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Coinbase secured a partial legal victory against the SEC, with the Third Circuit Court ruling that the agency's rejection of Coinbase's 2022 petition for crypto-specific regulations was “arbitrary and capricious.” The court criticized the SEC's brief response and emphasized the need for clear guidelines in the crypto industry. This ruling comes as the SEC anticipates leadership changes, which may lead to a more favorable regulatory environment for digital assets.
SEC Chair Gary Gensler's ambitious regulatory changes are facing significant setbacks, particularly from the Fifth Circuit, with many efforts likely to be reversed under the incoming Trump administration. Ann Lipton from Tulane University notes that the crypto industry is expected to receive tailored disclosure requirements that better align with its unique operations.
Outgoing SEC Chair Gary Gensler reflects on his tenure, emphasizing the agency's approach to cryptocurrency regulation and the lack of classification of assets like bitcoin and ethereum as securities. He suggests that voters prioritize economic issues over crypto in the upcoming elections and highlights the speculative nature of many crypto projects. Gensler also discusses Coinbase's regulatory efforts and the implications of artificial intelligence in finance.
Gary Gensler, the outgoing SEC Chair, stated that the 2024 presidential election was not influenced by crypto money, despite some fundraising from the sector. He emphasized the speculative nature of crypto and its non-compliance with laws, while the SEC has pursued enforcement actions against major crypto firms. As Gensler departs, Trump plans to nominate Paul Atkins as his successor, with ongoing legal challenges from companies like Coinbase and Ripple against SEC policies.
Outgoing SEC Chair Gary Gensler has differentiated Bitcoin from other cryptocurrencies, suggesting it could evolve into a valuable asset akin to gold, despite its speculative nature. He emphasized that other digital assets must demonstrate real use cases to survive, while continuing to criticize the crypto industry for its prevalence of bad actors. Gensler, who has never owned Bitcoin or any cryptocurrency, is set to resign next week as the SEC faces a regulatory shift under a new administration.
JPMorgan Chase forecasts that potential exchange-traded funds (ETFs) for Solana (SOL) and XRP could attract between $3-8 billion each, totaling up to $16 billion. This prediction is based on adoption rates observed in existing Bitcoin and Ethereum ETFs. Ripple CEO Brad Garlinghouse has expressed optimism about the eventual approval of an XRP ETF, highlighting the trend towards diversification in investment strategies.
Gary Gensler, in his exit interview as SEC Chair, described Bitcoin as a "highly speculative" yet unique asset, akin to gold, and emphasized the need for strict regulations to protect investors in the crypto space. He highlighted his tenure's reforms, including reducing trade settlement times, while warning of risks from AI and leveraged markets. Gensler defended the SEC's litigation-heavy approach, asserting that many crypto projects fail to comply with existing laws.
SEC Chair Gary Gensler described Bitcoin as a highly speculative asset with global appeal, likening its popularity to gold. He cautioned that most cryptocurrencies, aside from Bitcoin, may fall under securities regulations to protect investors from fraud. Gensler's tenure included the approval of Bitcoin and Ether ETFs and emphasized the need for compliance within the crypto market.
Ripple's XRP has surged 13% to a monthly high, outperforming major rivals amid a broader market recovery. Key factors include significant whale activity, with over a billion XRP acquired in 48 hours, and an anticipated shift in the legal battle with the SEC, as the agency prepares to file an opening brief. Additionally, rumors of a partnership with Cardano suggest potential collaboration on Ripple's stablecoin launch.
JPMorgan forecasts that a spot-based XRP exchange-traded fund (ETF) could attract between $3 billion to $8 billion in investments, following the success of Bitcoin and Ethereum ETFs. With a favorable regulatory environment expected under the upcoming U.S. administration and a new SEC chair, several companies, including Bitwise and WisdomTree, are already seeking approval for XRP ETFs. The approval process is anticipated to accelerate, potentially leading to significant market interest in XRP.
Gary Gensler
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