Top stories this week
US lawmakers file ‘SEC Stabilization Act’ to fire Gary Gensler
United States Representative Warren Davidson introduced the SEC Stabilization Act in the House of Representatives. One of the key provisions of the bill is to fire Securities and Exchange Commission (SEC) Chairman Gary Gensler. The bill would remove Gensler from office and redistribute power between the SEC chairman and the commissioners. It would also add a sixth commissioner to the agency, ban any party from holding a majority on the commission and create a post of executive director. The SEC declined to comment on the matter.
BlackRock applies for a spot Bitcoin ETF – a first in the United States if approved
BlackRock, the world’s largest investment firm, has applied for a bitcoin exchange-traded fund (ETF). It would be the first crypto spot ETF in the United States, if it receives approval. According to the filing, Coinbase Custody Trust Company would be the fund’s custodian and Bank of New York Mellon would hold fiat. The SEC has yet to approve a spot Bitcoin ETF despite numerous applicants. The world’s first traded Bitcoin ETF was Canada’s Purpose Bitcoin ETF, created in early 2021.
Binance CEO Changpeng Zhao Denies Bitcoin Sell Rumors to Strengthen BNB
Binance CEO Changpeng “CZ” Zhao has refuted accusations that Binance secretly sold Bitcoin (BTC) to artificially stabilize the price of its BNB token. The rumors have come from several market commentators in recent days, accusing the exchange of intentionally manipulating the market to artificially inflate the value of BNB. CZ said Binance has not sold any of its BTC or BNB, adding that the crypto exchange still holds “a bag” of FTX token – the native token of the now defunct FTX crypto exchange.
SEC’s Gensler Says BTC, ETH ‘Not Securities’ in Newly Emerged Video
A video that recently emerged in 2018 featuring Gary Gensler made the rounds on social media, showing the current chairman of the US securities regulator again declaring that several cryptocurrencies are not securities. “Over 70% of the crypto market is Bitcoin, Ether, Litecoin, Bitcoin Cash. Why did I name these four? They’re not securities,” Gensler says in the video, which is believed to be from a 2018 event hosted by Bloomberg for institutional investors. At the time, Gensler was a professor at the Massachusetts Institute of Technology. The video contrasts with his more recent actions as chairman of the SEC.
Binance.US Hires Former SEC Enforcement Officer Amid Lawsuit
Former SEC Enforcement Officer George Canellos Reportedly Hired by Binance.US as Part of the Legal Team Defending the Company Against Allegations of Operating as an Unregistered Stock Exchange . In response to the SEC’s action on June 5, Binance.US announced the suspension of US dollar deposits and the potential suspension of fiat withdrawals, citing “extremely aggressive and intimidating tactics” by regulators. On Twitter, a former SEC chief said the exchange is “clearly preparing for criminal prosecution and continuing to hire the best defense attorneys in the world.”
Winners and losers
At the weekend, Bitcoin (BTC) is at $26,349Ether (ETH) To $1,716 And XRP To $0.47. The total market capitalization is $1.06 trillion, according at CoinMarketCap.
Among the 100 largest cryptocurrencies, the top three altcoin gainers of the week are KuCoin Token (KCS) at 9.75%, Manufacturer (MKR) at 8.08% and Quant (QNT) at 4.10%.
The top three altcoin losers of the week are EOS (EOS) at -29.88%, ApeCoin (MONKEY) at -26.07% and Flow (TO FLOW) at -25.93%.
For more information on crypto prices, be sure to read Cointelegraph’s market analysis.
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Most Memorable Quotes
“Inflation is moving in the right direction, but Jerome Powell’s comments mean rates could stay higher for longer, putting Bitcoin on the back burner.”
Josh Gilbertmarket analyst at eToro
“Requiring a DEX to register in the same way as a national stock exchange is impossible.”
Paul GrewalChief Legal Officer of Coinbase
“US capital markets must be protected from a tyrannical president, including the current one. It’s time for real reform and firing Gary Gensler as SEC Chairman.
Warren DavidsonUnited States representative
“The addressable market for digitizing global assets and transferring value securely over the Internet is greater than the sum of all the value of all existing assets.”
Emin Gun SirerAva Labs CEO
“The banking system is failing. The old financial system is failing. (…) Nothing works. Only Bitcoin works.
Samson MowCEO of Jan3
“Over 70% of the crypto market is Bitcoin, Ether, Litecoin, Bitcoin Cash. Why did I name these four? These are not titles.
Gary GenslerChairman of the United States Securities and Exchange Commission
Prediction of the week
Bitcoin price dips lower as traders demand support at $24.5,000
Bitcoin recovered some of the lost ground at the end of the week as markets shrugged off mixed macro signals from the US.
Data from Cointelegraph Markets Pro and TradingView showed BTC/USD hovering around $26,000 on June 16 after rebounding over $1,000 from the previous day’s lows when it fell below 25,000. $ for the first time in three months. The 4% dip came as the Federal Reserve pressed for a break in interest rates, but suggested further hikes would come later this year.
On short timeframes for BTC/USD, traders remain cautious of the risk of further downside ahead. “Still in the area of interest, but need to hold above $24.5,000 to avoid a cascade to $23,000,” wrote Michaël van de Poppe, founder and CEO of trading firm Eight.
FUD of the week
Curve pool imbalance triggers USDT depeg issues, Tether CTO calls it FUD
Leaders of the decentralized autonomous organization governing the ApeCoin ecosystem have come under fire from community members for what they described as “insane” salaries. A chart showed salaries ranging from $7,000 to $75,000 a month, shocking some community members and prompting a slew of inquiries from others. According to a member of the board of directors, the remuneration corresponds to the “responsibility and obligation of the role”.
“Who the hell” is Prometheum and what did it tell Congress about SEC compliance?
Relatively little-known crypto firm Prometheum has come into the limelight after co-founder Aaron Kaplan gave recent testimony before a US House committee discussing crypto regulatory clarity. Kaplan’s testimony argued for the regulation of crypto under current securities laws — a view also shared by the SEC. He argued that several frameworks provided by the SEC have “clearly laid out” a “compliant path for crypto,” adding that those advocating for new crypto-specific laws are “simply unwilling to comply.”
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