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The U.S. Senate Banking Committee, under Chairman Tim Scott, is set to establish its first cryptocurrency subcommittee, with Senator Cynthia Lummis as the likely chair, pending a vote. This initiative aims to enhance regulation of the digital assets industry and follows the House's passage of the Financial Innovation and Technology for the 21st Century Act, which emphasizes consumer protections. Republican members selected for the subcommittee include strong crypto advocates, while the participation of Democratic leaders remains uncertain.
The US Senate Banking Committee is set to establish its first crypto-focused subcommittee, chaired by Senator Cynthia Lummis, with voting scheduled for next Thursday. This initiative aims to provide clarity for the crypto industry, following a similar move in the House Financial Services Committee. The new administration's appointments, including former SEC commissioner Paul Atkins and Treasury Secretary Scott Bessent, signal a potential shift towards friendlier regulations for digital assets.
Coinbase has secured a significant legal victory as Judge Katherine Polk Failla granted the company an interlocutory appeal, allowing it to challenge the SEC's claims at the Second Circuit Court of Appeals. This appeal addresses critical questions regarding the classification of digital asset transactions under securities law, particularly the Howey test. The court's decision could greatly influence the resolution of the ongoing litigation, which includes allegations of operating as an unregistered exchange and selling unregistered securities through its staking program.
The FDIC has instructed banks to pause crypto-related activities pending a review of compliance and risk factors, as revealed in recently released letters. These communications, some dating back two to three years, suggest a coordinated effort to limit crypto integration into the banking system, raising concerns about regulatory clarity. Coinbase's legal team has been actively exposing these restrictions, claiming they isolate crypto firms from traditional financial services.
Crypto payments firm MoonPay has received approval under the Markets in Crypto-Assets (MiCA) regulation, effective December 30, 2024, marking a significant step in establishing a unified regulatory framework for digital assets in the European Economic Area. Co-founder and CEO Ivan Soto-Wright emphasized the approval reflects the company's commitment to security and regulatory compliance as it aims to expand in Europe. Additionally, MoonPay recently obtained a money transmitter license in Texas and is reportedly in talks to acquire Helio Pay for nearly $150 million, its largest acquisition to date.
MoonPay is reportedly in talks to acquire Helio for over $150 million, marking its largest acquisition to date. This strategic move aims to enhance MoonPay's crypto payment services by integrating Helio's innovative technologies and user base, following their previous partnership that streamlined crypto transactions for businesses. With the growing demand for reliable crypto payment options, this acquisition could solidify MoonPay's position in the competitive cryptocurrency payment landscape.
MoonPay is set to acquire Helio Pay for $150 million, marking its largest deal since its inception in 2018. This acquisition aims to enhance MoonPay's payment services, leveraging Helio Pay's technology that facilitates crypto payments for merchants, including integration with Solana Pay on Shopify. The move will expand MoonPay's capabilities in merchant services and strengthen its existing payment infrastructure.
Bitcoin struggles below $100,000, currently trading at $97,150, amid bearish sentiment and ETF-related market activity. Ethereum faces downside risks, dropping to $3,050 after significant sell-offs, while XRP tests critical support at $2.28, influenced by Ripple's legal developments. The broader crypto market remains volatile as traders assess these trends.
Ripple supporters are optimistic about potential changes in SEC leadership, particularly with the possible departure of anti-crypto Commissioner Caroline Crenshaw and the nomination of pro-crypto Paul Atkins as Chairman. This shift could lead to a more innovation-friendly approach and a potential settlement in Ripple's ongoing legal battle with the SEC, which has seen the company facing penalties and appeals. The Ripple community is hopeful that these developments may favor their case against the regulator.
The ongoing legal battle between XRP and the SEC is pivotal for the future of digital asset regulation, with significant implications for Ripple and the broader crypto market. Under SEC Chair Gary Gensler, the commission's aggressive stance has led to numerous enforcement actions, impacting exchanges and institutional interest in XRP, particularly for cross-border payments. As XRP's trading volume surges and institutional adoption increases, analysts predict a transformative period for the cryptocurrency landscape, especially with potential regulatory shifts on the horizon.
Eleanor Terrett
People
The information provided herein is generated by experimental artificial intelligence and is for informational purposes only.
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