Crypto Monday: Weekly market prep
Crypto Monday: Weekly market prep
1. Gary Gensler expected to announce resignation as SEC Chairman after Thanksgiving
Fox Business has reported that Gary Gensler may soon resign as US SEC Chairman, possibly after Thanksgiving, before Donald Trump’s inauguration in January. The speculation of a potential new nominee arises, with former CFTC Chairman Chris Giancarlo denying rumors of his nomination. Other possible successors include Robinhood’s Chief Legal Officer Dan Gallagher, Bob Stebbins, Paul Atkins, and Brad Bondi.
2. Pennsylvania House proposes legislation to hold Bitcoin on state balance sheets
Fox also reported that Pennsylvania's House of Representatives has introduced legislation allowing the state to retain Bitcoin as a reserve asset on its balance sheets. This move broadly acknowledges Bitcoin as a store of value, reflecting the growing acceptance of cryptocurrency at the state level.
3. Eighteen US states sue SEC over crypto regulation excesses
Fox also reported that 18 US states have filed a lawsuit against the SEC and its commissioners, alleging unconstitutional overregulation and the unfair crackdown on the crypto industry under Chair Gary Gensler's leadership. The lawsuit, signed by 18 Republican state attorneys general, claims the SEC's "regulation by enforcement" approach has overstepped its bounds, infringing on states' rights to regulate their economies.
4. Musk sees opportunities for 'Department of Government Efficiency'
Elon Musk responded to a New York Post article about the hypothetical 'Department of Government Efficiency' (DOGE), noting significant potential for improvement. The article humorously suggested areas where the government could cut spending, such as gender-changing monkeys, Diversity, Equity, Inclusion (DEI) initiatives, and checks sent to deceased individuals. Dogecoin's UI designer, DogeDesigner, responded to Musk's comment by suggesting it's time to use DOGE to change the nation, to which Musk agreed.
5. Tether issues 1 billion USDT on the Ethereum network
Tether has minted an additional 1 billion USDT on the Ethereum network, as monitored by Whale Alert. Paolo Ardoino, Tether’s CEO, stated that this issuance replenishes Ethereum network reserves. This transaction is authorized but not yet issued, intended for upcoming issuance requests and inventory for cross-chain swaps.
6. BlackRock's spot Bitcoin ETF hits $5 billion in trading volume
On November 12, the total trading volume for US spot Bitcoin ETFs exceeded $7.4 billion, with BlackRock's spot Bitcoin ETF reaching a trading volume of $5 billion for the first time, according to WatcherGuru. This milestone underscores the growing investor interest and market confidence in cryptocurrency-backed financial products.
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