Riding The Wave News Summary 190
Leak Reveals A Wall Street Crypto ‘Revolution’ That Could Crush The U.S. Dollar Has Suddenly Begun—Heralding Bitcoin, Ethereum, XRP And Crypto Price Chaos, & more.
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California Gov. Newsom greenlights crypto regulation bill for 2025
Things Sam Bankman-Fried's Lawyers Should Be Freaking Out About
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https://twitter.com/WatcherGuru/status/1713195423798554704
https://twitter.com/WatcherGuru/status/1712944705065861377
Leak Reveals A Wall Street Crypto ‘Revolution’ That Could Crush The U.S. Dollar Has Suddenly Begun—Heralding Bitcoin, Ethereum, XRP And Crypto Price Chaos
Now, as the U.S. dollar teeters on the verge of "collapse," Wall Street giants including the world's largest asset manager BlackRock have been given a tacit "green light" to "revolutionize finance" with bitcoin and crypto.
On Friday, Reuters reported the U.S. Securities and Exchange Commission (SEC) will not appeal a recent court ruling that found it was wrong to reject an application from crypto asset manager Grayscale to create a spot bitcoin exchange-traded fund (ETF), citing an anonymous source.
In August, a U.S. court ruled the SEC was wrong to reject Grayscale's proposed bitcoin ETF, finding the SEC's argument that the bitcoin market can be manipulated is flawed because the agency has previously approved bitcoin futures-based ETFs with fraud prevention measures.
"This lack of appeal from the SEC is undoubtedly a key moment for the crypto industry, and given the pressure the SEC has faced from the courts and the U.S. House financial services committee, it is a question of when, not if, this approval gets the green light," Philippe Bekhazi, the chief executive of crypto market maker XBTO, said in emailed comments.
"It's quite possible we will see this approval come through in the first quarter of next year, once the regulator completes their full assessment. From there, it’s likely we’ll see a number of other applications get approved in 2024, which will be a positive step forward for the institutional adoption of crypto."
California Gov. Newsom greenlights crypto regulation bill for 2025
California Governor Gavin Newsom has approved a cryptocurrency bill that enforces stricter regulations on businesses conducting crypto operations, set to begin in July 2025.
In a statement published on Oct. 13, Newsom declared that the bill, titled the Digital Financial Assets Law, will make it mandatory for both individuals and firms to obtain a Department of Financial Protection and Innovation (DFPI) license to engage in digital asset business activities.
However, the new crypto bill will allow the DFPI to impose stringent audit requirements on crypto firms and force them to uphold recording requirements.
Meanwhile, Cointelegraph recently reported that the United States is exploring the possibility of applying the Electronic Fund Transfer Act to crypto as a measure to combat fraudulent transfers.
In a recent speech, Rohit Chopra, the director of the Consumer Financial Protection Bureau, expressed his intention to grant authorization for this to “reduce harm of errors, hacks and unauthorized transfers.“
Ferrari to accept crypto as payment for its cars in the US
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