Regulation
Senator Cynthia Lummis Voted To Chair Digital Assets Subcommittee
Senator Cynthia Lummis has been voted in as the chair of the Senate’s Digital Assets Subcommittee. The decision, confirmed following a vote by the Senate Banking Committee earlier this morning, marks a milestone in Lummis’s career as a key advocate for cryptocurrency legislation in the United States.
Cynthia Lummis has been a staunch supporter of creating a regulatory framework that supports digital assets and has tendered bills that will seek to include Bitcoin in the U.S. financial system.
Cynthia Lummis To Chair Digital Assets Subcommittee
After her appointment as the chair of the Digital Assets Subcommittee, Lummis said, “This is a historic opportunity.” She stressed the importance of building the political consensus that is necessary to create a set of clear rules for digital assets. This comes in the wake of the U.S. Securities and Exchange Commission (SEC) forming a Crypto Task Force under acting chair Mark Uyeda.
“The United States needs to act fast to maintain its position as a global pioneer in financial innovation,” Lummis said in a statement. ”I am grateful for this opportunity and am eager to promote legislation that will help the financial health of this country.”
Cynthia Lummis’s leadership in the subcommittee is anticipated to involve the elimination of the regulatory gap in cryptocurrencies, blockchain, and digital assets. She has before now maintained that putting in place such frameworks will assist in the protection of investors, innovation and the continued dominance of the U.S dollar.
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.
In a recent development, BlackRock’s CEO Larry Fink has called on the US Securities and Exchange Commission (SEC) to approve the tokenization of bonds and stocks. He further explained how this move would make things easier for investors.
Larry Fink Calls On SEC To Approve Tokenization Of Bonds
In a CNBC interview, BlackRock’s CEO Larry Fink called on the US SEC to approve the tokenization of bonds and stocks. He added that this move will simplify things and make things easier for institutions and investors.
Fink gave an example of how tokenization will help his company save costs. They will no longer have to vote on a proxy vote again because every investor will be notified through the tokenization of equities.
He added that this move will also save costs for investors and potential ones since it will bring down the cost of owning these stocks and bonds. In line with this, he affirmed that these are the types of financial reforms that the market needs.
Larry Fink’s call for the tokenization of bonds and stocks came as he admitted that he is a “huge believer” in crypto, blockchain technology, and tokenization.
It is worth mentioning that BlackRock already has a tokenized market fund called BUIDL. Built on the Ethereum network, it is the largest tokenized money fund on a public blockchain, with a market cap of just over $600 million.
Meanwhile, the BlackRock CEO’s latest comment comes a day after he predicted that the Bitcoin price could hit $700,000 if sovereign wealth funds allocate 2%-5% of their portfolios to the flagship crypto.
Bloomberg Analyst Questions Use Of Tokenization
Following Larry Fink’s call for the tokenization of stock and bonds, Bloomberg analyst Eric Balchunas questioned if this move was indeed necessary. He explained how he could already buy these assets for no fee and with no friction, with “anti-fragile regulatory safeguards to boot.” In line with this, he suggested that tokenization doesn’t in any way improve the experience.
Tokenization grants investors self-custody over their assets. However, Balchunas remarked that no one really cares about self-custody as investors want to outsource the management of their assets, especially for no fee. He added the fact that these asset managers are regulated by the SEC, so investors are well protected.
Despite Balchunas’ reservations about tokenizing bonds and stocks, the SEC could approve this move. Donald Trump recently named pro-crypto Mark Uyeda as the acting SEC Chair, who could be more open to Larry Fink’s proposal, unlike the previous Chair, Gary Gensler.
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.
US President Donald Trump’s recent launch of TRUMP memecoin faces another backlash from Maxine Waters, the top Democrat on the House Financial Services Committee. During the US House Financial Services Committee meeting, the California Representative warned that the TRUMP meme coin poses a potential threat to the national security.
Notably, Donald Trump’s token launch and the cryptocurrency’s rollercoaster ride have significantly sparked widespread attention. Reflecting on the recent memecoin spree, Waters criticized Republican lawmakers for failing to address potential conflicts of interest involving the US President.
California Representative Slams Trump’s TRUMP Memecoin
During an organizational meeting on January 22, Maxine Waters addressed Republicans’ omission of crypto in the oversight plan as “alarming.” Narrating the adverse impacts of the President’s TRUMP meme coin, she called the token “the worst of crypto.” Further, Waters added,
Trump has created a way to circumvent national security and anti-corruption laws, allowing interested parties to anonymously transfer money to him and his inner circle.
Meanwhile, Chairman French Hill elaborated on the committee’s focus on crypto regulations. He promised to bring legal clarity to cryptocurrencies, ensuring the US to lead the global financial landscape.
Market Mayhem: Experts Call for Clarity
Trump’s launch and promotion of the TRUMP meme coin have equally sparked fascination and controversy. Crypto entrepreneur Erik Voorhees described the token as “stupid and embarrassing.” Many including Maxine Waters criticized the Trump family for engaging in the memecoin spree for personal gains.
Driven by the increasing market tensions and TRUMP’s wild ride, experts like John Deaton and Bill Morgan highlighted the need for clear crypto regulations. Many spotted meme coin regulation as the highest priority for the upcoming crypto policies.
Trump Admin Remains Silent on Crypto
Donald Trump’s explicit silence on crypto following his inauguration has fueled concerns over his potential policies. The TRUMP memecoin saga, coupled with the President’s exclusion of crypto terms in his plan, leaves the crypto community worried.
However, experts look ahead for Trump’s next set of executive orders. They believe that the Crypto Council would possibly address concerns including SAB 121 and Bitcoin reserve.
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 US crypto ecosystem is foreseeing potential developments under President Donald Trump, with the formation of a Crypto Council being a top priority. While the White House’s Crypto Council is expected to enhance crypto policies, pro-XRP attorney John Deaton outlined four key areas the body should prioritize.
Reportedly, the Trump administration will create a Crypto Advisory Council including 24 members from the crypto sector. Despite Trump’s exclusion of crypto from his first executive orders, the crypto community remains optimistic about the government’s potential policies.
John Deaton’s Crypto Council Highlights: A Closer Look
In his recent X post, XRP lawyer John Deaton highlighted his key concerns for Donald Trump’s upcoming crypto policies. As the Crypto Council takes shape, Deaton emphasized that the council’s top priorities should be SAB 121, Bitcoin reserve, crypto tax payments, and crypto tax policies.
At the top of the list was the dismissal of the Securities and Exchange Commission’s (SEC) Staff Accounting Bulletin 121 (SAB 121). As per Circle CEO Jeremy Allaire’s statement, SAB 121 made it difficult for banks and financial institutions to hold crypto assets. Reinforcing Allaire’s opinion, John Deaton stated, “It [SAB 121 abolition] is foundational and allows Crypto to become part of the financial infrastructure in a global economy.”
Bitcoin Reserve and Crypto Taxation
Further, the XRP lawyer suggested the establishment of a de facto SBR through a potential executive order. Emphasizing the strategic Bitcoin reserve as an important crypto policy to be included, Deaton added,
He could order the creation of a cryptographic escrow locking up the 200K BTC, currently owned by the USG, for 20 years. This serves as a de facto SBR – an asset owned by the USG, with no intent to sell.
In addition, John Deaton highlighted the significance of crypto taxation in the Crypto Council’s policies. According to him, allowing people to pay taxes in crypto without incurring capital gains tax would be a significant step forward.
Another key point he emphasized was the need to reassess the classification of cryptocurrencies. The XRP lawyer stated that the IRS’s classification of crypto as property, subject to capital gains taxes, needs reevaluation.
Memecoin Regulation vs SAB 121: Deaton’s Preference
Previously, John Deaton pinpointed his preference for memecoin regulations over the SAB 121 legislation, triggered by the recent memecoin frenzy. However, his recent post surprisingly omitted memecoin regulations and instead highlighted SAB 121 as the primary concern.
The XRP lawyer’s demand for memecoin regulations came amid controversies surrounding Trump’s TRUMP memecoin. Others including Bill Morgan have also highlighted the emergency of introducing comprehensive crypto regulations. However, John Deaton’s recent omission of memecoin regulations remains speculative.
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.
Ledger Co-Founder David Balland Rescued After Kidnapping
$37 Million Stolen and Withdrawals Suspended
WBTC is the US National Bitcoin Reserve
Why The Dogecoin Price Should Be On Your Radar
Senator Cynthia Lummis Voted To Chair Digital Assets Subcommittee
ETH Price Falls as Market Questions Future Outlook
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 agoBitcoin and XRP Prices Steady as iDEGEN fires on all cylinders
-
Market23 hours agoNobody Kidnapped Ledger Co-Founder Eric Larchevêque
-
Market17 hours agoHow ADGM Plans to Make the UAE the Crypto Capital of the World
-
Altcoin15 hours agoBTC Backtracks To $102K, Meme Coins Mimic Dip
-
Regulation23 hours ago
Donald Trump TRUMP Memecoin Poses National Security Risks, Says Maxine Waters
-
Market20 hours agoBitwise Files for Dogecoin ETF Amid Growing Meme Coin Interest
-
Market19 hours agoUSDC Liquidity Reaches Highest Point Since February 2023
-
Bitcoin10 hours agoRoss Ulbricht Recieves Kraken Donations, Bitcoin Stash Found
✓ Share: