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The Securities and Exchange Commission (SEC) in the United States has been ordered to give a clear regulation of cryptocurrencies within the next ten days. This order came following a court’s ruling on a lawsuit filed against Telegram, the messaging app that had launched its own cryptocurrency, Gram.
The court found that Telegram’s Gram violated securities laws since it was sold as an investment contract without being registered with the SEC. As a result, Telegram had to return $1.2 billion to investors and pay a $18.5 million penalty.
This ruling has raised concerns over the lack of clear and consistent regulation of cryptocurrencies in the United States. The SEC has been criticized for being unclear on its stance on cryptocurrencies, and this has created a lot of confusion in the industry. This confusion has, in turn, hindered the growth of the industry and increased the risks for investors.
Cryptocurrencies have been around for over a decade, and in that time, the industry has grown exponentially. The value of cryptocurrencies, such as Bitcoin and Ethereum, has risen to new heights, and businesses are increasingly integrating cryptocurrencies into their operations. However, despite the growth of the industry, it remains largely unregulated.
This lack of regulation has created opportunities for fraudsters and criminal organizations to exploit the industry. As a result, the industry has come under scrutiny, and there have been calls for harsher regulations.
The SEC’s failure to provide clear and consistent regulations has also had an impact on the banking industry. Banks have been wary of cryptocurrencies because of their perceived risks and regulatory uncertainties. The lack of clear regulations has made it difficult for banks to assess the risks associated with cryptocurrencies, and this has led to some banks collapsing.
The order for the SEC to provide clear regulations on cryptocurrencies within ten days is, therefore, a welcome development. Clear regulations will provide clarity for businesses and investors, and this will help to grow the industry. It will also help banks to assess the risks associated with cryptocurrencies and make informed decisions.
In conclusion, the SEC has been ordered to provide clear regulations on cryptocurrencies within the next ten days. This is a welcome development that will provide clarity for businesses and investors and help to grow the industry. It will also help banks to assess the risks associated with cryptocurrencies and make informed decisions. Let us hope the SEC delivers on this order and finally provides the much-needed clarity in this sector.
How is it going everyone it’s Sam the US was given 10 days to come up with some kind of response to coinbase’s petition they basically are asking for some clarification on crypto assets and we’re gonna get that in 10 days I’m gonna explain that a little bit more here
Today that was ruled by a U.S court so I think that’s going to be good I also have some other news to cover in the crypto space some banking news with more Banks falling here today if you like this content hit subscribe underneath the video Turn on that Bell
Notification so you can see future videos just like this if you don’t mind please hit the like button too this just spreads it to more people there’s also a link underneath the video to nordvpn if you’re not already using nordvpn I would highly suggest it I’ve been using them
For over a year and with a link underneath the video you can get months for free I’m not going to put the long mineral ad in here but just know that it is really beneficial if you’re in crypto you should protect yourself and it’s only a few dollars a month it also gives
You some cool opportunities to use other websites and stuff so check that out I also am going to bitcoin Miami if you’re going to that let me know in the comments section I’m gonna try to get an affiliate code to give you 10 off your
Trip if or your ticket if you end up going it might be under the video otherwise it’s going to be in the next couple videos I think I’m working with them right now now crypto is up a little bit in the last 24 hours you can see Bitcoins up nearly
Around 29 000 it went up to about 29.4 a couple hours ago and then fell back down a lot of that is due to what’s happening in the banking sector I know I’ve been talking about Banks a lot recently but it’s just crazy what’s happening right Jerome Powell said yesterday that the
Banks are fine it’s much stronger the banking sector is much stronger than it was months ago and you can see uh pacquest is down 58 Western Alliance was down 62 percent first uh First Horizon National down 38 so many banks down 10 plus these are all really small Banks
Now now Western Alliance isn’t down 60 it’s only down 40 percent if you bought at the exact bomb you could be up what 50 uh they denied rumors that they are selling but the fact is they are a small market cap and if they keep on falling
Down like this more and more people are going to want to take their deposits out they’re going to be stuck and have uh some illiquidity issue so I would be careful of any of these Banks I’m not trying to catch a falling knife some of these are kind of attractive to me like
Like I’ve said before I’ve worked at Comerica and I think the bank is probably going to be around but I’m not trying to catch a falling knife on it so if if this comes out what is said to come out possibly that they’re pop that they might move up the insurance from
250 to a million or they could have insurance on all deposits then I might jump into one of these Banks because I think they probably will pop right back up but it’s definitely a riskier play uh right now because a lot of these banks are under pressure at the
Same time crypto is doing well you know when Banks fall apparently Bitcoin moons because people think that one the fed’s not going to be able to continue to raise rates and two they think that maybe some people are gonna transfer some money into Bitcoin now we also got
Some news this is pretty interesting U.S court orders sec to respond to coinbase allegations within 10 days so a little background on this the SEC has been ordered by a U.S court to respond to cryptocurrency exchanges coinbase complaint over how it applies security laws to digital assets the
Third Circuit Court of Appeal said in the Wednesday filing that the SEC must file its response in 10 days and then coinbase has seven days after that to respond coinbase last week argued that the SEC is providing insufficient regulatory guidance for U.S companies operating in the crypto sector saying
That the commission must at a minimum set forth how those inapped in an opposite requirements are to be adapted to digital assets the crypto exchange referred back to their 2022 petition asking for formal rulemaking within the digital asset sector to which the SEC is yet to respond so this is the important
Part the 10-day deadline ordered this week refers to the sec’s requirement to provide a legal basis for why is it not responded to the petition so their petition or the the petition that they had last year post 50 specific questions about the regulatory treatment of certain digital assets the questions were wide-ranging
Covering topics such as how tokens are classified as Securities and seeking clarification on various other matters so they’re basically getting the explanation for why they were not going to say yes or no to the petition this is from a while ago they said uh someone at
Coinbase said it seems like the SEC has already made up its mind to to deny our petition but they haven’t told the public yet so the action coinbase file today simply asked the court to ask the SEC to share their decision so within 10
Days by May 14 the SEC will have to say whether why they have not answered yes or no to the petition they’re gonna have to come up with something as to why they’re not signing it maybe they’ll just come out and say no we’re not going
To sign it but then I I think they’re trying to sit on the fence basically right now we’ve seen that they don’t want to rule ethereum of security they don’t want to rule a commodity they don’t want to provide any guidelines but in 10 days they’re gonna have to
Explain why that is so that’s going to be interesting again they’re not going to actually come out and say okay this is a security this is a commodity at least that’s not very likely in my opinion but that is where we’re sitting now and this is just kind of crazy
Because we’re we’re waiting 10 days to hear why the government has not ruled a yes or no on a petition that explains different things for the crypto industry so it’s so convoluted and at the same time other countries are adopting crypto El Salvador just eliminated all taxes on Technology Innovation software and app
Development artificial intelligence computer and comms Hardware manufacturing income property capital gains and import tariffs all gone tax Haven very similar in Dubai right that’s just nuts and at the same time we’re getting baton planning a 500 million dollar fund for Bitcoin mining in the Himalayas there’s so much Innovation so many
Programs happening around the world in the US can’t even explain why they’re not saying yes or no to a petition to explain what they should already be doing just kind of crazy how this all works now let me know your thoughts on all this underneath the video
Hopefully hopefully uh we have a good CPI next week a good PPI I believe that comes in as well we have Apple announcing earnings after the market closed today so that could definitely Drive the market in the short term but then we have their CPI readings and PPI
Readings next week it’s going to be a crazy couple of weeks here for cryptocurrency and obviously we still have a while before the next Bitcoin having I think this is a good time to be buying if your dollar cost averaging over the long term right there’s no way of
Knowing what’s going to happen in the short term we have had these crazy swings in cryptos like Pepe and other meme coins Caspa has gone up a lot recently too we we’ve seen massive runs but generally the market has been pretty much sideways for a while here just
Trying to figure out what’s going to happen next in the macro I think but uh we could definitely have some more volatility but right now it seems like the market is pretty calm let me know your thoughts on all this underneath the video let me know if you’ve been buying
Anything and again let me know if you’re going to bitcoin conference in Miami check out the link underneath the video to nordvpn where again you should be signing up if you have crypto and even if you don’t have crypto it’s a good idea and I’ll see in the next video bye
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