Top news this week
US Lawmakers Introduce 'SEC Stabilization Bill' to Fire Gary Gensler
US Representative Warren Davidson introduced the "SEC Stabilization Bill" in the House of Representatives. One of the main provisions of the bill is to fire Securities and Exchange Commission (SEC) Chairman Gary Gensler. The bill would remove Gensler from his position and redistribute power between the SEC chairman and commissioners. It would also add a sixth commissioner to the agency, bar any party from having a majority on the commission and create an executive director position. The SEC declined to comment on the matter.
BlackRock Files for Spot Bitcoin ETF: US First if Approved
BlackRock, the world's largest investment company, has submitted an application for a spot Bitcoin exchange-traded fund (ETF). It would be the first crypto spot ETF in the United States, if approved. According to the filing, Coinbase Custody Trust Company would be the custodian of the fund and Bank of New York Mellon would be the custodian of its fiat. The SEC has not approved a spot Bitcoin ETF thus far despite numerous applicants. Of the world First Spot Traded Bitcoin ETF was Canada's Purpose Bitcoin ETF, established in early 2021.
Binance CEO Changpeng Zhao Denies Rumors of Selling Bitcoin to Bolster BNB
Binance CEO Changpeng "CZ" Zhao has refuted allegations that Binance has been secretly selling Bitcoin (BTC) to artificially stabilize the price of its BNB token. The rumors come from various market commentators in recent 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 exchange still had “a bag” of FTX tokens, the native token of the now-defunct FTX crypto exchange.
SEC's Gensler Says BTC, ETH 'Are Not Securities' In Newly Surfaced Video
A newly surfaced video from 2018 featuring Gary Gensler has made the rounds on social media, again showing the now-chairman of the US securities regulator. asserting that multiple cryptocurrencies are not securities. “More than 70% of the crypto market is Bitcoin, Ether, Litecoin, Bitcoin Cash. Why did I name those four? They are 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 most recent actions as SEC chairman.
Binance.US Hires Former SEC Official Amid Lawsuit
Former SEC Compliance Officer George Canellos allegedly been hired by Binance.US as part of the legal team defending the company against accusations of operating as an unregistered stock exchange. In response to the SEC action on June 5, Binance.US announced a suspension of US dollar deposits and a possible pause on fiat withdrawals, citing “extremely aggressive and scare tactics” by regulators. On Twitter, a former SEC chief said the exchange is "clearly preparing for criminal prosecution and continuing to hire the best defense attorneys in the world."
Winners and losers
At the end of the week, Bitcoin (BTC) I sat down $26,349Ether (ETH) in $1,716 and XRP in $0.47. Total market capitalization is $1.06 trillion, according to CoinMarketCap.
Among the largest 100 cryptocurrencies, the top three altcoin gainers of the week are KuCoin Token (KCS) 9.75%, manufacturer (MKR) at 8.08% and Quant (QNT) at 4.10%.
The top three altcoin losers of the week are EOS (EO) to -29.88%, ApeCoin (BUN) to -26.07% and Flow (FLOW) at -25.93%.
For more information on cryptocurrency prices, be sure to read Cointelegraph Market Analysis.
read also
most memorable quotes
"Inflation is moving in the right direction, but Jerome Powell's comments mean rates could stay higher for longer, putting Bitcoin at a disadvantage."
joseph gilbertmarket analyst at eToro
"Requiring a DEX to register in the same way as a national stock exchange is impossible."
Paul GrewalCoinbase Legal Director
“American capital markets must be protected from a tyrannical president, including the current one. It's time for real reform and to fire Gary Gensler as SEC Chairman."
warren davidsonUnited States Representative
"The addressable market for digitizing the world's assets and transferring value securely over the Internet is greater than the sum of all the value of all existing assets."
Mr Emin GunAva Labs CEO
“The banking system is failing. The legacy financial system is failing. […] Nothing works. Only Bitcoin works."
Samson MowCEO of Jan3
“More than 70% of the crypto market is Bitcoin, Ether, Litecoin, Bitcoin Cash. Why did I name those four? They are not values.
Gary Genslerchairman of the US Securities and Exchange Commission
prediction of the week
Bitcoin price declines lower as traders demand $24,500 support to be held
Bitcoin made up some lost ground late in the week as markets shook off mixed US macroeconomic signals.
Data from Cointelegraph Markets Pro and TradingView showed BTC/USD hovering around $26,000 on June 16 after bouncing more than $1,000 from the previous day's lows when it dipped below $25,000 for the first time in three months. The 4% drop came as the Federal Reserve pushed for an interest rate pause but suggested more hikes would follow later this year.
In short timeframes for BTC/USD, traders remain cautious amid the risk of further declines ahead. "Still in the area of interest, but needs to stay above $24,500 to avoid a $23,000 cascade," wrote Michaël van de Poppe, founder and CEO of trading firm Eight.
FUD of the week
Curve Pool Imbalance Triggers USDT Depegging Concerns, Tether CTO Calls It FUD
The stablecoin Tether (USDT) slightly deviated from its peg to the US dollar on June 15 due to an imbalance in Curve's 3pool. The USDT price fell 0.3% to around 0.997 as its weight in the Curve 3pool increased to over 70% from the usual 33.1%. A significant increase in the weight of a stablecoin in the pool indicates a strong sell off of that asset. Tether CTO Paolo Ardoino took to Twitter to ensure that depeg is not a cause for concern and is ready to redeem any amount.
The leaders of the decentralized autonomous organization that governs the ApeCoin ecosystem have been criticized by members of the community for what they described as "crazy" salaries. an organizational chart showed salaries ranging from $7,000 to $75,000 per month, surprising some community members and prompting a host of questions from others. According to a manager, the compensation corresponds to the "responsibility and obligation of the position."
'Who the heck' is Prometheum and what did it tell Congress about SEC compliance?
Relatively low-key crypto company Prometheum has risen to the spotlight after recent testimony from its co-founder, Aaron Kaplan, before a US House Committee. Kaplan's testimony advocated regulating cryptocurrencies under current securities laws — a view also shared by the SEC. He argued that multiple frameworks provided by the SEC have “clearly laid out” a “enforcement path for cryptocurrency,” adding that those advocating for new cryptocurrency-specific laws are “simply unwilling to comply.”
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