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U.S. legislator has proposed reducing the annual salary of Securities and Exchange Commission chair Gary Gensler to a mere one dollar. Representative Tim Burchett has put forth an amendment to the Financial Services and General Government (FSGG) bill, proposing to reduce SEC Chair Gary Gensler’s salary to $1 in an effort that aligns with a broader proposal to defund the regulator. The FSGG bill, introduced on July 13, encompasses a variety of measures designed to slash federal spending. Gensler, believed to earn over $300,000 annually for his role at the SEC, has become a focal point in this legislative push for fiscal prudence. Burchett was not the sole legislator advocating for reduced SEC funding, with the overarching bill proposing significant funding reductions for several government agencies. You might also like: SEC’s Gary Gensler advises crypto industry in Bitcoin whitepaper anniversary post Representative Steve Womack, presenting the bill to the House Rul...

Launched in September by two former Andreessen Horowitz executives, Bastion has acquired its first two money transmitter licenses in New Hampshire and Arkansas. Bastion, a new cryptocurrency startup created by former Andreessen Horowitz (a16z) executives, has secured two money transmitter licenses (MTL) in the United States. Bastion has acquired MTLs in New Hampshire and Arkansas, the first two licenses obtained by the firm, Bastion announced on Oct. 31. The new licenses, granted by the New Hampshire Banking Department and Arkansas Securities Department, will enable Bastion to offer services for fungible digital assets in each state. It has additional applications pending for MTLs in other U.S. states, the firm said. The license acquisitions enable Bastion to participate in activities related to the selling or issuance of payment instruments, stored value, prepaid access, as well as the receipt of money and digital currency to facilitate transactions with others in the states. The...

Investment firms Invesco and Galaxy Digital allegedly filed for a spot Ethereum ETF with the U.S. SEC on Sept. 29. Asset managers keep pursuing digital asset products, as Invesco and Galaxy Digital allegedly filed for a spot Ethereum (ETH) exchange-traded fund (ETF) on Sept. 29.  Bloomberg ETF analyst James Seyffart disclosed the filing on X (formerly Twitter), even though the application hasn’t been uploaded to the SEC’s public database at the time of writing. Invesco Galaxy just filed for a spot Ether ETF, I think this is the 3rd of 4th one of these, have to check tho.. pic.twitter.com/SIJVu8VzFk — Eric Balchunas (@EricBalchunas) September 29, 2023 A spokesperson for Invesco declined to confirm the application, stating that products still being registered cannot be commented on. Cointelegraph reached out to Galaxy, but did not immediately receive a response. With the Sept. 29 filing, Invesco and Galaxy join a growing line of investment managers seeking regulatory approval for...

This week’s episode of Market Talks discusses how Bitcoin cycles are changing and how it could impact the upcoming halving. In the latest episode of Cointelegraph’s Market Talks , host Ray Salmond speaks with Jamie Coutts, a chartered market technician and crypto market analyst at Bloomberg Intelligence.  When asked whether Bitcoin’s (BTC) pre- and post-halving price action could differ from previous cycles due to a change in global monetary policy, Coutts said:  “I’ve been writing about this for most of the year. We do have some strong fundamentals in the space, but ultimately, what drives risk assets is liquidity. The longer that we have this tightening cycle, and if we start to see an uptick in unemployment and more stress in the banking sector, then there could be a bit more pain for risk assets like Bitcoin.”  Related: The future of BTC mining and the Bitcoin halving Despite the dim macroeconomic outlook, Coutts did suggest:  “We could be near the end. There is still a lot of u...

Also Read: US SEC Commissioners Not Happy Over Impact Theory NFT Charges advertisement The lawsuit verdict effectively granted the approval of application to convert the Grayscale Bitcoin Trust into a spot Bitcoin ETF. However, it is not clear yet as to what would be a timeline for the spot Bitcoin ETF approval, considering that the US SEC may choose to appeal the judgment. Bitcoin Exchange Supply Spike Before The Verdict On-chain data showed that around 30,000 BTC was sent to crypto exchanges prior to the Grayscale lawsuit victory announcement earlier on Tuesday, August 29, 2023, taking the total available supply to 1.16 million $BTC. This raises the question of whether the big whales have placed the trades in anticipation of a positive ruling or they knew of the Grayscale win before the judgment. According to market intelligence platform Santiment, the exchange supply of Bitcoin was boosted significantly prior to the judgment. Meanwhile, the Gr...

Musk's statement, "He is a very promising candidate," piqued curiosity about Ramaswamy's candidacy and his stance on cryptocurrencies. Entrepreneur and Tesla CEO Elon Musk has thrown his support behind Vivek Ramaswamy, a young and emerging United States Republican presidential candidate . Musk responded to a post of the presidential candidate ’s interview on Tucker Carlson's digital program, a video snippet of Ramaswamy circulating on social platforms with the text, "Vivek Ramaswamy is the youngest-ever Republican presidential candidate ." Musk's statement, "He is a very promising candidate ," piqued curiosity about Ramaswamy's candid acy and his stance on crypto currencies. Renowned for his candid opinions on digital finance and cryptocurrencies, Ramaswamy has pushed for a stronger crypto environment within the United States. At the Bitcoin 2023 conference in Miami, he revealed his campaign's willingness to receive Bitcoin cont...

This week’s episode of Market Talks discusses why 2024 could be bullish for the crypto industry and if crypto has weathered the storm. This week’s episode of Cointelegraph’s Market Talks welcomes Huf, the founder of Pear Protocol, a new decentralized exchange launching on Arbitrum in 2023. Huf worked as an equity derivatives trader for various investment banks for over a decade before entering the decentralized finance industry in 2019. He is often quoted in various news outlets for his views on the markets, which he shares in real time via his X (formerly Twitter) profile. The show kicks off with Huf’s views on the current crypto market. Is it in need of a new stimulus and new money? Is it a closed system with the same money rotating from one protocol to the next or one blockchain to another? Is that the reason for such record-low volatility?  Do narratives drive the current crypto market? If so, how can a trader or investor make the right decisions based on those narratives? Huf ...

U.S. miner TeraWulf expanded its Bitcoin mining capacity in 2023, resulting in 70% more BTC mined in Q2. Bitcoin (BTC) mining firm TeraWulf has seen a drastic increase in BTC rewards since increasing its mining capacity in the first half of 2023. According to the company’s latest quarterly filing with the United States Securities and Exchange Commission, TeraWulf mined a total of 1,441 BTC through the first half of the year. 508 BTC was mined in Q1, while the firm added another 375 self-mined BTC to its balance sheet in Q2. The increase in hash rate and mined BTC also led to an uptick in quarterly revenue for the company, up from $11.5 million to $15.5 million in Q2. The company pointed to its increase d hash rate and the recovering market value of Bitcoin as primary reasons for its improved quarterly financials. Related:  TeraWulf goes nuclear: 8,000 rigs spool up in Nautilus mining facility The firm now has over 50,000 new-generation Bitcoin miners, which it operates across its La...

Also Read: XRP Advocate Deaton Challenges SEC’s Ripple Verdict Appeal Igniting Legal Debate advertisement When Will Gemini XRP Trading Resume The Gemini XRP relisting is a welcome move for the crypto market, with the US market holding key to further expansion of the web 3.0 ecosystem. However, the exchange has been a little slow in catching up with its counterparts about the relisting. On July 21, 2023, CoinGape reported that the exchange dropped a hint on plans to relist the token on its platform. As of now, only the token deposits have been opened and trading would soon be activated, it said in a statement. “We are delighted to announce support for XRP Ledger ( XRP ), adding a new blockchain to Gemini’s growing list of supported networks. XRP is now available for deposits on Gemini. Trading for XRP will follow.” Overall, the Ripple lawsuit Summary Judgment that the token sales to retail investors are not securities opened a...

Also Read: XRP Copycat Jumps 520%, Innovative Project or a Red Flag? advertisement XRP Token Holders, Not Investors Recently, US SEC chair Gary Gensler evaded a question on the Ripple lawsuit ruling citing the agency takes a collective decision with all the other commissioners. Interestingly, he repeated his warning to ‘investors’ about the Crypto Market , to which American businessman Mark Cuban took objection. He said, “(Gary Gensler) is in the habit of exclusively calling token holders investors. He knows that is incorrect, but it serves his purpose.” John Deaton: The Howey Factors Reacting to Gensler’s comment on the question of the SEC going for appeal, John Deaton , the attorney representing token holders in the lawsuit, said the judge will have a cushion of the first two Howey tests satisfying the ruling that the programmatic sale of XRP tokens to retail traders is not a securities transaction. Re...

Also Read: Buy Gold? Veteran Trader Calls To Buy Gold As Bitcoin Remains Under Pressure advertisement Speaking about the potential chances for the memecoin with the rebranding opportunity, popular crypto influencer Scott Melker mentioned Musk’s background as payments company PayPal’s cofounder. He wondered if X is all about payments as the everything app is all going to be about finances. Coinbase Research Head David Duong About Dogecoin Payments On X David Duong, the head of research at Coinbase, spoke in a Twitter spaces about the new developments at Twitter. He said the world of finance naturally connects everything because users have to pay for stuff. It makes sense if and when Dogecoin (DOGE) is the unit of account that allows payments on the platform and subsequently there could be a jump in Dogecoin price. However, he warned that it is a different question if Musk will implement the memecoin for payments on the X platform. He added th...

US House to Provide Clarity on the Digital Asset Ecosystem The full US House Financial Services Committee hearing “ The Future of Digital Assets: Providing Clarity for the Digital Asset Ecosystem ” is scheduled on June 13. advertisement The Financial Services Committee has released a third draft stablecoin bill combining concepts of both Republicans’ and Democrats’ financial services committees. The draft stablecoin bill aims regulation of payment stablecoins and other purposes. “The term primary Federal payment stablecoin regulators means the Comptroller of the Currency, the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, and the National Credit Union Administration.” The bill contains details on primary Federal regulators, regulations on who can issue and requirements of a payment stablecoin, supervision and enforcement, state-qualified payment stablecoin issuers, and interoperabi...