Top Stories This Week
US lawmakers file ‘SEC Stabilization Act’ to fire Gary Gensler
United States Representative Warren Davidson has introduced the “SEC Stabilization Act” into the House of Representatives. One of the bill’s main provisions is to fire Securities and Exchange Commission (SEC) Chair Gary Gensler. The bill would remove Gensler from office and redistribute power between the SEC chair and commissioners. It would also add a sixth commissioner to the agency, disallow any party from holding a majority on the commission and create an executive director position. The SEC declined to comment on the matter.
BlackRock applies for spot Bitcoin ETF — a US first if approved
BlackRock, the world’s largest investment company, has filed an application for a Bitcoin spot exchange traded fund (ETF). It would be the first crypto spot ETF in the United States, if it receives approval. According to the filing, Coinbase Custody Trust Company would be the custodian of the fund and Bank of New York Mellon would custody its fiat. The SEC has not approved a spot Bitcoin ETF so far despite numerous applicants. The world’s first spot traded Bitcoin ETF was Canada’s Purpose Bitcoin ETF, set up in early 2021.
Binance CEO Changpeng Zhao denies rumors of selling Bitcoin to bolster BNB
Binance CEO Changpeng “CZ” Zhao has refuted accusations that Binance has been secretly selling Bitcoin (BTC) to artificially stabilize the price of its BNB token. The rumors have come from several market commentators in the past days, accusing the exchange of intentionally manipulating the market to artificially inflate the value of BNB. CZ said that Binance had not sold any of its BTC or BNB, adding that the crypto exchange still held “a bag” of FTX Token — the native token of the now-defunct crypto exchange FTX.
SEC’s Gensler says BTC, ETH ‘not securities’ in a newly surfaced video
A newly surfaced video from 2018 featuring Gary Gensler has made the rounds on social media, showing the now-chair of the U.S. securities regulator again stating that multiple cryptocurrencies are not securities. “Over 70% of the crypto market is Bitcoin, Ether, Litecoin, Bitcoin Cash. Why did I name those four? They’re not securities,” Gensler says in the video, which is understood to come from a 2018 event hosted by Bloomberg for institutional investors. At the time, Gensler was a professor at the Massachusetts Institute of Technology. The video contrasts with his more recent actions as the chair of the SEC.
Binance.US hires former SEC enforcement official amid lawsuit
Former SEC enforcement official George Canellos has reportedly been hired by Binance.US as part of the legal team defending the company against allegations of operating as an unregistered securities exchange. In response to the SEC’s action on June 5, Binance.US announced the suspension of U.S. dollar deposits and the potential pausing of fiat withdrawals, citing “extremely aggressive and intimidating tactics” from regulators. On Twitter, a former SEC chief said the exchange is “clearly preparing for a criminal prosecution and continuing to hire the best defense attorneys in the world.”
Winners and Losers
At the end of the week, Bitcoin (BTC) is at $26,349, Ether (ETH) at $1,716 and XRP at $0.47. The total market cap is at $1.06 trillion, according to CoinMarketCap.
Among the biggest 100 cryptocurrencies, the top three altcoin gainers of the week are KuCoin Token (KCS) at 9.75%, Maker (MKR) at 8.08% and Quant (QNT) at 4.10%.
The top three altcoin losers of the week are EOS (EOS) at -29.88%, ApeCoin (APE) at -26.07% and Flow (FLOW) at -25.93%.
For more info on crypto prices, make sure to read Cointelegraph’s market analysis.
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Most Memorable Quotations
“Inflation is moving in the right direction but the comments from Jerome Powell signify that rates could stay higher for longer, which would put Bitcoin on the back foot.”
Josh Gilbert, market analyst at eToro
“Requiring a DEX to register in the same way as a national securities exchange is impossible.”
Paul Grewal, chief legal officer of Coinbase
“U.S. capital markets must be protected from a tyrannical Chairman, including the current one. It’s time for real reform and to fire Gary Gensler as Chair of the SEC.”
Warren Davidson, United States Representative
“The addressable market for digitizing the…
cointelegraph.com