👉👉👉 Bitcoin Critic Peter Schiff Not Happy With New #SEC Rules

The SEC has recently implemented new regulations aimed at market participants involved in significant liquidity-providing activities, extending their jurisdiction to cover crypto transactions. According to these rules, individuals trading crypto assets, securities, or government securities with assets exceeding $50 million will now fall under federal securities laws.

One key aspect of these regulations is the mandate for individuals engaging in regular trading activities, providing liquidity to other market participants, to register as dealers or government #Securities dealers. The SEC's objective is to address structural challenges contributing to liquidity issues in the $26 trillion Treasury market, part of a broader effort to reform market dynamics, including increasing the volume of trades processed through clearinghouses.

However, not everyone is embracing these changes. Notably, prominent financial expert and outspoken Bitcoin critic, Peter Schiff, has vehemently opposed the SEC's decision. Schiff decried the move as regulatory overreach, arguing that the SEC lacks the authority to redefine terms like "security dealer" without explicit authorization from Congress. He raised concerns about potential repercussions, predicting higher trading costs and diminished liquidity resulting from the regulations.

Schiff's criticism highlights the ongoing debate surrounding regulatory oversight. While advocates argue for necessary measures to safeguard investors and uphold market stability, critics like Schiff caution against excessive intervention that could stifle innovation and disrupt established market dynamics.

As the SEC's new rules take effect, the clash between regulatory oversight and the principles of decentralization and autonomy in the #cryptocurrency ecosystem is expected to escalate, shaping the future landscape of digital asset markets.

Source - u.today

#CryptoNews #BinanceSquare

The U.S. #Securities and Exchange Commission 🕵️ is an independent agency of the United States🇺🇸 federal #government , created in the aftermath of the Wall Street Crash of 1929. The primary purpose of the #SEC is to enforce the law against market manipulation🧑‍⚖️

The latest slew of #crypto earmarked as securities by the SEC in the lawsuits comprises of📋:

Cosmos (ATOM)
Binance Coin (BNB)
Binance USD (BUSD)
COTI (COTI)
Chiliz (CHZ)
Near (NEAR)
Flow (FLOW)
Internet Computer (ICP)
Voyager Token (VGX)
Dash (DASH)
Nexo (NEXO)
Solana (SOL)
Cardano (ADA)
Polygon (MATIC)
Filecoin (FIL)
The Sandbox (SAND)
Decentraland (MANA)
Algorand (ALGO)
Axie Infinity (AXS)

$BTC $ETH

#ETF approval announcement antics led to ‘legit’ market rally, says Yusko

The past week’s run of green #crypto candles “started off in a funny way,” says Mark Yusko. An errant post on X announcing the US #Securities and Exchange Commission’s approval of a spot bitcoin ETF was definitely “not a good look” for crypto media, he says. 
But more interestingly, the market’s response since the futures melting slip-up has been to steadily rally upwards. Bitcoin buying action again surpassed the psychological barrier of $30,000 on Friday and has continued climbing. 

The subsequent run-up returns to prices briefly seen during the fake-out spike that caused around $100 million in hourly liquidations. The Morgan Creek Capital founder says the volatile market movement and subsequent climb indicates that an ETF approval is not yet “priced in.”

Speaking to Blockworks on the On the Margin podcast (Spotify/Apple), Yusko says that while the news itself was fake, the reaction to it was “totally legit.”
“When this is approved, there’s going to be increased demand,” he says. “It’s not ‘if.’ It’s ‘when’…and prices are going to rise.”

After the brief jump in #bitcoin ($BTC ) prices following the much-maligned announcement, Blockworks co-founder Michael Ippolito notes that the normal expectation would be for trading to return to previous levels, if not even lower, as “the wind had been taken out of people’s sails.” 

❣️"BREAKING NEWS ALERT 🚨🚨🚨🚨🚨

Coinbase faces new lawsuit alleging that ALGO, MANA, MATIC, NEAR, UNI, SOL, XLM, and XTZ tokens are securities! 🤯

What's your take on this? Share your thoughts in the comments! 💬

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#Coinbase #Lawsuit #Cryptocurrency #Securities #ALGO #NEAR #SOL #Solana #MATIC #MANA #