Gary Gensler’s job at risk, BlackRock’s first spot Bitcoin ETF…

Top news this week

US lawmakers introduced the “Securities and Exchange Commission Stabilization Act” to remove Gary Gensler

United States Representative Warren Davidson introduced the “Securities and Exchange Commission Stabilization Act” to the House of Representatives. One of the key provisions of the bill is the firing of Securities and Exchange Commission (SEC) Chairman Gary Gensler. The bill would remove Gensler from office and redistribute power between the SEC chairman and the commissioners. It would also add a sixth commissioner to the agency, prevent any party from obtaining a majority on the commission and create an executive director position. The Securities and Exchange Commission declined to comment on the matter.

BlackRock is applying for a Bitcoin instant ETF – the first of its kind in the US if approved

BlackRock, the world’s largest investment firm, has filed for a bitcoin exchange-traded fund (ETF). It will be the first immediate ETF in the US, if it gets approved. According to the filing, the Coinbase Custody Trust will be the custodian of the fund and Bank of New York Mellon will handle it. The Securities and Exchange Commission (SEC) has not yet approved a Bitcoin ETF despite many applicants. The first exchange-traded Bitcoin ETF in the world was the Canadian Purpose Bitcoin ETF, which was created in early 2021.

Binance CEO Changpeng Zhao denies rumors of Bitcoin being sold to support BNB

Binance CEO Changpeng “CZ” Zhao has refuted accusations that Binance is secretly selling Bitcoin (BTC) to artificially stabilize the price of the BNB token. The rumor came from many market commentators in the past days, accusing the exchange of deliberately manipulating the market to artificially inflate the value of BNB. Binance has not sold either BTC or BNB, CZ said, adding that the cryptocurrency exchange still holds a “bag” of the FTX Token — the original token of the now-defunct cryptocurrency exchange FTX.

SEC’s Gensler says BTC and ETH are not securities in a newly emerged video

A recent video from 2018 featuring Gary Gensler has surfaced on social media, in which the current head of the US Securities Regulatory Authority once again demonstrated that many cryptocurrencies are not securities. Over 70% of the digital currency market is Bitcoin, Ether, Litecoin, and Bitcoin Cash. Why are these four named? They are not securities, Gensler says in the video, which is understood to have come from a 2018 event hosted by Bloomberg for institutional investors. At the time, Gensler was a professor at the Massachusetts Institute of Technology. The video contrasts his most recent actions as chairman of the Securities and Exchange Commission.

Binance.US Hires Former SEC Enforcement Officer Amid Lawsuit

Former SEC law enforcement official George Canelos has reportedly been hired by Binance.US as part of the legal team defending the company against allegations of operating as an unregistered securities exchange. In response to the SEC’s action on June 5, Binance.US announced the suspension of USD deposits and possible pausing of cash withdrawals, citing “highly aggressive and intimidating tactics” on the part of regulators. On Twitter, the former SEC chairman said the exchange was “clearly preparing for a criminal prosecution and continuing to hire the best defense attorneys in the world.”

Winners and losers

At the end of the week, Bitcoin (BTC) in $26,349ether (ETH) in $1,716 And XRP in $0.47. The total market value of $1.06 trillion according to CoinMarketCap.

Among the top 100 cryptocurrencies, the three biggest digital currency gainers of the week are KuCoin Token (KCS) by 9.75%, Mikr (MKR) at 8.08% and the amount of (QNT) by 4.10%.

The three biggest losers in altcoins this week are EOS (EOS) at -29.88%, ApeCoin (monkey) at -26.07% and flow (flow) at -25.93%.

For more information on cryptocurrency prices, be sure to read Cointelegraph’s market analysis.

Most memorable quotes

“Inflation is moving in the right direction but Jerome Powell’s comments suggest that rates could remain higher for longer, which could put bitcoin behind.”

Josh Gilbertmarket analyst at eToro

“Requiring that DEX be registered in the same way as a national stock exchange is registered is impossible.”

Paul GrewalCoinbase’s chief legal officer

America’s capital markets must be protected from a tyrannical president, including the current one. It’s time for real reform and remove Gary Gensler as chairman of the SEC.”

Warren Davidsonrepresentative of the United States

“The addressable market for digitizing global assets and securely transferring value over the Internet is greater than the sum of the value of all assets in existence.”

Amin Gun SirerCEO of Ava Labs

The banking system is failing. The old financial system is failing. (…) Nothing works. Bitcoin just works.

Samson mowedCEO of Jan3

Over 70% of the digital currency market is Bitcoin, Ether, Litecoin, and Bitcoin Cash. Why are these four named? They are not securities.”

Gary GenslerChairman of the US Securities and Exchange Commission

predict the week

Bitcoin price is easing the downside as traders are looking for $24.5K support

Bitcoin recovered some losses by the end of the week as markets shed mixed macro signals for the US.

Data from Cointelegraph Markets Pro and TradingView showed BTC/USD trading at $26,000 on June 16, after rebounding more than $1,000 from the previous day’s lows when it fell below $25,000 for the first time in three months. The 4% drop came as the Federal Reserve pressed for a pause in interest rates, but proposed more hikes later this year.

On the short timeframes of BTC/USD, traders remain cautious amid the risk of further declines ahead. “I’m still in the area of ​​interest, but you need to maintain over $24.5K to avoid a follow-up to $23K,” wrote Michael Van de Poppe, founder and CEO of Eight Trading.

FUD week

The curve pool imbalance is triggering USDT cancellation concerns, as Tether CTO FUD calls it

Tether (USDT) is a bit stable It deviated from its currency peg to the US dollar on June 15 due to an imbalance in Curve’s 3pool. USDT price fell 0.3% to around 0.997 as its Curve 3pool weight increased to more than 70% from the usual 33.1%. A significant increase in the weight of the stablecoin in the pool indicates a massive sell-off of that asset. Tether’s chief technology officer, Paolo Arduino, took to Twitter to confirm that decryption is nothing to worry about and that he is ready to refund any amount.

The leaders of the decentralized autonomous organization that governs the ApeCoin ecosystem have been criticized by community members for what they describe as “crazy” salaries. An organizational chart showed salaries of between $7,000 and $75,000 per month, shocking some members of the community and prompting a slew of inquiries from others. According to the board member, the compensation is consistent with the “responsibility and responsibility of the role”.

“Who the hell” Promethium and what did it tell Congress about SEC compliance?

Relatively under-the-radar cryptocurrency firm Promethium has been in the spotlight following recent testimony from its co-founder, Aaron Kaplan, before a US House of Representatives committee debating regulatory clarity for cryptocurrencies. Kaplan’s testimony called for crypto regulation under existing securities laws — a view also shared by the SEC. He argued that the multiple frameworks introduced by the SEC have “clearly outlined” a “compliant path forward for cryptocurrencies,” adding that those advocating new crypto-specific laws are “simply not ready to comply.”

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