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Bull Market, BUSD, do kwon, gensler, Kraken, Market Cycle, op-ed, Opinion, Pantera Capital, Paxos, SEC, South Sudan, staking, terraform labs, US dollar
SEC Clampdown Has Crypto Space Abuzz, Pantera Capital Says We’re in a Bull Market, and Much More – Week in Review – The Weekly Bitcoin News
There has been no shortage of news in recent weeks when it comes to the United States Securities and Exchange Commission (SEC) cracking down on crypto exchanges and companies. From Kraken, to Paxos, to Terraform Labs, enforcement appears to be in the air when it comes to chairman Gary Gensler’s organization. In other news, South Sudan has reportedly banned US dollar transactions, and crypto-focused investment firm Pantera Capital says we’re in the next bull cycle. All this right below in the latest Bitcoin.com News Week in Review.
Binance CEO warns of ‘profound impacts’ on crypto industry if BUSD is ruled as a security
Binance CEO Changpeng Zhao (CZ) has warned of “profound impacts” on the crypto industry if stablecoin Binance USD (BUSD) is ruled a value. His warning followed an alleged lawsuit by the US Securities and Exchange Commission (SEC) against Paxos, the issuer of Binance USD.
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[Opinion] Stiffening the Staker: The SEC’s Latest Crackdown on Crypto Innovation
The crypto world was rocked last week when the Securities and Exchange Commission (SEC) shut down Kraken’s betting program, much to the satisfaction of chairman Gary Gensler and his team. But what does this mean for the future of cryptocurrency and more specifically staking?
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Terraform Labs and CEO Do Kwon charged by SEC with multibillion-dollar crypto fraud
The US Securities and Exchange Commission (SEC) has charged Terraform Labs and its CEO, Do Hyeong Kwon, with fraud, alleging that Kwon and his company orchestrated “a multibillion-dollar crypto-asset securities fraud.” The securities watchdog insists that Kwon raised billions from investors by creating an “interconnected bundle of crypto-asset securities”, many of which were involved in unregistered transactions.
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Report: South Sudan’s government bans transactions in US dollars
The government of South Sudan has reportedly banned US dollar-based transactions and has instructed that all local payments be settled in local currency. The Salva Kiir Mayardit government reportedly said it also wants all signed commercial contracts to be based on the local currency.
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Pantera Capital on Bitcoin: We’re in the Next Bull Market Cycle
Crypto-focused investment firm Pantera Capital says bitcoin has seen its lowest levels and “we are in the next bull market cycle.” Dan Morehead, the firm’s founder and managing partner, noted: “Over the long term, the bitcoin price has been in a secular uptrend of 2.3 times annually on average over the past twelve years.”
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What are your thoughts on the SEC’s recent actions? Should cryptocurrencies require approval from third parties such as Gensler’s regulatory body? Let us know in the comments section below.
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