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.
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.
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