Regulation
Anthony Scaramucci Clears Air On Political Debate On Crypto
Anthony Scaramucci, the founder of SkyBridge Capital, appeared on CNBC’s Squawk Box and emphasized the need for Democrats and Republicans to come together and regulate Bitcoin and cryptocurrency.
Anthony Scaramucci Clears Air On Political Debate
Anthony Scaramucci, in the interview, underscored the necessity for bipartisan support in regulating Bitcoin and other cryptocurrencies. Scaramucci stressed that collaborative efforts from both political parties are crucial in establishing a balanced regulatory framework for the burgeoning crypto industry.
This trend is evident with the recent passing of the Financial Innovation and Technology for the 21st Century Act by the U. S. House of Representatives with support from both Democrats and Republicans.
However, he particularly disapproved of the ‘Gary Gensler, Elizabeth Warren, anti-crypto approach’ as being counterproductive to the growth of the industry.
“We need to make Bitcoin and the regulation around blockchain and cryptocurrency bipartisan,” Scaramucci stated.
He highlighted ongoing discussions with White House officials, alongside prominent figures like Mark Cuban and Michael Novogratz, to address the risks associated with the current regulatory approach, which he described as anti-crypto.
Scaramucci claimed that recent market volatility is due to the German government unloading large amounts of Bitcoin and the release of about $9 billion worth of Bitcoin. He still holds a positive outlook towards digital currency if and only if there is a bipartisan approach to its regulation.
Political Influence on Bitcoin Regulation
Scaramucci noted that politicians, including US Vice President Kamala Harris, could positively influence the regulation of Bitcoin. He said that in the next election if Harris becomes the winner, she may take the middle ground on the regulation of Bitcoin.
He said,
“If Vice President Harris wins the election, I believe that she will shift toward the center on Bitcoin regulation.”
He also credited former President Donald Trump for the shift, noting that the positive sentiments towards cryptocurrencies from Trump made Democrats reconsider their positions. Scaramucci appreciated Trump for changing the Democratic approach to the regulation of cryptocurrencies and called on young democrats to switch to a fair position.
Scaramucci also spoke about the rising institutional adoption of Bitcoin as an investment asset. Comparing the situation with the gradual emergence of other revolutionary services like Uber, he claimed that the same could happen to Bitcoin. He highlighted the increasing interest from institutional investors, citing Wisconsin State’s large investments in Bitcoin and Jersey City’s shift into Bitcoin ETFs.
Upcoming Bitcoin 2024 Conference
Scaramucci and former President Trump are scheduled to speak at the Bitcoin 2024 conference this weekend. Speculation suggests that Trump may discuss plans for a Bitcoin strategic reserve, further legitimizing Bitcoin as an asset class in the U.S. government’s eyes.
This year the conference was also supposed to be attended by Vice President Kamala Harris, but due to her schedule, she could not attend the meeting. Scaramucci said: “It’s a miss for her, she should have been there, but she wasn’t; nonetheless, I understand why she wasn’t.”
Earlier in the week, Scaramucci had taken to Twitter to calm the crypto community, saying that Harris is supportive of cryptocurrencies. He noted that it would be wrong to regard Harris’s non-attendance at the Bitcoin Conference as hostility to the sector.
Scaramucci stated that
“Gensler will be fired and Warren will be sidelined as Financial Services Czar in a Harris Administration. Let’s keep crypto bipartisan; it will be healthier for the ecosystem in the long run.”
Read Also: Pro-Bitcoin RFK Eyes Election Victory, Denies Endorsement For Donald Trump
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
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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.
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