{"id":12393,"date":"2023-06-18T00:31:13","date_gmt":"2023-06-18T00:31:13","guid":{"rendered":"https:\/\/cryptoheretostay.com\/?p=12393"},"modified":"2023-06-18T00:31:19","modified_gmt":"2023-06-18T00:31:19","slug":"gary-genslers-job-at-risk-blackrocks-first-spot-bitcoin-etf","status":"publish","type":"post","link":"https:\/\/cryptoheretostay.com\/?p=12393","title":{"rendered":"Gary Gensler&#8217;s job at risk, BlackRock&#8217;s first spot Bitcoin ETF&#8230;"},"content":{"rendered":"<script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"crypto\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script>\n<h2 id=\"h-top-stories-this-week\"><strong>Top Stories This Week<\/strong><\/h2>\n<h2 id=\"h-us-lawmakers-file-sec-stabilization-act-to-fire-gary-gensler\"><strong>US lawmakers file \u2018SEC Stabilization Act\u2019 to fire Gary Gensler<\/strong><\/h2>\n<p>United States Representative Warren Davidson has introduced the \u201cSEC Stabilization Act\u201d into the House of Representatives. One of the bill\u2019s main provisions is to fire Securities and Exchange Commission (SEC) Chair Gary Gensler. The bill would remove Gensler from office and redistribute power between the SEC chair and commissioners. It would also add a sixth commissioner to the agency, disallow any party from holding a majority on the commission and create an executive director position. The SEC declined to comment on the matter.<\/p>\n<h2 id=\"h-blackrock-applies-for-spot-bitcoin-etf-a-us-first-if-approved\"><strong><strong>BlackRock applies for spot Bitcoin ETF \u2014 a US first if approved<\/strong><\/strong><\/h2>\n<p>BlackRock, the world\u2019s largest investment company, has filed an application for a Bitcoin spot exchange traded fund (ETF). It would be the first crypto spot ETF in the United States, if it receives approval. According to the filing, Coinbase Custody Trust Company would be the custodian of the fund and Bank of New York Mellon would custody its fiat. The SEC has not approved a spot Bitcoin ETF so far despite numerous applicants. The world\u2019s first spot traded Bitcoin ETF was Canada\u2019s Purpose Bitcoin ETF, set up in early 2021.<\/p>\n<h2 id=\"h-binance-ceo-changpeng-zhao-denies-rumors-of-selling-bitcoin-to-bolster-bnb\"><strong><strong><strong>Binance CEO Changpeng Zhao denies rumors of selling Bitcoin to bolster BNB<\/strong><\/strong><\/strong><\/h2>\n<p>Binance CEO Changpeng \u201cCZ\u201d Zhao has refuted accusations that Binance has been secretly selling Bitcoin (BTC) to artificially stabilize the price of its BNB token. The rumors have come from several market commentators in the past days, accusing the exchange of intentionally manipulating the market to artificially inflate the value of BNB. CZ said that Binance had not sold any of its BTC or BNB, adding that the crypto exchange still held \u201ca bag\u201d of FTX Token \u2014 the native token of the now-defunct crypto exchange FTX.<\/p>\n<h2 id=\"h-sec-s-gensler-says-btc-eth-not-securities-in-a-newly-surfaced-video\"><strong><strong><strong>SEC\u2019s Gensler says BTC, ETH \u2018not securities\u2019 in a newly surfaced video<\/strong><\/strong><\/strong><\/h2>\n<p>A newly surfaced video from 2018 featuring Gary Gensler has made the rounds on social media, showing the now-chair of the U.S. securities regulator again stating that multiple cryptocurrencies are not securities. \u201cOver 70% of the crypto market is Bitcoin, Ether, Litecoin, Bitcoin Cash. Why did I name those four? They\u2019re not securities,\u201d Gensler says in the video, which is understood to 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 with his more recent actions as the chair of the SEC.<\/p>\n<h2 id=\"h-binance-us-hires-former-sec-enforcement-official-amid-lawsuit\"><strong><strong>Binance\u200b.US hires former SEC enforcement official amid lawsuit<\/strong><\/strong><\/h2>\n<p>Former SEC enforcement official George Canellos 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\u2019s action on June 5, Binance.US announced the suspension of U.S. dollar deposits and the potential pausing of fiat withdrawals, citing \u201cextremely aggressive and intimidating tactics\u201d from regulators. On Twitter, a former SEC chief said the exchange is \u201cclearly preparing for a criminal prosecution and continuing to hire the best defense attorneys in the world.\u201d<\/p>\n<h2 id=\"h-winners-and-losers\"><strong>Winners and Losers<\/strong><\/h2>\n<p>At the end of the week, Bitcoin <strong>(<\/strong><strong>BTC<\/strong><strong>)<\/strong> is at <strong>$26,349<\/strong>, Ether <strong>(<\/strong><strong>ETH<\/strong><strong>)<\/strong> at <strong>$1,716<\/strong> and <strong>XRP<\/strong> at <strong>$0.47<\/strong>. The total market cap is at <strong>$1.06<\/strong> trillion, according to CoinMarketCap.<\/p>\n<p>Among the biggest 100 cryptocurrencies, the top three altcoin gainers of the week are KuCoin Token <strong>(KCS)<\/strong> at 9.75%, Maker <strong>(MKR)<\/strong> at 8.08% and Quant <strong>(QNT)<\/strong> at 4.10%.\u00a0<\/p>\n<p>The top three altcoin losers of the week are EOS <strong>(EOS)<\/strong> at -29.88%, ApeCoin <strong>(APE)<\/strong> at -26.07% and Flow <strong>(FLOW)<\/strong> at -25.93%.<\/p>\n<p>For more info on crypto prices, make sure to read Cointelegraph\u2019s market analysis.<\/p>\n<p>Read also<\/p>\n<p>                            Art Week<\/p>\n<p>Connecting the Dots: Collectivism and Collaboration in the Crypto Art World<\/p>\n<p>                            Features<\/p>\n<p>Satoshi Nakamoto saves the world in an NFT-enabled comic book series<\/p>\n<h2 id=\"h-most-memorable-quotations\"><strong>Most Memorable Quotations<\/strong><br \/><\/h2>\n<p>\u201cInflation is moving in the right direction but the comments from Jerome Powell signify that rates could stay higher for longer, which would put Bitcoin on the back foot.\u201d<\/p>\n<p><strong>Josh Gilbert<\/strong><strong>, market analyst at eToro<\/strong><\/p>\n<p>\u201cRequiring a DEX to register in the same way as a national securities exchange is impossible.\u201d<\/p>\n<p><strong>Paul Grewal<\/strong><strong>, chief legal officer of Coinbase<\/strong><\/p>\n<p>\u201cU.S. capital markets must be protected from a tyrannical Chairman, including the current one. It\u2019s time for real reform and to fire Gary Gensler as Chair of the SEC.\u201d<\/p>\n<p><strong>Warren Davidson<\/strong><strong>, United States Representative<\/strong><\/p>\n<p>\u201cThe addressable market for digitizing the world\u2019s assets and transferring value safely across the internet is greater than the sum of all the value of all existing assets.\u201d<\/p>\n<p><strong>Emin G\u00fcn Sirer<\/strong><strong>, CEO of Ava Labs<\/strong><\/p>\n<p>\u201cThe banking system is failing. The legacy financial system is failing. [\u2026] Nothing works. Only Bitcoin works.\u201d<\/p>\n<p><strong>Samson Mow<\/strong><strong>, CEO of Jan3<\/strong><\/p>\n<p>\u201cOver 70% of the crypto market is Bitcoin, Ether, Litecoin, Bitcoin Cash. Why did I name those four? They\u2019re not securities.\u201d<\/p>\n<p><strong>Gary Gensler<\/strong><strong>, chair of the U.S. Securities and Exchange Commission<\/strong><\/p>\n<h2 id=\"h-prediction-of-the-week\"><strong>Prediction of the Week\u00a0<\/strong><\/h2>\n<p><strong><strong>Bitcoin price eases downside as traders demand $24.5K support holds<\/strong><\/strong><\/p>\n<p>Bitcoin recovered some lost ground by the end of the week as markets shook off mixed United States macro signals.<\/p>\n<p>Data from Cointelegraph Markets Pro and TradingView showed BTC\/USD circling $26,000 on June 16 after bouncing over $1,000 from the previous day\u2019s lows when it fell below $25,000 for the first time in three months. The 4% plunge came as the Federal Reserve pressed a pause on interest rates but suggesting more hikes would come later this year.<\/p>\n<p>On short timeframes for BTC\/USD, traders are remaining cautious amid the risk of further downside to come. \u201cStill in the area of interest, but need to sustain above $24.5K to avoid a cascade to $23k,\u201d wrote Micha\u00ebl van de Poppe, founder and CEO of trading firm Eight.<\/p>\n<h2 id=\"h-fud-of-the-week\"><strong>FUD of the Week\u00a0<\/strong><\/h2>\n<h3 id=\"h-\"><\/h3>\n<h2 id=\"h-curve-pool-imbalance-triggers-usdt-depeg-concerns-tether-cto-calls-it-fud\"><strong>Curve pool imbalance triggers USDT depeg concerns, Tether CTO calls it FUD<\/strong><\/h2>\n<p>The Tether (USDT) stablecoin slightly deviated from its U.S dollar peg on June 15 due to an imbalance in Curve\u2019s 3pool. The price of USDT fell by 0.3% to around 0.997 as its weightage in the Curve 3pool increased to over 70% from the usual 33.1%. A significant rise in the weightage of a stablecoin in the pool indicates heavy selling of that asset. Tether\u2019s chief technology officer, Paolo Ardoino, took to Twitter to assure that the depeg is nothing to worry about and it is ready to redeem any amount.<\/p>\n<p>Leaders of the decentralized autonomous organization governing the ApeCoin ecosystem have been criticized by community members for what they described as \u201cinsane\u201d salaries. An organizational chart showed salaries ranging from $7,000 to $75,000 per month, shocking some community members and prompting a slew of inquiries from others. According to a board member, the compensation corresponds to the \u201cresponsibility and liability of the role.\u201d<\/p>\n<h2 id=\"h-who-the-hell-is-prometheum-and-what-did-it-say-to-congress-about-sec-compliance\"><strong>\u2018Who the hell\u2019 is Prometheum and what did it say to Congress about SEC compliance?<\/strong><\/h2>\n<p>The relatively under-the-radar crypto company Prometheum has been thrust into the spotlight after a recent testimony from its co-founder, Aaron Kaplan, before a U.S. House Committee discussing crypto regulatory clarity. Kaplan\u2019s testimony advocated for regulating crypto under current securities laws \u2014 a view also shared by the SEC. He argued that multiple frameworks provided by the SEC have \u201cclearly laid out\u201d a \u201ccompliant path forward for crypto,\u201d adding that those arguing for new crypto-specific laws are \u201csimply not willing to comply.\u201d<\/p>\n<h2 id=\"h-best-cointelegraph-features\"><strong>Best Cointelegraph Features<\/strong><\/h2>\n<h2 id=\"h-holy-shit-i-ve-seen-that-coldie-s-snoop-dogg-vitalik-and-mcafee-nfts-nft-creator\"><strong><strong>\u2018Holy shit, I\u2019ve seen that!\u2019 \u2014 Coldie\u2019s Snoop Dogg, Vitalik and McAfee NFTs: NFT Creator<\/strong><\/strong><\/h2>\n<p>NFT art pioneer Coldie creates crypto culture time capsules about Buffett, Buterin and McAfee \u2014 and writes lyrics for Snoop Dogg.<\/p>\n<p>Real Bedford is the \u201cBitcoin\u201d soccer team that\u2019s made headlines and united BTC evangelists.<\/p>\n<h2 id=\"h-ai-eye-is-ai-a-nuke-level-threat-why-ai-fields-all-advance-at-once-dumb-pic-puns\"><strong>AI Eye: Is AI a nuke-level threat? Why AI fields all advance at once, dumb pic puns<\/strong><\/h2>\n<p>Is AI an existential threat like nuclear weapons, or as likely to kill us as a toaster? Why all AI fields advance at once, and dumb pic puns.<\/p>\n<p>Subscribe<\/p>\n<p>The most engaging reads in blockchain. Delivered once a<br \/>\n        week.<\/p>\n<h2 class=\"author__name\">Editorial Staff<\/h2>\n<p>Cointelegraph Magazine writers and reporters contributed to this article.<\/p>\n<p><script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"bitcoin\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script><br \/>\n<br \/><a href=\"https:\/\/cointelegraph.com\/magazine\/gary-genslers-job-at-risk-blackrocks-first-spot-bitcoin-etf-hodlers-digest-june-11-17\/\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Top Stories This Week US lawmakers file \u2018SEC Stabilization Act\u2019 to fire Gary Gensler United States Representative Warren Davidson has introduced the \u201cSEC Stabilization Act\u201d into the House of Representatives. One of the bill\u2019s main provisions is to fire Securities and Exchange Commission (SEC) Chair Gary Gensler. The bill would remove Gensler from office and [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":12394,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_wp_rev_ctl_limit":""},"categories":[2],"tags":[],"class_list":["post-12393","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin-news"],"_links":{"self":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/12393","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=12393"}],"version-history":[{"count":1,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/12393\/revisions"}],"predecessor-version":[{"id":12395,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/12393\/revisions\/12395"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/media\/12394"}],"wp:attachment":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=12393"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=12393"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=12393"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}