A U.S. senator has referred to as on the Securities and Trade Fee (SEC) to challenge crypto rules now “by means of a clear notice-and-comment regulatory course of.” He pressured that “some digital property are securities, others could also be commodities, and others might topic to a totally totally different regulatory regime.”
U.S. Senator John Hickenlooper (D-CO) has despatched a letter to the chairman of the Securities and Trade Fee (SEC), Gary Gensler, relating to crypto rules.
In his letter dated Oct. 13, the senator informed Gensler, “Clear guidelines promote an surroundings the place traders are protected,” including:
I write to induce the SEC to challenge rules for digital asset securities by means of a clear notice-and-comment regulatory course of.
He pressured: “At the moment, digital asset markets would not have a coordinated regulatory framework. This creates uneven enforcement, and deprives traders of a transparent understanding of how they’re shielded from fraud, manipulation, and abuse.”
Noting that current legal guidelines and rules weren’t designed for digital property, he defined: “Making use of the outdated guidelines to the brand new market may inadvertently trigger monetary companies to be costlier, much less accessible, and the SEC’s disclosure regime to be much less helpful to the American folks.” The senator famous:
Given the complexity of those points, and recognizing that some digital property are securities, others could also be commodities, and others might topic to a totally totally different regulatory regime, a proper regulatory course of is required now.
“This may considerably enhance coverage improvement and permit the SEC to gather views and perceive issues,” he stated.
The senator proceeded to stipulate a number of the key areas that the SEC ought to deal with, together with clarifying what forms of digital property are securities, addressing the right way to challenge and checklist digital securities, establishing a registration regime for digital asset safety buying and selling platforms, and setting guidelines on how buying and selling and custody of digital property ought to be carried out.
Hickenlooper opined:
I acknowledge these questions are difficult, however it’s time for the SEC to have interaction.
What do you concentrate on the letter from Senator Hickenlooper to SEC Chairman Gary Gensler? Tell us within the feedback part beneath.
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Donald Trump is making news once more, but this time it’s not for political reasons; it’s about cryptocurrency. As he prepares to return as the 47th President of the United States, Trump will become the first sitting president to own meme currencies, a decision that has stirred both enthusiasm and skepticism in the crypto community.
Recent sources claim that Trump’s crypto wallet consists largely of meme coins and is valued roughly $8 million. Among the assets are $1.5 million in a meme currency with Trump-themed design and $5.5 million in TROG tokens.
In addition, he has about 1.3 billion GUA coins, which amounts to nearly $400,000, and $167,000 in TRUMPIUS tokens. This is a first of its kind, where Trump becomes an oddity in the world of politics and cryptocurrency, considering his earlier reluctance towards digital assets.
DONALD J. TRUMP WILL BE THE FIRST SITTING US PRESIDENT TO HOLD MEMECOINS pic.twitter.com/ODlNXDaKIT
— Arkham (@arkham) January 10, 2025
Trump’s journey into the crypto world is notable. He had been a strong critic of Bitcoin and other cryptocurrencies, calling them scams. But that all changed in 2024 when he started publicly endorsing Bitcoin and speaking out for the right to own it. That’s a broader trend among politicians, who are increasingly recognizing the potential of cryptocurrencies and their growing popularity among voters.
Trump’s financial success in the digital sphere was also aided by his venture into non-fungible tokens (NFTs) on Ethereum. Trump reportedly made a good living from these endeavors, and he currently owns roughly 496.77 ETH, which is worth about $1.6 million.
Many people are eager to see how Trump’s administration will regulate cryptocurrencies now that he is back in office. A possible change toward a more advantageous regulatory climate for digital assets is hinted at by the nomination of important individuals like David Sacks as “Crypto Czar” and Paul Atkins as SEC chair. This could result in more precise rules for investors and businesses involved in the cryptocurrency industry.
Donald Trump. Image: Ronda Churchill/Reuters
The policies by Trump are already changing market dynamics as everybody is anxiously awaiting them. During this time when Bitcoin hit a record high of $108k, while meme coins surged, analysts still feel that Trump could make the year 2025 a major turning point in cryptocurrencies.
The rise of Trump-owned meme coins is indicative of a broader cultural shift among younger investors who are fed up with established financial institutions. This combination of the political influence of Trump and the speculative nature of meme coins puts a scenario under which political events could significantly affect cryptocurrency markets. Thus, while the investors go about this, they are not ignorant of the volatility that is usually associated with meme coins.
Featured image from Fortanix, chart from TradingView
Scammers stole millions of dollars in cryptocurrency from remote job seekers in an elaborate scheme. New York Attorney General Letitia James has filed a lawsuit to recover over $2 million that she said was stolen from New Yorkers and others nationwide.
Scammers used unsolicited text messages to lure victims with promises of flexible, well-paying remote work opportunities. They claimed the job involved reviewing products online to generate market data. However, victims were told to open cryptocurrency accounts and maintain balances matching the price of products they were reviewing.
While victims believed they would receive their investments plus commissions, the funds were instead transferred into the scammers’ crypto wallets. The fake product reviews took place on a fraudulent website created as part of the scheme.
The lawsuit details seven people who were scammed. One victim, a New Yorker, lost over $100,000 while another victim from Florida lost over $300,000. These cases show the significant financial and emotional impact on the victims.
James’ office, working with Queens District Attorney Melinda Katz and her cryptocurrency unit, traced the stolen funds to specific digital wallets. Over $2 million in cryptocurrency has been frozen, ensuring it can be returned to victims.
“Deceiving individuals seeking remote work is cruel and unacceptable,” said James. “We’re committed to holding scammers accountable and recovering stolen funds.”
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