Cryptocurrency
Crypto enthusiasts are wrong to target Gary Gensler
Laws in the United States are the problem. Cryptocurrency advocates should focus on changing them — and, in the meantime, consider moving to the European Union.
The animus of the entire crypto world is focused on Securities and Exchange Commission Chair Gary Gensler.
Critics argue that he paints cryptocurrencies with too broad a brush. They argue that he gaslights well-meaning entrepreneurs by encouraging them to “come in and register,” knowing his process is set up for them to fail. They argue he knows new rules are needed but prefers to enforce impractical rules in order to stifle the industry altogether. And, of course, under his leadership, the SEC filed an enforcement action against Coinbase, arguing several top coins, including Polygon’s MATIC, Solana’s SOL and others are securities largely because their issuance involved capital formation, despite their necessity in operating underlying networks.
And it’s not just naysayers in the peanut gallery. The campaign is costing the United States dearly. Venture capital investment in the U.S. crypto industry has fallen this year compared to the European Union. America is losing its lead, and time is of the essence.
The cynical explanation for Gensler’s position is political. Gensler taught a course on blockchain at MIT and is on tape explaining how not all tokens are securities, so he presumably understands the nuances of digital assets. Rather, he is playing dumb to implicitly support the agenda of Massachusetts Senator Elizabeth Warren, who is mobilizing an “anti-crypto army” and has been informally deputized by the administration of President Joe Biden to define crypto policy. If Biden wins the presidency again, perhaps this will help Gensler earn an appointment as Treasury secretary.
In response, lawmakers are piling on with bills proposing to fire him. Representatives Warren Davidson and Tom Emmer introduced the “SEC Stabilization Act,” which proposes removing Gensler and restructuring the agency to make it less partisan.
This would be misguided — not because Gensler is in the right, but because his positions are not clearly wrong under current law.
The U.S. approach to securities law relies on the Howey test, which asks whether buyers have an “expectation of profit to be derived from the efforts of others.” Of course, buyer expectations can be influenced by but are not entirely in the issuer’s control. They might also be affected by trends in the market, groupthink or even whimsy. The benefit of this approach is that it is hard to game. But the cost is a “Schroedinger’s cat” paradox, wherein the very act of perception by third parties determines whether a token is a security or not. This deters capital formation by imposing enormous risk on entrepreneurs and users that is inherently out of their control.
This paradox is put in relief by the EU’s landmark Markets in Crypto-Assets (MiCA) legislation. The regulation acknowledges that utility tokens are not all financial instruments and prescribes clear and practical requirements for disclosure and behavior that legitimate projects are able to follow.
The EU defines securities based solely on factors in the control of the issuer, namely the structure of an instrument itself and the way it is marketed. This explains how MiCA so cleanly allows for utility tokens while the U.S. struggles with simply defining them.
This difference really matters. For example, imagine you are an entrepreneur issuing a governance token for a protocol that entitles holders to vote for changes to open-source software. In the EU, under MiCA, you can publish a transparent white paper and do your best to dispute any mischaracterizations. In the U.S., you can do the same, but you have no guarantee it’s enough.
If bad actors have conditioned buyers to expect profits from tokens writ large, you may be stuck. And since every new wave of technology gets hijacked by bad actors like Sam Bankman-Fried, there will always be bad actors who condition buyers when capital formation is most important for driving society forward.
As a result of the U.S. paradox, firing Gensler might provide temporary relief, but it would not necessarily solve the problem — which is a lack of clarity and adaptability. There is no guarantee that Gensler’s replacement will necessarily reach a different conclusion.
The only comprehensive solution is new legislation that refines the U.S. definition of a security or carves out a separate framework for digital asset issuers and exchanges. Until we see serious efforts at that, a sword of Damocles will forever hang over the U.S. crypto space, always just one election or chair away from being cut.
TL;DR
- SHIB tops some trading charts for April, surpassing BTC, DOGE, and ETH, showcasing its consistent popularity among traders.
- Analysts like Ali Martinez and Rekt Capital anticipate a potential Shiba Inu bull run, with buy orders placed and bullish predictions suggesting triple-digit price increases.
SHIB’s Solid Achievement
Shiba Inu continues to make the headlines by registering substantial price spikes and achieving numerous advancements.
For example, it topped WazirX’s ranking as the most-traded cryptocurrency for April, leaving Bitcoin (BTC), Dogecoin (DOGE), Pepe (PEPE), and Ethereum (ETH) behind.
Top five traded coins on WazirX in April’24:
🚀 $SHIB
🚀 $BTC
🚀 $DOGE
🚀 $PEPE
🚀 $ETHWhich one did you trade the most? pic.twitter.com/Fc1E76f8Lk
— WazirX: India Ka Bitcoin Exchange (@WazirXIndia) May 3, 2024
This is not the first time the meme coin has topped that ranking. It was the most-traded digital currency on WazirX’s platform in March, surpassing BTC, PEPE, FLOKI, and DOGE. Recall that SHIB was the second-most traded cryptocurrency on the trading venue for 2023.
It is worth mentioning that WazirX is among the leading Indian cryptocurrency exchanges, with over 6 million registered users and monthly trading volume equaling billions of dollars. It is part of the Binance group and serves clients in more than 180 countries.
Recent SHIB Price Predictions
The meme coin’s price has been flashing green for the past few days, with some analysts suggesting that a more substantial rally could be on the horizon. One example is the X user Ali Martinez, who admitted placing buy orders, hoping for a 300% surge.
Rekt Capital and crypto content creator Jake Gagain also outlined bullish predictions recently. The former envisioned a triple-digit price increase, whereas the latter argued that “fading” Shiba Inu “is a major mistake.”
The resurgence of Shiba Inu‘s burn rate and the development of the layer-2 blockchain solution – Shibarium – are two major factors that could positively impact the asset’s value. As CryptoPotato reported, over 81 million tokens were destroyed in the last 24 hours, while the network underwent two essential upgrades.
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Cryptocurrency
BTCC Exchange Launches World Trading Competition with Record-breaking 10M USDT in Prize Pools
[PRESS RELEASE – Vilnius, Lithuania, May 6th, 2024]
BTCC Exchange, the world’s longest-serving cryptocurrency platform, announces the BTCC World Trading Competition (BWTC) 2024 kickoff, featuring an unprecedented prize pool of 10 million USDT. This global competition, organized into three main categories, invites participants worldwide, underlining BTCC’s commitment to inclusivity and diversity in cryptocurrency trading.
The competition’s categories—individual trading, copy trading, and referral competition—are designed to accommodate traders of all skill levels and preferences. The individual trading competition, already open for registration, features a significant shared prize pool of 1.4 million USDT, offering participants the chance to earn up to 26,700 USDT monthly.
As in the copy trading competition segment, participants are divided into two groups: lead traders and copy traders. Lead traders compete for a 50,000 USDT prize pool based on their lead trading performance, while copy traders vie for 30,000 USDT, with rankings determined by their copy trading volume.
In addition to the typical trading formats above, BTCC stands out by including a referral competition. This encourages existing users to introduce new traders to the platform, with a prize pool of 65,000 USDT awarded monthly based on the referred traders’ volume and the number of new users brought in.
Alex, Head of Operations at BTCC, shared his excitement about the launch: “Our competitions reflect our dedication to inclusivity. We offer diverse contests ranging from solo trading to copy trading, and reward those who expand our community through referrals.”
The BWTC 2024 will introduce more categories of trading competitions, providing users with exciting opportunities to win from the extensive prize pools.
This year, BTCC continues to demonstrate its dedication to making crypto trading more accessible through various rewarding campaigns. Their recent Bitcoin halving campaign celebrated the platform’s observation of its fourth Bitcoin halving since its inception, distributing significant rewards to participants.
Now entering its 13th year, BTCC remains focused on expanding its campaign offerings to attract both novice and seasoned traders, maintaining its prominence in the crypto exchange industry.
About BTCC
Established in 2011, BTCC is one of the world’s most established cryptocurrency exchanges. Its mission is to make cryptocurrency trading accessible and reliable for everyone, continually adapting and innovating to meet traders’ needs across the globe.
Website: https://www.btcc.com
Twitter: https://twitter.com/BTCCexchange
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Tesla, the renowned electric car manufacturer led by Elon Musk, has officially integrated Dogecoin (DOGE) as a payment option on its website.
This month, DOGE has surged over 35%, with the Tesla announcement significantly fueling its rise.
Tesla Integrates DOGE Payments
Tesla has officially embraced Dogecoin, with the payment page updated to feature the OG meme coin. The addition specifies that DOGE can only be used to pay for select products, including merchandise within the online Tesla Shop.
The first response in the FAQs section instructs users to search for the Dogecoin symbol next to the “order” button for eligible products. According to the support page, individuals interested in making a purchase on the Tesla shop using Dogecoin must first own a “Dogecoin wallet.”
A disclaimer also states, “It is the responsibility of the purchaser to ensure that Dogecoin is transferred to Tesla’s Dogecoin wallet accurately.”
Following the announcement, Dogecoin surged by 21% to $0.1685, presently trading at $0.1672, marking a 4% increase in the last 24 hours, indicative of the market’s favorable response to Tesla’s adoption of the cryptocurrency for payments.
Meanwhile, analysts suggest that DOGE is on a bullish path. Various indicators related to the Dogecoin ecosystem have seen notable increases. Over the past three months, the number of non-empty DOGE wallets has surged by 13.8%.
The aggregate daily volume for transactions exceeding $100,000 has nearly reached $1.5 billion, marking a 12% rise compared to figures observed on May 1.
Daily active addresses have experienced a 20% increase, surpassing 66,000. As of May 4, Dogecoin stood out as one of the top performers with a 6% increase doubling down on its bull run.
Tesla’s History with DOGE
This isn’t the first time Elon Musk’s companies have dabbled in cryptocurrency payments. Elon Musk had previously stated that Tesla would start accepting Dogecoin as payment for some of its merchandise.
In January 2022, Tesla began accepting Dogecoin as an experiment, offering various company merchandise for DOGE, such as the Tesla Cyberwhistle and the “Giga Texas” belt buckle. Following suit, SpaceX, another Musk-led company, also embraced Dogecoin payments.
Fast forward to March 2024, during Musk’s visit to the Giga factory in Berlin, where he hinted at implementing Dogecoin payments for Tesla’s electric cars. Musk’s statement caused a 10% price surge in DOGE immediately after.
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