Crypto

Sen. Warren challenger goes to bat for Coinbase, crypto industry in SEC lawsuit

Published

9 months ago

April 26, 2024

Sen. Warren challenger goes to bat for Coinbase, crypto industry in SEC lawsuit

FOX Business senior correspondent Charlie Gasparino and Massachusetts Senate candidate John Deaton join ‘The Claman Countdown’ to discuss filing an amicus brief for Coinbase in its legal battle with the SEC.

Massachusetts Senate candidate John Deaton isn’t letting the busy campaign trail prevent him from fighting the Securities and Exchange Commission on behalf of the crypto industry.

FOX Business was first to report that the crypto-enthusiast and lawyer, now turned political candidate, filed an amicus brief in the Southern District of New York on Friday in support of the U.S.’s largest crypto exchange, Coinbase, in its ongoing legal battle with the SEC.

Deaton says he’s intervening in the case on behalf of 4,701 Coinbase users, developers and crypto investors who want their voices heard in court.

CRYPTO INDUSTRY FIGHTS BACK AGAINST GOVERNMENT CRACKDOWN

Woburn, MA – April 12: John Deaton, GOP US Senate candidate, poses for a portrait. (Photo by Suzanne Kreiter/The Boston Globe via Getty Images) (Getty Images / Getty Images)

“SEC Chairman Gary Gensler and his agency have demonstrated that they are not interested in protecting small investors and operate only to serve their political masters,” Deaton tells FOX Business. “The SEC has unlimited resources, paid for by the taxpayer, and Coinbase is a multibillion-dollar company with the best lawyers money can buy. The consumers deserve an advocate and a voice as well.”

Coinbase’s Chief Legal Officer Paul Grewal thanked Deaton and trade group Blockchain Association for filing amicus briefs in a post to his X account Friday afternoon. The SEC did not immediately respond to a request for comment.

The SEC sued Coinbase in June for allegedly violating securities laws by operating as an unregistered broker dealer offering unregistered securities in the form of crypto tokens on its platform. A Manhattan judge ruled in March that the SEC has enough grounds to move forward with the case.

Coinbase has since filed a motion for a so-called interlocutory appeal, asking the judge to halt legal proceedings so that a higher court can resolve once and for all the biggest legal impasse dividing the SEC and the crypto industry: Does the Howey Test apply to crypto transactions?

The seal of the U.S. Securities and Exchange Commission hangs on the wall at SEC headquarters (Reuters/Jonathan Ernst / Reuters Photos)

The Howey Test is the result of a 1946 Supreme Court ruling and the litmus test the country’s highest court uses for determining whether a transaction qualifies as an investment contract and thus a security.

CRYPTO NO LONGER OUTSIDER AT FAMED MIAMI BEACH ETF CONFERENCE

The SEC argues that all cryptocurrencies except for Bitcoin are likely securities because of their resemblance to traditional investments like stocks and bonds where investors buy into a product with the expectation of profits.

The crypto industry says the SEC is engaging in a jurisdictional power grab, attempting to force digital assets into the existing framework of the nation’s securities laws, which did not factor in blockchain technology when they were established in the 1930’s. Many in the industry also believe most digital assets more closely resemble commodities and, therefore, belong under the purview of the SEC’s sister agency, the Commodity Futures Trading Commission.

In his amicus brief, Deaton takes aim at what he says is the SEC’s inconsistent views on how tokens should be regulated.

SEC lawyers in the Coinbase lawsuit argued that Bitcoin, the only asset the SEC believes is not a security, has earned that status because it doesn’t have an ecosystem, or “network” behind it.

Deaton argues that Bitcoin arguably has the largest and most established ecosystem, which is the reason that investors choose to put their money into it.

Cryptocurrency mixing platform, Tornado Cash, has been hit with US sanctions over allegations of money laundering. Cryptocurrency Illistration picture taken on Jan. 24, 2022. (REUTERS/Dado Ruvic/Illustration / Reuters)

“Bitcoin is certainly distinguishable from other cryptocurrencies but claiming it is not a security, unlike other tokens, because it doesn’t have an ecosystem, is just plain dumb,” Deaton says.

Deaton’s brief, which heavily criticizes the SEC’s “malevolent” approach to regulating crypto, supports Coinbase’s motion for appeal, arguing that the inconsistent way in which the SEC has been applying the Howey Test to digital assets should make it a matter ultimately decided by a higher court.

“If the Howey test is going to be interpreted and used to include all transactions in perpetuity, an appellate court, possibly the U.S. Supreme Court, needs
to be the one who validates it,” he wrote.

Deaton also cites statements from Republican SEC Commissioners Hester Peirce and Mark Uyeda as well as government officials like Congressman Ritchie Torres (D-New York) expressing concerns about the hostile regulatory environment under Gensler.

CRUZ, GOP SENATORS DOUBLE DOWN ON ANTI-CENTRAL BANK DIGITAL CURRENCY LEGISLATION

“The underlying lack of clarity seems to be a strategic effort by the SEC to hinder the digital asset industry. If not rooted in maliciousness, they certainly, at least, do not seem to be advancing their mission of protecting investors,” Deaton says in the brief.

This is not the first time Deaton, who’s running as a Republican to unseat the incumbent Democratic Senator from Massachusetts Elizabeth Warren, has taken on securities regulators to advocate on behalf of the $2 trillion crypto industry.

Elizabeth Warren John Deaton Massachusetts Senate

Democratic Massachusetts Sen. Elizabeth Warren (L) and Republican challenger John Deaton are pictured. (Getty Images/)

But he’s now doing it as a political candidate and has been able to use his bully pulpit to rally the crypto industry and its heavyweights to his campaign and raise significant sums of money. It helps that Warren is among the most anti-crypto lawmakers in Congress and an ally of SEC Chairman Gary Gensler, also an industry critic.

Deaton’s involvement in crypto firm Ripple’s three-year legal battle with the SEC earned him folk hero status among retail holders of the XRP token. He represented XRP investors as a so-called amicus curiae, or “friend of the court,” and did the same on behalf of users of the LBC token in the SEC’s lawsuit against decentralized content sharing platform LBRY.

Deaton’s efforts in the Ripple case were widely regarded as part of the reason Manhattan District Judge Torres ruled, in what was seen as a watershed moment for the industry, that sales of the token XRP between retail investors on exchanges, did not meet the SEC’s classification of a securities transaction.

GET FOX BUSINESS ON THE GO BY CLICKING HERE

If the ruling stands appeal, it would set a legal precedent that the SEC does not have oversight of the transactions between retail investors who engage in secondary market transactions using exchanges such as Coinbase to buy and sell crypto.

The ruling has also sparked a fierce legal debate over what makes a digital asset a security, the central argument in most of the lawsuits the SEC has brought against the crypto industry.

WASHINGTON, DC – SEPTEMBER 14: Gary Gensler, Chair of the U.S. Securities and Exchange Commission, testifies before a Senate Banking, Housing, and Urban Affairs Committee oversight hearing on the SEC on September 14, 2021 in Washington, DC. (Photo by (Evelyn Hockstein-Pool/Getty Images / Getty Images)

Three judges in the same Southern District of New York courthouse have writte opposing legal opinions on whether transactions involving digital assets satisfy the Howey Test, a point that Deaton cites in the brief and uses as an argument for why Coinbase should be granted permission to file an interlocutory appeal and possibly solve the regulatory riddle of digital assets once and for all.

Interlocutory appeals are difficult to get granted, and it’s unclear whether Judge Failla, who is presiding over the Coinbase case, will side with the exchange on this issue.

Crypto

US Rep. Bryan Steil to chair House cryptocurrency subcommittee

Published

9 hours ago

January 10, 2025

Press Room

US Rep. Bryan Steil to chair House cryptocurrency subcommittee

A Wisconsin congressman will head the House Subcommittee on Digital Assets, Financial Technology, and Artificial Intelligence.

Bryan Steil, a Republican representing the 1st Congressional District in southeast Wisconsin, was appointed to the role Thursday.

His subcommittee’s jurisdiction includes things like mobile banking and non-fungible tokens, or NFTs. It’ll also be the first stop for legislation on cryptocurrency.

Stay informed on the latest news

Digital currencies have a murky federal regulatory status. That allowed President Joe Biden’s Securities and Exchange Commission Chair Gary Gensler to go after the crypto industry.

The industry responded by spending over $130 million in 2024’s election cycle through its PAC, Fairshake.

It spent $764,206 to independently help re-elect Steil, according to campaign finance database OpenSecrets.

In a statement, Steil said “technologies like financial apps, digital assets, and machine learning revolutionize our economy,” adding that he looks forward to continuing “to provide the rules of the road to move our economy into the future.”

Steil was appointed to his new role by House Financial Services Chair French Hill, R-Arkansas. Hill’s top campaign contributors include the CEOs of the crypto exchange platform Coinbase and the Charles Schwab Corporation.

One of his legislative priorities has been a bill that would set up clearer, crypto-friendly federal financial regulations, which passed the House with bipartisan support in May. He called Steil “instrumental” in passing that bill, and in overturning an SEC rule requiring crypto exchanges to list their digital assets as liabilities on their balance sheets.

Now, the Janesville native will oversee hearings and votes on new crypto-related legislation.

Crypto

Which Crypto To Buy Right Now? 10 Best Cryptocurrency Coins For 2025

Published

19 hours ago

January 10, 2025

Press Room

Which Crypto To Buy Right Now? 10 Best Cryptocurrency Coins For 2025

As Ripple’s XRP ongoing legal troubles continue to keep traders on edge, Polkadot (DOT), Ethereum (ETH), Ethena (ENA), and Cardano (ADA) remain steady. Meanwhile, Injective (INJ), Optimism (OP), Uniswap (UNI), and Tron (TRX) show mixed signals in trading activities. In the middle of all this, whispers of a new market disruptor are growing louder—JetBolt (JBOLT), making headlines with its blazing presale and zero-gas technology. With over 250 million JBOLT tokens already sold, JetBolt’s momentum is undeniable.

With everything from groundbreaking ecosystems to cross-chain powerhouses, the question remains: which crypto to buy right now? Would established crypto coins or rising blockchain superstars dominate 2025? Let’s explore why JetBolt, Polkadot, XRP, Ethereum, Ethena, Optimism, Injective, Uniswap, Cardano, and Tron are the 10 best cryptocurrency coins for 2025.

Which Crypto To Buy Right Now? A Quick List

JetBolt (JBOLT): Surging new altcoin empowering gas-free transactions, AI intelligence and staking.
Ethena (ENA): Redefining stablecoins with decentralized innovation.
Optimism (OP): Scaling Ethereum with lightning-fast rollups.
Injective (INJ): Unlocking limitless decentralized trading possibilities.
Uniswap (UNI): Revolutionizing DeFi through seamless token swaps.

A Deep Dive Into the 10 Best Cryptocurrency Coins For 2025

JetBolt (JBOLT)

JetBolt (JBOLT) is shaking up the crypto world, skyrocketing its way onto traders’ radar as one of the 10 best cryptocurrency coins for 2025 to buy right now. The buzz? Zero gas fees. JetBolt’s game-changing tech, built on the Skale Network, eliminates gas fees entirely, delivering lightning-fast, gas-free transactions that are already turning heads across the crypto space.

This revolutionary feature could also supercharge creativity. Developers can now launch and create dApps, SocialFi platforms, and blockchain gaming ventures without worrying about skyrocketing gas fees holding back innovation.

But that’s not all—JetBolt goes beyond just being another zero-gas token. With an AI-driven crypto tool delivering the latest crypto news and market data straight to its platform, JetBolt is showcasing how blockchain technology and artificial intelligence can go hand-in-hand to add a new functionality to crypto.

Turning it up a notch, JetBolt’s easy-to-earn staking mechanism turns ordinary staking into an electrifying experience. With its sleek, user-friendly Web3 wallet, joining is as effortless as a few clicks. And the twist: staking isn’t just about locking in tokens—it’s about active participation. Engage within the ecosystem and stakers earn even more rewards.

Meanwhile, JetBolt’s presale numbers don’t lie. Over 250 million JBOLT tokens have already been scooped up, with whales diving in to secure their piece of this zero-gas action. In addition, JetBolt’s Alpha Boxes, an exclusive presale perk that boosts batch token purchases by up to 25%, have been flying off the shelves, creating a frenzy that shows no signs of slowing down.

In a world where high gas fees and slow transactions plague most blockchains, JetBolt delivers something truly revolutionary. With every cutting-edge feature thoughtfully designed to resonate with modern and future crypto users, JetBolt quietly sets the bar higher for what blockchain networks can deliver—blending innovation and ease of use into a whole new crypto experience.

Polkadot (DOT)

Polkadot (DOT) has dropped over 5% in the past week to $6.71 amid $1.23 million in long liquidations. Despite the dip, its advanced parachain technology and expanding ecosystem position Polkadot as a key player in 2025’s multichain future, with crypto analysts targeting $20 soon.

Ripple (XRP)

Ripple’s (XRP) price holds at $2.34 with a $134.48 billion market cap. Crypto analysts anticipate a $3 breakout, driven by Ripple’s renewed U.S. expansion amid regulatory optimism under Trump. Its focus on blockchain-based CBDC solutions positions XRP as a key player for 2025.

Ethereum (ETH)

Ethereum (ETH) trades at $3,319.97 following a 10% drop after the Foundation’s 100 ETH sale. Key support stands at $3,061, with resistance at $3,500. Despite short-term bearish momentum, Ethereum’s dominance in DeFi, staking, and upcoming Danksharding upgrade makes it a top contender for 2025.

Ethena (ENA)

Ethena (ENA) faces bearish momentum, trading at $0.9295 with a $2.81 billion market cap. The Death Cross and oversold RSI signal risks, though possible rebounds could push Ethena toward $1.01.

Meanwhile, Trump’s World Liberty Financial putting in millions in Ethena has fueled bullish sentiment, signaling growing institutional interest. This strategic move could boost ENA’s credibility and adoption, providing holders possible stability and long-term value.

X posts by Panos highlight Trump’s World Liberty Financial purchasing millions of dollars in Ethena (ENA)

In addition, its unique stablecoin protocol expansion strengthens Ethena’s DeFi appeal, further establishing it as one of the top picks for 2025.

Optimism (OP)

Optimism (OP) trades at $1.79 with a $2.41 billion market cap. Despite recent bearish sentiment, its Bedrock upgrade, reducing transaction costs by 40%, positions Optimism as a key Ethereum Layer 2 solution. Crypto analysts eye $2.20 resistance and possible $3.00 targets for OP.

Injective (INJ)

Injective (INJ) is now priced at $21.18 with key support at $22 and resistance near $26. A breakout from its descending channel hints at possible bullish trajectories. Injective’s unique focus on decentralized derivatives trading and cross-chain liquidity positions it among 2025’s top cryptocurrencies.

Uniswap (UNI)

Uniswap (UNI) struggles with a 0.33% daily dip, trading at $12.99 with a $7.8 billion market cap. Despite bearish trends, its innovative decentralized exchange model and Layer 2 scaling solutions could drive renewed interest, positioning UNI as a top 2025 contender.

Cardano (ADA)

Cardano (ADA) now trades at $0.9286 with a $32.67 billion market cap. Crypto analysts predict a price range of $1.50 to $2.50 in 2025, depending on key support levels and market sentiment. Cardano’s Hydra upgrade pledges scalability, boosting adoption across decentralized applications.

Tron (TRX)

Tron (TRX) is holding just a little above key support at $0.245, currently pinned at $0.2463. A possible breakout above $0.2700 could push TRX’s prices toward $0.40. Recent partnerships and its ISO 20022 integration further position Tron as a top blockchain for institutional adoption.

What is the best crypto to buy right now in 2025?

While nothing in crypto is ever guaranteed, JetBolt (JBOLT) stands out as one of the top choices for the best cryptocurrency coins to buy right now. With its zero-gas technology, crypto-earning staking model, and AI-powered functionality, JetBolt is leading the way in redefining user-friendly blockchain experiences. JetBolt’s ongoing presale success—with whales already snapping up over 250 million JBOLT tokens—also signals growing excitement around its ecosystem.

What are the 10 best cryptocurrency coins for 2025?

Based on recent price movements and market insights, here are the top 10 best cryptocurrency coins for 2025:

Ethereum (ETH)
Cardano (ADA)
JetBolt (JBOLT)
Tron (TRX)
Polkadot (DOT)
Ripple (XRP)
Uniswap (UNI)
Injective (INJ)
Optimism (OP)
Ethena (ENA)

This list of the best cryptocurrencies to buy right now for 2025 include coins with strong ecosystems, utility, and continued development.

In Summary: 10 Best Cryptocurrency Coins to Watch for 2025

Major crypto names like Ethereum (ETH), Ripple’s XRP, Cardano (ADA), and Polkadot (DOT) remain dominant, but breaking news highlights JetBolt’s (JBOLT) presale success and groundbreaking innovations as whale activity surges. Meanwhile, Ethena (ENA), Optimism (OP), Injective (INJ), Uniswap (UNI), and Tron (TRX) also make the list with key developments and strong ecosystems driving interest. Whether through staking rewards, blockchain scalability, or decentralized applications, these cryptocurrency coins deliver unique propositions worth following closely in the coming months.

Explore JetBolt’s game-changing technology and seize the presale excitement by visiting:

JetBolt’s Official Website: https://jetbolt.io/

JetBolt on X: https://x.com/jetboltofficial

Please note that this write-up is not financial advice. Remember that all cryptocurrencies are volatile. Always do your research and consult experts before navigating the unpredictable world of digital assets. No future performance is ever guaranteed, so always exercise caution.

Crypto

U.S. Senate to Launch Cryptocurrency Subcommittee, Lummis Tapped as Chair

Published

1 day ago

January 10, 2025

Press Room

U.S. Senate to Launch Cryptocurrency Subcommittee, Lummis Tapped as Chair

The U.S. Senate Banking Committee, under the leadership of Senator Tim Scott (R-S.C.), is poised to establish a dedicated cryptocurrency subcommittee to advance discussions on digital asset regulation and industry oversight, according to a report by Fox News.

The formation of this subcommittee, modeled after a similar House panel created in 2023, marks a pivotal step toward a more structured approach to crypto legislation at the federal level.

A Senate aide told Fox News that Wyoming Senator Cynthia Lummis, a staunch advocate for cryptocurrency, is the tentative choice to chair this groundbreaking panel. The selection of Lummis, pending a committee vote next Thursday, signals a shift in the Senate’s approach to digital assets. Alongside her nomination, the subcommittee members, representing both Republican and Democratic sides, will also be finalized through the same voting process.

Lummis, known for her vocal support of Bitcoin, has described the asset as “freedom money” and has advocated for its potential to hedge against inflation and enhance financial independence.

She previously proposed a plan for the US to acquire a significant stake in the total Bitcoin supply through a 1-million-unit purchase program over a set period. “Establishing a strategic Bitcoin reserve to bolster the U.S. dollar with a digital hard asset will secure our nation’s standing as the global financial leader for decades to come,” Lummis said at the time.

Her leadership could steer the subcommittee toward developing a more balanced regulatory framework, fostering innovation while ensuring market integrity.

Senator Tim Scott first hinted at the possibility of forming a crypto-focused subcommittee during the Wyoming Blockchain Symposium last August. “Wouldn’t it be kind of cool if we had a subcommittee on the Banking Committee… so that we bring more light to the conversation, more hearings on the industry, so that we get things done faster?” Scott remarked, highlighting his vision for streamlined legislative action.

This move comes as Scott replaces outgoing Chair Senator Sherrod Brown (D-Ohio), who maintained a more critical stance on cryptocurrency. Brown frequently called for stricter oversight, citing concerns about crypto’s role in enabling illicit activities and circumventing sanctions. The change in leadership, coupled with the creation of a dedicated subcommittee, could lead to a friendlier regulatory environment for digital assets under the new administration.

Notably, the subcommittee will include other crypto-friendly lawmakers such as Senator Bill Hagerty (R-Tenn.) and newly elected Senator Bernie Moreno (R-Ohio), both vocal supporters of blockchain technology and cryptocurrency. Moreno, who defeated Brown in the November elections, has vowed to champion crypto-friendly policies in the Senate.

Crypto Regulators Depart Amid Policy Shifts

With the departures of key figures, the regulatory landscape for digital assets faces its most dramatic upheaval in years, just as a pro-crypto administration prepares to take office.