SEC reviews Ripple ruling, US bill seeks control over DeFi, and…

Top news this week

Chairman Gensler said the SEC’s reaction to Ripple’s decision has been mixed, and is still under consideration

SEC Chairman Gary Gensler has publicly commented on the recent ruling on the agency’s lawsuit against Ripple, saying that the SEC “continues to look into the matter and evaluate this view.” Gensler declined to comment further on the case, but said the committee was pleased with the court’s decision that XRP was a security when it was sold to institutional investors, but disappointed by the unsafe ruling for retail investors and other distributions of XRP. Comments made by the regulator on July 21 in a court filing indicated it may appeal the decision. However, in the crypto community, some believe that this is unlikely to happen as the SEC is taking advantage of the “current confusion”.

He introduced a bipartisan bill regulating DeFi crypto security risks to the US Senate

A bipartisan bill has been introduced in the US Senate, tightening regulations and sanctions requirements for decentralized finance (DeFi). The bill would subject DeFi operations to the same requirements as “other financial firms, including centralized cryptocurrency trading platforms, casinos, and even pawn shops.” The proposal also makes “anyone who controls this project” liable for the use of the DeFi service by the sanctioned persons. The bill also created new requirements for operators of crypto kiosks (or ATMs) to prevent them from being used for money laundering. Kiosk operators will be required to verify the identities of both parties to the transaction.

Altcoins ‘bleed’ as Bitcoin gains dominance in Q2: CoinGecko

The second quarter of the year was strong for bitcoin’s performance as it gained market dominance against altcoins that “bleeded” throughout the period, according to CoinGecko’s industry report. Bitcoin (BTC) and Ether (ETH) continued to build market share over the past months, while Binance Coin (BNB), XRP (XRP), and Cardano (ADA) suffered double-digit losses over the quarter. DeFi tokens were particularly hit during the quarter, with Uniswap (UNI), Chainlink (LINK), and Lido (LDO) experiencing double-digit losses as well. The top five metaverse and play-to-win tokens by market capitalization also recorded losses of up to 40%.

Multiple cryptocurrency ETF applications go to the Federal Register in a step toward SEC approval

Applications from several companies for a bitcoin spot ETF have been published in the Federal Register, moving them one step further in the US SEC process. According to records, applications from BlackRock, Fidelity, Invesco Galaxy, VanEck, and WisdomTree have been officially registered. Posting applications gives the SEC an opportunity to accept or reject the application, extend the time allowed, or open the application for public comment. The SEC has an initial window of 45 days to reach a decision, but the committee has the option to extend the process for up to 240 days — through March 2024 — for final approval or rejection.

Robert F. Kennedy Jr. has pledged to support the US dollar with Bitcoin if he is elected president

Democratic presidential candidate Robert F. Kennedy Jr. has promised to gradually support the US dollar with bitcoin if he is elected president. Kennedy said during an event that backing the U.S. dollar with what he called “hard currency,” including gold, silver, platinum, or bitcoin, could help re-stabilize the U.S. economy. Kennedy explained that the process would be gradual and that, depending on the success of the plan, he would adjust the amount of support for the dollar. In addition, Kennedy announced that he would make transfers of bitcoin to US dollars exempt from capital gains taxes in an effort to stimulate investments in the country.

Winners and losers

At the end of the week, Bitcoin (BTC) in $29,883ether (ETH) in 1894 USD And XRP in $0.78. The total market value of $1.2 trillion according to CoinMarketCap.

Among the top 100 cryptocurrencies, the three biggest weekly gainers are Maker (MKR) At 32.18%, XDC Network (XDC) by 24.19% and Stellar (XLM) by 20.88%.

The three biggest altcoin losers for the week are Rocket Pool (RPL) by -14.95%, GMX (GMX) by -10.93% and Lido DAO (I am doing) at -7.90%.

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

Most memorable quotes

“To me, the lack of protections for retail investors underscores the extreme urgency about passing the Market Structure Bill to protect the average American consumer.”

Richie TorresNew York representative

“Japan, Korea, China, all of these places are pushing Web3 in a really big way because they see this as an opportunity to move away from technologies that are primarily dominated by the US.”

yat seoCo-founder of Animoca Brands

“Supporting the dollar and US debt obligations in hard assets (gold, silver, platinum or bitcoin) can help restore dollar strength.”

Robert F Kennedy Jrthe Democratic candidate for the US presidency

“Based on the Metcalfe Law model, the fair value of bitcoin is about $55,000. So I think we are drifting higher towards that level.”

Mark YuscoChief Investment Officer at Morgan Creek Capital

“(The Ripple ruling) has made our argument even more persuasive and compelling, which means we can’t just rely on enforcement to get the kind of investor protection standards we need.”

Timothy MassadFormer Chairman of the US Commodity Futures Trading Commission

“The commission is taking advantage of the current confusion and losing these cases on appeal would jeopardize the entire enforcement agenda. So I would be surprised if the SEC tried to appeal now.”

Catherine HaunCEO of Haun Ventures

predict the week

Echo of the Bitcoin Bollinger Bands movement that ended with a 40% gain in January

On-chain data suggests that bitcoin is lining up a flurry of volatility that could rival its 40% gain in January.

Bitcoin price acted in a narrow range for the whole month, using $30k as a pivot point for sideways behavior, putting both bulls and bears to the test. According to the famous analyst Axel Kebar:

“BTCUSD seems to be running out of patience for many traders,” he wrote on July 21, before adding that this is “usually what you see before strong moves. I’m not sure about the direction though.

According to the behavior of the Bollinger Bands, a classic volatility indicator, this move should come sooner rather than later as it prints a signal that the days of range-bound BTC price action are over.

FUD week

You may need crypto companies and influencers To start including a disclaimer in cryptic memes to stay compliant with UK advertising laws. The country’s Financial Conduct Authority (FCA), on July 17, issued proposed guidance on social media financial promotion targeting promotional notes and financial influencers – or ‘influencers’. The Financial Conduct Authority (FCA) considers cryptocurrencies to be a high-risk investment. As per the FCA’s proposal, cryptocurrencies can be publicly advertised to retail investors, but there are requirements such as including risk warnings and prohibiting investment incentives.

The Twitter account of Uniswap founder Hayden Adams was hacked on July 20. His account posted a tweet to more than 254,000 followers falsely claiming that the platform’s Permit2 contract had been “affected by an unknown exploit” and that users’ codes were compromised, encouraging them to click on a malicious link. The “Web3 Security Alerts” channel on Telegram discovered the attempted scam and reported that Adams was also banned from his accounts using MetaMask and Coinbase Wallet.

A couple behind the Bitfinex money laundering scheme has reached an agreement with US prosecutors

Two people accused of laundering billions of dollars’ worth of bitcoin linked to the 2016 Bitfinex hack have reached a plea agreement with authorities in the United States. The pair have been charged with conspiracy to launder money and conspiracy to defraud the United States, and are expected to seize digital assets linked to the case. Cryptocurrency exchange Bitfinex was hacked in August 2016, with approximately 119,754 bitcoins stolen.

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