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US SEC To Work With Congress To Regulate Crypto Exchanges

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The United States Securities and Exchange Commission is looking to cooperate with Congress and other regulators to increase its oversight of cryptocurrency exchanges.

Gary Gensler, the newly appointed chairman of the SEC, said that the commission is looking forward to working with fellow regulators and Congress to fill gaps in investor protection in crypto markets.

The official announced the plans at a Wednesday hearing before the Financial Services and General Government subcommittee of the House of Representatives.

Gensler said that the SEC needs to provide similar protections for crypto exchanges that an investor would get on the New York Stock Exchange or Nasdaq:

“If you placed an order on an app, and you said, ‘Alright, I want to buy a stock,’ there are rules that protect you that somebody won’t use your order and get ahead of you. […] So, it’s trying to bring similar protection to the exchanges where you trade crypto assets as you might expect at the New York Stock Exchange or Nasdaq.”

The new SEC head also outlined some of the challenges to regulating the cryptocurrency industry, stating that the SEC is “under-resourced” in financial terms when compared with some of the big players in the industry. “We only spend about 16% or 17% of our budget, about $325 million a year, on technology, which is less than probably some large firms spend in a month. Some of them even spend that much in two weeks,” he noted.

Gensler previously suggested that the SEC should be cooperating with Congress to properly address crypto exchange regulation in a market volatility-related hearing of the House Financial Services Committee in early May.

Last week, Michael Hsu, the new head of the Office of the Comptroller of the Currency, announced that the agency has been in talks with the U.S. Federal Reserve and the Federal Deposit Insurance Corporation about setting up an “interagency policy sprint team” focused exclusively on crypto.

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Cryptocurrency

Crypto Market on Edge: Bull Run Cools Down Amid Bitcoin ETF Approval and Solana Hype

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The crypto market is experiencing a period of uncertainty as the recent bull run shows signs of cooling down, despite the euphoria surrounding the approval of a Bitcoin exchange-traded fund (ETF) and the surging interest in the Solana ecosystem.

Bitcoin’s meteoric rise following the ETF approval, coupled with the sudden spike in interest in Solana, had propelled the market to new highs.

However, recent movements suggest that the upward momentum is dissipating, raising concerns among investors about an impending correction.

While the crypto market has seen remarkable growth, it remains heavily influenced by Bitcoin’s price movements.

Altcoins, including popular meme coins and projects in the Artificial Intelligence (AI) sector, have largely followed Bitcoin’s cues for directional bias.

Altcoins like Worldcoin (WLD) and Fetch.AI had experienced staggering surges of around 500%, while meme coins such as dogwifhat (WIF) and Book of Memes (BOME) also witnessed significant gains.

However, as Bitcoin’s price stabilizes and shows signs of slowing down after a remarkable 54% year-to-date return, the altcoin market is also experiencing a slowdown in momentum.

The recent bearish swing failure pattern observed in Bitcoin’s price on the weekly timeframe has added to the market’s unease, leading to caution among investors.

This waning of buying pressure has triggered profit-taking activities, resulting in a decline in the total cryptocurrency market capitalization from $2.89 trillion to $2.66 trillion, according to CoinGecko data.

As the market grapples with uncertainty, investors are advised to exercise caution and closely monitor developments to navigate through the evolving landscape of the crypto market.

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Federal High Court Orders Binance to Disclose Nigerian Traders’ Information

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The Federal High Court in Abuja has directed Binance Holdings Limited to furnish the Economic and Financial Crimes Commission (EFCC) with detailed information concerning Nigerian individuals engaged in trading on its platform.

The court’s decision followed an ex parte motion filed by the EFCC seeking information regarding Nigerian users of Binance.

According to the suit marked FHC/ABJ/CS/259/2024 and dated February 29, the EFCC invoked sections of the Economic and Financial Crimes Establishment Act, 2004, and the Money Laundering (Prevention and Prohibition) Act, 2022, in its bid to obtain comprehensive data on Nigerian traders on Binance.

In an affidavit supporting the motion, an EFCC operative, Hamma Bello, alleged that the commission’s Special Investigation Team received intelligence suggesting that money laundering and terrorism financing activities were being facilitated through Binance.

Bello asserted that the investigation revealed instances of price manipulation on the platform, resulting in distortions in the market and depreciation of the Naira against other currencies.

The EFCC operative highlighted that Binance’s trading volume from Nigeria in 2023 alone amounted to a staggering $21.6 billion.

Justice Emeka Nwite, in granting the interim order, directed Binance to provide the EFCC with comprehensive data pertaining to all Nigerian traders on its platform.

This ruling underscores the Nigerian government’s commitment to combating financial crimes and ensuring transparency in cryptocurrency transactions.

Binance, a prominent online exchange for cryptocurrencies, now faces heightened scrutiny as it must comply with the court’s directive amidst ongoing investigations into illicit financial activities facilitated through its platform.

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AI Crypto Tokens Surge, Outpacing Bitcoin: Market Value Hits $26.4 Billion

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The intersection of artificial intelligence and cryptocurrency has ignited a substantial surge in the crypto market, with tokens linked to AI-focused projects experiencing unprecedented growth.

Over the past year, these tokens have outpaced even the juggernaut of the cryptocurrency world, Bitcoin, as investor appetite for AI applications such as machine learning remains insatiable.

According to data from CoinGecko, the combined market value of AI crypto tokens has skyrocketed to a staggering $26.4 billion, up from a mere $2.7 billion just last April.

This meteoric rise has been accompanied by a surge in trading volumes, reaching an all-time high of $3.8 billion in late February, as reported by Kaiko Research.

Investors are flocking to AI crypto tokens due to their potential to disrupt traditional industries and solve long-standing challenges in the AI sector, such as privacy concerns and the need for massive computing power.

Markus Levin, co-founder of blockchain data storage firm XYO Network, predicts a growing fusion of AI systems and blockchain networks, leading to innovative use cases that span across both industries.

The CoinDesk Indices Computing Index, which includes AI-linked tokens, has leaped over 165% in the past 12 months, outpacing Bitcoin’s rise.

Analysts foresee continued momentum for AI crypto tokens, with some suggesting that AI applications could become the primary driver of crypto’s value proposition.

Leading blockchain projects in this space include Render Network, Fetch.AI, and SingularityNET, offering platforms for AI-generated graphics sharing, AI app development, and AI services marketplace, respectively.

Ahmad Shadid, founder of AI-focused blockchain startup io.net, emphasizes the growing realization among investors that diversification into AI-linked products provides resilience against crypto market fluctuations, highlighting the burgeoning significance of AI in the crypto landscape.

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