The R Roundup: Gary Gensler’s Digital Declaration — Issue #82
Our April Fools Joke? Gary Gensler. Will his questionable treatment of digital assets come under scrutiny?
SEC Chair Gary Gensler is set to testify in front of the House Financial Service Committee on April 18th regarding how he approaches rulemaking and digital assets.
Chairman of the Financial Services Committee, Patrick McHenry, added that this would be the first occasion for an oversight hearing with the SEC.
Numerous pro-crypto and pro-bitcoin democrats have expressed dissatisfaction with how the SEC and their chairman have taken a stance against crypto.
On-Chain Update⛓️: $USDT Dominance Returns 💵
With a degree of bullish sentiment returning to the markets, looking for data to support it can often be difficult.
Stablecoins indicate capital flow in crypto, with many relying on them to denominate their assets. Over the past few days, $USDT market dominance reached the highest level for the first time since June 2021.
Following the fallout of $SIVB and $USDC & further worries on $BUSD, Tether secures stablecoin dominance at 57,5%.
G7 Drives Up Regulation🌏
The past two issues have been stifled with regulation, and countries worldwide are looking for a solution. Advocating for regulation is the seven largest democracies in the world aiming to address international crypto laws at the upcoming G7 summit.
Officials are reporting that there have been communications between the states claiming that the potential threats to the world banking system are also on the agenda.
The states already have various crypto regulations, but the G7 2023 Summit in Hiroshima, set in May, will undoubtedly question crypto and its regulation.
CFTC Creeps On CZ🦶🇺🇸
Crypto’s darling boy CZ & Binance were on the receiving end of a CFTC lawsuit.
The CFTC alleged that the world's largest crypto exchange was reported breaking the rules with allegations of insider trading, market manipulation, and much more.
Binance instantly claimed that the complaint needed to be more accurate, citing that they cannot give complete responses now; however, they guarantee they will in due time.
CZ added in the statement:
“I observe these policies myself strictly. I also never participated in Binance Launchpad, Earn, Margin, or Futures. I know the best use of my time is to build a solid platform that services our users.” — CZ Founder Of Binance.
As a reminder, this is not a trading signal or investment advice; it is an opinion, and each trader/investor should know and understand the risks of trading cryptocurrencies. This should not be regarded as financial advice; feel free to familiarise yourself with our NFA disclaimer.
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