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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.
Scott Bessent, nominated by President-elect Donald Trump as the next Treasury Secretary, plans to sell his stake in BlackRock’s Bitcoin ETF (IBIT) valued between $250,001 and $500,000, as part of federal ethics guidelines requiring divestment within 90 days of Senate confirmation. While his investment has garnered support in the cryptocurrency community, there is uncertainty about whether he must divest this particular asset. Bessent's confirmation could signal a pro-cryptocurrency stance in the Treasury, contrasting with current Secretary Janet Yellen's critical view of Bitcoin.
Arthur Hayes predicts a significant rally in the crypto market, peaking in mid to late March 2025, driven by a surge in dollar liquidity from the Fed's Reverse Repo Facility and Treasury General Account drawdowns. He warns, however, that political uncertainties and potential disappointments regarding Trump’s policies could pose risks, suggesting that investors may want to take profits as liquidity conditions shift. Historically, markets often present selling opportunities in the first quarter, aligning with Hayes's outlook for a market correction as spring approaches.
Arthur Hayes, CEO of BitMex, predicts a peak in the crypto market by March, citing potential extreme measures by the US to avoid hitting the debt ceiling. He notes that Bitcoin bottomed in Q3 2022 and anticipates a significant correction ahead, driven by liquidity changes and Treasury actions. Despite contrasting views from other experts expecting a prolonged bull cycle, Hayes warns of a possible 76% liquidity depletion in the crypto market.
Two US Republican lawmakers are demanding a briefing from the Treasury Department regarding a cyber breach attributed to a Chinese state-sponsored entity that accessed employee workstations. They expressed concerns over the sensitive information compromised and the adequacy of current cybersecurity protocols. The incident, which occurred on December 2, 2024, has raised alarms about the protection of federal information from foreign threats.
Bitcoin has struggled to stay above $95,000, with a notable decline in demand for leveraged positions, leading to $470 million in liquidations for bulls. Despite bears gaining short-term control, their reduced appetite suggests limited downside potential, while a 15% futures premium indicates ongoing bullish sentiment. The potential fiscal standoff in the U.S. may create uncertainty, yet Bitcoin ETFs are positioning the cryptocurrency as a viable hedge.
The Parliamentary Investigation Committee (PUK) report reveals that the collapse of Credit Suisse (CS) was exacerbated by ineffective oversight from FINMA and a lack of timely communication among Swiss officials. Despite years of significant losses, CS continued to pay out substantial bonuses, weakening its capital base. The report criticizes the regulatory framework that allowed CS to avoid necessary restructuring, ultimately leading to its merger with UBS under extreme pressure from international authorities.
Asia begins the final trading week of 2024 with a focus on the monthly 'China data dump' and central bank decisions, including a likely rate cut from the Federal Reserve. Investors remain optimistic amid easing monetary policies, while the Bank of Japan may consider a rate hike following positive business surveys. Key Chinese economic indicators, including industrial production and retail sales, are set to be released, alongside concerns over the South Korean won following President Yoon Suk Yeol's impeachment.
Swiss authorities are set to release a crucial report on their oversight of Credit Suisse's collapse, which led to its acquisition by UBS in 2023. The findings are expected to prompt discussions on stricter regulations for systemic banks, particularly regarding capital requirements, despite UBS's resistance. Early leaks indicate that FINMA and the Swiss National Bank may face scrutiny for their inaction, potentially reshaping the regulatory landscape without direct consequences for UBS.
Small businesses face potential fines of up to $10,000 for failing to comply with a new U.S. Treasury reporting requirement under the Corporate Transparency Act, aimed at curbing illicit finance. With a deadline of January 1, 2025, many businesses remain unaware or non-compliant, despite a federal court temporarily blocking enforcement. The Treasury has received about 9.5 million filings, representing only 30% of the estimated total, raising concerns about widespread violations as the deadline approaches.
Janet Yellen
People
The information provided herein is generated by experimental artificial intelligence and is for informational purposes only.
Gensler highlights Bitcoin's uniqueness amid regulatory challenges in exit interview
19:51 14.01.2025
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crypto market expected to peak in march predicts arthur hayes
23:30 07.01.2025
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