Binance Coin (BNB) is experiencing a significant price surge, currently at $632.17, with a market cap of approximately $105 billion. Following a breakout above the $600-$620 resistance, the next target is $720, indicating a strong uptrend despite some market instability from external factors like the FTX lawsuit. Recent developments, including Binance’s collaboration with Google Cloud, aim to bolster the BNB Chain’s growth in AI, DeFi, and NFT projects.
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CFTC Open to Becoming Primary Regulator for Digital Assets
The CFTC is open to becoming the primary regulator for digital assets, reducing the SEC’s role, but changes to definitions of securities and commodities would be necessary. The agency wants to introduce tokens and contracts to regulated markets as soon as possible to reduce or eliminate investor risks, and believes that a significant portion of the crypto market should fall under its purview. The CFTC needs at least $30 million in the first year and at least $50 million in the second year to establish a regulatory regime.
read moreIllinois Court Confirms Bitcoin and Ethereum as Digital Commodities, CFTC Chair Says
The Illinois court has ruled that Bitcoin and Ethereum are digital commodities, according to the Commodity Futures Trading Commission (CFTC) Chairman Rostin Behnam. This decision conflicts with the Securities and Exchange Commission’s classification of certain cryptocurrencies as securities, leading to ongoing jurisdictional conflicts between the two regulatory bodies. The CFTC lacks jurisdiction and funding to effectively regulate the crypto industry, despite the significant impact of crypto-related cases on its enforcement docket.
read moreRepublican Party Aims to Protect Bitcoin and End Crypto Crackdown
The Republican Party’s draft platform pledges to protect Bitcoin, end the “crypto crackdown,” and oppose the creation of a Central Bank Digital Currency. They also aim to defend the right to mine Bitcoin and ensure every American has the right to self-custody of their digital assets, free from government surveillance. Additionally, they seek to repeal Joe Biden’s AI executive order, claiming it hinders AI innovation and imposes radical left-wing ideas on development.
read moreBridging the Knowledge Gap: Crafting Effective Crypto Regulations for Innovation
Policymakers in the US are facing the challenge of regulating emerging technologies like blockchain and AI. The need for a more informed regulatory environment supporting innovation and security is emphasized, with a call for proactive engagement with the crypto community and industry professionals to bridge the knowledge gap. The article highlights the importance of understanding the complexities of crypto and its underlying technology to formulate effective regulations without stifling innovation.
read moreCryptocurrency Advocacy Group Refuses to Respond to Senator’s Criticism of Hiring Practices
Coin Center, a crypto-industry advocacy group, has declined to answer questions from Senator Elizabeth Warren regarding its practice of hiring former government officials. Warren criticized the practice as “appalling,” but acknowledged that it is legal. Coin Center’s director called Warren’s letter a “bullying publicity stunt.”
read moreCoinbase Stock (COIN) Surges 400% as Crypto Market Anticipates First Bitcoin ETF
Coinbase stock (COIN) has experienced a remarkable surge of 400% this year, outperforming Ethereum. Analysts predict that the price could continue to rise as the crypto market anticipates the approval of the first-ever spot Bitcoin ETF, which could potentially attract trillions of dollars into the market. However, Cathie Wood’s Ark Investment has reduced its exposure to COIN, and Coinbase CEO Brian Armstrong criticizes anti-crypto political strategies.
read moreAmerican Bankers Association Influenced Contentious Crypto Bill, Sparking Backlash from Crypto Community
US Senator Roger Marshall revealed that the American Bankers Association assisted him and Senator Elizabeth Warren in formulating the Digital Asset Anti-Money Laundering Act, which has faced criticism from the crypto community. The disclosure has sparked backlash, with Coinbase CEO Brian Armstrong expressing disappointment and Bitcoin miner Riot Platforms stating that the big banks wrote the bill to kill crypto in the US.
read moreWhy Being Anti-Crypto Could Backfire for US Politicians in 2024
Coinbase CEO Brian Armstrong argues that being anti-crypto is a poor political strategy for US politicians in 2024, citing reasons such as the large number of Americans who hold crypto, the belief among young people that crypto can boost economic opportunities, the dissatisfaction with the current financial system, and the growing support for the crypto industry. He shared these views after US Senator Roger Marshall admitted that the American Bankers Association helped craft the Digital Asset Anti-Money Laundering Act, also known as the “crypto ban” bill.
read moreSenator Marshall’s Anti-Crypto Stance Sparks Debate and Raises Questions about Banking Influence
Senator Marshall’s recent statements labeling cryptocurrencies as tools for criminal activities have sparked significant debate in the cryptocurrency community. Experts suggest that major banks are influencing U.S. Senators in drafting anti-crypto legislation, while the Chamber of Digital Commerce highlights the U.S. dollar’s significant role in global finance and its association with money laundering activities. Despite regulatory challenges, the crypto community remains optimistic about the future of cryptocurrencies.
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