During an ongoing hearing, U.S. House Financial Services Committee Chairman Patrick McHenry posed a question to Securities and Exchange Commission (SEC) Chairman Gary Gensler, asking, "Why is Bitcoin not a security?" Chairman Gensler initially attempted to avoid giving a direct response but eventually stated, "Bitcoin is not a security because it does not meet the subtest," implying that Bitcoin doesn't meet the criteria used to classify financial instruments as securities under existing regulations.
This distinction is significant because securities are subject to specific regulatory frameworks that cryptocurrencies like Bitcoin typically do not fall under. Gensler's response aligns with the SEC's previous stance that Bitcoin and Ethereum are not considered securities due to their decentralized nature. 📜💼 #Bitcoin #SEC #CryptocurrencyRegulation

**Breaking News:** 🇨🇳 China's Foreign Exchange Administration to implement an ordinance from January 1 next year, mandating banks to promptly report suspected illegal cryptocurrency transactions to the National Tax Service. #CryptocurrencyRegulation 📅🏦🚫

CFTC Chairman Behnam acknowledges cryptocurrency's potential and rapid growth 🚀 Calls for Congress to intervene and provide a clear regulatory framework for digital assets 🏛️ #BitcoinWorld #CryptocurrencyRegulation

**Coinbase Challenges SEC** 💼: In the ongoing lawsuit with the SEC, Coinbase's final dismissal request argues that the SEC has failed to demonstrate that cryptocurrencies listed on the platform are not securities and emphasizes the agency's limited regulatory authority over the crypto market. 🏛️💬 #Coinbase #SEC #CryptocurrencyRegulation 📝🤝

**Breaking News:** 📄🌐 Tether Addresses Reports of Cryptocurrency Misuse for Terrorism Financing #CryptoNews - Tether responds to recent reports of incorrect data regarding cryptocurrency's use in financing terrorism, emphasizing its commitment to compliance with regulations and strict monitoring to prevent any breach. Tether is collaborating with 31 regulatory agencies in 19 jurisdictions to combat illegal activities. 🔍🕵️‍♂️ #CryptocurrencyRegulation

"⚖️📣 SEC Action Against Titan: The U.S. Securities and Exchange Commission (SEC) has charged investment platform Titan for alleged false advertising, user rights infringement, and unfair contract terms in their cryptocurrency services. Titan's cryptocurrency investment product 'Titan Crypto' claimed astonishing returns up to 2700% annually. A case highlighting regulatory vigilance. 🕵️‍♂️🚫 #SECAction #CryptocurrencyRegulation #BitcoinWorld"

SEC Chairman Gary Gensler expressed concerns about fraud, scams, and money laundering in the cryptocurrency industry and stressed the need for industry players to adhere to the same regulatory standards as traditional finance. 🕵️‍♂️💼 #SEC #CryptocurrencyRegulation

SEC Chairman Gensler warns crypto investors of fraud and manipulation, advises scrutiny on token use cases 🕵️‍♂️ SEC proud of its handling of crypto-related cases 🏛️ #BitcoinWorld #CryptocurrencyRegulation

During the U.S. Securities and Exchange Commission (SEC) Chairman Gary Gensler's hearing at the U.S. House of Representatives Financial Services Committee, pro-cryptocurrency U.S. Republican Congressman Tom Emmer was present as a witness. Congressman Emmer expressed his views by pointing out Chairman Gensler's perceived allegiance to traditional Wall Street banks and suggested that this loyalty might impede the fairness of the SEC as a regulatory agency.
Emmer highlighted Gensler's background, which includes 18 years of experience as a partner and co-financial officer at the prominent bank Goldman Sachs. He argued that this background could potentially lead to close ties with Wall Street financial institutions, which could limit the SEC's ability to act as a neutral and fair regulator.
These statements reflect the ongoing debates and discussions surrounding the regulation of cryptocurrencies and the role of regulatory bodies like the SEC in the crypto space. Cryptocurrency regulation is a complex and evolving topic that involves various stakeholders with differing perspectives. 🏛️🪙 #SEC #CryptocurrencyRegulation #CryptoNews

🇺🇸 US Congressman Ritchie Torres has called on SEC Chair Gary Gensler to halt what he perceives as an attack on the cryptocurrency industry, arguing that cryptocurrencies should not be classified as securities. This stance reflects the ongoing debate and regulatory scrutiny surrounding the classification and oversight of digital assets in the United States. 💼🚫🔒 #CryptocurrencyRegulation

**Breaking News:** 🇳🇬 Nigeria lifts ban on banks' cryptocurrency accounts, easing regulations per official document; a move away from the previous ban on cryptocurrency trading for citizens. 🏦🪙 #CryptocurrencyRegulation

💰 Starting July 2024, interest may be paid on funds deposited in virtual asset exchanges, but with limitations and restrictions, including excluding NFTs and deposit tokens, and requiring operators to hold 100% of users' virtual assets. #CryptocurrencyRegulation 🏦💱💰 Starting July 2024, interest may be paid on funds deposited in virtual asset exchanges, but with limitations and restrictions, including excluding NFTs and deposit tokens, and requiring operators to hold 100% of users' virtual assets. #CryptocurrencyRegulation #CryptocurrencyRegulation interest may be paid on funds deposited in virtual asset exchanges, but with limitations and restrictions, including excluding NFTs and deposit tokens, and requiring operators to hold 100% of users' virtual assets. #CryptocurrencyRegulation 🏦💱

**SEC Opposes Coinbase's Motion to Dismiss Lawsuit** ⚖️🏦
The U.S. Securities and Exchange Commission (SEC) has submitted a dissenting opinion to the court, urging the dismissal of Coinbase's motion to dismiss the lawsuit. Last June, the SEC charged Coinbase with operating an unregistered exchange, and in August, Coinbase filed a motion seeking the lawsuit's dismissal. According to CoinDesk, the SEC stated that the case centers on whether Coinbase facilitated investment contract transactions and whether its customers are entitled to the protections provided by federal securities laws. The SEC emphasized that Coinbase is attempting to shift blame onto the SEC to avoid addressing these fundamental questions.
#SEC #Coinbase #Lawsuit #CryptocurrencyRegulation #LegalNews

SEC Chairman Gensler keeps the details about BTC spot ETF decision close to the chest, highlighting the ongoing uncertainties in the cryptocurrency industry. 🤐🚀 #SEC #BTCETF #CryptocurrencyRegulation

📢 John E Deaton, a Ripple supporter and US lawyer, offers to testify in favor of cryptocurrency protection and highlights the importance of standing together in the industry to influence future regulation. 🗣️💼 #CryptocurrencyRegulation

📰 Crypto media outlet WooBlockchain suggests: CFTC's request for user data from Coinbase may impact Bybit; if the exchange confirms American users' cryptocurrency transfers, it could strengthen allegations of illegal services to US users. CFTC previously issued a subpoena to Coinbase for user account and transaction history. #CFTC #CryptocurrencyRegulation #coinbase

🇺🇸 The Bitcoin Policy Institute, a U.S. think tank, expressed concerns about FinCen's CVC regulation proposal, citing potential misclassification of layer 2 protocols like the Lightning Network as mixers and potential negative impacts on self-custodial wallets. They emphasized the need for specific, protective solutions in cryptocurrency regulation. 🚫💼 #CryptocurrencyRegulation

**Breaking news:** 🇨🇾 Cyprus Ministry of Finance aims to amend the Anti-Money Laundering Act, mandating registration of all cryptocurrency service providers with the regulator, aligning with FATF guidelines to combat money laundering and terrorist financing. The proposed changes also introduce penalties for registration violations, potentially leading to fines of up to 350,000 euros or imprisonment for up to five years. 📜💼 #Cyprus #AML #CryptocurrencyRegulation

⚖️ Legal Action Against Shikongyun Amidst Investigations 🔍📉

Shikongyun, China's largest Filecoin (FIL) mining service provider, is facing legal action as prosecutors allege the company's involvement in a multi-level selling scheme, resulting in approximately $100 million in sales. The situation is part of a broader context where several Chinese Filecoin companies and their founders are currently under investigation by Chinese law enforcement agencies. This legal action and investigations mark a significant development in the regulatory landscape of the cryptocurrency industry in China. Stay tuned for further updates on this evolving situation. 🕵️‍♂️🔒 #ShikongyunLawsuit #CryptocurrencyRegulation #FilecoinChina