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US Senator Cynthia Lummis Criticizes SEC Lawsuit Against Coinbase as Inappropriate for American Business Practice

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US Senator Cynthia Lummis Criticizes SEC’s Lawsuit Against Coinbase and Advocates for Regulatory Clarity in Digital Asset Space”

In a recent interview with Yahoo Finance, Senator Cynthia Lummis, a Republican representing Wyoming, voiced her concerns over the U.S. Securities and Exchange Commission’s (SEC) decision to sue Coinbase, the leading cryptocurrency exchange in the United States. Lummis believes that the SEC mishandled the situation surrounding Coinbase.

According to Lummis, Coinbase had approached the SEC seeking guidance on how to comply with the regulations imposed by the agency. However, they did not receive a satisfactory response and were subsequently faced with an enforcement action. In her view, this approach contradicts the principles of conducting business in America.

The SEC’s lawsuit against Coinbase, filed earlier this month, alleges that the publicly-traded company operated as an unregistered securities exchange, broker, and clearing agency.

Lummis, a staunch supporter of Bitcoin (BTC), also revealed that an updated version of the bipartisan bill she co-introduced with Democratic Senator Kirsten Gillibrand of New York in 2022 will be discussed in Congress. The aim of this bill is to establish regulatory clarity within the digital asset space.

The senator expressed her optimism, stating that the updated bill, known as the Lummis-Gillibrand Responsible Financial Innovation Bill, will be unveiled within the next two to three weeks. She emphasized the importance of enhancing consumer protection measures within the legislation.

The revised bill intends to address the illicit use of digital assets by allocating adequate resources and authority for effective oversight. While upholding the Howey Test, which determines the classification of securities, the bill aims to provide clearer guidelines differentiating between commodities and securities. Additionally, the proposed legislation seeks to introduce a self-regulatory organization that brings together regulators and industry leaders to navigate new technologies through the regulatory process.

Read Also: Ripple CEO Brad Garlinghouse Hails Singapore's Crypto Approach

Disclaimer: The information provided in this article is for informational purposes only and should not be construed as financial or investment advice. Cryptocurrency investments are subject to market risks, and individuals should seek professional advice before making any investment decisions.

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Cathie Wood Envisions $25 Trillion Crypto Market Valuation by 2030 Driven by Institutional Demand: Report

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ARK Invest CEO Cathie Wood is projecting a substantial surge of over 2,100% in the aggregate market capitalization of cryptocurrencies within a span of fewer than seven years.

In a recent interview conducted by Benzinga, Wood posits that financial institutions are poised to initiate significant investments in Bitcoin (BTC) and other digital assets, consequently propelling the cumulative valuation of the cryptocurrency market.

Wood identifies the potential endorsement of a Bitcoin exchange-traded fund (ETF) as a pivotal trigger for an influx of institutional investments.

The prospects of ETF approval appear to be more promising following Grayscale’s triumph over the U.S. Securities and Exchange Commission (SEC). This triumph compels the regulatory body to reevaluate the application of the digital asset manager to transform its Bitcoin Trust into an ETF.

Wood expresses:

“If institutions intend to make substantial inroads, this would result in a noteworthy surge in demand, juxtaposed with a comparatively marginal increase in the supply of Bitcoin. The most plausible approach to achieving this entails a competitive elevation of the price.”

As indicated by Benzinga, Wood anticipates that institutional investments would propel the existing $1.13 trillion market capitalization of the cryptocurrency market to potentially reach as high as $25 trillion by the year 2030. Moreover, Bitcoin would constitute more than fifty percent of this cumulative market valuation.

The seasoned investor outlines that ARK’s fundamental projection for Bitcoin entails a valuation of approximately $650,000 by 2030, with a more optimistic scenario projecting a figure approximately twice that amount.

“This marks the inception of a global, private, digital, rules-based monetary system, unparalleled in history. The magnitude of this concept is considerable… We are of the view that the comprehensive cryptocurrency asset market will attain a valuation of approximately $25 trillion by 2030.”

At the time of writing, Bitcoin is trading at $27,158.

Read Also: Shiba Inu Developer Launches Live and Fully Operational Shibarium Layer-2 Protocol

Disclaimer: The information provided in this article is for informational purposes only and should not be construed as financial or investment advice. Cryptocurrency investments are subject to market risks, and individuals should seek professional advice before making any investment decisions.

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Shiba Inu Developer Launches Live and Fully Operational Shibarium Layer-2 Protocol

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Pseudonymous memecoin developer Shytoshi Kusama has stated that Shiba Inu’s (SHIB) scaling solution, Shibarium, is currently operational and performing efficiently.

In a recent blog post, Kusama conveyed that Shibarium has reached a state of readiness for widespread utilization, overcoming initial technical challenges attributed to a substantial surge in user activity following its official launch earlier this month.

Beosin, a blockchain security firm, reported that these technical challenges resulted in a significant amount of cryptocurrency, valued in the millions of dollars, becoming immobilized within its Ethereum (ETH) bridge.

Kusama further elaborated that SHIB, Wrapped Ethereum (WETH), and other tokens within the ecosystem, such as the loyalty token DogeKiller (LEASH) and the governance token Bone ShibaSwap (BONE), are now eligible for withdrawal. Regarding the timeframes for withdrawing each of these crypto assets, Kusama indicated,

“The SHIB, LEASH, and WETH withdrawals through the bridge are intentionally designed to span at least two checkpoints (approximately 45 minutes to 3 hours), while the BONE withdrawal process will extend up to 7 days.”

As per the developer’s report, the layer-2 network has experienced a substantial surge in the number of wallets and transactions following the deployment of the scaling solution.

“We have amassed over 65,000 wallets and processed 350,000 transactions. The Shibarium platform has hosted a diverse array of tokens, ranging from intriguing to unconventional and occasionally controversial. Within this extensive array of tokens, the most promising ones will naturally distinguish themselves.”

In the previous week, Kusama noted that the Shiba Inu scaling solution team had introduced an “enhanced monitoring system and supplementary fail-safe measures” to mitigate the recurrence of technical difficulties in the event of another sharp increase in network activity for the protocol.

Read Also: dYdX Founder Advises Crypto Industry to Abandon US Customers, Deeming Market Effort Unrewarding

Disclaimer: The information provided in this article is for informational purposes only and should not be construed as financial or investment advice. Cryptocurrency investments are subject to market risks, and individuals should seek professional advice before making any investment decisions.

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Benjamin Cowen Warns of a Potential ‘Windfall Incident’ that Could Devastate DeFi and Altcoin Markets

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Prominent cryptocurrency analyst Benjamin Cowen is issuing a cautionary signal about the potential for a significant downturn affecting the decentralized finance (DeFi) and altcoin markets in the near future.

During a recent discussion with Scott Melker, Cowen conveyed his belief that Bitcoin (BTC) is likely to undergo a retracement of the gains it achieved in the first half of the year, which could subsequently drag down both DeFi projects and various altcoins.

Cowen pointed out that in years leading up to Bitcoin halving events, there tends to be a pattern where Bitcoin sees upward movement for approximately half of the year followed by a decline in the latter half. He emphasized that this pattern tends to disrupt both bullish and bearish market sentiments.

He elaborated, “There’s currently an excess of liquidity circulating within the DeFi sector, making it susceptible to a loss of confidence and a potential abrupt event. Bitcoin has exhibited positive performance in the initial half of this year.”

Analyzing historical data, Cowen highlighted that in pre-halving years, the monthly returns of Bitcoin have typically displayed a trend of approximately six months of gains and six months of losses. Applying this to the present context, he noted that the initial six months of 2023 have shown similar growth as 2019 and 2011, with the following six months witnessing a decline in those prior years.

The underlying idea Cowen emphasized is the need for a market reset that impacts both bullish and bearish investors, ensuring a comprehensive shakeout.

Cowen further expressed concern about the performance of the altcoin market throughout this year, largely attributed to the increasing dominance of Bitcoin (BTC.D) in the overall market capitalization of digital assets. He projected that Bitcoin’s decline in value might coincide with a rise in its dominance, siphoning liquidity away from the alternative cryptocurrency markets.

He explained, “The altcoin market has been grappling with challenges throughout this year, despite Bitcoin’s notable gains. However, the critical issue arises if Bitcoin retraces any of these gains. This marks a particularly harsh phase of the market cycle, where Bitcoin’s dominance strengthens alongside a decrease in Bitcoin/USD value. Many individuals have yet to experience this phase, but I believe it’s on the horizon.”

Read Also: Ex-SEC Official Anticipates Delay in Bitcoin ETF Approval

Disclaimer: The information provided in this article is for informational purposes only and should not be construed as financial or investment advice. Cryptocurrency investments are subject to market risks, and individuals should seek professional advice before making any investment decisions.

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PayPal Introduces PYUSD, a Dollar-Backed Stablecoin Developed on Ethereum Network

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PayPal Enters Crypto Arena with New PYUSD Stablecoin Backed by USD on Ethereum Network

Global payments giant PayPal is intensifying its presence in the cryptocurrency space by introducing a fresh stablecoin, PayPalUSD (PYUSD), which is meticulously crafted to maintain a 1:1 parity with the US dollar.

In a recent announcement, PayPal outlined that PYUSD is purposefully developed to enhance the efficiency of transactions. The stablecoin, backed by highly secure and liquid assets, will be available for buying, selling, holding, and transferring, with implementation scheduled to roll out over the upcoming weeks.

According to a company blog post, PYUSD will empower PayPal app users to seamlessly trade it within the platform, interchange it with other cryptocurrencies like Bitcoin (BTC), facilitate payments for goods and services, and expedite transaction settlements.

PayPal app and website users can expect to see the option to engage with PYUSD shortly, as the company expands its offerings in the crypto realm.

In response to PayPal’s stablecoin unveiling, Congressman Patrick McHenry from North Carolina, Chairman of the House Financial Services Committee, emphasized the necessity for a regulatory framework pertaining to stablecoins. He indicated that the announcement underscores the potential of stablecoins as a foundational element of modern payment systems, but emphasized the importance of clear regulations and robust consumer protections to ensure their full potential is realized.

Congressman McHenry underscored the significance of enacting comprehensive digital asset regulation, particularly for stablecoins, to secure America’s position as a pioneer in the evolution of the financial system. He highlighted the bipartisan Clarity for Payment Stablecoins Act, which recognizes the role of states in regulating digital asset firms and aims to build upon successful state regimes to guide the future of digital asset innovation.

Read Also: Crypto Regulations Around the World: Navigating a Complex Landscape

Disclaimer: The information provided in this article is for informational purposes only and should not be construed as financial or investment advice. Cryptocurrency investments are subject to market risks, and individuals should seek professional advice before making any investment decisions.

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Crypto Expert Suggests Potential 30% Correction for Dogecoin (DOGE) in Unfavorable Situation

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In the dynamic realm of cryptocurrency, an influential crypto analyst has turned their attention to the ever-popular memecoin, Dogecoin (DOGE). After an impressive performance in the previous month, there’s a growing sentiment that DOGE might be gearing up for a noteworthy downward movement.

The expert behind the pseudonym Rekt Capital, who has garnered a substantial following of 348,900 on Twitter, has shed light on DOGE’s current outlook. Despite its recent strides, DOGE seems to be caught in a bearish trend, struggling to breach the resistance posed by a descending wedge pattern.

Delving into the specifics, the analyst lays out a potential scenario where DOGE could experience a significant pullback, retracing its steps all the way down to the diagonal support of the pattern, which is roughly marked at $0.055. The recent weekly close for DOGE transpired beneath the pattern’s resistance, potentially setting the stage for a rejection and a phase of consolidation within the pattern itself. The direst possibility envisioned by the analyst envisions a retracement right down to the bottom of the overarching market structure.

As of the current moment, DOGE is actively trading at $0.078. This price point implies the potential for a downturn exceeding 29% if DOGE ultimately adheres to the bearish trajectory as projected by the analyst.

Shifting the focus towards Bitcoin (BTC), Rekt Capital maintains an optimistic stance on this premier cryptocurrency. He highlights the successful defense of the $29,250 support level by the bullish players in the BTC market. The ongoing retest indicates an ongoing process, and the analyst remains upbeat about Bitcoin’s prospects.

In terms of valuation, Bitcoin’s current standing is at $29,801.

The narrative then transitions to Ethereum (ETH), a prominent smart contract platform. Here, Rekt Capital stresses the importance of ETH maintaining its position above a critical support threshold at $1,863. By doing so, Ethereum would be positioning itself for a potential surge above the $2,000 mark in the weeks ahead.

At the time of this composition, Ethereum is valued at $1,869.

TomoChain (TOMO), an Ethereum competitor, also commands the attention of this astute trader. Cautions are raised regarding TOMO’s trajectory as it concluded the month of July beneath a high timeframe resistance level at $1.60. The analysis suggests that TOMO’s recent rally, which saw an impressive 54% gain from the black support level to surmount the red resistance, might be reaching a point of overextension. The upcoming monthly close holds significant implications, with a close above the red resistance potentially heralding a bullish phase, while a close below it could usher in a period of downside movement within the black-red range.

In the volatile universe of cryptocurrencies, these insights from Rekt Capital provide valuable guidance for traders and enthusiasts alike, shedding light on the potential trajectories of Dogecoin, Bitcoin, Ethereum, and TomoChain in the coming weeks.

Read Also: OKX Wallet Launches Account Abstraction-Powered 'Smart Account' Feature, Enabling USDT and USDC Gas Fee Payments on Multiple Chains

Disclaimer: The information provided in this article is for informational purposes only and should not be construed as financial or investment advice. Cryptocurrency investments are subject to market risks, and individuals should seek professional advice before making any investment decisions.

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