As a seasoned analyst with over two decades of experience navigating the complex world of finance and regulation, I find the recent developments in the crypto landscape fascinating yet concerning. The fragile bipartisan support for cryptocurrency, as mentioned by Rep. John Curtis, is a testament to the challenges we face in finding a consensus on this rapidly evolving industry. It’s crucial that we continue to engage with policymakers and educate them about the potential benefits of digital assets, while also addressing their concerns about regulation and consumer protection.
Today in the realm of cryptocurrencies, Representative John Curtis from the United States has expressed that bipartisan backing for digital currencies is quite delicate. Meanwhile, Ryan Salame, a former co-CEO of FTX, asserted that his political campaign contributions from the Republican Party may have contributed to false accusations against him. Additionally, Bitnomial has taken legal action against the United States Securities and Exchange Commission (SEC), challenging the regulator’s stance that the XRP token qualifies as a security.
Rep. Curtis discusses the “fragile” state of crypto support among regulators
Speaking at the Permissionless III conference in Salt Lake City, Utah, United States Representative John Curtis urged crypto advocates to “push” sensible digital asset regulation in the country.
When questioned about the potential for bipartisan collaboration on cryptocurrency similar to what occurred during the repeal of Staff Accounting Bulletin-121, Curtis replied, “I believe so, although it’s quite delicate.
Curtis stated that everyone involved in advocating for this matter in Washington should understand the consequence: if it devolves into a political divide, it could lead to significant obstacles ahead. Essentially, anything in Washington that takes on a partisan nature faces challenges in finding resolution.
During the panel talk, Senator Mike Lee expressed his worry that the most detrimental event for cryptocurrency might be the creation of a central bank digital currency by the Federal Reserve. Additionally, he highlighted excessive regulation by the federal government as a major issue.
Lee stated that Cryptocurrency doesn’t fall under the category of securities or commodities, but rather serves as a method for trading goods and services.
Ryan Salame claims US unfairly targeted him over Republican donations
Ryan Salame, previous joint CEO of FTX Digital Markets, expressed that he believes the U.S. government is unjustifiably focusing on him due to his political backing of the Republican Party.
On October 10th, an episode of the Tucker Carlson Show aired, and it was during this broadcast that Salame made an appearance. This appearance took place one day after the former FTX executive petitioned the court to postpone his surrender date by approximately two months due to medical reasons.
In conversation with Carlson, Salame asserted that he was falsely accused of “allegations of campaign finance infractions” for contributing to the Republican Party. He pointed out that his convicted associates, including the former FTX CEO Sam Bankman-Fried, who he claimed aided in getting Biden elected, were never implicated with similar charges:
“Correct me if I’m wrong here. You have Sam Bankman-Fried, who’s in prison for a long time, but he’s not been charged with any campaign finance violations. He gave it to Democrats.”
As a researcher, I want to clarify that Sam Bankman-Fried, also known as Salame, has not been indicted for the failure of the cryptocurrency exchange FTX. Alternatively, he is being investigated for alleged campaign finance irregularities due to borrowing funds from Alameda Research for political donations. According to him, these donations amounted to between $20 million and $30 million, which were directed towards Republican candidates.
Bitnomial sues SEC over claim that XRP is a security
Cryptocurrency platform Bitnomial filed a lawsuit against the Securities and Exchange Commission (SEC) and its five commissioners in an Illinois federal court, arguing that the SEC is exceeding its authority regarding digital assets by asserting that XRP (XRP) qualifies as a security.
As an analyst, I find it interesting how Ripple (XRP) has been characterized as being under existing regulation as a commodity. However, the Securities and Exchange Commission (SEC) seems to challenge this by asserting their jurisdiction over a product that is currently within the exclusive domain of the Commodity Futures Trading Commission (CFTC).
In simpler terms, Binance (a platform approved by the Commodity Futures Trading Commission (CFTC) for trading crypto futures) submitted an application to the CFTC to list XRP futures. However, Binance stated that the Securities and Exchange Commission (SEC) contacted them and claimed that XRP futures are considered securities. This means Binance would need to register as a securities exchange before they could list these particular products.
In simpler terms, Bitnomial stated that they can’t fulfill the necessary legal conditions to list XRP futures because, as the token’s issuer (Ripple Labs), XRP is considered a security by the SEC, and Ripple has not registered it as such yet.
“The SEC has effectively blocked Bitnomial from listing XRP futures,” it claimed.
The legal action aims to secure a ruling that XRP futures do not qualify as securities, and it also seeks an order prohibiting the Securities and Exchange Commission (SEC) from claiming authority over these derivative products or taking enforcement actions against the company for offering them.
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2024-10-13 19:26