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Gensler Needs To Be Fired According To United States Congressman

Return to Crypto blogs
Haider Jamal
December 29,2023

If U.S. Congressman Warren Davidson gets his way, the volatile environment of the Securities and Exchange Commission (SEC) is set to undergo considerable change. Davidson has openly announced 2024 as the optimum time to fire Gary Gensler, the current SEC Chair, in a passionate plea for change. His audacious allegation is more than just a declaration of purpose, as it reflects growing dissatisfaction with the leadership of the SEC and its operational direction so far.

A time for change

Davidson has been a vociferous opponent of the SEC for a while now, particularly in its dealings with the emerging digital asset sector. The SEC has adopted what many regard as an overly tough and enforcement focused regulatory posture under Gensler.

This tactic has not only alienated major stakeholders in the cryptocurrency business, but it has also cast doubt on the overall regulatory effectiveness and impartiality of the SEC in general. Congressman Davidson has put his criticism into action by introducing the SEC Stabilization Act. If passed, this bill will drastically alter the SEC, potentially forcing Gensler out of his current job. 

A long way to go

The legislative proposal is more than just a criticism of Gensler, as it is a larger push for SEC change. The legislation aims to improve the accountability, openness, and responsiveness of the agency to the growing needs and dynamics of modern financial markets. By campaigning for the elimination of the accredited investor restriction, Davidson hopes to democratize investment opportunities, perhaps allowing a broader spectrum of investors to engage in profitable market deals.

The idea, while audacious and perhaps transformative, faces a difficult road ahead. To remove a sitting SEC Chair, significant political maneuvering and legislative impediments must be overcome. It takes not only the support of colleagues in the legislature, but also a persuasive case that can survive scrutiny by Congress and beyond.

 







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January 22,2025

Texas Saves $18B In Energy Costs Through Bitcoin Mining

Bitcoin (BTC) mining has reportedly saved Texas an estimated $18 billion in energy costs by eliminating the need for expensive gas peaker plants.

 

A Viable Alternative
A report published by the Digital Assets Research Institute highlighted the contributions of Electric Reliability Council of Texas (ERCOT) CEO Brad Jones, who identified Bitcoin mining as a viable alternative to stabilize the Texas electrical grid.

Traditionally, natural gas-fired peaker plants have been used for this purpose, but their high costs, environmental impact, and inefficiency have made them less appealing. The report noted that Bitcoin mining offers a more flexible and environmentally friendly solution, producing significantly fewer emissions compared to gas peaker plants.

 

A Crucial Role
Bitcoin miners play a critical role in stabilizing power grids. They ramp up operations during periods of excess electricity supply and scale back significantly during times of high demand, such as extreme weather events.

This flexibility enables grid operators to reduce dependence on less efficient power plants and better integrate renewable energy sources like solar and wind, which are often underutilized during peak demand periods.

 

January 22,2025

Hester Peirce Will Lead New U.S. Crypto Task Force

Hester Peirce of the U.S. Securities and Exchange Commission (SEC) has been tapped to lead a new crypto task force aimed at establishing a sensible regulatory framework for the agency. The initiative was announced on Tuesday by newly appointed acting Chair Mark Uyeda.

 

Clearing All Ambiguities

Thus far, the SEC has largely relied on enforcement actions to regulate crypto in a retroactive and reactive manner, frequently employing novel and untested legal interpretations. There remains significant ambiguity about registration requirements and practical solutions for entities seeking to comply.

The formation of the task force signals a potential shift in crypto regulation at the SEC, particularly in the wake of former Chair Gary Gensler finally leaving. Gensler had frequently asserted that most cryptocurrencies qualify as securities and urged crypto firms to register with the agency. However, many in the industry pushed back, arguing that these rules are outdated and ill-suited to the unique nature of digital assets. 

 

Safe Harbor Period

Acting Chair Uyeda has been a vocal critic of the SEC and described its crypto strategy as a disaster while emphasizing the need for clearer guidance. Commissioner Peirce, who has long been an advocate for a more innovation-friendly approach, previously proposed a three-year safe harbor period allowing blockchain projects to develop without immediately complying with certain federal securities laws.

The task force will be supported by two advisers, namely Richard Gabbert, who will serve as Chief of Staff, and Taylor Asher, who will take on the role of Chief Policy advisor. The group will prioritize creating clear regulations, establishing realistic paths to registration, ensuring robust disclosure practices, and applying enforcement judiciously. The agency stressed that these efforts will remain within the boundaries of its congressional mandate.

 

January 22,2025

New Regulations May Force Coinbase To Delist USDT

Coinbase CEO Brian Armstrong has suggested the exchange might delist USDT if new U.S. regulations require stricter compliance.

 

Committed To Compliance

The remarks by the CEO come as the crypto industry braces for potential rules mandating stablecoins to be fully backed by U.S. Treasury bonds and subject to regular audits.

Although Tether holds a significant portion of its reserves in Treasury bonds, its diversification into assets like Bitcoin (BTC) and gold could put it at odds with such regulations. Still, Armstrong emphasized that Coinbase remains fully committed to compliance, even if it means removing USDT.

 

Stablecoin Competition Heats Up

As a major shareholder in Circle, the issuer of USDC, Coinbase could benefit via a regulatory environment favoring USDC over competitors. The move could significantly shift the $218 billion stablecoin market, with both USDC and RLUSD poised to experience significant gains if USDT falters.

In any case, this potential delisting underscores the growing regulatory scrutiny in the U.S., which may disrupt non-U.S. entities like Tether, reshaping the global stablecoin landscape.

 

January 22,2025

President Trump Fulfils Promise And Pardons Ross Ulbricht

U.S. President Donald Trump has officially fulfilled his promise to pardon Ross Ulbricht, the founder of the infamous Silk Road darknet marketplace. In May 2024, during his campaign, Trump pledged to pardon Ulbricht on his first day back in office if re-elected.

The Silk Road Story

Ulbricht gained notoriety in October 2013 as the mastermind behind the pseudonym Dread Pirate Roberts (DPR). The then 30-year-old Ph.D. student, researching solar cells, was arrested at the Glen Park Branch Library in San Francisco. Authorities alleged he was the brain behind one of the largest darknet marketplaces ever uncovered.

Launched in 2011, Silk Road became a sensation for leveraging anonymity tools like Tor and Bitcoin (BTC). It provided a platform for users to purchase items, predominantly illicit drugs like MDMA, without disclosing personal details.

More importantly, Silk Road was one of the first large-scale marketplaces to adopt Bitcoin as its primary currency. This played a pivotal role in many regulators linking BTC to illegal activities and tarnishing its reputation as a tool for criminal enterprises.

Controversies Surrounding The Case

After his arrest, several inconsistencies in the Ulbricht case surfaced. Ross admitted to creating the Silk Road marketplace but claimed he was no longer operating it at the time of his arrest. Allegations of corruption among key investigators further clouded the proceedings.

Ulbricht was eventually sentenced to two life terms plus 40 years in prison for seven charges, including narcotics trafficking, distributing drugs online, and conspiracy to commit money laundering.

The sentencing drew criticism for its severity, especially when compared to Thomas White, the operator of Silk Road 2.0, who received just five years and four months in prison.

 

January 21,2025

Gensler Finally Leaves As Mark Uyeda Named Acting SEC Chair

Donald Trump has appointed Mark Uyeda, a senior official at the U.S. Securities and Exchange Commission (SEC), to temporarily lead the agency until a permanent chair is confirmed.

The move came shortly after Trump was sworn in as the 47th President of the United States during his inauguration.

 

An Unsustainable Environment

Uyeda, a Republican commissioner, has repeatedly criticized the SEC and its crypto enforcement under former Chair Gary Gensler, calling it a poorly conceived crypto policy and advocating for clearer regulations.

The environment which has been created for crypto markets, especially in secondary trading, is unsustainable, Uyeda said in March, alongside fellow Commissioner Hester Peirce. With Gensler leaving and a Republican majority, the SEC is expected to significantly shift its approach to crypto.

 

Clarity Is Key

Uyeda and Peirce are considering starting a process for clearer crypto guidance, which could include reviewing pending enforcement cases. Uyeda previously served as counsel to former Rep. Pat Toomey and SEC Commissioners Michael Piwowar and Paul Atkins.

Interestingly, Atkins, a crypto supporter, was recently named to lead the SEC, pending Senate confirmation. Trump also appointed Travis Hill as the acting Chair of the Federal Deposit Insurance Corporation (FDIC), following remarks by Hill concerning clearer crypto regulations for banks.

 

January 21,2025

Bitcoin Reaches Record Breaking Holiday Volume

David Lawant, the Head of Research at FalconX, reported that Bitcoin (BTC) saw an astounding $46 billion in spot trading volume this past Monday.

This marks the largest holiday/weekend trading volume ever recorded, according to Lawant, and it also ranks as the fifth-highest volume in the entire history of Bitcoin.

 

BTC Hits New ATH

In related news, Bitcoin recently hit an all-time high of $109,356. However, the rally was brief, with the flagship crypto quickly retracing to below $100,000 on the same day, forming a bearish candlestick pattern. Meanwhile, the stock markets were closed on Monday in observance of Martin Luther King Jr. Day.

At the time of writing, Bitcoin was trading at around $101,650. Over the last 24 hours, a total of $747.71 million worth of crypto has been liquidated, according to data by CoinGlass.

 

Strategic Reserve Woes

The market reaction was partly influenced by the lack of an announcement regarding the establishment of a U.S. Bitcoin reserve, which had been anticipated by many. With the chances of such a reserve being implemented in the next 100 days now reduced to just 33%, this disappointment likely contributed to the significant Bitcoin pullback.

Still, with Donald Trump finally being sworn in as the 47th President of the United States earlier this week and officially firing Gary Gensler as SEC Chair, many are hopeful that Bitcoin can reach new heights before long.

 

January 21,2025

Hackers Compromise Trump Themed X Account

The X account @TrumpDailyPosts has been compromised by hackers who are using it to promote fake meme coin addresses. The breached account has been persistently pushing fraudulent meme coins, including the $POWER token.

 

An Organized Attack

Scam Sniffer reports that hackers are repeatedly creating and deleting scam-related posts. Users should remain cautious about the credibility of any investment claim coming through this account and should always double-check any offers.
It has also come to light that the gas source for the creator of the fraudulent $POWER token address matches the same platform involved in a recent hack targeting a MetaMask co-founder. In that incident, hackers were promoting meme coins and were believed to have made over 1,000 SOL. This suggests that a highly organized cyber-criminal group is now targeting well-known crypto figures and organizations.

 

A Growing Threat
The rise in scammers using social media accounts to promote fraudulent tokens is worrying. The trust followers place in these accounts can easily be exploited by hackers, allowing them to generate significant profits. The @TrumpDailyPosts hack serves as a stark reminder that cybercriminals are evolving their tactics, utilizing meme coins and social media to carry out their schemes.

As these trends increase, detecting fake tokens and scams is becoming more challenging. Mobile platforms and their users must take proactive measures to safeguard against these threats. Users should exercise caution when encountering meme coins and remember that security should always take precedence over potential gains.

 

January 21,2025

El Salvador Keeps Buying More Bitcoin Despite IMF Deal

El Salvador has acquired 12 Bitcoin (BTC) for its reserve over the past 24 hours, despite a previous agreement with the International Monetary Fund (IMF) to scale back certain crypto-related policies in the country.

 

More Bitcoin

On January 19th, the El Salvador National Bitcoin Office announced it had purchased 11 Bitcoin for its Strategic Bitcoin Reserve, valued at more than $1 million. Additionally, the country bought 1 more Bitcoin on January 20th for $106,000.

El Salvador now holds a total of 6,044 BTC, with an approximate value of $610 million based on Bitcoin trading around $101,000, according to CoinGecko. The overall Bitcoin holdings are now worth over $617 million.

 

The IMF Deal

Back in December, President Nayib Bukele and his administration reached a $1.4 billion financing agreement with the IMF, which included a commitment to reduce certain Bitcoin-related activities as part of the deal.

As part of the agreement, El Salvador made Bitcoin acceptance by the private sector voluntary and began unwinding government involvement in the Chivo crypto wallet. However, just one day after signing the deal, El Salvador purchased $1 million worth of Bitcoin. National Bitcoin Office Director Stacy Herbert reiterated that the Bitcoin strategy remains unchanged, despite the purchase.

 

January 20,2025

Melania Trump Launches Her Own Meme Coin On Solana

Melania Trump has launched her own meme coin, $MELANIA. The launch not only coincides with her husband, Donald Trump, about to be inaugurated as United States President, but also comes shortly after he launched his own meme coin, $TRUMP.

 

A 2,000% Increase

Unsurprisingly, many are eager to learn how to purchase the brand new meme coin. $MELANIA, like other meme coins can be traded or exchanged for other cryptocurrencies or fiat currencies on exchanges like Raydium or Meteora.

Like $TRUMP, it has been created and is tracked on the Solana (SOL) blockchain, known for its fast transaction speeds and lower fees compared to other networks like Ethereum (ETH). As of 8:00 AM on January 20th (IST), $MELANIA was trading at $0.1261, marking an astounding 2160.31% increase in value since its launch.

 

A Rapid Rise

With a market capitalization of $5.71 million, $MELANIA has quickly gained attention, reflecting the ongoing interest in meme coins as a speculative investment opportunity. According to CoinMarketCap, the rapid rise of the meme coin has quickly placed it on the radar of traders and investors looking to capitalize on this volatile but potentially lucrative market.

January 20,2025

Legendary Hacker Claims No Crypto Asset Is Safe

Renowned hacker George Hotz recently made a provocative statement, humorously claiming that no crypto assets are truly safe.

 

The Quantum Effect

The statement by George follows the release of the new o3 model by OpenAI, which allegedly discovered a polynomial time factoring algorithm that could break down large numbers and potentially compromise the security of cryptographic systems.

However, experts argue that it is highly unlikely crypto security would be threatened in this way without the development of large-scale quantum computing, with such an algorithm potentially being one of the greatest inventions of the century.

 

More Than Meets The Eye

Hotz also linked to an Axios article discussing concerns among computer science students about AI potentially replacing their roles, given the impressive programming capabilities of the o3 model that surpass most developers.

Regardless, Blockstream CEO Adam Back described the claims about the cryptography-breaking algorithm as highly dubious, noting that the Axios article does not mention the algorithm at all. Some have even suggested the statement might be a misunderstood joke, possibly aimed at the sensational headlines surrounding AI development.

 

January 20,2025

Thailand Crypto Sandbox To Be Launched Later This Year

Former Thai Prime Minister Thaksin Shinawatra revealed that a cryptocurrency sandbox is set to be launched in Phuket by October, 2025. He also mentioned that Thailand will not accept high-risk cryptocurrencies such as meme coins like $TRUMP and $MELANIA.

 

A Proactive Approach

In a discussion about the ASEAN economy, Thaksin emphasized the proactive approach that Thailand has adopted toward cryptocurrency development, especially in contrast to other regional nations, particularly after Donald Trump once again became U.S. President.

He pointed out that due to this approach, many other ASEAN countries are eager to collaborate with Thailand on cryptocurrency discussions, seeing it as an opportunity to inject capital into their respective economies.

 

TIme Is Of The Essence

When asked about his recent statements on inviting ASEAN countries to join in talks, Thaksin confirmed that such discussions are ongoing. He stressed the importance of adopting cryptocurrencies swiftly to prevent the migration of top talent to the United States.

Thaksin further clarified that cryptocurrencies should not be mistaken for gambling, explaining that they represent a new type of currency, supported by assets like gold or government bonds, referred to as stablecoins, which carry less risk compared to traditional currencies.

 

January 20,2025

TikTok Gets Unbanned After Reaching Agreement With Internet Providers

Only a day after it was banned in the U.S., TikTok revealed that it has successfully reached an agreement with Internet service providers to restore its services, following disruptions.

Multiple core features of the TikTok app had been reinstated, and its website was back up and running smoothly by Jan 20th. The decision was reached after countless U.S. citizens complained about their freedom of speech being curtailed.

 

Increasing Scrutiny

TikTok, much like other major tech platforms, has been trying to navigate increasing scrutiny by regulators and governments across the globe. In particular, concerns around data privacy and security have been central to these discussions, with some experts drawing parallels between the scrutiny of TikTok and the regulatory challenges faced by the crypto industry.

In both sectors, the tension between innovation and government oversight continues to escalate, with both facing pressure to balance user freedoms and security alongside maintaining an edge in technological innovation.

 

Crypto And Social Media

For the crypto space, the restoration of services on a platform like TikTok might hold significance beyond just social media. TikTok has millions of users worldwide and has routinely featured crypto-related content such as tutorial videos and meme coin related investments by influencers.

This intersection of social media and crypto regulation will likely be a critical area to watch, as it could set important precedents for how digital economies interact with traditional regulatory frameworks.