Confirmation of Gary Gensler as the Securities and Exchange Commission (SEC) Chairman by the U.S. Senate could bring further benefits to XRP.
After an impressive rally in the past days, XRP is currently moving sideways trading at $1,76 with 2.7% losses in the 24-hour chart. However, the confirmation of Gary Gensler as the Securities and Exchange Commission (SEC) Chairman by the U.S. Senate could bring further benefits to the token.
Ripple XRP XRP moving sideways in the 24-hour chart. Source: XRPUSDT Tradingview With 53 votes in favor and 45 against, the U.S. Senate gave “a warm congratulations” to Gensler. The new SEC chairman has a seemingly more positive stance towards cryptocurrencies.
Before returning to public service, Gensler taught a course on cryptocurrencies and blockchain technology at the Massachusetts Institute of Technology (MIT).
Therefore, he is expected to exercise more “balanced” actions during his administration. The regulator has a legal proceeding open against Ripple Labs and two of its executives for the alleged illegal sale of a security, XRP.
Gensler’s arrival could exert a positive influence on a case that, many within the XRP community, consider unfair or disproportionate. Numerous members of the crypto industry have called for regulatory clarity from authorities in the United States.
A new approach to XRP’s case Lawyer Stephen Palley said Gensler is not “an enemy of crypto”, adding the new SEC Chair could give the green light on more pro-crypto initiatives like SEC Commissioner Hester Peirce’s “safe harbor proposal”. Palley also said:
My own view, which I have slowly and somewhat grudgingly come to, is that current regs & caselaw don’t make sense when applied (unevenly) to crypto projects that require tokens for functionality.
The lawyer stated Gensler’s approach could be conventional but have a “pragmatic and practical” motivation to change some SEC regulations. In doing so, the enforcement priorities could get “clearer”. Palley added:
Like if a current platform seems pretty clearly to be a securities exchange under the ’34 act and the SEC is letting it ride. perhaps some informal guidance about when a web interface to an on-chain swap protocol is or is not a national securities exchange.
Commissioner Peirce Safe Harbor has been uploaded to GitHub and, although is not an official SEC regulation, has been getting a lot of feedback from the crypto community.
The “Safe Harbor 2.0” contemplates a “Time-limited exemption for Tokens”. This proposal seems to have a more dynamic approach to crypto regulation and the evolution of a token.
Therefore, an asset like XRP could have been offered and sold as a security and then traded “outside of an investment contract”. In doing so, the Token can become part of a decentralized network and no longer be susceptible to traditional securities regulation.
To achieve this status, as XRP seems to have, the token must be “freely” tradeable and distributed to a diverse group of “participants in the network”. The proposal adds:
The application of the federal securities laws to the primary distribution of Tokens and secondary transactions frustrates the network’s ability to achieve maturity and prevents Tokens sold as a security from functioning as non-securities on the network.
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The entire industry is buzzing, still euphoric from the months of nothing but green candles. However, the euphoria could be blinding market participants to the fact that the dollar could potentially be ready to reverse.
Crypto Market Celebrates Coinbase Listing Day With New Bitcoin All-Time Highs “The line separating investment and speculation, which is never bright and clear, becomes blurred still further when most market participants have recently enjoyed triumphs,” Buffett wrote in a shareholder letter from 2000. “Nothing sedates rationality like large doses of effortless money.”
Effortless money has been the theme of crypto over the last year, during a time when money is hard to come by for so many suffering from the impact of the pandemic.
Related Reading | Coinbase Listing Sends Binance Coin (BNB), Exchange Tokens Soaring
The crypto market Fear and Greed Index is at full-blown greed, which other Buffett quotes point out are a time to be fearful. But investors aren’t fearful at all.
They’re rolling the dice on altcoins, throwing millions at NFTs, and more with little concern about putting money away for the future – what Bitcoin was supposed to be about in the first place.
All this exuberance has put blinders on most crypto investors who are unaware of a potential reversal brewing in the dollar that could over the next several days catch them off guard.
bitcoin dollar dxy btcusd
The TD 9 indicator has perfected a sell setup on an 8-count | Source: DXY on TradingView.com How Exuberance Has Left Investors Blind To Potential Dollar Reversal The Dollar Currency Index, a weighted basked of top currencies trading against the dollar, is now higher than lows set earlier in the year, but it’s been dropping to retest former resistance turned support.
Related Reading | The Bearish Bitcoin Chart Bulls Definitely Don’t Want To See
On the way down, the DXY has perfected a sell setup on the TD Sequential indicator. The indicator is at only an 8 count instead of the typically lethal 9, however, as signals on the other end have shown a perfected 8 works just fine.
bitcoin dollar dxy btcusd bull market
Major dollar reversals have ended Bitcoin bull markets | Source: BTCUSD on TradingView.com Looking at the bigger picture, Bitcoin bull markets have ended when the dollar finally turns around, and after this retest of support, another leg up could be devastating to the crypto space.
What’s worse, is that investors are too exuberant currently to ever see it coming. Institutions are here, Coinbase has went public, and the stock-to-flow model predicts $100,000 BTC or more – what could possibly go wrong?
Featured image from Deposit Photos, Charts from TradingView.com Tags: bitcoinbtcbtcusdBTCUSDTcryptoxbtxbtusd Tweet Share Tony Spilotro Tony Spilotro I'm Tony Spilotro. Behind the pseudonym, I'm a global remote work leader with a decade of award-winning content experience and excellence. Here, I explore my newfound passions pertaining to privacy, finance, economics, politics, cryptography, property rights, and other libertarian-esque views. I am a Bitcoin evangelist, maximalist, and educator whenever I can be, helping to spread its message of freedom from government control, monetary policy mismanagement, and passing the buck - literally – to future generations. My journey from a curious retail crypto investor to a serious Bitcoin advocate, trader, and technical analyst is an unusual one, but life-changing nonetheless and has become less about money and more about a long-overdue revolution. While a firm believer in the laws governing math and science, I am profoundly fascinated by the impact of astrology and astronomy including moon and solar cycles and planetary alignment and their ability to influence and potentially predict markets. It hasn't yet clicked for me as to how to put anything to use, but I consider it my current rabbit hole I can't yet dig out of. My perspective of growing up alongside the internet, the dot com era, the Great Recession, and roots in video games collecting coins and rare items caused Bitcoin to immediately make sense to me. Through all of these lenses, I seek to produce content that is educational and entertaining, and I thank you sincerely for taking the time to read what I have to say. Please follow me on Twitter and feel free to drop me a line if you would like to work together.
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Ripple and MoneyGram’s partnership through which they furthered remittance services using XRP and Ripple technology has officially ended.
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