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Senate Passes Bill to Overturn SEC Rule on Bitcoin And Crypto Custody, Biden Threatens Veto

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Crypto King
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Moments ago, the Senate passed legislation H.J.Res. 109 that would overturn the SEC’s Staff Accounting Bulletin (SAB) No. 121, preventing highly regulated financial firms from custodying Bitcoin and other cryptocurrencies. The legislation passed with a vote of 60 to 38, demonstrating bipartisan support for the measure.

The resolution, which had already passed the House last week, aims to dismantle SAB 121. This bulletin imposes stringent restrictions on financial institutions, effectively barring them from acting as custodians for digital assets such as Bitcoin. Under the Congressional Review Act, H.J.Res. 109 seeks to remove these roadblocks, thereby enabling highly regulated financial firms to offer custody services for Bitcoin and other cryptocurrencies.

Though, the White House has made its stance clear regarding this legislation. A recent statement emphasized that if the bill reaches President Biden’s desk, he will veto it. The administration argues that overturning SAB 121 would “disrupt the SEC’s work to protect investors in crypto-asset markets and to safeguard the broader financial system.”

Proponents of H.J.Res. 109, however, argue that overturning SAB 121 is crucial for protecting consumers in the United States. Much of this stems from the batch of spot Bitcoin Exchange Traded Funds (ETFs) approved for trading by the SEC earlier this year. The majority of these bitcoins are being held on behalf of a few institutions, which poses centralization risks. H.J.Res. 109 seeks to remove barriers to allow more highly regulated institutions to take custody and hold bitcoin on behalf of customers, helping to ease any centralization concerns. 

Critics of the SEC’s SAB 121 argue that the rule is overly restrictive and hampers the ability of financial institutions to meet the growing demand for Bitcoin services. They believe that regulated institutions are well-equipped to handle the risks associated with digital asset custody, given their existing compliance frameworks and security protocols.

Senator Cynthia Lummis, a vocal advocate for Bitcoin, urged her support for overturning SAB 121 earlier today, emphasizing, “SAB 21 is a rule under the administrative procedure act, disguised as an accounting guidance. It was published by the SEC staff without the approval of the majority of the commission.”

Senator Elizabeth Warren, however, urged the Senate to align with Joe Biden by voting no, stating that this is an entirely different asset class than what banks and other regulated financial institutions are used to. She said digital assets are not something physical that banks can hold in a vault and is completely online, therefore it is something that can be hacked, and cited the hacks of crypto exchanges Binance and FTX as her evidence.

Despite the Senate’s approval, the future of H.J.Res. 109 remains uncertain due to the threatened presidential veto. If President Biden follows through with his promise, it would halt the progress of the resolution, maintaining the status quo regarding the custody of digital assets by financial institutions. Biden has the options to sign the bill into law, veto it, or do nothing. If he chooses to do nothing, then the bill goes into law without his signature.

Fox Business journalist Eleanor Terrett commented on the news, stating, “The Senate has voted to overturn SAB 121 which, as we all know, means this now heads to the President who said last week he plans to veto it. If so, then it’s back to square one with the House & Senate which would need a 2/3 majority vote in both chambers to override the veto.”





Author: Nik Hoffman ::: Source link

Michael Saylor Says Wall Street, Congress And Senate ‘Want Bitcoin’

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Crypto King
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The crypto industry is popping champagne corks (or perhaps uncorking their digital wallets) after a surprise victory in the US Senate. On Thursday, the upper chamber voted 60-38 to repeal a controversial rule introduced by the Securities and Exchange Commission (SEC) known as SAB 121.

The Regulators Reel Back

The defeated rule would have forced banks holding digital assets for clients to classify them as liabilities on their balance sheets. This, according to the Digital Chamber of Commerce, the leading blockchain trade association, would have effectively shut the door on banks offering Bitcoin custody services.

Industry experts argued that SAB 121 lacked economic justification and primarily served to stifle innovation by limiting access to secure storage solutions for digital currency investors.

Austin Campbell, founder of Zero Knowledge Consulting, went further, suggesting the rule “benefits non-regulated custodians,” potentially leaving crypto holders exposed.

A Bipartisan Surprise: Democrats Join The Crypto Chorus

The Senate vote wasn’t simply a victory for the crypto industry; it was a surprising display of bipartisan cooperation. As many as 12 Democrats defied party lines to vote alongside Republicans in favor of repealing the rule.

This unexpected alliance reflects the growing mainstream recognition of cryptocurrency, bolstered by Bitcoin’s recent achievement of gaining a spot exchange-traded fund (ETF) earlier this year.

Michael Saylor, a vocal Bitcoin advocate and co-founder of MicroStrategy, which holds a massive Bitcoin treasury, took to social media to celebrate, declaring, “Wall Street wants Bitcoin, the House of Representatives wants Bitcoin, and now the Senate wants Bitcoin.”

Bitcoin is now trading at $67.139. Chart: TradingView

The Final Hurdle: Can Crypto Outrun The Veto?

While the Senate vote is a significant win, the champagne corks might need to be put back on hold for now. United States President Joe Biden has previously expressed support for the SEC’s approach to regulating cryptocurrency, and the White House has indicated he may veto the resolution.

This throws the future of the repealed rule into uncertainty. Industry players are cautiously optimistic, with Compound Labs’ Robert Leshner calling this a “first of many” legislative victories for crypto. However, the specter of a veto looms large, reminding everyone that the battle for mainstream acceptance of cryptocurrency is far from over.

The cryptocurrency industry is clearly gaining traction in Washington, but the road to full regulatory clarity remains bumpy. With a potential veto on the horizon, the next few weeks will be crucial in determining whether this Senate victory translates into lasting progress for crypto in the United States.

Featured image from Getty Images, chart from TradingView





Author: Christian Encila ::: Source link

AGIX Sustains Momentum Above 100-Day Moving Average

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Crypto King
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AGIX is one of the leading AI tokens in the crypto space with a total supply of 2 billion, and a total trading volume of over $105 million, which is over 11% down in the last 24 hours.

For over two days, the price of AGIX has been holding strong above the 100-day Simple Moving Average (SMA). The token which has been on a downward ally for quite some days, is showing some signs of price reversal and if this happens a change of direction might occur and the price of AGIX will start a new movement upward.

As of the time of writing, AGIX was trading around $0.98817 above the 100-day simple moving average, about 1.68% up in the last 24 hours. Currently, there are two main resistance levels of $0.99038 and $1.04237 and two main support levels of $0.82620 and $0.75779, respectively.

Technical Indicators Suggest Upward Rally For AGIX

4-Hour MACD: A technical look at the MACD indicator from the 4-hour timeframe, the MACD histograms are trending above the zero line, and both the MACD line and the Signal line have crossed and are trending above the MACD zero line, indicating a bullish trend. This can be seen in the below image.

AGIX

4-Hour RSI: The formation of the Relative Strength Index (RSI) in the above image also suggests that the price of AGIX is bullish as the RSI signal line is seen trending above the 50% level. This indicates that buyers are active in the market therefore overpowering the strength of sellers.

Alligator Indicator on the 4-hour timeframe: A look at the alligator indicator from the 4-hour time frame shows that the price is trading above the alligator lines as the alligator lip and teeth have both successfully crossed above the alligator jaw, suggesting that the price might continue to move in an upward direction.

AGIX

Support And Resistance Levels To Break

Conclusively, the price of AGIX is currently trading around the $0.99038 resistance level and if it manages to break above this level, AGIX’s price will continue to move further toward the $1.04237 resistance level and if it breaks above this level, an upward trend might begin. 

However, should the price of AGIX fail to break these resistance levels, it will reverse and start a downward movement toward its previous support level of $0.82620. If it manages to break below this support level, the price might move further to test the $0.75779 support level.

AGIX
AGIX trading at $0.97865 on the 1D chart | Source: AGIXUSDT on Tradingview.com

Featured image from X, chart from Tradingview.com



Author: Godspower Owie ::: Source link

Does the SAB 121 Vote Mean Anything for Future Crypto Legislation?

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Crypto King
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Unfortunately however, the legislative measure is now heading to the desk of President Joseph Biden, who has vowed to veto it in a show of solidarity with the SEC. Although a number of high profile Democrats, including New York Sen. Chuck Schumer, voted in favor of overturning the bulletin, the Senate’s 60 to 38 vote on Thursday failed to cross the threshold to override a presidential veto.



Author: Daniel Kuhn ::: Source link

Court Approves Crypto Lender Genesis’ $3 Billion Payout to Customers

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Crypto King
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News Bytes - 27Crypto lender Genesis Global obtained court approval Friday to return approximately $3 billion to its customers as part of its bankruptcy liquidation. U.S. Bankruptcy Judge Sean Lane approved Genesis’ Chapter 11 plan, overruling an objection from its equity owner, Digital Currency Group (DCG), which argued that repayments should be based on January 2023 cryptocurrency values. […]



Author: Bitcoin.com ::: Source link

7 Reasons Dogecoin (DOGE) Could Flip Ripple’s XRP in 2024

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Crypto King
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Dogecoin’s total market capitalization was $19.8 billion at the time of writing, with the hash work-powered meme currency trading at $0.145.

Meanwhile, Ripple XRP price moved markets at $0.5 per token, and its market cap stood at $27 billion, according to data from CoinMarketCap.

The Ripple lawsuit versus the US SEC could be over as soon as this summer, according to one legal expert. That would be the end of an ongoing headwind for XRP and portend a rise in its fortunes.

But here are seven reasons why Dogecoin could flip Ripple’s market cap later this year with one or two little green candles.

1. Elon Musk

Dogecoin has Elon Musk. That’s such enormous credibility and publicity. Ripple needs a champion with a similar cachet to stay ahead of DOGE.

The closest it has so far is Gary Gensler. After all, the SEC Chairman’s fierce opposition to XRP signals to investors that it might be very disruptive in global finance and deliver big returns for the money invested.

DOGE traded for $0.003 a coin back in April 2019 when the Tesla and SpaceX leader tweeted, “Dogecoin might be my fav cryptocurrency. It’s pretty cool.” That’s a +4,600% gain for the OG meme coin in five years’ time for an average annualized return on investment of +920%.

2. Dogecoin Large Holders Inflows Up 582%

Dogecoin large holder inflows surged 582% in 24 hours on May 4, in a very bullish move for the asset. At the same time, Ripple whales are moving their XRP tokens onto exchanges in a bearish sign.

Crypto Daily Trade Signals, a popular Dogecoin YouTube channel, reported, “Data from IntoTheBlock reveals a substantial rise in Large Holders Inflow, soaring from 129.63 million DOGE to an impressive 754.75 million DOGE, equivalent to approximately $116.98 million.”

Meanwhile, XRP saw huge whale-sized moves onto exchanges in May. On the 5th, there was a transaction that pushed 28,240,000 XRP (worth 14,948,393 USD at the time) onto Bitstamp in a potentially bearish signal for Ripple’s token.

Then, on May 12th, another 30,230,000 worth of Ripple moved from an unknown wallet onto Bitstamp, according to Whale Alert data.

3. Tesla Adds Dogecoin For Payments

Tesla, Inc. has accepted Doge for years – for company beanie caps and t-shirts. This month, for the first time ever, the electric car maker began to accept DOGE payments for new cars and trucks. Very rad. Dogecoin surged by 21% following the introduction.

Musk said back in March that he thought Tesla should add support for Dogecoin payments.

XRP has some pretty wow partnerships, too, and continues to bring more corporate brands into the conspiracy. But many of these are with big foreign banks and governments. They will take many years to see fruition compared to the instant boost to the Doge economy’s network effects. Other companies that accept Doge include Microsoft, AMC, Twitch, and Newegg.

4. Much Meme Power

Simply put, Doge memes have enormous power on the Internet, especially in the nerdy tech quarter that has deep pockets to move markets.

Ripple is more like a TradFi bank than Doge, despite its decentralization, and probably doesn’t want a furry mascot to boost its popularity in the near term. Maybe that shouldn’t matter. But to crypto bros, it does.

2023’s top gainers were mostly meme coins. Q1 2024’s crypto leader was also a meme coin – PopCat.

5. Very Teamwork, Such Clout

Dogecoin’s peers are unstoppable!

The currency’s meme power has translated to real economic disruptions with many zeros and commas on them. Ethereum Shiba Inu (SHIB), Solana Bonk (BONK), DogWifHat (WIF), and Ethereum/Binance Floki Inu (FLOKI) have delivered altcoin investors world-class gains over the past 12 months.

New York City ETF fund manager VanEck just launched the MarketVector Meme Coin Index this month. Of the six currencies on the index, five are Doge memes.

6. Proof of Work Power

Even during periods like the past week, when meme coins have led losses among cryptos (after leading gains in the prior week), Doge’s price has staying power with its crypto mining/proof-of-work investors.

Dogecoin is a Dec. 2013 fork of the original Bitcoin blockchain launched in Jan. 2009. It operates in much the same way as the BTC network and investors choose it because its electricity requirement to participate helps prevent inflation and hold buying power.

Environmentalists who are weary of central bank currency are also leaning into PoW chains. Proof-of-Work has harnessed the digital economy to the petroleum/alternative energy industry. It’s the world’s biggest bounty for cheaper sources of electricity.

7. Fed Rate Cuts Later This Year

The Fed may hold rates steady in June, but the Bank of England could start the race to debt revaluation with rate cuts next month.

Many economists, analysts, and commentators still expect a Fed rate cut sometime later this year, especially if consumer price deflation continues to roll over to April and May.

Either way, after the recent $1.2 trillion spending bill in March to fund the U.S. government for six more months, Washington is pacing to spend $2.4 trillion annually. When that happens, it usually pushes prices up and seriously aggravates the crypto markets’ already voracious demand for inflation shelters like Bitcoin and Dogecoin.

Bottom Line for Investors

Digital assets are held at risk of loss, and there is no way to guarantee how markets will perform in the future. But, based on the fundamental considerations listed above, Dogecoin’s price could be undervalued at $0.14 after falling from its $0.22 peak in March.

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Author: W. E. Messamore ::: Source link

SEC targets Ripple’s stablecoin; What to expect from Bitcoin & this new AI altcoin in May?

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Crypto King
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Disclosure: This article does not represent investment advice. The content and materials featured on this page are for educational purposes only.

Ripple, known for its XRP token, is back in the headlines, but this time, it’s about their upcoming stablecoin launch. 

Yep, you heard right. Ripple’s planning to drop its own stablecoin later this year, but it looks like they’ve caught the watchful eye of the SEC.

Brad Garlinghouse, Ripple’s CEO, isn’t shy about calling out what he sees as the U.S. government’s overreach, especially concerning Tether, the giant in the stablecoin space. Garlinghouse hinted at potential U.S. actions against Tether as something to keep an eye on. 

He’s worried this could be the next big shake-up in crypto, kinda like the FTX collapse — talk about a plot twist!

With the SEC branded as a “bully” by Garlinghouse for targeting what he perceives as weaker entities, Ripple’s upcoming stablecoin might face a tough road ahead. This scrutiny comes amid broader regulatory concerns, especially with Tether’s history of fines and the U.S. Treasury eyeing stablecoins for bypassing sanctions.

Bitcoin’s May movements: What’s in store?

Switching gears to Bitcoin — the granddaddy of crypto. After hitting a billion transactions (huge, right?), Bitcoin is navigating some interesting waters this May. The price has been a roller coaster, with dips and rebounds that have everyone guessing.

The buzz is that despite regulatory shadows and market jitters, Bitcoin might just be gearing up for a rebound. Why? Well, it’s showing resilience against a backdrop of regulatory fears and market withdrawals, especially from crypto investment products like ETFs.

 This resilience could signal a potential rise, making it a prime time for investors to HODL and possibly reap the rewards of a market uptick.

Enter Borroe Finance: The AI altcoin ready to explode

Now, let me introduce you to the new kid on the block, Borroe Finance. After a killer presale that snagged over $4.5 million, Borroe Finance is the name on every crypto enthusiast’s lips. With the $ROE token set to launch at a sweet $0.025, we’re talking about a potential surge that could redefine the altcoin market.

So, what makes Borroe Finance stand out? This platform isn’t just another altcoin; it’s a powerhouse that merges AI with Blockchain technology, enhanced by Oracles. This setup is shaking up the CrossFi space, bridging the gap between decentralized and traditional finance in ways we’ve never seen before.

  • Dynamic liquidity pools and token swaps: Thanks to robust liquidity pools, Borroe Finance ensures that token swaps are efficient and smooth, reducing slippage and boosting returns.
  • Empowering governance tokens: With $ROE Governance Tokens, you’re not just investing; you’re getting a voice in the platform’s future. This level of engagement is what true decentralized finance is all about.
  • NFT gaming and dApps: Beyond just finance, Borroe Finance is making waves in NFT Gaming and dApp development, creating an ecosystem where tech meets entertainment.

What to expect from Borroe Finance in May?

As we step into May, Borroe Finance is on the brink of something monumental. Experts are eyeing the $ROE token for a massive 500% jump shortly after its launch. In a market filled with uncertainty, Borroe Finance stands as a beacon of potential and innovation.

To learn more about this project, visit the Borroe Finance presale website or join the community via Twitter | Telegram

Disclosure: This content is provided by a third party. crypto.news does not endorse any product mentioned on this page. Users must do their own research before taking any actions related to the company.





Author: Guest Post ::: Source link

$1.5T Morgan Stanley is Buying US Spot Bitcoin ETF

By
Crypto King
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0

Recent 13F SEC filings have revealed several major US financial institutions are allocating serious money to Bitcoin via spot ETFs, with these filings disclosing the holdings of institutional investors with over $100 million allocated.

After the SEC approved several spot Bitcoin ETFs earlier this year, investors have eagerly awaited these disclosures. The filings reveal names like the State of Wisconsin Investment Board, Wells Fargo, JPMorgan and others.

Now, the latest disclosure shows mammoth financial services firm Morgan Stanley has bought $269.9 million worth of Grayscale’s GBTC. This makes Morgan Stanley one of the largest institutional holders of GBTC, besides Susquehanna’s $1.8 billion position.

With over $1.5 trillion in assets under management, this allocation signals the Wall Street titan’s growing conviction in bitcoin’s role in portfolios. 

It joins other major banks like JP Morgan, BNP Paribas, and Royal Bank of Canada that have disclosed spot Bitcoin ETF purchases.

Despite some firms like Vanguard opposing Bitcoin, the broader shift has been toward embracing Bitcoin exposure. Clients are demanding access to Bitcoin’s growth prospects as both an inflation hedge and an alternative asset class.

Click the image to learn more.

Old guard banks steadily allocating to Bitcoin ETFs represents a monumental change. Morgan Stanley’s purchase follows execs speaking positively about Bitcoin’s potential. Though still a small portion of AUM, it indicates legacy finance sees bitcoin’s value.

As major traditional institutions warm up to Bitcoin, accessible ETFs have enabled dipping their toes in. The Q1 disclosures provide tangible evidence these giants are acting on growing conviction in bitcoin’s staying power.





Author: Vivek Sen ::: Source link

Crypto Influencer ‘T.J. Stone’ Pleads Guilty To $1M Wire Fraud Scheme

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Crypto King
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In a Brooklyn federal court on Thursday, crypto personality Thomas John Sfraga, also known as “TJ Stone”, pleaded guilty to wire fraud charges for defrauding over a dozen victims out of more than $1.3 million.

Fictitious Scheme Exposed

According to the US Department of Justice, from 2019 to 2022, Sfraga “falsely” presented himself as the owner and principal of several businesses, including Vandelay Contracting Corp. and Build Strong Homes LLC. He also claimed to be a “serial entrepreneur” with experience in real estate development, media relations, podcasting, and cryptocurrencies.

In this capacity, Sfraga allegedly convinced victims, many of them located in Brooklyn, Staten Island, and Long Island, to loan him money or invest in what turned out to be fraudulent schemes.

This included promising high returns of up to 60% within three months for investments in a fictitious cryptocurrency “virtual wallet.”  US Attorney Breon Peace stated:

For years, Sfraga brazenly lied to friends, neighbors, and investors to swindle over $1.3 million of their hard-earned life savings. This Office will continue to hold fraudsters accountable and achieve justice for victims throughout the Eastern District of New York and the United States.

Crypto Schemer Faces 20 Years In Prison

On one occasion, Sfraga reportedly convinced a victim to lend him $100,000 in cash as start-up costs for a “non-existent” major construction project. In reality, the US DOJ alleges that Sfraga simply converted the funds for his expenses to pay off earlier victims and business associates.

Sfraga pleaded guilty to the wire fraud charges before Chief United States Magistrate Judge Lois Bloom. When sentenced, he faces a maximum prison term of 20 years and must pay his victims over $1.33 million in restitution.

The guilty plea was announced by US Attorney Breon Peace and James Smith, Assistant Director-in-Charge of the FBI’s New York Field Office. 

Crypto
The 1-D chart shows the total crypto market cap’s valuation at $2.3 trillion. Source: TOTAL on TradingView.com

As of the latest market update, cryptocurrency has seen a notable uptick, with surging prices across the largest digital assets.

Bitcoin (BTC), the flagship cryptocurrency, has regained the $67,000 mark for the first time since late April, rising nearly 10% over the past week. Ethereum (ETH), on the other hand, has been one of the biggest winners over the past 24 hours, rising 5.5% to a current trading price of $3,111.

Furthermore, the total cryptocurrency market capitalization has risen by 3% in the past 24 hours, currently at a $2.37 trillion, showcasing a renewed sense of bullish sentiment reverberating throughout the overall digital asset ecosystem.

Featured image from Shutterstock, chart from TradingView.com



Author: Ronaldo Marquez ::: Source link

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