updraftplus domain was triggered too early. This is usually an indicator for some code in the plugin or theme running too early. Translations should be loaded at the init action or later. Please see Debugging in WordPress for more information. (This message was added in version 6.7.0.) in /home/aonyeani76/cryptocurrencypanther/wp-includes/functions.php on line 6131hustle domain was triggered too early. This is usually an indicator for some code in the plugin or theme running too early. Translations should be loaded at the init action or later. Please see Debugging in WordPress for more information. (This message was added in version 6.7.0.) in /home/aonyeani76/cryptocurrencypanther/wp-includes/functions.php on line 6131wpforms-lite domain was triggered too early. This is usually an indicator for some code in the plugin or theme running too early. Translations should be loaded at the init action or later. Please see Debugging in WordPress for more information. (This message was added in version 6.7.0.) in /home/aonyeani76/cryptocurrencypanther/wp-includes/functions.php on line 6131Ahead of the U.S. House of Representatives Committee on Financial Services hearing on September 27, 2023, U.S. Securities and Exchange Commission (SEC) Chair Gary Gensler appears likely to repeat stance he took during the recent hearing before the Senate Committee on Banking, Housing, and Urban Affairs.
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On September 12, 2023, CoinGape reported Gensler’s statement that crypto industry is rife with fraud, abuse, and misconduct. Similarly, he repeated the statement in his latest testimony submitted before the House Committee on Financial Services. The hearing is titled ‘Oversight of the Securities and Exchange Commission’ and will be livestreamed at September 27, 2023 at 10 AM eastern standard time. Extending the US SEC’s widely criticized stance on crypto regulation, Gensler had in the testimony stated, “Most crypto tokens are subject to the securities laws.”
Further, he gave a prior notice of silence on ongoing litigations like the XRP lawsuit and the Grayscale spot ETF conversion ruling. When asked about the SEC’s actions so far on the approval of spot Bitcoin exchange-traded funds (ETFs), Gensler said it was work in progress with the agency officials. Contrary to Gary Gensler usual style of communication, the Commission’s chair has been relatively silent on the crypto enforcement part since the XRP lawsuit Summary Judgment came out.
“While I’m happy to discuss the SEC’s work, I will not be able to comment on any active, ongoing litigation.”
In a memorandum to the Committee from the Republicans mentioned the SEC’s past actions like the definition of crypto trading platforms and companies running crypto custodial activities. Hence, questions are likely to come up on these lines. In addition, Congressman Blaine Luetkemeyer sent a letter to Gensler along with the Financial Industry Regulatory Authority (FINRA) on concerns of the two bodies’ scrutiny of registered broker dealers with ties to the Chinese Communist Party like Prometheum and Webull.
It may be recalled that since May 2023, the SEC had been under fire from several lawmakers and members of the crypto community for approving Prometheum’s application to offer custody of digital assets following FINRA approval.
In the context of the recent legislative actions to implement laws around crypto industry, the members of House Committee may likely grill the SEC Chair on specifics about timeline based framing of the United States crypto regulatory framework. In a latest development, a bipartisan coalition of lawmakers has urged Gensler to speed up the spot ETF approval process in the context of the recent court filings like the Grayscale verdict that granted motion to convert the company’s Bitcoin Trust into a spot Bitcoin ETF.
Also Read: SBF Trial: Judge Grants Permission to Question Political Donations
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Amid the current banking crisis in the United States, stablecoin issuers like Tether and Circle have been moving their reserves to the safest instrument i.e. US Treasury.
In a recent development, USDC stablecoin issuer Circle has reported that it has recently adjusted its reserve treasury in order to avoid the risks of US debt defaults. On Wednesday, May 10, Circle CEO Jeremy Allaire appraised the same stating that the firm has adjusted the mix of reserves backing the stablecoin USDC by switching to shirt-dated US Treasurys.
Allaire stated that Circle now no longer holds Treasurys maturing beyond early June since they don’t want to carry exposure “through a potential breach of the ability of the US government to pay its debts”.
“We don’t want to carry exposure through a potential breach of the ability of the US government to pay its debts,” said Allaire. As per the disclosure coming from Circle Reserve Fund, which is managed by BlackRock, the current US Treasury holdings by Circle don’t mature beyond May 31.
Circle’s USDC stablecoin is still the second-largest stablecoin with a market cap of $30 billion. Earlier this week, US Treasury Secretary Janet Yellen said that the Biden government will be forced to take a decision if Congress doesn’t come to a common ground on increasing the debt ceiling.
Currently, the Biden administration and the Republicans are in a conflict over raising the $31.4 trillion borrowing limit. The US is currently very close to a default on its debt. Thus, failing to raise the debt ceiling could cause havoc in the global financial system.
Amid the current banking crisis in the United States, stablecoin issuers like Tether and Circle have been moving their reserves to the safest instrument i.e. US Treasury. In its recent report, Tether noted that they have also moved a majority of their reserves to US Treasury.
Circle has passed through turbulent times this year so far with the USDC stablecoin losing its peg earlier in March 2023. This led to major withdrawals from the USD Coin with its market cap dropping by more than 25% just over the last month. Despite this, USDC is currently the second-largest stablecoin with a market cap of $30 billion.
Over the last year, the USDC supply in the market has dropped by 46%. Last month in April Circle CEO Jeremy Allaire blamed the current banking crisis and the SEC’s war on crypto for USDC’s shrinking market cap.
Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.
Bitcoin price eventually slipped under $50,000 following the liftoff to $50,647 on Monday. The flagship cryptocurrency lost steam despite bulls having $56,000 in sight.
The correction initially found refuge slightly above $49,000, but bearish pressure continued to intensify during the Asian session on Wednesday. After testing the area at $47,517, Bitcoin regained ground above $48,000 and is currently exchanging hands at $48,230.
The flagship cryptocurrency is trading above all the key moving averages on the daily chart, the 50 SMA, the 100 SMA, and the 200 SMA. This suggests that BTC’s slightest resistance path is on the upside.
Nonetheless, the immediate support at $48,000 must remain intact to allow bulls to execute the return mission above $50,000. Realize that the 50 SMA recently crossed above the 200 SMA, adding props to the uptrend despite the lock-step price action.
Perhaps a break above $50,000 and, for that matter, past the recently traded August high at $50,647 would pave the way for another trajectory to $56,000. Note that whales have kept stocking up on Bitcoin amid speculation that it could extend the bull cycle to $100,000 by the end of 2021.
In the meantime, Bitcoin is trading above vital support areas, as highlighted by the IOMAP model developed by IntoTheBlock. This on-chain model reveals that the area at $46,012 is a massive buyer congestion zone. Roughly 922,500 addresses bought 490,400 BTC and are currently profiting from the bellwether cryptocurrency.
On the upside, the barriers ahead of Bitcoin are relatively smaller, suggesting that bulls would achieve their goals with a slight push. However, the region at $50,031 is of interest and must be shattered to give way to the expected gains to $56,000. Here, 672,000 addresses previously purchased 375,300 BTC.
Spot rate: 48,230
Trend: Bullish
Volatility: Low
Support: The 200-day SMA and $56,000
Resistance: $50,000 and $52,000
Disclaimer
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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