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Congress will likely decide the fate of crypto jurisdiction — Lummis staffer
BRAYDEN LINDREA
8 HOURS AGO
U.S. Congress will need to step in to decide who gets crypto regulation bragging rights if the SEC and CFTC cannot resolve the issue internally.
A United States Senator Cynthia Lummis staffer believes that United States Congress will have to step in and resolve the dispute between the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) regarding who regulates cryptocurrencies if the matter cannot be resolved internally.
The issue stems from 2014, when the CFTC first asserted jurisdiction over virtual currencies. This was later reaffirmed by a U.S. Federal Court ruling in 2018, which stated that the CFTC had jurisdiction to prosecute criminals over fraud cases involving virtual currencies. However, it has been the SEC that has predominantly been investigating U.S.-based crypto exchanges and crypto assets to date.
On Wednesday, Senators Debbie Stabenow of Michigan and John Boozman of Arkansas introduced the Digital Commodities Consumer Protection Act of 2022 (DCCPA). If the bill is passed into law by the U.S. legislature, the CFTC would be granted rights to regulate digital commodities.
Most notably, the DCCPA would class both Bitcoin (BTC) and Ether (ETH) as digital commodities and not securities. This is particularly significant because SEC chairman Gary Gensler recently said in an interview with U.S. business news channel CNBC that BTC is the only cryptocurrency he is comfortable with labeling as a commodity:
“Some, like Bitcoin — and that’s the only one I’m going to say because I’m not going to talk about any one of these tokens, but my predecessors and others have said they’re a commodity.”
Despite the tension, however, Lummis’ staffer thinks the DCCPA bill has less than a 50% chance of being passed this year:
“The only way either bill would pass this year is if a catastrophic black swan event, like a major U.S. exchange collapsing, could rally lawmakers.”
The news comes after the SEC has begun investigating the $20 billion crypto exchange Coinbase, but Lummis’ staffer also stated that every U.S.-based crypto exchange is under investigation in some form.
Under U.S. law, the Howey test determines whether a transaction constitutes an investment contract (security). The test states that an investment contract exists “when there is the investment of money in a common enterprise with a reasonable expectation of profits to be derived from the efforts of others.”
If ETH, or any crypto asset for that matter, is found to fall within this definition, then U.S.-based crypto exchanges would be illegally trading securities. The SEC recently listed nine crypto-assets as securities.
https://cointelegraph.com/news/congress-will-likely-decide-the-fate-of-crypto-jurisdiction-lummis-staffer
Bitcoin (BTC) and Ethereum (ETH) To Be Policed by CFTC Under New US Senate Proposal: Report
Daily Hodl Staff August 4, 2022 BITCOIN, ETHEREUM, REGULATORS
The push to regulate cryptocurrencies such as Bitcoin (BTC) and Ethereum (ETH) forges ahead as a bipartisan bill has been submitted to the United States Senate.
According to a new Wall Street Journal report, Michigan Democrat Debbie Stabenow who chairs the Senate Agriculture Committee is joining with Arkansas Republican John Boozman to empower the Commodity Futures Trading Commission (CFTC) to regulate the crypto spot markets via a new class of assets called “digital commodities.”
The article refers to the legislation as the latest salvo in a “competition for jurisdiction” between numerous government bodies and agencies, including the U.S. Securities and Exchange Commission (SEC) and the Federal Reserve.
While the proposed legislation does not include “securities” as part of the newly defined asset class, cryptocurrency exchanges such as Coinbase and FTX would fall under the CFTC’s jurisdiction. They would be required to register with the agency and offer consumer protections.
Boozman said of the new Digital Commodities Consumer Protection Act of 2022 proposal,
“This fast-growing industry is currently governed largely by a patchwork of regulations at the state level. That simply is not an effective way to protect consumers from fraud.
Our bill will empower the CFTC with exclusive jurisdiction over the digital commodities spot market, which will lead to more safeguards for consumers, market integrity and innovation in the digital commodities space.”
The Stabenow-Boozman bill represents the third instance of Senators proposing bills affecting cryptocurrencies in the past two months.
Last Wednesday, Republican Pat Toomey of Pennsylvania and Arizona Democrat Kyrsten Sinema put forth a new measure called “The Virtual Currency Tax Fairness Act” that would exempt small personal crypto transactions from taxation.
The bill will exclude personal crypto transactions worth less than $50 or with gains under $50 from being subjected to capital gains tax. Under the current system, people who use digital assets to pay for goods and services owe capital gains taxes when the value of the coin increases.
Back in early June, another bipartisan proposal from Senators Cynthia Lummis (R-WY) and Kirsten Gillibrand (D-NY) sought to establish a regulatory framework for the crypto industry.
Gillibrand said of The Responsible Financial Innovation Act,
“It is critical that the United States play a leading role in developing policy to regulate new financial products, while also encouraging innovation and protecting consumers.
[This] is a landmark bill that will establish a regulatory framework that spurs innovation, develops clear standards, defines appropriate jurisdictional boundaries and protects consumers.
[It] will provide clarity to both industry and regulators, while also maintaining the flexibility to account for the ongoing evolution of the digital assets market.”
https://dailyhodl.com/2022/08/04/bitcoin-btc-and-ethereum-eth-to-be-policed-by-cftc-under-new-us-senate-proposal-report/
Durrrrr......... really?
Eth will flip btc. The XRP will flip all. The dollar is gone thanks to a fake Biden administration/govt.
#2 isn't a bad place to be sitting, even if ETH stays at 20% of BTC's value.
Let BTC finally hit 100k, I'll take $20,000 ETH all day
Doubt it also. I see Ethereum being worth about 10% of Bitcoin, even at higher prices.
$ETHUSD
I don't see ETH sniffing #1 any time soon, not until there is an actual deflationary system put in place... Staking will just continue to deflate value as interest rewards are paid out and new ETH is generated to accomplish this.
All POS blockchains endlessly increase coin supply in circulation.
This is why POS systems are so desirable for the banks. The one with the most ETH makes the rules.
If there is a POS network that doesn't endlessly increase coin supply to account for interest rewards, please do tell. I would be very interested in taking a deep DD dive into it!
Ethereum roaring right back!
It was only a matter of time. Staking is just around the corner.
$ETHUSD
Hey Panzer, thanks for the response. Paytiently waiting here.
Not Yet......
Serious Crypto investors still see BTC as Digital Gold and ETH as a "system" or a Digital Bond
After ALL this merging and forking, shadow forking and 99% more "green" crap is complete and settles in, we'll see if ETH can maybe begin to think about sniffing the #1 spot
This is Fun! Go Flippers! $ETHE $ETH Premium World Computer Ape Strong!
Liking the price action here... I chuckle when I see "scam" claims from those who don't understand or trade cryptos..
$ETH
She's going to $400. Eventually. Bottom, level out, shake the weak hands..flatline for a few years, maybe do 15min drops to $300 maybe little spikes to $500. Buy then kids. Look at its history since inception. F*$# the culture.
Ethereum 2.0 stakers face a 36.5% larger loss than ETH spot investors — Report
YASHU GOLA
JUL 07, 2022
The Ether losses risk becoming steeper due to unfavorable technical and macroeconomic indicators.
https://cointelegraph.com/news/ethereum-2-0-stakers-face-a-36-5-larger-loss-than-eth-spot-investors-report
Now that would be a Miracle..but far from impossible. Lol. Sadly Coins are trading the pattern of the Stick market. Until the Bull comes again which i say is 9-36 months i dont see it happening. Ethe may be 450 at support again
Look at the Free hand out Bubble, on any Chart, the Pain COMETH!
Keep looking . . .
ETHUSD: Evidence is now in that shorts failed
Ethereum $1,000.00 did hold up very nicely. The shorts have failed to break it, and now there will probably be a sharp short squeeze. Shorts also failed to break tether. I see Ethereum $2,500.00 by end of July.
$ETHUSD (long)
#ETHUSD (long)
Official statement with NO LINK? Is this considered an amateur post to dupe average folks with misleading info? Doesn’t matter, link or not… when shorty is done playing games we all know this will bounce back with a vengeance :)
Official Statement on Ethereum and Crypto's coming Collapse:
Lmao, sure looks like a lot of shorting going on hahaha
Ethereum will fall to $0 like house of cards
Breaking: Hedge Funds Shorting Tether to $0
Just like UST/Luna went to Zero. This house of cards built on fake money is ending.
Sell everything in crypto before you lose everything.
I hope your life changes dude. I nibbled a bit, ive been nibbling on the way down for a while. Good luck.
Really wishing I used my casino money for ETH instead. Stupid pocket Kings getting cracked by dueces
$ETHE RSI 16 Big Volume Spikes Didn’t Rip The 70 Yet but Added Another +1K Filled Go Flippers! Add More $ETH Premium WorldComputer / 2.0 @SaturnProtocol CHAiNLiNK’d
Doubtful but gambling is exactly that
LOL headfake . . . this is headed right back down the stool.
Life changing opportunity to get in. I bought 4 today
I wish I could take credit, I just watch someone on YouTube. They off fibs they showed 1200 200 week ma, and it it breaks that 600 is possible. I didn't have a buy order in so shame one me
Very nice lately & congrats! Great to be in $ETH $ETHE
Eth before and Fter the harvest moon. If the coins go down the fiat will look pretty so have to see into the fiat holders
1450 10 days
I am an ethereum holder, don’t own Bitcoin. Yes I would like that very much.
The Flippening Would Be Sweet!
That’s why I said I’ll Kiss You!
Cross-chain USDT/USDC swaps between Ethereum & Algorand are now live
https://medium.com/pnetwork/cross-chain-usdt-usdc-swaps-between-ethereum-algorand-are-now-live-d20ad3601f08
ICYMI: @pNetworkDeFi’s cross-chain bridge connecting the #Algorand and Ethereum ecosystems is LIVE! Users can now transfer native USDT/USDC from Ethereum to Algorand
ICYMI: @pNetworkDeFi’s cross-chain bridge connecting the #Algorand and Ethereum ecosystems is LIVE! Users can now transfer native USDT/USDC from Ethereum to Algorand 👇 https://t.co/JE6bapC47j
— Algorand Technologies (@Algorand) June 18, 2022
Crypto Traders Turn Against Each Other in a Collapsing Market
https://finance.yahoo.com/news/crypto-traders-turn-against-other-110000697.html
leveraged crypto traders being hunted like prey...? very sad...who would do such a thing to another...in good conscience...c'est la vie...
"...Many shark traders scour blockchains -- digital ledgers for recording transactions -- seeking information on other traders, particularly those with highly leveraged positions, an anonymous user known as Omakase, a contributor to the Sushi decentralized exchange, said in an interview.
The sharks then attack the positions by trying to push them into liquidation, and earning liquidation bonuses that are common in decentralized finance (DeFi), where people trade, lend and borrow from each other without intermediaries like banks.
Related strategies may have contributed to the collapse of the TerraUSD stablecoin, with shark traders making money off price arbitrage between the Curve decentralized exchange and centralized exchanges, according to Nansen, a blockchain analytics firm.
Recent troubles at crypto lender Celsius Network were exacerbated by arbitragers as well. The price of stETh token that Celsius has a large position in started trading at a large discount from Ether, to which it’s tied.
“As stETH goes down, arbitragers buy stETH and short ETH against it, sending ETH lower, which again lowers collateral values across DeFi,” effectively worsening Celsius’s position, according to a recent Arca note.
As Omakase put it, “In a downtrend environment, where yields are harder to access, what we are going to see is some actors utilize some more aggressive strategies, and that may not be necessarily good for the community.”
“The environment has become more player vs player,” Omakase added.
With crypto prices under pressure, taking on leverage has presented an even greater peril..."
More! @99 and I’ll Kiss You $$ETH $ETHE Premium World Computer
Man that is quite a speculation. What makes you say that?
Yes! Much Appreciated
ETH will emerge from the crypto ruins as Numero uno and BTC in 2nd place.
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