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  • UK man sues council after denying requests to dig for lost Bitcoin hard drive in landfill

    UK man sues council after denying requests to dig for lost Bitcoin hard drive in landfill

    Crypto.com sues the US SEC after Wells notice
    • James Howell has been trying to get his lost hard drive back for 10 years
    • Howell mined 8,000 Bitcoin on his laptop after learning about Bitcoin in 2009
    • The council have denied Howell’s requests to dig due to “environmental concerns”

    A 39-year-old man is suing Newport City Council for $646 million (£495,314,800 million) in damages after losing his hard drive at a recycling center containing 8,000 Bitcoin.

    James Howell accidentally threw out his hard drive in 2013 during a household clearout. According to WalesOnline, Howell had two hard drives of the same size. One was blank, while the other contained his Bitcoin.

    He mistakenly put the one containing the Bitcoin into a black bin bag, which his then-girlfriend took to the tip. At the time of his loss, his Bitcoin was worth around $1.3 million (£1 million). However, within three months, their value had risen to around $11.7 million (£9 million).

    Howell has reached an agreement, leaving him with 30% of his Bitcoin if the hard drive is found. The remaining would be split between his backers, the recovery team, and the council.

    Howell states that despite meeting a representative of the council in 2013, he’s been “largely ignored.”

    “I’m still allocating 10% of the value for the council even though they have been problematic throughout,” he said. “That would be £41m based on today’s rate but in the future, it could be hundreds of millions.”

    Environmental concerns

    A court filing states that Howell’s hard drive is located in Cell 2- Area 2 of the Docksway landfill.

    If the hard drive is located, the dig would take around 18 to 36 months followed by 12 months of remediation work. Yet, despite promises to safely excavate the Newport site and to modernize the landfill, the council have rejected Howell’s requests to dig due to “environmental concerns.”

    Howell’s lawyers claim that the council have “simply ignored” that 10% of Bitcoin could bring “a huge and desperately needed investment in the local community.”

    Lawyers for the council argue that the hard drive belongs to the council because it was dumped at the tip. However, Howell’s lawyers deny this, claiming that the hard drive was never intended to be thrown away.

    Howell said he didn’t want to go to court, but “this is the final shot.”

    The case is expected to be heard in December.

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  • MicroStrategy’s endgame is to be the leading Bitcoin bank: Michael Saylor

    MicroStrategy’s endgame is to be the leading Bitcoin bank: Michael Saylor

    MicroStrategy’s endgame is to be the leading Bitcoin bank Michael Saylor
    • MicroStrategy aims to become the world’s leading Bitcoin bank, holding 252,220 BTC.
    • The company invests borrowed funds in Bitcoin, expecting 29% annual returns.
    • Saylor’s goal is to grow MicroStrategy into a trillion-dollar bitcoin-driven entity.

    Michael Saylor, founder and executive chairman of MicroStrategy, in an interview with analysts at research and brokerage firm Bernstein outlined a clear vision for the future of his company. According to Saylor, MicroStrategy aims to become the world’s leading Bitcoin bank.

    Saylor believes that Bitcoin (BTC) is not only the top-performing asset of the 21st century but also the cornerstone of a revolutionary financial system and his ultimate goal is for MicroStrategy to transform into a trillion-dollar company by leveraging the potential of Bitcoin (BTC).

    MicroStrategy’s Bitcoin accumulation strategy

    MicroStrategy’s recent acquisition of 7,420 BTC demonstrates its aggressive approach toward bitcoin accumulation, using both debt and equity to maximize returns. The company’s total investment in BTC is estimated to have cost around $9.9 billion, alongside a debt burden of $4 billion.

    As a result, MicroStrategy now controls about 1.2% of the total Bitcoin supply, reinforcing its prominent position in the market.

    Currently, with over 252,220 BTC in its reserves, currently valued at more than $15 billion, MicroStrategy holds the title of the largest corporate Bitcoin holder globally.

    Saylor’s long-term thesis is that Bitcoin’s scarcity and volatility make it a superior asset for hedging against inflation and storing value. He foresees Bitcoin eventually reaching millions of dollars per coin, and with continued investment, MicroStrategy could grow into a trillion-dollar entity.

    Saylor envisions the firm issuing various financial instruments such as equity, convertible debt, and preferred stock tied to Bitcoin, which would further cement its role in the emerging Bitcoin economy.

    Saylor also emphasizes the attractiveness of Bitcoin over traditional lending models. He argues that lending to Bitcoin, by investing in it directly, offers better returns with less risk compared to lending to individuals or corporations. He plans for MicroStrategy to continue borrowing funds to invest in Bitcoin without lending out the Bitcoin itself, minimizing counterparty risk.

    In the broader context of corporate bitcoin adoption, MicroStrategy’s model stands out. While other companies in the crypto space, like Marathon and Block, have adopted Bitcoin as part of their treasury strategy, MicroStrategy’s focus and scale make it unique.

    Saylor remains confident that MicroStrategy’s business model, which bridges traditional USD capital markets with Bitcoin, will be difficult for others to replicate, positioning the firm as a pioneer in the Bitcoin-driven financial landscape.

    A Bitcoin bank that doesn’t lend out funds

    Unlike traditional banks that lend out funds, MicroStrategy’s business model revolves around borrowing money at low interest rates and investing those funds in Bitcoin.

    By offering slightly higher rates to lenders and expecting Bitcoin’s annual growth to average around 29%, the company is positioned to outperform many conventional investments.

    Saylor’s strategy hinges on capital markets arbitrage, where MicroStrategy capitalizes on the difference between USD capital and Bitcoin’s appreciation, allowing them to generate significant returns.

    MicroStrategy’s bold ambition to become a trillion-dollar Bitcoin bank reflects Saylor’s unwavering belief in Bitcoin’s potential as the world’s most valuable asset.

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  • National Bank of Bahrain launches a Bitcoin investment fund

    National Bank of Bahrain launches a Bitcoin investment fund

    National Bank of Bahrain launches a Bitcoin investment fund
    • The National Bank of Bahrain launches the GCC’s first Bitcoin investment fund.
    • The fund offers accredited investors exposure to Bitcoin as a capital-protecting option.
    • Bahrain ranks fifth globally in Bitcoin holdings, emphasizing its crypto-friendly stance.

    The National Bank of Bahrain (NBB) has made headlines with the launch of a groundbreaking investment fund aimed at providing accredited investors with exposure to Bitcoin.

    This initiative marks the first Bitcoin-linked structured investment in the Gulf Cooperation Council (GCC) region, which includes countries such as Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab Emirates.

    National Bank of Bahrain collaborating with APR Digital

    In collaboration with APR Digital, the fund is designed to cater to the growing interest in digital assets, particularly Bitcoin.

    Hisham AlKurdi, Group Chief Executive of Markets & Client Solutions at NBB, in a press release, expressed pride in introducing this innovative product, stating, “We are proud to introduce this bespoke structured investment, which blends the appeal of digital asset exposure with the security of capital protection.”

    This move underscores the bank’s commitment to providing wealth management clients with secure and diverse investment opportunities.

    Boost for Bitcoin adoption in Bahrain

    As Bitcoin continues to gain traction worldwide, the launch of this fund is a significant boost for BTC adoption in Bahrain.

    The country is currently ranked fifth globally for the largest Bitcoin holdings, with a portfolio of approximately 13,166 BTC, valued at around $844 million.

    Unlike some nations that acquire BTC mainly through seizures, Bahrain has been actively accumulating the cryptocurrency, positioning itself as a leader in the digital asset space.

    Furthermore, the Central Bank of Bahrain (CBB) has implemented a clear legal framework to foster the adoption of digital currencies.

    Recently, the CBB granted a payment service license to the crypto exchange Crypto.com, allowing it to provide crypto services to Bahraini users, further solidifying Bahrain’s status as a crypto-friendly nation.

    With the introduction of this Bitcoin investment fund, the National Bank of Bahrain aims to capitalize on the growing potential of cryptocurrencies, offering clients a unique avenue for portfolio diversification in an evolving investment landscape.

    As interest in digital assets continues to rise, Bahrain’s proactive approach is likely to encourage further investment and innovation in the region.

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  • Japan’s Metaplanet buys $7M Bitcoin, now holds to $40.5M BTC

    Japan’s Metaplanet buys $7M Bitcoin, now holds to $40.5M BTC

    Japan’s Metaplanet buys $7M Bitcoin
    • Metaplanet boosts Bitcoin holdings to 639.5 BTC as of Oct. 7.
    • The company’s stock price has surged 11%, with a 544% year-to-date gain since May 2024.
    • It has so far acquired an additional $1.4M in BTC via options trading, recognizing 23.97 BTC as revenue.

    Japan-based investment firm Metaplanet on October 7 announced that it has made yet another significant acquisition of Bitcoin, boosting its holdings to a total of 639.5 BTC, valued at approximately $40.5 million.

    The company, which has garnered the nickname “Asia’s MicroStrategy” for its aggressive Bitcoin purchasing strategy, acquisition of an additional 108.78 BTC, worth roughly $7 million at the current Bitcoin price of $63,600.

    Metaplanet’s Bitcoin strategy has been nothing short of bold. Since May 2024, when it first adopted Bitcoin as its strategic treasury reserve asset, the firm has made regular purchases to strengthen its cryptocurrency portfolio.

    In total, Metaplanet has invested 6 billion Japanese yen into Bitcoin over the past few months. Its consistent buying behaviour has drawn comparisons to MicroStrategy, the American company known for its own large-scale Bitcoin acquisitions.

    This most recent purchase has led to a surge in Metaplanet’s stock price, which climbed more than 11% on October 7, reaching an intraday high of 1,047 Japanese yen (approximately $7). The company’s stock has more than tripled in value since the start of the year, with a 544% year-to-date gain, although it is still trading at a 66% discount from its all-time high in May 2024.

    In addition to direct Bitcoin purchases, Metaplanet has employed options strategies to increase its reserves. Last week, the company acquired Bitcoin worth $1.4 million through options trading, selling put options with a strike price of $62,000. These options, set to expire on December 27, 2024, generated a premium of 23.97 BTC, which the company recognized as revenue.

    Market analysts remain optimistic about Bitcoin’s trajectory, with predictions suggesting it could rise to $77,700 by the end of October. As Bitcoin continues its upward momentum, Metaplanet’s ongoing acquisition strategy could further solidify its position as a leading player in the cryptocurrency space.

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  • IMF recommends El Salvador to limit the public’s exposure to Bitcoin

    IMF recommends El Salvador to limit the public’s exposure to Bitcoin

    The IMF building in Washington DC
    • The IMF wants El Salvador to limit “public sector exposure to Bitcoin”
    • The financial agency’s remarks follow an August statement, which talked about “mitigat[ing] the risks from Bitcoin”

    The International Monetary Fund (IMF) has recommended that El Salvador reduce the scope of its Bitcoin law and limit the public’s exposure to Bitcoin.

    During a press conference, IMF spokesperson Julie Kozack said:

    “What we have recommended is a narrowing of the scope of the Bitcoin law, strengthening the regulatory framework and oversight of the Bitcoin ecosystem, and limiting public sector exposure to Bitcoin.”

    Kozack added that the IMF continues talking with El Salvador and that “addressing risks arising from Bitcoin is a key element of these discussions.”

    The Central American country is no stranger to the IMF’s views on its use of Bitcoin. Notably, the issue goes back to 2021 when El Salvador made Bitcoin legal tender. Following its official adoption, the IMF released a statement in November 2021 “recommend[ing] narrowing the scope of the Bitcoin law” while “strengthening the regulation and supervision of the new payment system.”

    This was again called for in January 2022 when the IMF advised El Salvador to reconsider its decision on Bitcoin as the country’s legal tender.

    More recently, the IMF released a statement in August that focused on, among other things, the need to “mitigate the risks from Bitcoin.” However, the financial agency did note that while “many of the risks have not materialized, there is joint recognition that further efforts are needed to enhance transparency..” in Bitcoin.

    Still committed to Bitcoin

    Despite these remarks from the IMF and the continued back-and-forth, El Salvador remains unchanged in its mission to see Bitcoin rise in the country.

    However, while the government is keen to see adoption numbers rise, Nayib Bukele, El Salvador’s pro-Bitcoin president, knows more work needs to be done. In a recent interview with TIME magazine, Bukele admitted that his Bitcoin strategy for El Salvador had been “net positive,” but it hasn’t witnessed the “widespread adoption” they hoped for.

    Despite this, Bukele remains committed, even going so far as to buy additional Bitcoin when the price drops. The country also promised to use the profit it makes from its Bitcoin Trusts to build 20 schools as it works at making crypto more appealing to its citizens.

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  • CleanSpark mined 493 Bitcoin in September

    CleanSpark mined 493 Bitcoin in September

    • CleanSpark also increased its hashrate by 187% between September 30, 2023, and September, 30, 2024
    • Expansion and acquisitions are crucial for organic growth

    Bitcoin miner CleanSpark (CLSK) mined 493 BTC in September, according to details in an unaudited update published on October 4.

    This brought the company’s total bitcoin mined year-to-end of September to 5,079, as per details in a mining update.

    Moreover, total BTC mined in FY2024 rose to 7,098. With these figures, the total Bitcoin treasury holdings rose to 8,049 as of September 30. While the increase marked a 258% spike over the past year as of the end of September, CleanSpark noted it sold 2.5 BTC during the month.

    Hashrate jumped to 27.6 EH/s

    CleanSpark, a publicly-traded miner whose share price also rose significantly in the past year, also announced a surge in its hashrate.

    As of September 30, 2024, CleanSpark’s hashrate stood at 27.6 EH/s – up from 9.6 EH/s and indicating a one year increase of 187%. The company added 5 EH/s to its capacity in September.

    In a comment, Zach Bradford, CleanSpark CEO said:

    “During the past year, we grew our hashrate from 9.6 EH/s to 27.6 EH/s, or 187%, with 5 EH/s coming online just during the month of September. The Company executed its plan to strategically diversify its portfolio across three new states and completed multiple expansions at existing data centers.”

    What helped CleanSpark to grow its hashrate?

    Growth was down to CleanSpark getting through the pre-halving and post-halving period and the closure of multiple acquisitions. It includes the GRIID Infrastructure deal and expansion to new sites in the US.

    With the expansion efforts, and emerging from Hurricane Helene relatively unscathed means further hashrate growth. According to Bradford, CleanSpark could hit 30 EH/s by the end of October 2024 and forecast 50 EH/s in 2025.

    The Bitcoin miner released its unaudited update as BTC’s price struggled amid negative sentiment around geopolitical chaos in the Middle East. At the time of writing, the flagship cryptocurrency traded around $60,663, down 1.5% in the past 24 hours and -7.3% over the past week.

    CLSK, on the other hand, changed hands at $8.58, about 2.5% down on the day. The crypto stock was down 17.7% in the past five days.

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  • Crypto liquidations hit $200m amid Bitcoin dip

    Crypto liquidations hit $200m amid Bitcoin dip

    • Crypto liquidations rose to over $200 million in 24 hours as Bitcoin (ETH) and Ethereum (ETH) dipped.
    • Analysts are however bullish on BTC price as September looks poised to end on a green note.

    The crypto market saw over $200 million in crypto liquidations as Bitcoin slipped to near $64k amid fresh bear moves.

    According to data from Coinglass, the cryptocurrency market saw total liquidations in the past 24 hours surge by 128% to more than $200 million. This came as Bitcoin (BTC) fell 4% to near $63,100 on September 30.  

    24-hour liquidations

    Having posted a significantly better performance in September contrary to expectation with a spike to $66k, BTC retreated sharply to pull most altcoins lower. With Ethereum (ETH) also dumping to under $2.6k amid latest selling from the Ethereum Foundation, total longs rekt soared to $164 million.

    Shorts accounted for about $37 million in 24-hour liquidations at the time of writing.

    Crypto liquidation represents the process by which a trader’s position is forcibly closed when their margin account no longer supports an open position. This happens when a trader suffers substantial losses or has insufficient margin to keep the position open.

    According to Coinglass data, over 68,900 traders have had their positions liquidated in the past 24 hours. The largest single order to be liquidated happened on the crypto exchange OKX in the ETH-USD-SWAP, at a value $1.92 million.

    BTC bounce: Uptober is here

    Despite the decline in BTC price, bulls are likely to strengthen in coming weeks.

    The upbeat mood may be down to the fact that with hours to go, September looks poised to end with BTC up more than 7%. That’s barring a sharp meltdown – not entirely new to the market. Still, analysts are bullish.

    As crypto analyst Kaleo points out in the X post below, October and November have historically been ultra-positive for Bitcoin. If the trend continues, BTC will bounce hard in the coming months.

    Earlier on Monday, digital asset manager CoinShares published its weekly report. It showed crypto investment products registered a third consecutive week of inflows amid recent upside on interest rates cut. Bitcoin topped $1 billion as Ethereum broke a five-week streak of negative flows.

    BTC price hovered near $63,405 at the time of writing.

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  • Velar Dharma partners with Xverse Wallet to enable Bitcoin L2 swaps

    Velar Dharma partners with Xverse Wallet to enable Bitcoin L2 swaps

    Velar Dharma partners with Xverse Wallet to enable Bitcoin L2 swaps
    • Velar Dharma integrates with Xverse to offer seamless Bitcoin L2 swaps in the wallet.
    • Velar is now the exclusive Bitcoin L2 swap provider for Xverse’s users.
    • The Partnership enhances Xverse users’ access to fast, secure, and competitive swaps.

    Velar Dharma, a Bitcoin layer 2 (L2) trading protocol, has integrated its services with Xverse, a leading non-custodial wallet designed for Bitcoin’s L2 ecosystem.

    This collaboration allows Xverse users to seamlessly trade assets, including BTC, STX, and stablecoins, directly within the wallet through Velar Dharma’s automated market maker (AMM) engine.

    Velar Dharma becomes Bitcoin L2 swap provider in Xverse

    As a result of this partnership, Velar Dharma becomes the exclusive provider of Bitcoin L2 swaps within the Xverse platform.

    Users will now be able to perform trades on the Stacks L2 network, with Velar’s deep liquidity pools ensuring fast, secure, and competitively priced swaps.

    Xverse is a popular web3 wallet known for providing a secure and user-friendly gateway to the Bitcoin ecosystem. The wallet allows users to store and trade a range of Bitcoin L2 assets, including BTC, Ordinals, and Runes.

    Available as both a mobile app and a browser extension, the wallet offers robust support for Bitcoin-based assets, including the option for enhanced security with built-in Ledger integration.

    Velar Dharma’s CEO, Mithil Thakore, praised the partnership, saying, “We’re thrilled to become the exclusive swap partner for Xverse, whose wallet gives unparalleled access to the Bitcoin L2 ecosystem. This collaboration brings Velar Dharma’s trading capabilities to Bitcoin natives who can now trade directly within the wallet while retaining full custody of their assets.”

    Ken Liao, CEO of Xverse, echoed this sentiment, stating, “The integration of Velar swaps in Xverse enhances user convenience and improves liquidity for Bitcoin L2 trading.”

    Notably, Velar Dharma’s entry into the Xverse wallet represents a significant milestone in its quest to become the leading decentralized exchange within the Bitcoin ecosystem. By supporting multiple Bitcoin L2 networks, Velar Dharma is expanding access to decentralized finance (DeFi) opportunities for a growing number of users.

    This integration marks a major step forward for both companies as they continue to innovate in the Bitcoin DeFi space, offering users secure, efficient, and flexible trading options.

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  • Sui (SUI) and Bitcoin Dogs (0DOG) gains attract investors’ attention

    Sui (SUI) and Bitcoin Dogs (0DOG) gains attract investors’ attention

    Sui (SUI) and Bitcoin Dogs (0DOG) gains attract investors’ attention
    • Sui (SUI) has surged 116.2% in three months.
    • While Bitcoin Dogs (0DOG) has seen a considerable decline since its public listing, key metrics point to a possible trend reveal.
    • Both tokens show growth potential, with SUI’s TVL exceeding $1 billion and rising interest.

    Cryptocurrency investors are continuously on the lookout for promising assets that offer significant growth potential and two tokens, Sui (SUI) and Bitcoin Dogs (0DOG), have caught the attention of investors.

    Both Sui and Bitcoin Dogs have showcased impressive performance and unique features, making them appealing choices for traders and long-term investors.

    Sui price soars by 63% in two weeks amid bullish market sentiment

    Sui (SUI) has recently made headlines, witnessing a remarkable price increase of over 116.2% in the past three months, outpacing established cryptocurrencies like Bitcoin (BTC) and Ethereum (ETH).

    Currently priced at around $1.77, SUI has demonstrated resilience despite a recent price pullback, suggesting a robust bullish sentiment. Its price has risen by 63.7% over the past two weeks adding to its yearly gains of 277.09%, at press time.

    Sui’s TVL recently surpassed the significant milestone of $1 billion, hitting an all-time high of $1.03 billion on September 19. Although the TVL has slightly decreased to approximately $984.85 million according to DefiLlama, this figure still represents a substantial increase from previous metrics, showcasing the growing liquidity and trust in Sui’s decentralized finance (DeFi) ecosystem.

    A higher TVL generally indicates greater liquidity, making the protocol more attractive to both investors and developers.

    Sui’s trading volume also reflects strong market confidence, with recent spikes reaching over $1 billion, indicating sustained investor interest. The derivatives market mirrors this trend, with volumes reaching $2.49 billion on September 25, a notable 35.57% increase within just 24 hours.

    Despite some fluctuations, these figures underscore a high level of participation in the SUI derivatives market, with significant short liquidations suggesting that bearish traders are being squeezed out, paving the way for continued bullish momentum.

    In addition to impressive financial metrics, Sui has seen a rise in user engagement, with daily active addresses increasing from 1.24 million to 1.8 million on September 27—a 12.93% uptick in just one day. This surge in user participation signals heightened interest in Sui’s decentralized applications (dApps) and services, which could further enhance the asset’s attractiveness.

    Bitcoin Dogs (0DOG): The Rising Meme Coin

    Besides Sui, Bitcoin Dogs (0DOG), a relatively new meme coin, is rapidly establishing itself in the meme coin sector. It is currently priced at $0.00661 after a successful presale round and listing on several crypto exchanges including MEXC.

    Although 0DOG has experienced notable volatility, including a 64.83% decline over the past month, its long-term prospects remain bullish. This is largely due to its close correlation with Bitcoin’s price movements, positioning it as a leveraged play on Bitcoin, especially as institutional interest in Bitcoin ETFs grows.

    What sets Bitcoin Dogs apart is its innovative approach. As the first-ever ICO project on the Bitcoin network, it combines elements of NFTs and play-to-earn (P2E) gaming mechanics. The upcoming launch of its Telegram game is anticipated to provide additional utility, attracting not only meme coin enthusiasts but also gamers and investors looking for innovative blockchain projects.

    This unique blend of features positions Bitcoin Dogs as more than just another meme coin; it represents a new frontier in the Bitcoin ecosystem.

    Despite recent fluctuations, Bitcoin Dogs has the potential to outperform traditional assets in bullish market conditions.

    Analysts predict that the meme coin supercycle is just beginning, with 0DOG expected to capitalize on this trend. Early Bitcoin investors, who have demonstrated market-savvy decisions in the past, are flocking to Bitcoin Dogs, hoping to replicate their initial successes with Bitcoin.

    Conclusion

    With both Sui and Bitcoin Dogs capturing investor attention through their unique value propositions and strong metrics, they are set to play significant roles in the evolving cryptocurrency landscape. As more participants enter the market, these tokens could pave the way for future growth, making them essential assets to watch closely in the coming months.

    Whether you are a seasoned trader or a newcomer to cryptocurrency, SUI and 0DOG offer intriguing opportunities for those willing to explore their potential. For more information about 0DOG, you can visit the project’s website.

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  • US SEC Chair Gensler reaffirms Bitcoin (BTC) is not a security under SEC rules

    US SEC Chair Gensler reaffirms Bitcoin (BTC) is not a security under SEC rules

    US SEC Chair Gensler reaffirms Bitcoin (BTC) is not a security under SEC rules
    • US SEC Chair Gensler reaffirms Bitcoin (BTC) is not a security under current regulations.
    • SEC plans new regulations for DeFi and trading systems to protect investors.
    • Crypto firms, including Coinbase, push back against expanding regulatory scope.

    In recent statements, SEC Chairman Gary Gensler has firmly reiterated that Bitcoin is classified as a non-security under existing SEC regulations. His comments came during an interview on CNBC’s “Squawk Box.”

    Gensler emphasized the importance of regulatory clarity, insisting that while many firms have benefitted from the public’s growing interest in cryptocurrencies, they often resist the regulations designed to ensure market integrity.

    In the interview, Gensler noted that the SEC’s role is to foster trust in the market, stating, “Innovations do not develop in the long term unless they also build trust.” He referenced the significant losses and bankruptcies that have occurred in the crypto space, underscoring the necessity of having regulations in place to protect investors.

    Gensler’s remarks also follow the recent eToro settlement, which confirmed that Bitcoin (BTC), along with Bitcoin Cash (BCH) and Ethereum (ETH), are not considered securities.

    Despite Gensler’s reaffirmation regarding Bitcoin, he acknowledged the discontent among crypto firms concerning regulatory frameworks. He highlighted that many industry stakeholders argue against the existence of such regulations, which he attributes to their discomfort with the enforcement actions taken by the SEC.

    Gensler indicated that the SEC is working on new regulations for decentralized finance (DeFi), suggesting a potential shift in oversight for various trading platforms.

    SEC’s trading systems proposal

    Earlier Gary Gensler while testifying before the US House Financial Services Committee discussed the SEC’s ongoing proposal to mandate that alternative trading systems register as brokers. This proposal aims to close regulatory gaps among trading platforms, ensuring compliance with rules intended to prevent unfair trading practices.

    However, the proposed regulations have met significant push-back from digital-asset firms, including Coinbase, which argue that the definition of an exchange could inadvertently include DeFi platforms, complicating their compliance.

    As the SEC continues to navigate the complex landscape of cryptocurrency regulation, Gensler reiterated the agency’s commitment to fostering a transparent market.

    With no timeline set for final decisions on the trading systems proposal, the SEC remains open to considering applications from exchanges seeking to offer central clearing for the US Treasury market, which is projected to expand significantly under new rules.

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