Regulation
Senator Cynthia Lummis Confirms Big Announcement In Bitcoin Conference
At the 10-year anniversary party of The Digital Chamber (TDC) in Nashville, Senator Cynthia Lummis hinted at a significant announcement regarding Bitcoin. This created a buzz within the cryptocurrency community. Moreover, Custodia Bank CEO Caitlin Long extended her support to Lummis and spotlighted the U.S senator’s impending announcement.
Senator Cynthia Lummis’ Major Announcement In Bitcoin Conference 2024
“Great to be in Nashville. Much to discuss,” Senator Cynthia Lummis wrote on X, quoting a post by The Digital Chamber that promised a notable revelation coming this Saturday. The Digital Chamber post noted, “At TDC’s 10 year anniversary party in #Nashville, Senator Cynthia Lummis hinted at a significant #bitcoin announcement coming this Saturday. Stay tuned for more details.”
According to a recent report, Senator Lummis plans to introduce groundbreaking legislation that could position Bitcoin as a strategic reserve asset for the US Federal Reserve. This move, if realized, could revolutionize the way digital currencies are perceived and integrated into the mainstream financial system. Hence, the latest statement in Nashville marks the first public acknowledgment of the impending announcement.
Earlier, Fox Business’ senior correspondent, Charles Gasparino, reported that Senator Cynthia Lummis aims to unveil this legislation at the Bitcoin Conference 2024. This bill would establish a pathway for the US Federal Reserve to hold Bitcoin as a strategic reserve asset, similar to gold and foreign currencies.
Additionally, Gasparino noted, “The Senator hopes to gain support from former President Donald Trump, who is also speaking at the event.” Furthermore, rumors have been swirling in the market that Donald Trump might announce Bitcoin as a US strategic reserve at the upcoming conference.
Dennis Porter, CEO of Satoshi Action Fund, fueled these speculations by claiming his sources are credible. Porter stated, “If the former U.S. President follows through, it could shift global economic strategies, reinforcing Bitcoin’s status as digital gold.”
Also Read: Bitcoin Conference: Donald Trump Plays ‘Uno Reverse’ On Kamala Harris
Significance Of The Bill
Moreover, A report from Fox Business elaborated on Senator Cynthia Lummis’ plan, revealing that she has been quietly working on this legislation. The bill’s primary goal is to direct the Federal Reserve to acquire and hold Bitcoin, integrating it into the US financial framework. The report suggests that Lummis might announce her intentions during the conference, possibly before Trump’s speech, aiming to secure his endorsement.
Alex Chizhik, Chief Commercial Officer at HarrisX, highlighted the potential significance of the bill. “Having the Federal Reserve hold Bitcoin as a strategic reserve asset would be a groundbreaking move, signaling the central bank’s embrace of innovation,” Chizhik noted. He added that this action could stabilize the U.S. dollar and bring legitimacy to Bitcoin as a financial asset.
Senator Cynthia Lummis, dubbed as the “Crypto Queen” on Capitol Hill, has been a vocal advocate for the cryptocurrency domain. She has expressed firm opposition to the implementation of Central Bank Digital Currencies (CBDCs), describing them as tools for government surveillance. Instead, she advocates for financial sovereignty.
“We want to make sure people can have individual wallets for their Bitcoin,” she stated. Lummis believes that integrating BTC into the US financial system could reinforce the strength of the US dollar. “We know that we want the US Dollar to remain strong. Having Bitcoin in reserves can actually help the US dollar to remain strong,” she asserted in a July post.
Political Odds
Adding to the complexity of the situation, Robert F. Kennedy Jr., another pro-crypto presidential candidate, has revealed his support for BTC. He plans to add a BTC reserve equivalent to the gold reserve, approximately $615 billion. “I am a huge supporter of Bitcoin,” Kennedy said at a recent conference.
This statement indicates that if either Trump or Kennedy wins the presidential race, the likelihood of a Bitcoin reserve may increase significantly. However, the political landscape remains uncertain.
Democrat candidate Kamala Harris, who believes Bitcoin is primarily used for “criminal” activities, also boasts significant odds of winning. Hence, her stance could complicate the potential for Bitcoin to be adopted as a strategic reserve asset.
Also Read: Kamala Harris Releases First Election Ad Ahead Bitcoin Conference
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 exchange Kraken has obtained a Restricted Dealer registration in Canada. The registration comes after completing a pre-registration undertaking (PRU) process with Canadian authorities.
The exchange has also announced the appointment of Cynthia Del Pozo as its new General Manager for North America. Del Pozo will oversee Kraken’s growth initiatives in Canada.
Kraken Completes PRU Process In Canada
Kraken’s Restricted Dealer registration marks the completion of a thorough pre-registration undertaking (PRU) process with Canadian regulators. The registration places Kraken under the supervision of the Ontario Securities Commission (OSC). This oversight ensures users have access to secure crypto products within a properly regulated local ecosystem.
According to the Canadian Securities Administrators (CSA), the Restricted Dealer registration is one of eight firm registration types in Canada. This particular classification is used for firms that “do not quite fit under any other category.” It also comes with specific requirements and conditions set by securities regulators.
Kraken’s regulatory achievement comes during a period of change in the Canadian crypto sector. Just months earlier, competitor Gemini exchange announced its departure from the Canadian exchange market by the end of 2024. This was a move that surprised many and raised questions about cryptocurrency regulation clarity in the country.
Kraken Introduces New Canadian GM
Del Pozo has joined Kraken to lead its Canadian operations as the new General Manager for North America. She has nearly 15 years of experience in corporate development, operations, and fintech consulting. Del Pozo will help to guide Kraken’s expansion across Canada during this important phase of crypto’s development in the region.
“Canada is at a turning point for crypto adoption, with a growing number of investors and institutions recognizing digital assets as a vital part of the financial future. I’m thrilled to join Kraken’s mission at this critical moment, and to lead our expansion efforts, ensuring we continue to serve our clients long-term with innovative and compliant products,” said Del Pozo.
In her role, Del Pozo will focus on strengthening Kraken’s regulatory relationships and also scaling the company’s presence throughout North America.
Del Pozo also commented on the registration achievement: “This Restricted Dealer registration is testament to the high bar Kraken has always set for consumer protection, client service, and robust security. We’re excited to continue expanding our world-class investment platform and to deliver innovative products that provide real-world utility to Canadians.”
The Exchange’s Continued Growth In Canada
Over the past two years, the cryptocurrency exchange has shown steady expansion in Canada while working through the PRU process with regulators. During this period, the exchange has doubled its team size and monthly active users.
According to the official blog post figures, the firm now has more than $2 billion CAD in total client assets under custody. Kraken has also increased support for some of the most popular cryptocurrencies. It provides several CAD spot trading pairs that enable Canadians to trade crypto without paying expensive foreign exchange fees.
According to Innovative Research Group’s 2024 Investor Survey, 30% of Canadian investors currently own or have owned cryptocurrencies. Likewise, a KPMG Canada survey discovered that 30% of Canadian institutional investors now have exposure to cryptocurrencies, which means widespread adoption across investor types.
Vignesh
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.
USDC issuer Circle is reportedly set to file its initial public offering (IPO) in April as part of the firm’s plans to finally go public. The stablecoin issuer is allegedly already working with top financial institutions to achieve this move.
Circle To File IPO In Late April
According to a Fortune report, Circle is looking to file its IPO in late April, although the listing period remains uncertain. The report noted that when a company files to go public, its shares usually begin trading four weeks later, indicating that the listing could occur in May. However, there is also a scenario where the IPO process could drag on for months.
The stablecoin issuer is reportedly working with investment banks JPMorgan Chase and Citi to achieve its long-anticipated IPO. The firm had previously tried to go public in 2021 under a SPAC arrangement with a shell company.
The US SEC failed to sign off on this arrangement back then, and the company eventually scrapped these IPO plans by the end of 2022 when the crypto exchange FTX collapsed and the broader crypto market experienced a downturn.
Revelation about Circle’s IPO plans comes just days after the stablecoin issuer partnered with NYSE’s parent company to explore USDC’s use in traditional finance (TradFi). Meanwhile, the USDC stablecoin recently launched in Japan following approval from the country’s regulator. Notably, USDC is the first and only global dollar stablecoin approved under Japan’s stablecoin framework.
An Easier Path Now For The Stablecoin Issuer
Circle will likely face less resistance for its IPO plans under the current SEC administration. Under acting Chair Mark Uyeda, the Commission has shown its willingness to work hand in hand with crypto firms, which was missing under Gary Gensler’s administration.
US SEC Chair nominee Paul Atkins has also shown his willingness to change the approach that Gensler’s administration adopted towards crypto firms. During his nomination hearing, the SEC Chair nominee promised to prioritize providing regulatory clarity for the industry.
Circle’s IPO listing would be the biggest since the top crypto exchange Coinbase went public in 2021. Interestingly, Coinbase owns an equity stake in the crypto firm.
The firm’s USDC is currently the second-largest stablecoin by market cap, only behind Tether’s USDT. The stablecoin industry is heating up as more financial institutions look to develop their own stablecoin.
Donald Trump’s World Liberty Financial recently revealed plans to launch its USD1 stablecoin, while asset manager Fidelity is also considering doing so.
Boluwatife Adeyemi
Boluwatife Adeyemi is a well-experienced crypto news writer and editor who has covered topics that cut across several topics and niches. 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, a traveler 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.
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.
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