Schlagwort: crypto news

• Jaime Lizárraga will resign as SEC Commissioner on January 17, 2025.
• His departure leaves only one Democrat on the SEC amid a Republican-led shift.
• Discussions intensify over the next SEC Chair, with crypto regulation in focus.

In a significant development at the US Securities and Exchange Commission (SEC), Commissioner Jaime Lizárraga has announced that he will step down from his post on January 17, 2025.

His resignation comes shortly after SEC Chair Gary Gensler revealed plans to depart when President-elect Donald Trump is sworn into office.

Lizárraga’s decision to resign has been attributed to personal reasons, specifically his wife’s serious illness, a matter he shared with President Joe Biden.

Jaime Lizárraga, who has served as an SEC Commissioner since 2022, was appointed during the Biden administration and had a term slated to last until 2027. His departure means that the SEC will lose one of the remaining Democratic voices on the five-member commission, leaving Caroline Crenshaw as the only Democratic Commissioner.

The commission will now have three Republicans: Hester Peirce, Mark Uyeda, and the soon-to-be vacated chairmanship under Gensler.

SEC’s leadership change as Trump prepares to assume office

The timing of Lizárraga’s resignation adds to the ongoing shift in the SEC’s leadership, raising questions about the future direction of regulatory policies, especially on issues like cryptocurrency.

Under Gensler, the SEC pursued a stringent stance on crypto, but with the departure of both Gensler and Lizárraga, the upcoming administration may steer the agency in a different direction, particularly in light of Trump’s pro-crypto rhetoric.

The SEC requires only a majority of three commissioners to make decisions, so the incoming Republican majority will hold significant sway over the commission’s agenda.

Lizárraga’s departure, alongside Gensler’s exit, further intensifies the debate over the next SEC Chair. The position is crucial for setting the regulatory tone, particularly on emerging issues like cryptocurrency.

As the Trump administration prepares to fill key positions, speculation grows over potential appointees, with names such as Brian Brooks, the former CEO of Binance.US, and current Republican SEC Commissioners Hester Peirce and Mark Uyeda emerging as potential candidates for the role.

Robinhood Chief Legal Officer Dan Gallagher, who was previously considered one of the top contenders for the SEC chair, has announced his withdrawal from consideration for the role.

This shift signals a new chapter for the SEC, with potential ramifications for both financial markets and regulatory approaches under the incoming administration.

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• The UK will introduce unified crypto regulations, including stablecoins, in early 2025.
• New rules aim to simplify oversight and avoid restrictive staking classifications.
• Labour government aims to compete with EU’s MiCA rules and US pro-crypto policies.

The United Kingdom is set to introduce a comprehensive regulatory framework for cryptocurrencies, stablecoins, and crypto staking services in early 2025, marking a pivotal shift in its approach to digital assets.

The announcement was made by the Economic Secretary to the Treasury Tulip Siddiq at City & Financial Global’s Tokenisation Summit in London on November 21.

Initially slated for December 2024, the regulatory rollout was delayed due to the change in government following the election of Prime Minister Keir Starmer’s Labour administration in July 2024.

The upcoming UK crypto regulatory framework

The upcoming framework consolidates regulations for crypto assets into a single, overarching regime, a decision Siddiq described as “simpler and more logical.”

The framework aims to provide clarity in a rapidly growing sector that has faced uncertainty in the UK.

Stablecoins will receive distinct treatment under these regulations, as their functionality does not align with existing payment services rules.

Siddiq highlighted that staking services would also avoid being designated as “collective investment schemes,” a classification that could impose burdensome restrictions.

UK aims to align with the global crypto regulatory landscape

The UK government’s renewed focus on digital asset regulation comes as it seeks to align with global developments. The European Union’s Markets in Crypto-Assets (MiCA) regulations will be fully enforced by the end of 2024, offering regulatory certainty that has positioned Europe as an attractive market for the crypto industry.

Meanwhile, the US, under President Donald Trump’s administration, has adopted a markedly pro-crypto stance, including the establishment of a White House “crypto czar” and SEC Chair Gary Gensler’s planned departure in January 2024.

The Labour government has shown its intent to catch up with international competition. In September 2024, it introduced a bill recognizing NFTs, cryptocurrencies, and carbon credits as property.

The new regulatory push reflects the UK’s ambition to regain credibility as a crypto hub while addressing criticisms of the Financial Conduct Authority’s perceived stringent oversight.

By delivering a robust, streamlined framework, the Labour government aims to bolster the UK’s standing in the multibillion-dollar crypto industry.

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• Trump’s team is considering creating a White House role dedicated to crypto policy.
• The proposed “crypto czar” would provide direct access to the President for the industry.
• Donald Trump’s past promises include ending the SEC crypto crackdown and a Bitcoin reserve.

As President-elect Donald Trump prepares to take office, there are reports that his transition team is actively exploring the creation of the first-ever White House position dedicated to cryptocurrency policy.

According to a Bloomberg report, discussions are underway about appointing a senior figure to oversee the growing digital assets industry and its regulation at the highest level of government.

The proposed role, often referred to as a “crypto czar,” would provide the crypto industry with a designated point person at the White House, offering a direct line to the President.

If established, this position would serve as a liaison between the digital assets sector, Congress, and key regulatory agencies such as the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC).

Industry advocates are pushing for the role to be one with significant access to Trump, ensuring that the industry’s concerns are heard at the highest levels of power.

Though no final decision has been made regarding the creation of the role, Trump’s team has reportedly consulted with several leaders from the crypto space, including Brian Brooks, the former CEO of Binance.US, and Brian Armstrong, the CEO of Coinbase.

These discussions signal the potential for significant changes in the way the U.S. government engages with the cryptocurrency industry.

Trump’s support for crypto has been evident since his campaign, where he promised to end the SEC’s crackdown on digital assets and even proposed the establishment of a federal strategic Bitcoin reserve. His appointments, including that of Howard Lutnick to head the US Department of Commerce, further reflect his engagement with the sector, though Lutnick’s position holds less influence over crypto regulation.

The crypto czar role would allow the White House to more effectively address the complexities of cryptocurrency regulation, giving the digital assets industry a more structured and prominent voice in policymaking.

As Trump moves closer to taking office, the creation of such a position would mark a pivotal moment for the US crypto landscape.

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• Gary Gensler’s recent speech at the Annual Institute on Securities Regulation event indicates that he may expect to be out of office soon.
• This follows a pattern of SEC Chairs resigning following a change in administration.

At the PLI’s 56^th Annual Institute on Securities Regulation program, held on Nov. 14, Gary Gensler’s speech hinted at his nearing the end of his term as the SEC Chairman. This comes as speculation points to incoming President Donald Trump removing him from office.

Under Gary Gensler’s leadership, the SEC has adopted a regulation-by-enforcement model, which includes hazy regulations around cryptocurrency followed by enforcement actions against exchanges and protocols that default.

During his speech, Gensler referred to his job in the past tense as one of Trump’s campaign promises to the crypto industry was to fire Gary Gensler “on day one” of his presidential term.

Gensler’s crypto enforcement record

Gensler’s SEC has some notable cases against various crypto firms, the top being Ripple, Coinbase, Uniswap, and ConsenSys.

The agency’s multi-year lawsuit against Ripple Labs ended in a partial loss as a US Judge ruled XRP is not a security. However, this ruling only applies to XRP’s public sales, not its institution ones for which the company was fined $125 million.

Despite the partial victory, the ruling was counted as more of a loss for the SEC as it set a precedence for other cryptocurrencies with similar public sales being non-securities, a development that would unwind the SEC’s regulation by enforcement.

On the other hand, Gensler’s SEC has scored some victories in its pursuit of defaulting crypto exchanges as the agency won a case against Bittrex in August 2023. The exchange was fined $24 million for violating US securities laws and has since ceased its operations within the US due to regulatory uncertainties.

Gensler also pursued cases against crypto industry giants like Coinbase, Binance, ConsenSys, and even decentralised platforms like Uniswap; some of which are still ongoing.

Regulatory obscurity under Gensler

Obscure crypto regulations have characterized Gensler’s term. The SEC’s regulation-by-enforcement regime, which was predominant in 2023 but spilt over into 2024, created an uncertain regulatory environment that left exchanges in the dark about the rules surrounding crypto listings.

Exchanges like Coinbase demanded regulatory clarity and firms like ConsenSys sued the SEC for clarification on Ethereum’s status as a security after the agency served the blockchain infrastructure provider a Wells Notice for violating securities laws through its MetaMask product.

In an interview with CNBC in 2022, Gensler revealed that he believed most cryptocurrencies are securities and should be regulated as such. However, his agency failed to provide clear regulations for crypto companies and exchanges to follow. Instead, Gensler insisted that there’d been clarity for years.

While Gensler affirmed Bitcoin is not a security, the verdict was out for several other major cryptos, Ethereum in particular being a point of contention.

Coinbase has an active lawsuit against the SEC and is pushing for a court ruling to obtain crucial crypto policy documents regarding the SEC’s crypto regulations and its findings from investigations into Ethereum as a security.

The SEC is delaying the document release citing a three-year review period.

Meanwhile, Gary Gensler faces lawsuits from a coalition of 18 US States citing gross government overreach in his regulation of digital assets.

Whether or not Gensler approaches the end of his role as the SEC Chairman, the consensus seems to be that his approach to crypto regulation leaves much to be desired. As the SEC Commissioner, Mark Uyeda, said on Fox Business Morning in October 2024, “I think our policies and our approach over the last several years have been just really a disaster for the whole industry.”

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• Bitrue has received VASP approval in Lithuania to offer crypto exchange services.
• The company aims for EU expansion by pursuing the Markets in Crypto-Assets license.
• Lithuania plans regulatory changes to reduce the presence of crypto firms in the country.

Crypto exchange Bitrue has announced its successful registration as a Virtual Asset Service Provider (VASP) in Lithuania, a significant step that allows the Singapore-based platform to offer both crypto exchange and custody services in the European country.

This approval, granted by Lithuania’s Financial Crime Investigation Service, Finansinių nusikaltimų tyrimo tarnyba, underscores Bitrue’s commitment to adhering to regulatory compliance and anti-money laundering standards.

Adam O’Neill, Bitrue’s Chief Marketing Officer, emphasized the importance of regulation in fostering a legitimate cryptocurrency industry. He stated, “Regulation is a vital component towards the development and legitimization of the cryptocurrency industry, and we commend Lithuania for being a shining example of how to guide and encourage companies in this space to flourish within national frameworks.”

O’Neill also welcomed potential legislative developments globally, expressing confidence that such measures would enhance trust in web3 businesses and improve the overall safety of the industry.

Bitrue eyeing MiCA Crypto-Asset Service Provider license

The Lithuania approval comes at a pivotal time as Lithuania is set to reassess its stance on the crypto industry. Recently, Simonas Krėpšta, a board member of the Bank of Lithuania, revealed plans for a regulatory overhaul intended to reduce the presence of crypto firms in the country.

Krėpšta noted that the crypto industry has “failed in a lightly regulated environment,” citing substantial evidence of failures and embezzlement cases from the U.S. and other European nations.

The VASP registration in Lithuania aligns with Bitrue’s long-term ambitions as the company aims to pursue the Markets in Crypto-Assets (MiCA) Crypto-Asset Service Provider license.

The MiCA Crypto-Asset Service Provider license would facilitate the platform’s expansion across the European Union and the European Economic Area under the new regulatory framework. While the company has not disclosed a specific timeline for this endeavour, it has committed to providing updates on its progress.

As the regulatory landscape evolves, Bitrue’s approval marks a proactive step in navigating the complex world of cryptocurrency compliance and operations.

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