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Today Crypto News Dec 2023

Today Crypto News, major digital currencies close out the week in the red. Crypto company Safe Moon files for Chapter Seven bankruptcy and Fireblock’s chief legal officer discusses where he thinks crypto regulation is headed in the US shortly.

Welcome to Crypto News. Major cryptocurrencies are back in the red this morning. As of noon Eastern Bitcoin and Ether both fell about two percent with Bitcoin back below $, and Ether trading above $ dollars.

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Alana however rose more than half a percent. For the week both Bitcoin and Ether slid about % while on Wall Street the S and P gained more than two and a half percent. Alright, let’s talk about some of the top stories.

D five protocols Safe Moon filed for Chapter Seven bankruptcy as its executive’s criminal charges here in the US according to a court filing yesterday. The D protocol is between creditors anywhere between a million and a million dollars in assets and owes between a hundred thousand and five hundred thousand dollars.

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Chapter Seven bankruptcies result in a debtor’s assets being liquidated to repay creditors and unlike Chapter bankruptcies, there’s usually no intention of restructuring and relaunching a company. Safe Moon’s founder and two top executives were charged by the DO and the SEC last month for allegedly running a quote massive multi-million dollar international fraud seed. Next the SEC just responded to Coinbase’s request for new crypto rules but the resounding no.

Back in Coinbase petitioned the SEC to craft bespoke rules for the industry and even asked federal courts to compel the agency’s response. Well, today the SEC issued its denial saying quote the existing securities regime is good enough to cover Crypto News assets deemed and also disagreed with the notion that those existing rules were unworkable for the digital asset space that response from the agency isn’t exactly a new one.

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Chair Gensler has argued many times that existing SEC rules are enough to govern cryptocurrencies. At the same time, the SEC joined a bunch of other US financial regulators asking Congress to pass new laws governing crypto assets not deemed securities.

The Financial Stability Oversight Council released its annual report on Thursday it found volatility, high use of leverage, and interconnectedness with the financial industry are just some of the risks for digital assets out there.

The council said it would continue its enforcement actions on crypto’s bad actors while asking Congress to pass new rules for stablecoins and spot markets. Alright sticking with regulation for our main story. Cryptoworld’s Talia Kaplan sat down with Jason Alegrante the chief legal and compliance officer of Fireblocks to discuss regulatory advancements in Crypto News in the US over the past year and how they compare to developments around the world.

It has been quite a year for crypto full of notable events including the high-profile trial of Sam Begman Freed, and enforcement actions against the world’s largest crypto news exchange finance and we’re starting to see a comeback for crypto prices.

But of course, this comes after a year of scandals and bankruptcies including Voyage or Celsius being blocked by and of course FDX. Now you recently argued that despite those large impulsions involving crypto last year, we are now on the verge of a turning point in crypto’s journey for mass adoption.

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It’s been safe to say that it’s been a turbulent period for crypto more so than usual and I think what’s struck me are incidents like what happened with FTX where we have fraud in the space and so I have been searching for a parallel trying to understand this historical moment in the Crypto market cap where we might be headed and what the catalysts for change in the crypto markets might look like. Uh, I’m a financial services lawyer by training.

So I immediately thought to the beginning of my career which came after the financial crisis and if you look at what happened with the banks we had a concerted effort a globally coordinated effort to add regulation on the banking industry looking at things.

like derivatives and swaps and other instruments that had led to that financial crisis arguably and what we see years later is a more or less complete rehabilitation of the banking sector we’re seeing record profits being reported by banks and I think most remarkably the reputations of these institutions have been repaired almost entirely so looking at that as a model.

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I’ve been thinking about the crypto industry where it might go what regulation if and when it comes in the United States might do to help crypto move forward and I saw several catalysts on that front that I thought could potentially help move the markets forward on a horizon of let’s say the next to years. Speaking with CNBC SquackBox recently, CFTC chair Roston Benham argued that there is a gap in regulation and that Congress needs to step in and get over not wanting to legitimize the technology.

What’s your reaction to statements?

I think it’s a fair observation. We have been struggling in the United States with a particular attempt at regulating digital assets and that is regulating them as traditional asset classes. So, we’ve seen a lot of effort put into trying to figure out whether certain classes of digital assets are securities. Uh, we’ve seen efforts put into labeling them as commodities. These rule books and the requirements for market participants are very different and not having that clarity has made it very hard for market participants to come in and confidently build in the space.

So I think to that extent there probably is some room for additional clarity if you look at what other countries are doing I’m thinking in this case of the EU, in particular, they’ve adopted a regulation that treats digital assets as digital assets which are to say virtual asset service provider or crypto asset service provider type regulation right now in the United States we haven’t adopted legislation.

That would do that and so we’re still in this cycle of trying to figure out what these Now, I want to focus on regulatory advancements for crypto in the US this past year over the summer. For example, US lawmakers advanced to landmark bills. The stablecoin bill and the Fit Forward, the st Century Act which establishes a crypto framework.

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So, I’m wondering what you think of those two bills and do you think they will become law. If so, what’s a realistic timeline? Yeah, it, you know, in fact when I talk about catalysts for the crypto market and I talk about the impact of regulation I am thinking very specifically about things like the stablecoin bill and just to focus on that bill, in particular, there’s a very good reason why we see this as very impactful potentially for the market.

So we’ve had earlier in the year interagency guidance to the banks telling them that certain kinds of activities in the crypto markets are potentially high risk potentially too high risk for banks to engage in if we have federal stable coin legislation we will in every likelihood have a mandate for banks to go out and if they choose to do so issue stable coins that mean actively engage with digital assets.

In a way that I do not believe many of them would feel comfortable engaging today and let’s look at the point of stablecoins right these are instruments that are designed to retain their value not fluctuate in value they’re perfect instruments for transacting in the internet.

I would call them the currency of the internet in a sense, right?

And so when you have banks, first of all, engaging with digital assets, you have banks and financial institutions coming into the space and we believe banks are going to be major players but then we have stablecoins circulating in commerce being used to buy and sell instruments and I believe that the people who are going to be buying and selling those instruments are everyday folks like you and us and I think that’s great for adoption. Do you the regulatory advancements we have seen in the US over the past year were enough especially when compared to developments on the regulation front in regions around the world including Singapore?

Dubai, and the EU which you mentioned in the UK?

I am concerned and have been concerned for some time that the US is falling behind. Uh, I frame it in many senses in two ways, right? Digital assets are a national security issue and I like to get into why I believe that is I believe digital assets are an American competitiveness issue I mean competitive in terms of taking and taking market share in the internet economy and we are right now and the internet economy doesn’t care where you are, how big you are, what your legacy systems look like.

It’s a forward-looking economic pie and so on the national security front, the United States has benefited both in terms of its treasury options but also in terms of global influence from being a leader a thought leader in regulation but also having dollar dominant Arguably it’s been hugely helpful for the United States overall I think when we have other countries issuing stablecoins that aren’t denominated or backed by US dollars.

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We have a serious dollar hegemony issue and that’s a national security issue and then again I think I think there is I I there’s economic activity that will be migrating to the internet and I think if we want to have a piece of that pie if we want to be dominant in that space as the United States we have to be active and catch up to our friends around the world who are already looking at this space very closely and embracing.

In a way, I think we’ve been a little bit reluctant to or cautious so far the good news is that it it always takes the United States a long time to arrive at the right answer but we always seem to do it so I am very hopeful that we will we will do it in the coming years.

A La Grande also weighs in on Senator Elizabeth Warren’s call to update the Bank’s Secrecy Act to include crypto which she says is used for terrorist financing, drug deals, and by North Korea. You’ll be able to check out that full interview@CNBC. com slash Crypto World. Alright, that’s it for this week. We’ll be back again on Monday. Have a great weekend. We’ll see you then.

FAQs

What is crypto news?

Crypto news refers to information, updates, and developments related to digital currencies like Bitcoin, Ethereum, and other altcoins. It covers a wide range of topics, including market trends, regulatory changes, technological advancements, and major events in the crypto space.

Why is crypto news important?

Crypto news is crucial for investors, traders, and enthusiasts as it helps them stay informed about market conditions, potential investment opportunities, and the overall health of the crypto news ecosystem. It also provides insights into regulatory developments that can impact the industry.

Where can I find reliable crypto news sources?

Some popular and reliable crypto news sources include CoinDesk, CoinTelegraph, The Block, and Decrypt. It’s essential to verify information from multiple sources to ensure accuracy.

What factors influence cryptocurrency prices?

Cryptocurrency prices can be influenced by various factors, including market demand and supply, macroeconomic trends, regulatory developments, technological advancements, and overall market sentiment.

How can I stay updated on crypto news?

You can stay updated on crypto news by regularly checking reputable news websites, following social media accounts of reputable crypto journalists, joining online forums and communities, and subscribing to newsletters from reliable sources.

What are some common terms used in crypto news?

  • Terms commonly used in crypto news include:
  • FUD: Fear, Uncertainty, and Doubt.
  • HODL: Holding onto cryptocurrency rather than selling.
  • Altcoin: Any cryptocurrency other than Bitcoin.
  • ICO: Initial Coin Offering.
  • Blockchain: A decentralized and distributed ledger technology.
  • Fork: A divergence in the blockchain.

How does regulatory news impact cryptocurrencies?

Regulatory news can significantly impact cryptocurrencies. Positive regulations may lead to increased adoption and confidence, while negative regulatory developments can cause market volatility and affect investor sentiment.

What are some recent trends in the cryptocurrency space?

Trends in the cryptocurrency space can vary, but some common themes include the rise of decentralized finance (DeFi), non-fungible tokens (NFTs), environmental concerns related to proof-of-work crypto news, and ongoing developments in blockchain technology.

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