodities but currently many cryptocurrencies appear to be securities. He explained that these assets now give a first mover advantage to early investors in crypto projects, hence acting as securities. During a discussion on CNBC on Friday, he also said,

Trending Stories
Ethereum (ETH) Withdrawn After Shanghai (Shapella) Upgrade: Details
ETH Price Prediction: New Recovery Cycle in Ethereum Price Hints a 10% Rally Ahead
24/7 Cryptocurrency News
pepe coin crypto news
PEPE Price Prediction: This Chart Pattern may Determine if PEPE Token Price will Rally 70% or Fall 40%
24/7 Cryptocurrency News
bitcoin news crypto
Bitcoin Price Reversal from a Healthy Retracement Level Hints 6% Jump; Enter Today?
24/7 Cryptocurrency News
Cardano Price Prediction
ADA Price Prediction: Healthy Retracement to Key Fibonacci Level Prepares Cardano Price for 16% Rally
24/7 Cryptocurrency News
XRP ripple crypto news price
XRP Price Prediction: XRP Price Correction Halts at a Crucial Fibonacci Support; Will Recovery Kickstart?
24/7 Cryptocurrency News

“The courts are not an efficient place to resolve classification issues around securities and commodities.”

His comments attracted criticism from the crypto community, which was buoyed by the Gensler’s grilling on lack of clarity during the Congressional hearing. Meanwhile, the US regulators are facing fresh wave of angst after the European Union’s voting to pass the Markets in Crypto-Assets (MiCA) regulation. MiCA is touted as the first comprehensive rules for digital crypto asset service providers.

Also Read: Nasdaq-Listed Bitcoin Mining Company Buying Miners Worth Millions

Comments

Post a Comment

Popular posts from this blog

Aptos to 'Unlock' $100 Million Worth of APT Token

Image
Crypto unlocking is quite a common phenomenon where entities release specific amounts of frozen tokens. This is usually done to prevent early investors and project team members from selling in large numbers. Now, Aptos tokens worth more than $100 million are set to be unlocked in mid-November. The 20 million tokens represent around 10% of the circulating supply of APT . 🚨 Unlocks Alert $ APT 🚨 🗓️ On November 12th, 2023 🔥 First team and investors unlock🔥 🌟 20m $ APT for team and investors 🔓 Approximately $129m unlocks are coming 💸 10.8% of circulating supply will be unlocked If you are a private investor, what's your move? Don't miss out!… pic.twitter.com/s6w8PgBvaU — Token Unlocks (@Token_Unlocks) September 11, 2023 Also Read: NFTs: Stoner Cats Price Up 267% Despite SEC Charges What to Expect from the APT Unlock Crypto token unlock s are usually considered bearish catalysts because they free up liquidity and open doors for investors to lock in profits.
Read more

Binance Is Building For The Future Crypto User, Celebrates Over 200 Updates in 2023

For the past six years, Binance has provided users with a one-stop shop for anything crypto, providing an ecosystem of tools and information that ease the journey of a crypto user. This year has been no different, with the exchange bringing about over 200 new updates and features to the platform, including the first crypto tax assistant – Binance Tax Tool, a ChatGPT-like tool providing crypto information – Binance Sensei, and a range of wallets and payment options with Binance DeFi Wallet, Binance Pay, Binance Card and Binance Gift Card.  Nonetheless, the prominent crypto exchange also faced massive challenges earlier in the year as the US Securities and Exchanges Commission (SEC) charged the exchange for offering “unregistered securities” to US residents. The lawsuit is currently ongoing, but the exchange reached an agreement with the regulator to avoid a full asset freeze of the platform in the US and keep customer assets in the United States as the lawsuit proceeds.  The recent
Read more

Metaverse land sales update a year-low at $4.1m

Image
DappRadar analysts say the industry and observers need to internalize the evolving utility of metaverses. Blockchain-based virtual worlds are struggling to weather the storm as on-chain data indicate a continued trade decline. According to a monthly overview report by DappRadar, in August 2023, there were only 8,329 land sales (worth $4.1 million in total) in virtual reality projects, a decline of 23% compared to Jul. 2023. Trading volume in virtual worlds | Source: DappRadar In addition to regulatory pressure from U.S. regulators, the decline in sales comes when the whole crypto industry is trying to stay afloat amid the bear market. Decentraland volume and sales data on a daily basis | Source: NFT Price Floor According to data from NFT Price Floor, Decentraland’s average sale price plunged 22% to 0.5322 ETH (~$860 at the time of writing) per land over the past 90 days. Decentraland trading volume for the same period dropped by 40.5%. Other metaverse-focused ecosystem
Read more