Tag: SEC

SEC Chair Gary Gensler Refers to Bitcoin and Ethereum as Non-Securities in Newly Revealed Video

The SEC chair previously indicated that all cryptocurrencies apart from BTC are securities. In a recently unearthed video from a 2018 crypto-themed event hosted by Bloomberg and Fidelity, Gary Gensler, the current chairman of the United States Securities and Exchange Commission (SEC), made statements that contradict his current position on digital assets regulations in the country. The video, which started circulating on Twitter on June 12, shows Gensler addressing institutional investors at the Massachusetts Institute of Technology, where he worked as a professor before joining the SEC in 2021 after…

US Lawmakers Float New Bill to Sack SEC Chair Gary Gensler

Davidson was joined by another crypto-friendly congressman Tom Emmer in creating the legislation. Crypto-friendly congressman Warren Davidson has filed a new bill called the “SEC Stabilization Act”. According to Davidson, the bill seeks to reform the SEC and rid it of its “tyrannical Chairman” Gary Gensler. His Twitter announcement reads: “Today I filed the SEC Stabilization Act to restructure the SEC and fire Gary Gensler.” In another statement, Davidson disclosed that the bill ultimately aims to protect the US capital markets. However, he also submitted that this aim can only…

Binance.US Suffers 78% Market Crash since US SEC Lawsuit

Binance.US experienced a significant market crash following the lawsuit slammed on the company by the US SEC last week. The US arm of international crypto exchange Binance has seen a 78% market crash since the United States Securities and Exchange Commission (SEC) sued the company. The company has been struggling to maintain public trust as investors continue to fear for the safety of their funds. According to data from digital assets data provider Kaiko, Binance.US has lost close to 80% of its market strength. Kaiko analyst Dessislava Aubert also confirmed the…

Binance.US hires former SEC enforcement official amid lawsuit: Report

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United States-based crypto exchange Binance.US has reportedly hired a former enforcement official from the Securities and Exchange Commission (SEC) as part of the legal team to defend itself against allegations of operating as an unregistered securities exchange. According to a June 12 report from Bloomberg, Binance.US has hired former SEC enforcement co-director George Canellos with the international law firm Milbank LLP along with three other lawyers. Canellos left the SEC in 2014 after serving for more than 4 years in different leadership positions. “Binance is clearly preparing for a criminal…

Lawmakers introduce bill to remove SEC chair — but do they have the authority?

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Members of the United States House of Representatives are pushing for ways to remove Securities and Exchange Commission (SEC) Chair Gary Gensler from his position, but the legality may be more complicated than a single piece of legislation. On June 12, Ohio Rep. Warren Davidson introduced the SEC Stabilization Act with the expressed intention of firing Gensler. The SEC chair has served as head of the commission since being sworn into office in April 2021, with a term expected to end in 2026.  While Davidson made serious allegations against Gensler…

US lawmakers file ‘SEC Stabilization Act’ to fire Gary Gensler

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United States Congressman Warren Davidson has introduced the “SEC Stabilization Act” into the House of Representatives, announced June 12. One of the bill’s main provisions is to fire Securities and Exchange Commission (SEC) chair Gary Gensler.  Davidson said in a statement: “U.S. capital markets must be protected from a tyrannical Chairman, including the current one. That’s why I’m introducing legislation to fix the ongoing abuse of power and ensure protection that is in the best interest of the market for years to come. It’s time for real reform and to…

SEC, CPI and a ‘strong rebound’ — 5 things to know in Bitcoin this week

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Bitcoin (BTC) starts a “massive” week in a precarious position as key support stays out of reach for bulls. After fresh losses across crypto markets over the weekend, BTC/USD closed the week below $26,000 for the first time in three months. Both Bitcoin and altcoins continue to struggle thanks to legal battles raging in the United States and their impact on market sentiment. Fragile markets will now encounter a slew of volatility triggers, however, as U.S. macro data releases accompany the next steps in the crypto legal debacle. In what…