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SEC’s Gensler wants CEX and DEXs to register; Bitcoin’s supremacy is recovering

HODL Bitcoin
HODL Bitcoin / Image Credit: CRYPKYP
Source: CryptoSlate
1663237581 15 Sep / 10:26

The CEO of Binance, Changpeng Zhao, stated on September 14 during the Binance Blockchain Week that the proposed E.U. regulatory framework, Market in Crypto Assets (MiCA), was "wonderful" and could set a worldwide standard for crypto legislation.

The structure suggested by MiCA requires crypto firms to apply for the same license across the European Union. According to Zhao, it also restricts access to dollar-backed stablecoins, which would be the only variable subject to modification.

Gary Gensler, head of the Securities and Exchange Commission (SEC), stated on September 15 that crypto intermediaries, such as centralized and decentralized exchanges, will be required to register with the SEC.

He said: "Firms operating in other well-regulated industries that wish to enter the crypto market must comply with time-tested investor protection laws," while "current crypto security intermediates must also comply."

The CEO of Binance, Changpeng Zhao, stated on September 14 during the Binance Blockchain Week that the proposed E.U. regulatory framework, Market in Crypto Assets (MiCA), was “wonderful” and could set a worldwide standard for crypto legislation.

The structure suggested by MiCA requires crypto firms to apply for the same license across the European Union. According to Zhao, it also restricts access to dollar-backed stablecoins, which would be the only variable subject to modification.

Gary Gensler, head of the Securities and Exchange Commission (SEC), stated on September 15 that crypto intermediaries, such as centralized and decentralized exchanges, will be required to register with the SEC.

He said: “Firms operating in other well-regulated industries that wish to enter the crypto market must comply with time-tested investor protection laws,” while “current crypto security intermediates must also comply.”

In his statement to the U.S. Senate Banking Committee, Gensler repeated his judgment that most crypto assets are securities.

The U.S. Department of the Treasury identified seven Bitcoin wallets associated with the Islamic Revolutionary Guard Corps of Iran (IRGC). Since 2020, the IRGC has launched ransomware attacks against the United States.

The wallet addresses were instantly banned, and up to $10 million in prizes were given for any information leading to the arrest of the wallet owners.

South Korea issued a one-year arrest order for Terra Luna’s creator, Do Kwon. As soon as the arrest warrant was made public, the value of Luna fell by 20%.

The token’s value has climbed by 80% during the last week. However, according to statistics from CryptoSlate, it has declined by 21.4% during the past 24 hours.

A 39-year-old man was apprehended in the Netherlands on September 6 for allegedly stealing Bitcoin worth tens of millions of dollars. Even though the Dutch authorities only detained him for two days, the inquiry uncovered additional evidence establishing his guilt.

The 39-year-old crook was determined to have laundered stolen Bitcoins using the Electrum wallet. Then, he transferred these monies to Monero (XMR) using the cryptocurrency exchange Bisq.

The Wall Street Journal reports that the New York Museum of Modern Art (MoMA) is interested in purchasing non-financial instruments (NFTs) from the auction held by the William S. Paley Foundation. The auction will feature around $70 million worth of art and non-fungible tokens.

The Foundation oversees William Paley’s legacy. The sale will feature 29 of his 81 items at the museum, including “Guitar on a Table” by Pablo Picasso and “Three Studies for a Portrait of Henrietta Moraes” by Francis Bacon.

Even though Bitcoin lost market dominance to Ethereum and all of its altcoins, the altcoin cycle signal suggests Bitcoin may soon begin to dominate Ethereum’s altcoins.

The altcoin cycle signal is a statistic between 0 and 100 that measures the strength of the cryptocurrency market. When it falls below 50, Bitcoin dominates other cryptocurrencies. When it is greater than 50, the altcoin season has arrived.

The current altcoin signal value of 79 shows that the market is in the altcoin season. However, the signal has decreased dramatically throughout July and August, which may be an indication of Bitcoin’s impending domination.

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