Regulation
What Is The Pennsylvania Bitcoin Rights Bill About?
Pennsylvania has become the latest state to enact laws aimed at providing some regulatory clarity on digital assets with the new Bitcoin Rights Bill. State legislatures and governors are increasingly taking action to set guidelines for the US crypto industry.
This move comes amidst prevailing uncertainty at the federal level over crypto regulation and the appropriate federal agencies responsible for enforcing fundamental investment rules in the still-developing $2 trillion digital asset market.
Pennsylvania Leads the Way with Bipartisan Bitcoin Rights Bill
The Pennsylvania House of Representatives has passed House Bill 2481, also known as the Bitcoin Rights bill. It establishes protections for resident rights to self-custody digital assets, allows the use of Bitcoin payments, and clarifies the taxing of Bitcoin transactions.
The bill saw considerable bipartisan support, with a convincing majority of 176 to 26 votes. Voting on the bill included 76 Democrats and unanimous support from the 100 Republican members.
The bill, which now heads to the Republican-led Pennsylvania Senate after the upcoming election, would be sent to Governor Josh Shapiro if approved.
https://twiter.com/Terrence_STR/status/1849500958952390847
The Bitcoin advocacy group Satoshi Action Fund drafted the bill to better educate lawmakers on the inner workings of the blockchain and Bitcoin. SAF has been instrumental in helping to craft and advance identical legislation in 20 other states. Four of them have already become law: Oklahoma, Louisiana, Montana, and Arkansas.
Its primary mission is to promote Bitcoin at the state level and push lawmakers toward setting clear regulations for crypto. It’s something the federal government has yet to do to normalize it as a transaction method.
Can Pennsylvania’s Crypto Bill Bridge the Political Divide?
While some state statutes relating to financial instruments for small investors are controversial, federal authority over means of payment often preempts state law. The federal government has yet to weigh which digital currencies, beyond Bitcoin and Ethereum, are securities. Also they need to check which fall within the disclosure requirements mandated by the SEC.
A separate federal agency, the Commodity Futures Trading Commission, regulating cryptocurrencies as commodities, applies a lighter touch than other regulatory bodies. Recently, its Chair Behnam urged Congress to act on crypto regulations and election betting laws, highlighting gaps in current frameworks at the SIFMA annual meeting.
This crypto regulation has become a highly political issue in this election year. Republicans—including their presidential nominee, former President Donald Trump—are pushing for tighter regulations. These should appeal to perhaps 50 million Americans who believe the Biden Administration’s strict regulatory approach has stifled innovation.
Exactly in this state, a pro-Bitcoin Political Action Committee called Bitcoin Voters PAC recently created a campaign ad for Trump.
Republican bill’s sponsor, and a long-time Bitcoin investor Rep. Mike Cabell, said:
“In such polarizing times, it is great to see both sides of the aisle come together to further innovation and prioritize security for Pennsylvanians who own and transact with cryptocurrency.”
Crypto ownership is hot in Pennsylvania, with 1.5 million residents holding some form of digital asset.
Lawmakers Bridge Divide, Embracing Bitcoin Rights
Pennsylvania stands out as the only state with a split legislature. That means no single party has full control, which requires bipartisan support for bills to advance.
The strong bipartisan reception of the Bitcoin Rights bill in the Democrat-led lower chamber, has backing from Republicans and, gives hope to Cabell for another successful outcome.
Cabell remarked:
“A bill focused on the right to financial freedom should have bipartisan support. The 26 votes against it came from members who either lack a solid understanding of blockchain technology or have concerns about Bitcoin’s environmental impact.”
Teuta
Teuta is a seasoned writer and editor with over 15 years of experience in macroeconomics, technology, and the cryptocurrency and blockchain industries. Starting her career in 2005 as a lifestyle writer for Cosmopolitan in Croatia, she expanded into covering business and economy for several esteemed publications like Forbes and Bloomberg. Influenced by figures like Don Tapscott and Bruce Dickinson, Teuta embraced the blockchain revolution, believing crypto to be one of humanity’s most crucial inventions. Her fintech involvement began in 2014, focusing on crypto, blockchain, NFTs, and Web3. Known for her excellent teamwork and communication skills, Teuta holds a double MA in Political Science and Law, enjoys punk rock, chablis, and has a passion for shoes.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
The world’s richest man, Elon Musk, has secured victory in a legal battle with the US Securities and Exchange Commission (SEC). This came as the court refused the Commission’s request to sanction Musk regarding the X acquisition deal for $44 billion.
Court Rules In Favor Of Elon Musk Against US SEC
According to a Bloomberg report, US District Judge Jacqueline Scott Corley has refused to sanction Elon Musk for skipping a meeting with the US SEC and option to watch one of his rockets launch instead.
The judge said there was no need to sanction Musk because he had already agreed to reimburse the Commission $2,923 to cover airfare for the three agency lawyers, which he stood up back in December. Corley also noted that the world’s richest man eventually met with these SEC lawyers to give his testimony regarding the X deal on October 3.
Reacting to this development in X post, Elon Musk jokingly said,
SEC. The middle word is definitely “Elon’s”, but I can never remember what the other two words stand for.
Meanwhile, Dogecoin’s creator, Billy Markus, also responded to Musk’s post and labeled the Commission an “annoying organization.” It is worth mentioning that this is the second legal battle Musk has won in the space of a week as investors in the Dogecoin manipulation lawsuit last week withdrew their appeal against the world’s richest man and Tesla.
Meanwhile, Musk’s legal battle with the SEC might not be the last encounter he has with the Commission since he is set to co-lead the Department of Government Efficiency (D.O.G.E). He is likely to oversee how the Commission spends its budget.
In line with this, Ripple’s Chief Legal Officer (CLO) Stuart Alderoty called on Musk to probe the US SEC’s spending. Alderoty believes the Commission has misused taxpayer funds to finance unnecessary enforcement actions.
Donald Trump Also Secures Major Legal Victory
Alongside Elon Musk, US President-elect Donald Trump also recently secured a major legal victory. Judge Juan Merchan has delayed Trump’s sentencing hearing in his hush-money case, which was to take place on November 26.
The judge made this decision to let the incoming US president argue to dismiss the conviction before his inauguration on January 20. This situation is novel, as there has never been a situation in which the incoming president faces sentencing on a criminal conviction.
Meanwhile, earlier in the month, there was also a CNBC report that the Department of Justice (DOJ) is looking to wind down the two federal criminal cases against Trump. This aligns with their policy that they cannot prosecute a sitting president.
Boluwatife Adeyemi
Boluwatife Adeyemi is a well-experienced crypto news writer and editor who has covered topics that cut across DeFi, NFTs, smart contracts, and blockchain interoperability, among others. Boluwatife has a knack for simplifying the most technical concepts and making it easy for crypto newbies to understand. Away from writing, He is an avid basketball lover and a part-time degen.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
SEC Commissioner Jaime Lizárraga announced his decision to step down on January 17, 2025, as the Donald Trump administration prepares to assume office. A Democrat since 2022, Lizárraga cited personal family reasons for his departure.
Notably, His resignation will reduce the commission to one democratic commissioner, Caroline Crenshaw, and two Republican commissioners, Hester Peirce and Mark Uyeda.
US SEC Faces Leadership Shift as Commissioner Lizárraga Steps Down
According to a recent filing, SEC Commissioner Jaime Lizárraga will officially resign from the US SEC by January 17, 2025. His decision is made at the backdrop of Donald Trump preparing to take office three days later.
This also means change of guard within the commission as the current US SEC Chair Gary Gensler is expected to leave office on January 20, 2025, the Inauguration day of Trump. His resignation comes after weeks of pressure to remove him starting with Trump’s pledge to fire him.
Lizárraga, known for advancing corporate reporting on climate risk and data breaches, cited his wife’s battle with breast cancer as the reason for stepping down. He emphasized need to prioritize his family during this critical time.
Jaime Lizárraga stated,
“For the better part of this year, my wife, Kelly, has confronted serious illness with admirable courage and a strong spirit. In reflecting on the challenges that lie ahead, we have decided that it is in the best interests of our family to close this chapter in my 34-year public service journey.”
Lizárraga’s departure leaves the Securities and Exchange Commission with just one Democratic Commissioner, Caroline Crenshaw. The two remaining Republican members are Hester Peirce and Mark Uyeda. This shift will alter the commission’s political balance and spark potential challenges in advancing or overturning regulatory measures.
With a three-member commission, the commission’s quorum rules mandate full participation to adopt or amend regulations unless there is a formal recusal or disqualification.
Speculation Builds Around the Next Commission Chair
With the departure of both Chair Gary Gensler and Jaime Lizárraga, discussions about the next US SEC Chair have intensified. Names under consideration include Robert Stebbins, a partner at Willkie Farr; former Commissioner Paul Atkins; and Teresa Goody Guillén, a partner at BakerHostetler and a former litigation counsel for the commission.
The new Chair is expected to reshape the crypto regulatory landscape and other pressing financial matters. As the Trump administration ushers in new appointments, the focus will be on implementing balanced and innovation-friendly policies.
Meanwhile, the Blockchain Association has urged the incoming government to address critical issues in cryptocurrency regulation. The association outlined five major priorities for Trump administration. These include, a clear and comprehensive regulatory framework for digital assets, implementing stablecoin legislation, and ending the debanking of cryptocurrency companies.
The association also proposed the formation of a Crypto Advisory Council to enhance collaboration between regulators and stakeholders. A recent CoinGape report revealed that the crypto advisory council will help create a strategic Bitcoin reserve.
Ronny Mugendi
Ronny Mugendi is a seasoned crypto journalist with four years of professional experience, having contributed significantly to various media outlets on cryptocurrency trends and technologies. With over 4000 published articles across various media outlets, he aims to inform, educate and introduce more people to the Blockchain and DeFi world. Outside of his journalism career, Ronny enjoys the thrill of bike riding, exploring new trails and landscapes.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
- Jaime Lizárraga will resign as SEC Commissioner on January 17, 2025.
- His departure leaves only one Democrat on the SEC amid a Republican-led shift.
- Discussions intensify over the next SEC Chair, with crypto regulation in focus.
In a significant development at the US Securities and Exchange Commission (SEC), Commissioner Jaime Lizárraga has announced that he will step down from his post on January 17, 2025.
His resignation comes shortly after SEC Chair Gary Gensler revealed plans to depart when President-elect Donald Trump is sworn into office.
Lizárraga’s decision to resign has been attributed to personal reasons, specifically his wife’s serious illness, a matter he shared with President Joe Biden.
Jaime Lizárraga, who has served as an SEC Commissioner since 2022, was appointed during the Biden administration and had a term slated to last until 2027. His departure means that the SEC will lose one of the remaining Democratic voices on the five-member commission, leaving Caroline Crenshaw as the only Democratic Commissioner.
The commission will now have three Republicans: Hester Peirce, Mark Uyeda, and the soon-to-be vacated chairmanship under Gensler.
SEC’s leadership change as Trump prepares to assume office
The timing of Lizárraga’s resignation adds to the ongoing shift in the SEC’s leadership, raising questions about the future direction of regulatory policies, especially on issues like cryptocurrency.
Under Gensler, the SEC pursued a stringent stance on crypto, but with the departure of both Gensler and Lizárraga, the upcoming administration may steer the agency in a different direction, particularly in light of Trump’s pro-crypto rhetoric.
The SEC requires only a majority of three commissioners to make decisions, so the incoming Republican majority will hold significant sway over the commission’s agenda.
Lizárraga’s departure, alongside Gensler’s exit, further intensifies the debate over the next SEC Chair. The position is crucial for setting the regulatory tone, particularly on emerging issues like cryptocurrency.
As the Trump administration prepares to fill key positions, speculation grows over potential appointees, with names such as Brian Brooks, the former CEO of Binance.US, and current Republican SEC Commissioners Hester Peirce and Mark Uyeda emerging as potential candidates for the role.
Robinhood Chief Legal Officer Dan Gallagher, who was previously considered one of the top contenders for the SEC chair, has announced his withdrawal from consideration for the role.
This shift signals a new chapter for the SEC, with potential ramifications for both financial markets and regulatory approaches under the incoming administration.
Winklevoss Urges Scrutiny of FTX and SBF Political Donations
Bitcoin Price Is Decoupling From Gold Again — What’s Happening?
Why a New Solana All-Time High May Be Near
Dogecoin Fractal Points To A Potential Breakout, Can It Reach A New ATH?
WIF Shakes Off Setbacks As Bullish Resurgence Targets More Gains
BTC Continues To Soar, Ripple’s XRP Bullish
2.52 Million Altcoins Are Ruining Crypto’s Future
Animoca Brands Valuation Tanks 75% In Two Years, Here’s Why
Crypto exchange BingX hacked for $43 million
Are The Big Players Losing Interest?
Hong Kong’s Securities Association Tips Authorities On Crypto Self-Regulation
Coinbase cbBTC Set to go Live on Solana
2.52 Million Altcoins Are Ruining Crypto’s Future
Animoca Brands Valuation Tanks 75% In Two Years, Here’s Why
Crypto exchange BingX hacked for $43 million
Are The Big Players Losing Interest?
Hong Kong’s Securities Association Tips Authorities On Crypto Self-Regulation
Coinbase cbBTC Set to go Live on Solana
-
Altcoin6 hours ago
BTC Continues To Soar, Ripple’s XRP Bullish
-
Market20 hours agoWhy the Altcoin Season May Be Underway
-
Altcoin22 hours agoSHIB Lead Shytoshi Kusama Hints At TREAT Token Launch
-
Market22 hours agoSEC Secures Record $8.2 Billion in 2024 Financial Remedies
-
Altcoin21 hours agoDogecoin Price Forms Extremely Rare And Bullish High Tight Flag Pattern, What To Expect Next
-
Altcoin20 hours agoCrypto Trader Records $2.5M Profit With This Token, Here’s All
-
Ethereum19 hours agoDeribit Moves $783M in Ethereum To Cold Storage: A Bullish Signal for ETH?
-
Market18 hours agoSolana Sees Surge in Meme Coin Activity and Rising Fees
✓ Share: