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 6131Entrepreneur and Tesla CEO Elon Musk has thrown his support behind Vivek Ramaswamy, a young and emerging Republican presidential candidate. Following an appearance on Tucker Carlson’s online show, a clip of Ramaswamy was shared on social media with the caption, “Vivek Ramaswamy is the youngest Republican presidential candidate ever. Responding to the post, Musk said, “He is a very promising candidate,” sparking interest in Ramaswamy’s candidacy and views on cryptocurrency.
He is a very promising candidate https://t.co/bEQU8L21nd
— Elon Musk (@elonmusk) August 17, 2023
Known for his outspoken views on cryptocurrencies and digital finance, Ramaswamy has actively advocated for a more robust crypto ecosystem in the US. During the Bitcoin 2023 conference held in Miami, he announced his campaign’s acceptance of Bitcoin donations, becoming the second candidate in the 2024 US presidential race to do so.
Just announced we’re officially accepting #Bitcoin donations.
Give $1.
Let’s make the 2024 election a referendum on fiat currency. https://t.co/KrHJdomtCh pic.twitter.com/OkVmoBmTFz— Vivek Ramaswamy (@VivekGRamaswamy) May 20, 2023
Ramaswamy showcased a QR code at the conference, which directed users to a payment gateway with multiple donation options, including Bitcoin and satoshis. In return for contributions up to the $6,600 limit, eligible donors would receive an exclusive nonfungible token (NFT) as a show of appreciation.
Ramaswamy’s decision follows the footsteps of Robert F. Kennedy Jr., the first US presidential candidate to accept Bitcoin donations. Such moves from political candidates signify the growing importance and influence of cryptocurrencies in the future of finance.
Ramaswamy’s beliefs resonate with the Republican base. In a social media post, he laid out ten points detailing his conservative views, including statements like “God is real,” “The nuclear family is the greatest form of governance known to mankind,” and “The U.S. Constitution is the strongest guarantor of freedoms in history.” His rising popularity has seen him inching closer to the pro-Bitcoin Florida Governor, Ron DeSantis, in the Republican presidential field.
However, Ramaswamy’s political journey isn’t without challenges. He is facing two lawsuits from former employees at Strive Asset Management, the company he co-founded. The employees claim they were pressured into violating securities laws during their tenure at the firm.
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.
Republican lawmakers have questioned whether the US SEC has assured enough security measures before granting Prometheum Inc. the license to operate as crypto broker.
Republican lawmakers at the US Congressional Committee overseeing the Securities and Exchange Commission (SEC) are demanding an answer from SEC chair Gary Gensler over how Prometheum Inc secured a unique approval to operate as a crypto broker-dealer.
Led by Chair Patrick McHenry (R-N.C.), a group of 23 House Financial Services Committee lawmakers raised questions about how the recently revealed company managed to secure SEC registration as a special-purpose broker-dealer for digital assets. They also sought clarification on the factors that led to this decision and the timing of its conclusion, considering other applicants in the process.
Additionally, the lawmakers also sent a letter to the head of the Financial Industry Regulatory Authority (FINRA). It’s an industry-funded group that enforces securities standards under the SEC’s watch. The letter noted:
“The timing of the approval raises concerns that it was aimed at demonstrating that legislation is not needed because there is a workable regulatory framework for the custody of digital asset securities.”
The letters ask important questions about whether the SEC chose Prometheum as a prime example to support Gensler’s view that new laws aren’t necessary for regulating crypto in the US. This happened just as McHenry’s committee was preparing to send digital assets legislation to the House floor.
However, Prometheum’s leaders have said they’ve been following the registration process like any other company. Co-CEO Aaron Kaplan believes his company will show how to create a crypto platform that follows the rules properly. In a statement on Tuesday, August 15, the company said:
“Prometheum purpose-built its technology with the goal to develop a market infrastructure for digital asset securities that is compliant with the federal securities laws. This technology will serve as a building block for a compliant and orderly digital asset securities marketplace that protects investors and serves their best interests.”
Lawmakers are also joining others in asking for more details about Prometheum’s sudden appearance in Washington. The company hasn’t started trading yet. Both Republicans and Democrats in the Senate and House have raised concerns about this, and Ritchie Torres, a Democrat on McHenry’s committee, has asked for the SEC to be investigated.
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.
Former SEC official John Reed Stark has recently spoken on the current developments and believes that the SEC won’t approve a spot Bitcoin ETF anytime soon. However, he believes that the tides could change post the US Presidential Election 2024.
John Reed Stark believes that a Republican President in 2024 would improve the odds of a spot Bitcoin ETF approval. The former SEC official also cites an SEC comments letter from Better Markets which highlights the issues with the current state of spot Bitcoin ETFs. The letter explains:
“The spot bitcoin markets (1) have a history of artificially inflated trading volumes due to rampant manipulation and wash trading; (2) are highly concentrated; and (3) rely on a select group of individuals and entities to maintain bitcoin’s network”.
Furthermore, the letter also adds that these attributes create significant vulnerabilities in the context of a proposed spot bitcoin-based ETP, making it susceptible to manipulation by malicious actors. The proposed rule alterations do little to effectively counteract these risks. Relying on market surveillance mechanisms in other arenas to identify and address manipulation is insufficient, it adds.
John Reed Stark mentions that the issues concerning crypto regulations have become partisan at the SEC. Interestingly, he also notes that the SEC crackdown began under Republican-appointed SEC Chair Jay Clayton. He was the one who filed the case on Ripple just days before leaving office.
However, Jay Clayton now believes that the SEC should approve spot Bitcoin ETFs and that the current regulation is going overboard with its regulatory stand.
However, if the Republican wins the US Presidency in 2024, John Reed Stark expects two possible outcomes in this case.
Interestingly, he also predicts a scenario where crypto mom Hester Pierce will be the SEC chair. “If @HesterPeirce becomes acting Chair of the SEC, given her lengthy track record of dissent and opposition to most crypto-related SEC actions, the world should expect that most U.S. SEC crypto-related enforcement and most crypto-related SEC disruption would grind to a screeching halt,” adds Stark.
Will the SEC Approve Any Of The Recent Bitcoin Spot ETF Applications?
People often ask for my opinion on whether the SEC will approve any of the recent spate of bitcoin spot ETF applications, which is an interesting and important question.
My take is that the current SEC will… pic.twitter.com/lPXebl03Y4
— John Reed Stark (@JohnReedStark) August 13, 2023
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.