The CFTC's Division of Market Oversight issued an advisory clarifying the registration framework for foreign boards of trade (FBOTs), enabling non-U.S. entities to provide U.S. traders with legal access to global markets, including digital assets, and facilitating a return of crypto trading to U.S. markets under clear regulations.
Altcoins, led by XRP with a 10.5% jump, surged due to positive regulatory developments and the end of the SEC-Ripple legal dispute, boosting overall market confidence and institutional adoption prospects.
Crypto Week concluded with significant regulatory progress, notably the passage of the GENIUS Act, which provides legal clarity for digital assets and stabilizes the foundation for future innovation in crypto and DeFi. Experts see this as a starting point for broader adoption and integration, emphasizing the need for scalable infrastructure, user-friendly systems, and credible markets to realize crypto's full potential.
Bitcoin and other cryptocurrencies recovered after a setback caused by a failed crypto legislation vote, with President Trump indicating that key bills could pass soon, boosting market confidence and leading to gains in major digital assets.
A crypto analyst predicts XRP could surge by 763% to $19, based on technical patterns and recent legal clarity, suggesting a potential for significant gains if historical cycles repeat and market conditions align.
Ripple CEO Brad Garlinghouse is set to appear on "60 Minutes" on December 8 to discuss regulatory clarity for the cryptocurrency industry in the U.S. This comes as XRP experiences a significant price surge, reaching $2.86, amid ongoing debates about the SEC's regulatory approach under Gary Gensler. The interview could influence public and regulatory perceptions of XRP and the broader crypto market, potentially impacting investor sentiment and regulatory attitudes.
The $4.3 billion settlement between Binance and US authorities has brought relief to crypto enthusiasts, who believe it lifts uncertainty in the industry. While Binance's own token initially dropped, other cryptocurrencies like Bitcoin and Ethereum saw positive movement. Investors are optimistic about wider acceptance and regulatory clarity, with hopes for the approval of a spot Bitcoin ETF. However, caution remains as the SEC still has pending lawsuits against major players like Binance and Coinbase. Binance will now operate under tighter government scrutiny, and its CEO will step down and pay a fine. The settlement marks an inflection point for the industry, with stricter regulations expected. Binance faces challenges in complying with the agreement's terms, and customers have already withdrawn a significant amount of funds. Overall, the industry is seen as turning a corner, but slower and sustained growth is anticipated.
The United States House Financial Services Committee has passed two crypto regulatory bills that aim to provide regulatory clarity for crypto firms. The Financial Innovation and Technology for the 21st Century Act establishes rules for crypto firms to register with either the Commodity Futures Trading Commission or the Securities and Exchange Commission. The Blockchain Regulatory Certainty Act removes hurdles and requirements for blockchain developers and service providers. However, another proposed bill, The Digital Assets Market Structure bill, did not receive support from both Republicans and Democrats.
Ripple has applied for registration as a crypto asset firm with the UK's Financial Conduct Authority (FCA) and is seeking a payments license in Ireland. This move comes after Ripple's partial win against the US SEC regarding the classification of its XRP token. More crypto firms are turning to the UK for regulatory clarity and a supportive business environment, as the country has introduced laws to establish a crypto-regulated environment.
Coinbase's Chief Legal Officer, Paul Grewal, has criticized the proposed rule change from the Securities and Exchange Commission (SEC) that could change the definition of an exchange and how digital assets are regulated. Grewal said the SEC proposal "tries to fit a square peg in a round hole" and was "too flawed on process and substance to move forward." He added that requiring a decentralized exchange (DEX) to register in the same way as a national securities exchange is impossible and violates the Administrative Procedure Act. Coinbase's comments came amid the SEC being at the forefront of attention in the US concerning the regulation of cryptocurrency.
The US Securities and Exchange Commission (SEC) has requested an additional 120 days to respond to Coinbase's request for regulatory clarity on crypto. The SEC said it has not decided what action to take on the petition in whole or in part and claimed Coinbase's request for a writ of mandamus has "no merit." Coinbase's Chief Legal Officer, Paul Grewal, criticised the SEC's response, saying it ignored clear statements from SEC Chair Gary Gensler that the SEC has "no intent to issue new rules."
US lawmakers have proposed a draft bill aimed at providing regulatory clarity for crypto firms in the country. The bill would allow certain tokens to qualify as digital commodities if they were decentralized and crack down on the SEC’s previous approach to crypto. It would also prohibit the SEC from denying digital asset trading platforms from registering as a regulated alternative trading system and allow such firms to offer “digital commodities and payment stablecoins.” The proposed legislation lacks input from lawmakers on the other side of the political aisle and it's unclear how far it could advance in a divided Congress.
Republican lawmakers have released a draft bill that would provide regulatory clarity for crypto assets and exchanges, allowing digital assets to be traded on more conventional trading platforms and introducing a division of authority between the SEC and CFTC. The bill proposes a clearer pathway for the registered offer and sale of digital assets and a key carve-out for DeFi assets. The draft bill will likely be reshaped and modified in the coming weeks and months, but it represents a powerful vote of support from two influential Republican members.
The cryptocurrency market experienced a setback as major cryptocurrencies retraced their gains from the previous day. Bitcoin reached a high of $27,500 before experiencing a brief pullback, causing it to dip to almost $26,400. Investors are keeping a close eye on ongoing debt ceiling talks in Washington D.C. and the latest regulatory actions. Analysts predict that Bitcoin may experience a significant drop of 50%, causing its value to reach $12,000, but it is likely to appreciate by over 30% and reach $35,000.
The SEC has sought a court order to dismiss Coinbase's plea for clarity on crypto regulations, stating that the exchange's request for "extraordinary relief" should be denied. Coinbase had filed a petition in July 2022 urging the SEC to clarify whether existing regulatory frameworks for securities should extend to the cryptocurrency industry. The SEC's response marks the first time it has transparently communicated its stance on setting rules for the crypto industry. The ongoing conflict between Coinbase and the SEC escalated in March when Coinbase received a Wells notice from the SEC, indicating the regulator's intention to take legal action against the exchange.
