Regulation
Vancouver mayor proposes Bitcoin as city reserve asset for stability
- Vancouver Mayor Ken Sim proposes Bitcoin as a reserve asset to protect purchasing power.
- Jeff Booth supports Ken Sim’s proposal, recognizing Bitcoin’s potential as a strategic asset.
- Former USA CFTC Chairman Giancarlo advocates for Bitcoin reserves, likening it to gold.
Vancouver Mayor Ken Sim has introduced a bold proposal to explore Bitcoin as a reserve asset for the city, aiming to diversify its financial resources and safeguard its purchasing power.
The motion, titled “Preserving the city’s purchasing power through diversification of financial resources: Becoming a Bitcoin-friendly city,” is scheduled to be officially presented to the Vancouver City Council on December 11, 2024. The proposal marks a significant shift toward cryptocurrency adoption by a major city government.
Protecting Vancouver from economic shocks using Bitcoin
In his motion, Mayor Sim seeks to investigate how Bitcoin could help protect Vancouver from economic volatility and inflation by adding it to the city’s reserves.
It comes amid growing interest in Bitcoin as a reserve asset at the government level, particularly in the United States. Several US lawmakers have recently proposed holding Bitcoin in public financial reserves, highlighting the increasing consideration of cryptocurrency in national economic strategies.
Although the full text of the proposal has not yet been made available, Bitcoin advocate Jeff Booth voiced support for Mayor Sim’s plan during a discussion on X Spaces on November 26, 2024. Booth described the motion as an important step in recognizing Bitcoin’s potential as a strategic financial asset for the city.
Former CFTC chairman supports a Bitcoin reserve in the USA
Meanwhile, Christopher Giancarlo, the former Chairman of the US Commodity Futures Trading Commission (CFTC), has been vocal about the potential for Bitcoin as a strategic reserve asset for the US.
In a recent interview, Giancarlo referred to Bitcoin as the “world’s first digital commodity,” noting its similarities to traditional commodities such as gold, oil, and copper, which nations have historically hoarded. He praised the idea of a national Bitcoin reserve, emphasizing its potential to provide long-term financial stability in an increasingly digital economy.
Giancarlo also acknowledged concerns about Bitcoin’s speculative nature but drew parallels to the dot-com bubble, where early-stage speculation gave way to technological breakthroughs that revolutionized industries. He believes the same evolution could occur with blockchain and Bitcoin technology, making it a forward-looking move for governments and financial institutions.
Pro-XRP lawyer John Deaton has endorsed Paul Atkins as a potential candidate to succeed the current U.S. Securities and Exchange Commission (SEC) Chair Gary Gensler. John Deaton, a leading voice for crypto regulation change, has accused the SEC under Gensler of abuse of power and impropriety, especially in the application of crypto laws. He called for an immediate change to address issues that would help the agency to be accountable and ethical.
John Deaton Calls for SEC Reforms, Supports Paul Atkins for Top Leadership Role
John Deaton has urged the SEC to change, saying that SEC has been oppressive to the crypto industry and startups under Gensler. He also claimed the SEC was using rather hostile measures and offered little guidance to firms operating in the crypto space. This has created a problem and hindered innovation in the industry..
As part of his recommendations for reform, the Pro-XRP lawyer endorsed Paul Atkins, a former SEC commissioner known for his pro-digital assets stance. Deaton expressed confidence that Atkins, if appointed, will steer the SEC toward a more balanced and transparent regulatory framework.
The Pro-XRP lawyer added,
“Paul Atkins is great and I’ll certainly welcome and support him if selected. He’s light years ahead of Gary Gensler – who’s, without question, the worst SEC Chair in modern history.”
This follows Donald Trump’s election victory and his pledge to fire Gary Gensler on his first day in office. Gensler will officially step down as SEC Chair on January 20, 2025, coinciding with Trump’s inauguration.
Accountability and Ethical Overhauls At the SEC
John Deaton has urged the next SEC chair to investigate alleged misconduct by agency staff and take decisive action against those involved in unethical practices. He criticized the SEC’s handling of regulatory decisions. Earlier on, Deaton questioned the close relationship between Gensler and Bankman-Fried, referencing private meetings and political contributions tied to FTX.
Deaton emphasized the need for new leadership to address these issues transparently, ensuring the SEC operates within ethical and legal boundaries. He suggested that the incoming chair should immediately implement changes to restore credibility, including terminating staff involved in past misconduct.
Deaton emphasized,
“Whoever’s the Chair, he/she goes into the SEC with a blow torch and chainsaw and fires anyone who participated in the gross overreach and misconduct during the last four years.”
According to reports, Paul Atkins is a leading contender to replace Gary Gensler, whose tenure as SEC Chair ends in January 2025. Atkins has previously advocated for reducing regulatory burdens and restructuring the SEC to improve efficiency. His approach aligns with calls from industry leaders for a more crypto-friendly regulatory environment.
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.
A U.S. appeals court has ruled that the Treasury Department’s Office of Foreign Assets Control (OFAC) exceeded its authority by sanctioning Tornado Cash’s immutable smart contracts. This decision overturns earlier actions taken by OFAC and removes Tornado Cash’s smart contracts from the sanctions list, allowing U.S. citizens to resume their use of the protocol.
US Court Rules Tornado Cash Smart Contracts Not Property
On November 26, the Fifth Circuit Court of Appeals delivered a key ruling on the legality of sanctions imposed on Tornado Cash by OFAC. The court found that the sanctions were unlawful because Tornado Cash’s smart contracts, as immutable open-source code, cannot be owned or controlled by any entity or individual.
“We hold that Tornado Cash’s immutable smart contracts (the lines of privacy-enabling software code) are not the ‘property’ of a foreign national or entity,” the three-judge panel stated in its decision. The court explained that under the International Emergency Economic Powers Act (IEEPA), OFAC is only authorized to sanction property owned or controlled by foreign persons, which does not apply to the autonomous smart contracts.
The court directed a Texas district court to grant a motion for partial summary judgment filed by the plaintiffs, led by Joseph Van Loon, challenging the sanctions.
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Kelvin Munene Murithi
Kelvin is a distinguished writer with expertise in crypto and finance, holding a Bachelor’s degree in Actuarial Science. Known for his incisive analysis and insightful content, he possesses a strong command of English and excels in conducting thorough research and delivering timely cryptocurrency market updates.
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 incoming Donald Trump administration is considering expanding the regulatory authority of the Commodity Futures Trading Commission (CFTC) to cover the $3 trillion digital asset market. This potential move is part of an initiative to reshape financial regulations in the U.S. under President-elect Trump. The decision could mark a major shift in how the crypto market is regulated.
Donald Trump Administration Eyes CFTC To Oversee Digital Asset Regulation
According to a Fox Business report, Donald Trump’s administration is looking to increase the regulatory reach of the CFTC by granting the agency oversight of the growing digital asset market. The proposal would specifically target digital assets such as Bitcoin and Ethereum, which are considered commodities under current law. If the plan moves forward, the CFTC would gain the authority to regulate the spot markets and exchanges.
Currently, the Commodity Futures Trading Commission oversees U.S. derivatives markets, including futures and options on commodities like oil and gold. However, the commission has not been responsible for regulating the digital asset spot markets. This move will grant the regulatory body new authority to enforce rules and ensure fair trading practices.
The decision is part of Donald Trump’s effort to reduce cryptocurrency regulatory burdens on the industry while providing clearer oversight.
Challenges of Expanding CFTC Role in Crypto Regulation
However, the current budget of the CFTC is much smaller than that of the Securities and Exchange Commission (SEC). The Commodity Futures Trading Commission’s 2024 budget is roughly $400 million, compared to the SEC’s budget of $2.4 billion. This discrepancy is a challenge to the agency’s ability to oversee a $3 trillion market effectively.
In addition, the CFTC employs only around 700 staff members, compared to the SEC’s 5,300 employees. This limited capacity could require additional funding and resources if the commission is tasked with overseeing digital asset transactions.
Former CFTC Chair Chris Giancarlo supports stronger crypto regulation and backs the agency’s expanded role. Giancarlo argued that the commission has been involved in crypto markets since 2015, when it recognized Bitcoin as a commodity. Giancarlo has suggested that, with proper funding and leadership, the regulatory commission could regulate digital commodities.
Also known as “Crypto Dad” for his progressive stance on blockchain and digital currencies, Giancarlo is a frontrunner for the proposed White House crypto czar role under Donald Trump. The role will streamline crypto regulations and promote blockchain development.
Under Giancarlo’s leadership, the commission approved the trading of Bitcoin futures, further cementing its role in overseeing the digital currency space.
In addition to overseeing the spot market, the regulatory body would also have the authority to regulate crypto exchanges, which are critical to the market.
Many in the crypto industry have voiced frustration with the SEC’s approach, which has led SEC chair Gary Gensler to announce his resignation on January 20, 2025. As a result, Donald Trump’s push for the CFTC to lead has garnered support from the crypto sector.
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.
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