Regulation
Coinbase CEO Blames Gensler & Warren for Costing Kamala Harris the US Election
Coinbase CEO Brian Armstrong has called out SEC Chairman Gary Gensler and Senator Elizabeth Warren as the reason for Democratic ticket hopeful, Kamala Harris losing the 2024 US presidential election.
Brian Armstrong’s comments indicate that the Biden administration’s regulation of cryptocurrency, spearheaded by Gensler and Warren, damaged the Democratic Party’s chances at the polls.
Coinbase CEO Stance on Gary Gensler & Senator Warren
In an X (formerly Twitter) post, Coinbase CEO Brian Armstrong highlighted how the actions of SEC chair Gary Gensler and Senator Elizabeth Warren negatively affected the crypto space which was backed by tech industry and young people. Armstrong stated that the rigidity of the stance on cryptocurrency especially the regulation environment under Gensler made many innovators and tech supporters turn against the Biden administration.
Armstrong said that Senator Warren and Chairman Gensler attempted to “unlawfully kill our entire industry” claiming that there has been a clear effort to undermine the operations of crypto businesses and by extension technological advancement. He noted that the very crackdown on Ripple and other firms eroded the support of the voters who voted for cryptocurrency as a tool for economic growth and freedom especially among the young people and technology influencers.
The discussion escalated when personalities like Marc Andreessen, founder of Mosaic web browser, and Elon Musk expressed similar opinions. Andreessen mentioned the issue of debanking which affects many tech and crypto business people, pointing out that about 30 tech founders have been barred from banking services otherwise related to their business activities. Elon Musk, who has made numerous statements on various political topics, shared his thoughts on the matter on Twitter, pointing at the possible involvement of financial institutions and regulatory authorities in aiming at innovative industries such as cryptocurrencies.
Role of Elizabeth Warren in Crypto Regulation
Cryptocurrency has always been a subject of concern for Senator Elizabeth Warren. She has called for more stringent measures in the industry due to concerns over customer protection and sustainability.
Nevertheless, according to Brian Armstrong and others, her policies have been detrimental for the overall tech industry. They accused Warren of creating a culture of regulation overreach that hampered innovation and discouraged investment from young entrepreneurs and tech startups that were crucial to the party.
Some of the critics of Warren have accused her of being against the growth of decentralized cryptocurrencies, especially among those who view it as a means of advancing financial inclusion and economic freedom. From Armstrong’s perspective, the adverse impacts of this regulatory environment seem to have potentially influenced a shift in voter perception, and therefore affected the Democratic Party in the election that led to the victory of Donald Trump.
Armstrong’s social media posts also included a warning for the Democratic Party:
“The Democratic Party should realize Warren is a liability and further distance themselves if they want to have any hope of rebuilding.”
Meanwhile, with SEC Chair Gary Gensler stepping down from his position on January 20, 2025, and Trump’s administration planning to create a dedicated position to oversee crypto policy, hopes of better crypto regulations have risen significantly.
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.
Cryptocurrency investors in Japan are bracing for impact following a plan to reclassify digital assets as financial products. While the plan has elicited excitement from cryptocurrency enthusiasts in the Far East, the ambitious plan will have to scale several legislative hurdles.
Japan Targets Reclassification Of Cryptocurrencies As Financial Products
According to a report by Nikkei, Japan’s Financial Services Agency (FSA) is inching toward classifying cryptocurrencies as financial products. Per the report, the FSA intends to achieve the reclassification via an amendment to the Financial Instruments and Exchange Act.
Currently, digital assets in Japan are considered crypto assets conferred with property rights and seen as payment means. Under the FSA’s plans, cryptocurrencies in Japan will be treated as financial products in the same manner as traditional financial products.
The FSA says it will adopt a slow and steady approach toward the reclassification, carrying out “a private expert study group” to test the waters. If everything goes according to plan, the FSA will submit the amended bill to Parliament in early 2026.
The classification of cryptocurrencies as financial products will have far-reaching consequences for the local ecosystem. Experts say treating cryptocurrencies as financial products will bring Japan closer to a crypto ETF launch amid a changing regulatory landscape.
Furthermore, the move may lower current cryptocurrency taxation for local investors since existing capital market rules will apply to the asset class.
A Fresh Bill For Crypto Insider Trading Is Underway
Apart from the reclassification, the FSA disclosed plans for new legislation against insider trading. The move flows treating cryptocurrencies as financial products and will strengthen existing investor protection rules.
“It is a direction to establish a new insider trading regulation that prohibits trading based on unpublished internal information,” said the FSA. “We will develop laws to prevent unfair transactions.”
However, Japan’s cryptocurrency scene is heating up to a boil, driven by local and international players. Last week, stablecoin issuer Circle secured approval from the FSA for USDC with top exchanges set to list the stablecoin.
Japan’s Metaplanet has tapped Eric Trump to join its Strategic Board of Advisors as it continues to load up Bitcoin.
Aliyu Pokima
Aliyu Pokima is a seasoned cryptocurrency and emerging technologies journalist with a knack for covering needle-moving stories in the space. Aliyu delivers breaking news stories, regulatory updates, and insightful analysis with depth and precision. When he’s not poring over charts or following leads, Aliyu enjoys playing the bass guitar, lifting weights and running marathons.
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.
In what is being dubbed a major development in the crypto regulation space, the Governor of the US state of Kentucky, Andy Beshear, has signed the ‘Bitcoin Rights’ bill into law. The law promises to safeguard protections for Bitcoin (BTC) users.
Bitcoin Rights Bill Comes Into Effect
Crypto regulations continue to evolve under pro-crypto US President Donald Trump’s administration. In the latest development, Kentucky has become the newest state to enshrine protections for digital asset users.
In an X post published on March 24, crypto advocacy group Satoshi Action Fund announced that Governor Beshear had signed the much-anticipated Bitcoin Rights bill into law. The post stated:
The right to self-custody, run a node, and use of digital assets is now protected for millions of Americans without fear of discrimination.
The bill was first introduced to the Kentucky House by Rep. Adam Bowling on February 19. According to the bill’s description, it seeks to safeguard users’ rights to use digital assets and self-custody wallets. Additionally, it aims to prohibit local zoning changes that discriminate against crypto mining operations.
The legislation outlines guidelines for running a digital asset node and excludes digital asset mining from money transmitter license requirements. It also clarifies that crypto mining or staking is not considered an offer or sale of securities.
On February 28, the bill passed Kentucky’s House of Representatives with a unanimous vote of all 91 representatives in favor. It later passed the Kentucky Senate on March 13, receiving backing from all 37 senators.
Kentucky’s proactive stance toward cryptocurrencies isn’t new. Earlier this year, the state became the 16th US state to introduce legislation seeking to create a Bitcoin strategic reserve.
Meanwhile, neighboring state Arizona is also joining the crypto movement. A recent X post by Bitcoin Laws revealed that Arizona’s House Rules Committee has passed two Bitcoin reserve bills — SB1373 and SB1025. These bills will now head to a full floor vote.
Renewed Optimism Under Trump Administration
Following Trump’s victory in the November presidential election, cryptocurrency regulations in the US are evolving rapidly, with many states introducing legislation aimed at strengthening their digital asset ecosystems and attracting crypto businesses.
Positive changes in crypto regulations are encouraging industry businesses to expand. For instance, leading crypto trading platform Coinbase recently announced plans to hire 1,000 employees in the US.
The Trump administration has also witnessed several lawsuits being dropped against major crypto entities, including Kraken, Coinbase, Gemini, and others. At press time, Bitcoin trades at $87,399, down 0.2% in the past 24 hours.
Featured Image from Unsplash.com, chart from TradingView.com
Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
Hawk Tuah girl Hailey Welch, known for her association with the controversial $HAWK token, has been cleared of any wrongdoing after a lengthy investigation by the U.S. Securities and Exchange Commission (SEC). The SEC has decided not to press charges against Welch in connection with the rapid rise and subsequent collapse of the meme-based cryptocurrency.
US SEC Investigation Into Hawk Tuah Girl Concludes Without Charges
The SEC had launched an investigation into the $HAWK token after its dramatic price drop. The token, which was linked to Welch’s viral persona, initially saw a market cap surge to $490 million before crashing by over 90%. Investors who were impacted by the crash filed a lawsuit against those behind the project, alleging that the coin had been promoted and sold without proper registration.
Hawk Tuah girl Hailey Welch, who cooperated fully with the investigation, expressed relief after the SEC’s decision. “For the past few months, I’ve been cooperating with all the authorities and attorneys, and finally, that work is complete,” Welch told TMZ.
Her attorney, James Sallah, confirmed that the SEC had closed the case without any findings against her, adding that there would be no monetary sanctions or restrictions on Welch’s future involvement in cryptocurrency or securities.
This Is A Developing News, Please Check Back For More
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.
Dogecoin (DOGE) Bulls In Trouble—Can They Prevent a Drop Below $0.15?
XRP Price Fate Hangs on $2.00—Major Move Incoming?
Ethereum Price Weakens—Can Bulls Prevent a Major Breakdown?
Bitcoin Bears Tighten Grip—Where’s the Next Support?
Cardano Price Eyes Massive Pump In May Following Cyclical Patern From 2024
Solana (SOL) Price Risks Dip Below $110 as Bears Gain Control
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
-
Market21 hours agoWhale Leverages $27.5 Million PEPE Long on Hyperliquid
-
Ethereum18 hours agoWhales Accumulate 470,000 Ethereum In One Week – Bullish Momentum Ahead?
-
Ethereum20 hours agoEthereum May Have Hit Cycle Bottom, But Pricing Bands Signal Strong Resistance At $2,300
-
Ethereum19 hours agoEthereum Analyst Eyes $1,200-$1,300 Level As Potential Acquisition Zone – Details
-
Market17 hours ago3 Token Unlocks for April: Parcl, deBridge, Scroll
-
Market23 hours agoCan Ethereum’s Utility Make a Comeback Against Bitcoin?
-
Ethereum22 hours agoEthereum Playing Catch-Up? Bloomberg Examines ETH’s Struggles In New Report
-
Market14 hours agoTop 3 Made in USA Coins to Watch This Week
✓ Share: