Markets
US House of Representatives set to vote on first standalone crypto market structure bill
The U.S. House of Representatives is set to vote for the first time in favor of a crypto market structure bill, in a symbolic effort to radically reshape the country’s digital asset regulatory landscape .
The Financial Innovation and Technology for the 21st Century Act, sponsored by members of the House Financial Services and Agriculture committees, will begin being voted on Wednesday afternoon, where it is expected to be passed with a bipartisan majority.
The bill, dubbed FIT21, would grant the U.S. Commodity Futures Trading Commission (CFTC) greater authority over the spot market on digital assets considered commodities, while creating new jurisdictional lines for the Securities and Exchange Commission (SEC). Crypto companies and digital asset issuers would have a framework to determine if and how their assets are securities under the terms set out in the bill, allowing them to know who their primary regulator could be .
Rep. Patrick McHenry (R-N.C.), who chairs the Financial Services Committee, told reporters Tuesday that he hoped for “a substantial vote” in favor of the legislation to demonstrate that there is real momentum for ‘legislation on digital assets, a week later. after the Senate voted in favor of a House resolution that overturned the SEC’s accounting guidelines.
The bill is expected to pass, with a handful of Democrats joining the majority of Republicans in voting in favor of the bill. The bill’s path through the Senate is less clear, and the White House said Wednesday it opposes the bill, although President Joe Biden did not threaten a veto.
The bill has been the subject of much discussion in recent days.
Representative Jim Himes (D-Connecticut), one of the at least new Democratic lawmakers who said they would support the bill said it “looks[ed] I look forward to working with my colleagues on the Financial Services Committee on our continued oversight of this issue.
“FIT21 is an important step forward in regulating the cryptocurrency industry and a significant improvement on the status quo,” he said in a statement.
Representative Ro Khanna (Democrat of California) announcement he would vote in favor of the bill shortly before Wednesday’s vote, saying “we need blockchain innovation here in America.”
Rep. French Hill (R-Ark.) told reporters Tuesday that the bill creates a “5-step test for whether something is a decentralized blockchain or not” and includes a roadmap the regulator can use .
In his comments to the House Rules Committee, he said lawmakers who crafted the bill worked with regulators — including the SEC — for more than a year, incorporating their comments into the legislation.
“We have included provisions to mitigate conflicts of interest. We impose capital and other necessary requirements on intermediaries. And we impose higher standards for custody,” he said .
There is also an interim process, whereby businesses must file a “notice of intent to register” with agencies, he explained.
Opposition to the bill, however, begins within the House of Representatives’ Financial Services Committee.
Rep. Maxine Waters (D-Calif.), ranking member of the committee, called the bill “not fit for purpose legislation” and told the House Rules Committee on Tuesday that it “is perhaps the worst and most harmful deregulatory proposal I have ever seen.” I have seen for a long time”, comparing it to Commodity Futures Modernization Act. According to Waters, the CFMA deregulated certain derivatives, which then “exploded our economy when AIG collapsed“.
FIT21 does not give the CFTC greater authority to target fraud or other crimes, although it has directed the agency to supervise digital products, she said. The bill also removes disclosure requirements after 180 days, meaning the regulator cannot force the companies it is supposed to regulate to provide audited financial statements after that deadline.
“What is even more problematic is the bill’s definition of citing ‘investment contract assets,’” she said. “Securities that meet this definition would be moved into a regulatory vacuum, with no primary regulator and virtually no laws or regulations to speak of. It is important to note that the definition of investment contract asset is not limited to cryptography, and it would be quite simple for both crypto and traditional securities to be formatted to meet this definition.
A group of unions, consumer protection organizations, academics and others sent a public letter to House Speaker Michael Johnson (R-La.) and Minority Leader Hakeem Jeffries (D-N.Y.) asking them to vote against the bill and listing concerns similar to Gensler’s.
The letter addressed the industry more broadly, saying crypto “still struggles to demonstrate viable use cases outside of speculative investments” and referencing the various ongoing bankruptcies and civil and criminal litigation.
“The industry has superficially recovered this year, in part due to the Securities Exchange Commission’s controversial approval of spot BTC ETPs,” the letter said. “Yet the scams, hacks, theft, instability, reckless promotional activity, and regulatory evasion that were present during the last crypto bull market remain endemic in the industry today.”
The letter was signed by organizations including the AFL-CIO, Americans for Financial Reform, Revolving Door Project, the National Consumer Law Center and more than 30 others as well as 10 individuals.
Echoing Gensler, the groups said they feared the bill would weaken existing securities laws to the point where even non-crypto companies could “escape more rigorous oversight” by linking to a decentralized network (or at least pretending that they were linked to a decentralized network). network). Although the bill gives greater authority to the CFTC, the letter says that authority “is vague” to the point that it could harm other agencies like the Consumer Financial Protection Bureau.
“Overall, we believe this bill, as written, introduces a political ‘cure’ that would be far worse than the disease and would create significant harm within and well beyond the industry of cryptography,” the letter states.
Supporters of the bill say legislation is needed to support companies’ efforts to “build a better financial services system and a better Internet.”
“Since the creation of the Bitcoin network in 2009, the blockchain and digital assets industry has existed without targeted market regulation,” a letter filed by the Blockchain Association, an advocacy group, said. “The lack of clear rules leads to market confusion for businesses and leaves users and consumers unprotected.”
The letter, signed by groups including stablecoin issuer Circle, Ethereum incubator ConsenSys, venture capital firm Digital Currency Group, exchanges such as Kraken and 50 other industry companies, goes on to assert that the “lack clarity” risked putting the United States behind. in “the global race for technology”.
SEC Chairman Gary Gensler released A declaration Wednesday, opposing the legislation. In it, he raises the specter of various crypto collapses and frauds, suggesting that the bill could allow even traditional pumps and dumpers or penny stock pushers to evade oversight by posing as using decentralized networks .
“We should make the political choice to protect the investing public rather than facilitate the business models of non-compliant companies,” he said.
Over the past 24 hours, Jupiter and JasmyCoin emerged as the top gainers among the top 100 crypto assets, while Bittensor and Mantra plunged as the top losers.
Top Winners
Jupiter
Jupiter (JUP) led the charge among the biggest gainers on July 27.
At the time of writing, the crypto asset had surged 12.6% in the past 24 hours and was trading at $1.16. JUP’s daily trading volume was hovering around $282 million, according to data from crypto.news.
JUP Hourly Price Chart, July 26-27 | Source: crypto.news
Additionally, the cryptocurrency’s market cap stood at $1.56 billion, making it the 62nd largest crypto asset, according to CoinGecko. Despite the recent price surge, the token is still down 42.6% from its all-time high of $2 reached on Jan. 31.
Jupiter functions as a decentralized exchange aggregator that allows users to trade Solana-based tokens. The platform also offers users the best routes for direct trades between multiple exchanges and liquidity pools.
In addition to being a DEX aggregator, Jupiter has expanded into a “full stack ecosystem” by launching several new projects, including a dedicated pool to support perpetual trading and plans for a stablecoin.
JasmyCoin
JasmyCoin (JASMI) has increased by 12% in the last 24 hours and is trading at $0.0328 at press time. JASMY’s daily trading volume has increased by 10% in the last 24 hours, reaching $146 million.
JASMY Hourly Price Chart, July 26-27 | Source: crypto.news
The asset’s market cap has surpassed the $1.5 billion mark, making it the 60th largest cryptocurrency at the time of reporting. However, the self-proclaimed “Bitcoin of Japan” is still down 99.3% from its all-time high of $4.79 on February 16, 2021.
JASMY is the native token of Jasmy Corporation, a Japanese Internet of Things provider. The platform seeks to merge the decentralization of blockchain technology with IoT, allowing users to convert their digital information into digital assets.
The initiative was launched by Kunitake Ando, former COO of Sony Corporation, along with Kazumasa Sato, former CEO of Sony Style.com Japan Inc., Hiroshi Harada, executive financial analyst at KPMG, and other senior executives from Japan.
Kaspa
Kaspa (KAS) saw a 100% increase in trading volume and an 8% increase in price over the past 24 hours, trading at $0.19 at the time of publication.
KAS Hourly Price Chart, July 26-27 | Source: crypto.news
According to data from CoinGecko, Kaspa now ranks 27th in the global cryptocurrency list, with a circulating supply of approximately 24.29 billion KAS tokens and a market capitalization of $4.59 billion.
Kaspa is a cryptocurrency designed to deliver a high-performance, scalable, and secure blockchain platform. Its unique Layer-1 protocol includes the GhostDAG protocol, a proof-of-work (PoW) consensus mechanism that enables faster block times and higher transaction throughput compared to standard blockchains.
Unlike Bitcoin, GhostDAG allows multiple blocks to be created simultaneously, speeding up transactions and increasing block rewards for miners.
Bonk
Bonk (BONK) is the only one coin meme which made it to this list of biggest gainers and jumped 8.6% in the last 24 hours. Trading at $0.000030, the Solana-based meme coin’s market cap has surpassed $2.1 billion, surpassing Floki (FLOKI), another competing dog-themed coin with a market cap of $1.78 billion.
BONK Hourly Price Chart, July 26-27 | Source: crypto.news
BONK’s daily trading volume hovered around $285 million. However, BONK is still down 33.5% from its all-time high of $0.000045, reached on March 4.
Bonk, a meme coin that rose to prominence in 2023, has contributed significantly to Solana’s value increase amid the meme coin frenzy.
Bonk started out as a simple dog-themed coin. It has since expanded its features to include integration with decentralized finance. The project also partners with cross-chain communication protocols, NFT marketplaces, and various other cryptocurrency ecosystems.
BONK trading pairs are now listed on major exchanges including Binance, Coinbase, OKX, and Bitstamp.
The big losers
Bittensor
Bittensor (TAO) was the biggest loser among the 100 largest crypto assets, according to data from CoinGecko.
At the time of writing, TAO, the native token of decentralized AI project Bittensor, was down 5%, trading around $344. The crypto asset had a daily trading volume of $59 million and a market cap of $2.43 billion.
TAO 24 Hour Price Chart | Source: CoinGecko
Bittensor, created in 2019 by AI researchers Ala Shaabana and Jacob Steeves, initially operated as a parachain on Polkadot before transitioning to its own layer-1 blockchain in March 2023.
Mantra
Mantra (OM) fell 6%, trading at $1.13 at press time. The digital currency’s market cap fell to $938 million. Additionally, the 82nd largest crypto asset has a daily trading volume of $26 million.
OM Price Hourly Chart, July 26-27 | Source: crypto.news
Mantra is a modular blockchain network comprising two chains, Manta Pacific and Manta Atlantic, specialized in zero-knowledge applications.
Coat
Coat (MNT) also saw a 2.4% drop in price, now trading at $0.8413. Currently, Mantle has a market cap of around $2.75 billion, which ranks 36th in the global cryptocurrency rankings by market cap, according to price data from crypto.news.
MNT Hourly Price Chart, July 26-27 | Source: crypto.news
Over the past 24 hours, MNT trading volume also fell by 6%, reaching $240 million.
Mantle, formerly known as BitDAO, is an investment DAO closely associated with Bybit. The MNT token is essential for governance, paying gas fees on the Mantle network, and staking on various platforms.
Built on the Ethereum network, Mantle provides a platform for decentralized application developers to launch their projects. It has become particularly popular for GameFi applications, leading to the formation of an internal Web3 gaming team.
Markets
Bitcoin Price Drops to $67,000 Despite Trump’s Pro-Crypto Comments, Further Correction Ahead?
Pioneer cryptocurrency Bitcoin has registered a 1.13% decline in the past 24 hours to trade at $67,400. Despite a strong pro-crypto stance from US presidential candidate Donald Trump at the Bitcoin 2024 conference, this massive selloff has raised concerns in the market about the asset’s sustainability at a higher price. However, given the recent three-week rally, a slight pullback this weekend is justifiable and necessary to regain the depleted bullish momentum.
Bitcoin Price Flag Formation Hints at Opportunity to Break Beyond $80,000
The medium-term trend Bitcoin Price remains a sideways trend amidst the formation of a bullish flag pattern. This chart pattern is defined by two descending lines that are currently shaping the price trajectory by providing dynamic resistance and support.
On July 5, BTC saw a bullish reversal from the flag pattern at $53,485, increasing its asset by 29.75% to a high of $69,400. This recent spike followed the market’s positive sentiment towards the Donald Trump speech at the Bitcoin 2024 conference in Nashville on Saturday afternoon.
Bitcoin Price | Tradingview
In his speech, Trump outlined several pro-crypto initiatives: he promised to replace SEC Chairman Gary Gensler on his first day in office, to establish a Strategic National Reserve of Bitcoin if elected, to ensure that the U.S. government holds all of its assets. Bitcoin assets and block any attempt to create a central bank digital currency (CBDC) during his presidency.
He also claimed that under his leadership, Bitcoin and cryptocurrencies will skyrocket like never before.
Despite Donald Trump’s optimistic promises, the BTC price failed to reach $70,000 and is currently trading at $67,400. As a result, Bitcoin’s market cap has dipped slightly to hover at $1.335 trillion.
However, this pullback is justified, as Bitcoin price has recently seen significant growth over the past three weeks, which has significantly improved market sentiment. Thus, price action over the weekend could replenish the depleted bullish momentum, potentially strengthening an attempt to break out from the flag pattern at $70,130.
A successful breakout will signal the continuation of the uptrend and extend the Bitcoin price forecast target at $78,000, followed by $84,000.
On the other hand, if the supply pressure on the upper trendline persists, the asset price could trigger further corrections for a few weeks or months.
Technical indicator:
- Pivot levels: The traditional pivot indicator suggests that the price pullback could see immediate support at $64,400, followed by a correction floor at $56,700.
- Moving average convergence-divergence: A bullish crossover state between the MACD (blue) and the signal (orange) ensure that the recovery dynamics are intact.
Related Articles
Frequently Asked Questions
A CBDC is a digital form of fiat currency issued and regulated by a country’s central bank. It aims to provide a digital alternative to traditional banknotes.
The proposal for a strategic national Bitcoin reserve is a major confirmation of Bitcoin’s legitimacy and potential as a reserve asset. Such a move could position Bitcoin in a similar way to gold, potentially stabilizing its price and encouraging other countries to adopt similar strategies.
Conferences like Bitcoin 2024 serve as essential platforms for networking, knowledge sharing, and showcasing new technologies within the cryptocurrency industry.
Markets
Swiss crypto bank Sygnum reports profitability after surge in first-half trading volumes – DL News
- Sygnum says it has reached profitability after increasing transaction volumes.
- The Swiss crypto bank does not disclose specific profit figures.
Sygnum, a Swiss global crypto banking group with approximately $4.5 billion in client assets, announced that it has achieved profitability after a strong first half, with key metrics showing year-to-date growth.
The company said in a Press release Compared to the same period last year, cryptocurrency spot trading volumes doubled, cryptocurrency derivatives trading increased by 500%, and lending volumes increased by 360%. The exact figures for the first half of the year were not disclosed.
Sygnum said its staking service has also grown, with the percentage of Ethereum staked by customers increasing to 42%. For institutional clients, staking Ethereum has a benefit that goes beyond the limitations of the ETF framework, which excludes staking returns, Sygnum noted.
“The approval and launch of Bitcoin and Ethereum ETFs was a turning point for the crypto industry this year, leading to a major increase in demand for trusted, regulated exposure to digital assets,” said Martin Burgherr, Chief Client Officer of Sygnum.
He added: “This is also reflected in Sygnum’s own growth, with our core business segments recording significant year-to-date growth in the first half of the year.”
Sygnum, which has also been licensed in Luxembourg since 2022, plans to expand into European and Asian markets, the statement said.
Markets
Former White House official Anthony Scaramucci says cryptocurrency bull market could be sparked by regulatory clarity
Anthony Scaramucci, founder of Skybridge Capital, says the next cryptocurrency bull market could be sparked by a new wave of clear cryptocurrency regulations.
In a new interview On CNBC’s Squawk Box, the former White House communications director said he and two other prominent industry figures traveled to Washington, D.C. to speak to officials about the dangers of Sen. Elizabeth Warren and U.S. Securities and Exchange Commission (SEC) Chairman Gary Gensler’s hardline approach to cryptocurrency regulation.
“Mark Cuban, myself, and Michael Novogratz were in Washington a few weeks ago to speak with White House officials and explain the dangers of Gary Gensler and Elizabeth Warren’s anti-crypto approach. I hope that message gets through…
“Overall, if we can get regulatory policy around Bitcoin and crypto assets in sync, we will have a bull market next year for these assets.”
Scaramucci then compares crypto assets to ride-hailing company Uber, saying regulators were initially wary of the service but eventually decided to adopt clear guidelines due to public demand.
“Remember Uber: Nobody wanted Uber. A lot of regulators didn’t want it. Mayors and deputy mayors didn’t want it, but citizens wanted Uber and eventually accepted the idea of regulating it fairly. I think we’re there now.”
The CEO also says young Democratic voters believe their leaders are making the wrong choices when it comes to digital assets.
“I think President Trump’s move toward Bitcoin and crypto assets has shaken Democrats to their core, and I think very smart, younger Democrats are recognizing that they are completely off base with their positions, completely off base with these SEC lawsuits and regulation by law enforcement, and now they need to get back to the center.”
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