Regulation
Ripple CEO Endorses John Deaton To Unseat Senator Warren
Ripple CEO Brad Garlinghouse has endorsed John Deaton, a pro-XRP lawyer, in his bid to unseat Senator Elizabeth Warren in the Massachusetts Senate race. Garlinghouse praised Deaton for his advocacy for the crypto community, particularly the XRP Army, while accusing Warren of spreading misinformation about the industry.
Ripple CEO Brad Garlinghouse Backs John Deaton’s Campaign
In a recent post on X (formerly Twitter), Garlinghouse shared a link to Deaton’s campaign website and asked people to donate money to the campaign and, if they live in Massachusetts, to vote for Deaton. According to Garlinghouse, Deaton is a true fighter for the entire crypto industry and is much more suitable for the post than Warren.
The endorsement of Ripple CEO comes at the back of the ongoing feud between crypto enthusiasts and politicians, with Warren as the latter’s advocate.
As a legal representative of XRP holders in the case against the SEC, John Deaton is now amplifying his political aspirations to counter Warren’s position on crypto regulation.
Deaton and Musk Criticize Warren’s Inflation Claims
John Deaton and Elon Musk have both taken to Twitter to criticize Senator Elizabeth Warren regarding her views on inflation. Warren recently blamed the increase in prices on corporate greed that led to criticisms from Deaton and other key personalities in the crypto market.
In response to Warren’s claims, Deaton shifted the blame to government policies, explaining that 80% of all US dollars in circulation have been printed over the last four years by the government.
Musk agreed with Deaton’s position and said that the U.S. could go bankrupt if it does not cut government spending significantly. This public feud has demonstrated the increasing rift between the crypto enthusiasts and politicians like Warren who are considered as enemies of digital currencies.
Crypto Industry Leaders Rally Behind Deaton
The pro-XRP lawyer John Deaton has received a lot of backing from major personalities within the crypto sector, including Tesla CEO Elon Musk and Coinbase CEO Brian Armstrong. Armstrong called on the voters of Massachusetts to vote for Deaton and accused Warren of contributing to the appointment of SEC chair Gary Gensler, who the crypto community considers an opponent.
Armstrong also claimed that Warren called for the government to take control of the financial sector and is attacking the crypto industry to undermine the growth of the industry. He pointed out that even with Warren’s moves, the crypto industry keeps on thriving. Armstrong and other have also highlighted that Deaton has come out in the defense of the rights of the cryptos and therefore support for his bid to join the senate is good.
With the 2024 Senate race around the corner, Senator Elizabeth Warren continues to come under immense pressure from the crypto industry. Warren, a Democrat and a well-known skeptic of the cryptocurrency industry, has long advocated for stronger regulation and has played a major role in defining the US financial policy. Nonetheless, her position has made her unpopular in the crypto community with people like Deaton coming out in support of crypto freedom.
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.
Thailand is witnessing a significant breakthrough in its ambitious vision to establish a digital asset hub. A recent report on Wednesday revealed Thailand’s plans to adopt Bitcoin ETFs, permitting local exchanges to list the exchange-traded funds.
Thailand Prepares for Bitcoin ETF Debut
The Thai Securities and Exchange Commission (SEC) plans to approve its first Bitcoin ETF, aligning with the country’s crypto hub vision, Bloomberg reported on January 15.
SEC Secretary-General Pornanong Budsaratragoon posited that the move would allow individual and institutional investors to invest in the Bitcoin vehicles directly.
Promoting the use of cryptocurrencies, Thailand is paving the way for the worldwide adoption of digital assets. During an interview on Tuesday, Pornanong stated,
Like it or not, we have to move along with more adoption of cryptocurrencies worldwide. We have to adapt and ensure that our investors have more options in crypto assets with proper protection.
Although, One Asset Management in Thailand has introduced a fund-of-fund tracking international Bitcoin ETFs, a direct investment tool remains pending approval. The ONE Bitcoin ETF Fund of Funds Unhedged and not for Retail Investors (ONE-BTCETFOF-UI) and was approved by the Thai SEC last year.
Thailand’s Thaksin To Legalize Crypto
The latest development came on the heels of Pheu Thai Party leader Thaksin Shinawatra’s efforts to legalize crypto. Citing the incoming US President Donald Trump’s crypto-friendly approach, Thaksin suggested Thailand embrace a more progressive stance on virtual assets. He also proposed the increased issuance and use of stablecoins.
Digital-asset trading activity in Thailand is picking up amid a wider rally that pushed Bitcoin to a record high of $108,315. Crypto hedge funds had a great last year but failed to give more returns than Bitcoin (BTC), as per Bloomberg
Thailand’s Broader Crypto Vision and Regulations
Thailand has long been striving to solidify its position at the forefront of the global crypto market. In a recent development, the country announced its crypto payment pilot project, with the trial set in Phuket.
While the initiative is expected to be executed within Thailand’s existing legal framework, it bolsters the nation’s crypto vision. The country is broadly looking to boost crypto adoption and Bitcoin ETFs will be welcome move for the local crypto industry.
Nynu V Jamal
Nynu V Jamal is a passionate crypto journalist with three years of experience in blockchain, web3, and fintech spheres. She has established herself as a knowledgeable and engaging voice in the cryptocurrency and blockchain space. Her experience as an Assistant Professor in English Language and Literature has further added to her quest for crafting informative, well-researched, and accessible content.
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.
Upbit, South Korea’s largest crypto exchange, is facing increased scrutiny over alleged Know-Your-Customer (KYC) violations. The Financial Intelligence Unit (FIU) of South Korea has scheduled a disciplinary hearing on January 21 to evaluate the exchange’s regulatory compliance. As as result, the crypto market could see significant low activity amid the review
FIU Meeting To Assess Upbit’s KYC Violations
Notably, the FIU revealed that the sanctions review meeting would assess the 500k+ suspected KYC breaches discovered during an on-site inspection for the renewal of the virtual asset service provider (VASP).
Reportedly, this sanctions-level meeting for Upbit marks the first hearing of its kind, addressing issues identified during a VASP renewal inspection. This meeting will determine the extent of sanctions Upbit could face, considering factors like lapses in KYC compliance. Analyzing the crypro exchange’s explanation for its alleged violations, the regulator would determine the severity of fines and disciplinary actions against the platform.
Upbit Faces Scrutiny Under South Korea’s FIU
Since August last year, Upbit facing investigations led by the financial watchdog. During the license renewal process, the FIU uncovered 500,000-600,000 cases of unauthorized customer verification procedures. This includes instances of accounts being approved despite the blurred customer name or registration number, making identification impossible.
Though these cases highlight the exchange’s reluctance to follow regulatory standards, it is still uncertain whether they actually mark KYC breaches. However, following the disciplinary meeting, FIU is likely to draw conclusions, particularly based on Upbit’s explanations.
South Korea’s Crypto Regulatory Norms
South Korea has embarked on its journey to establish a crypto-focused regulatory framework. In a recent development, the Financial Services Commission has kicked off discussions on the second phase of crypto regulations, especially targeting stablecoins and customer protection.
South Korea’s recent collaboration with the US and Japan to tackle the growing crypto threats also underscores the nation’s commitment to user security. Last day, the three countries jointly released a paper, warning against the North Korean hackers’ eye on crypto.
The FIU’s meeting on Upbit’s KYC violation marks a significant turning point in South Korea’s regulatory landscape. While the meeting decides its fate in South Korea, it could have a broader impact on global crypto regulations and laws.
Nynu V Jamal
Nynu V Jamal is a passionate crypto journalist with three years of experience in blockchain, web3, and fintech spheres. She has established herself as a knowledgeable and engaging voice in the cryptocurrency and blockchain space. Her experience as an Assistant Professor in English Language and Literature has further added to her quest for crafting informative, well-researched, and accessible content.
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 administration under President-elect Donald Trump is preparing to introduce changes to cryptocurrency regulations in the United States. Sources indicate that the Securities and Exchange Commission (SEC), under new leadership, will initiate a review of its current policies and enforcement actions related to crypto.
Donald Trump SEC Leadership To Reassess Crypto Enforcement Actions
A recent Reuters report suggests that top officials at the SEC, including Hester Peirce and Mark Uyeda, are planning to reassess existing crypto enforcement cases. The focus will be on cases where fraud is not alleged, with the possibility of freezing or withdrawing some lawsuits.
Under the outgoing leadership of Gary Gensler, the SEC pursued at least 83 enforcement actions involving crypto-related companies. These actions targeted firms like Coinbase and Kraken, often on the basis that their tokens were considered securities. Industry participants have long sought clarity on when and how the SEC applies its rules to digital assets.
Sources state that Peirce and Uyeda are expected to call for feedback on potential new crypto regulations. This process will address industry concerns while aligning the SEC’s rules with evolving market conditions.
Meanwhile, Bitcoin advocate Anthony Pompliano has outlined three key actions for Donald Trump to boost U.S. Bitcoin adoption. Anthony proposed repealing SAB 121 for banks to hold Bitcoin, establishing a national Bitcoin reserve, and reforming tax codes to eliminate capital gains tax on BTC payments. Pompliano believes these measures will solidify the U.S. as a crypto leader.
Proposed Regulatory Changes
The SEC is likely to revise its guidance on accounting practices for companies holding crypto assets. The current guidance has reportedly made it costly for listed firms to manage digital tokens for third parties. Changes in this area will lower barriers to institutional participation in the crypto market.
Paul Atkins, Donald Trump pick for Securities and Exchange Commission Chair, has a reputation for supporting crypto-friendly policies. However, his confirmation by the Senate may take some time. Until then, Peirce and Uyeda will lead interim efforts to reshape regulatory priorities.
Trump Administration’s Executive Orders to Accelerate Crypto Overhaul
President-elect Donald Trump is expected to issue executive orders aimed at expediting crypto regulatory reforms. These orders may direct federal agencies, including the SEC, to review their policies and promote innovation in the digital asset sector.
The administration’s pro-crypto stance has already generated excitement within the market. Bitcoin reached $100,000 for the first time in December, reflecting optimism about the regulatory environment under Trump’s leadership.
Despite the optimism, revising regulations and enforcement actions could face challenges. Legal experts note that dismissing pending cases or reopening settlements may lead to objections from courts. Resolving these issues will require careful coordination between the SEC and industry stakeholders.
The new leadership may also need months to finalize and implement any proposed rule changes. Industry representatives have previously criticized the Securities and Exchange Commission for being unwilling to engage in discussions under its former leadership.
In addition, Bitwise CIO highlighted trends driving corporate Bitcoin adoption, including MicroStrategy’s $42B acquisition plans, new FASB rules allowing firms to record BTC gains and pro-crypto policies. These factors, he notes, are encouraging more companies to integrate Bitcoin into their treasuries.
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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