Republicans Introduce Bill to Remove Gensler from SEC [ Crypto Espresso 6.13.23 ]

Tuesday Newsday is the best unbeatable Two years running baby I'm your host Andrew and this is crypto espresso your Teeny tiny daily shot of caffeinated Crypto headlines and let's just shimmy Into the news first up in an attempt to Reshape the SEC two House Republicans Representatives Warren Davidson and Tom Emmer have introduced the SEC Stabilization act the bill aims to Remove the position of SEC chair Currently held by Gary Gensler and Replace it with an executive director Overseeing operations it also suggests Adding a sixth SEC commissioner to the Existing five seats the lawmakers argue That these changes will prioritize Investor protection and ensure clear and Consistent oversight rather than being Influenced by the chair's Personal Agenda the bill comes as part of a Growing criticism among influential Republican lawmakers particularly Regarding gensler's stance on Cryptocurrency some lawmakers believe That the sec's approach characterized by What they call regulation by enforcement Is flawed and not conducive to fostering Market Innovation and protecting Customers while representatives emmer And Davidson have not yet commented on The bill their proposed legislation Signals a pushback against the current Leadership of the SEC and the desire to

Reshape the regulatory landscape to Better align with their priorities it Remains to be seen however how this bill Will progress and whether it will gain Significant Traction in Congress strap Yourselves in people because over the Past five years hackers backed by North Korea have successfully stolen Approximately 3 billion dollars in Cryptocurrency by employing Sophisticated tactics and posing as Recruiters I.T workers and government Officials these elaborate schemes have Allowed them to gain access to sensitive Information and exploit unsuspecting Victims notably the stolen Cryptocurrency funds 50 of North Korea's Ballistic missile program as reported by The Wall Street Journal one instance of Their modus operandi involved a hack on The XC Infinity platform back in 2021 Where hackers posed as recruiters and Lured an employee of Sky Mavis the Parent company by sharing a document Containing malware they gained access to The employee's computer which enabled The theft of 600 million dollars in Cryptocurrency these evolving tactics Demonstrate North Korea's increasing Sophistication in executing cyber Attacks serving as a crucial source of Funding for their nuclear weapons and Missile programs the hackers adopt Various disguises sometimes

Impersonating I.T professionals or Government officials they'll create a Shadow Workforce masquerading as Japanese blockchain developers or Canadian I.T workers with potential Earnings of up to three hundred thousand Dollars per year in certain cases they Even attempt to secure employment at the Targeted companies utilizing Western Individuals to participate in interviews Once hired they subtly introduced Changes to the product providing Openings for hacking attempts companies Often find themselves engaged in an Ongoing arms race with these Increasingly Advanced hackers making it Challenging to detect and prevent their Activities Hong Kong lawmaker Johnny Eng Has extended an invitation to the crypto Industry including coinbase to apply for Registration in the the region this Comes as Hong Kong's Securities and Futures commission started accepting Applications for crypto trading platform Licenses allowing registered firms to Serve retail customers and adhere to Regulatory rules against crypto Incentives coinbase which aims to Partner with high standard Regulators Worldwide expressed its dedication to Working with Regulators in both the U.S And non-us jurisdictions the invitation From Johnny Eng arrives amid the ongoing Crackdown of crypto exchanges by the SEC

While coinbase CEO Brian Armstrong had Previously mentioned the possibility of Moving out of the U.S due to the Regulatory uncertainty the company is Now focused on expanding globally Coinbase's vice president of International policy Tom Duff Gordon Stated the company's excitement about Overseas expansion including plans to Establish a presence in Abu Dhabi Canada And Singapore additionally coinbase aims To apply for authorization under the new Crypto regime in the UK once it's Finalized despite the global expansion Coinbase remains committed to advocating For regulatory Clarity within the United States as they believe it is is Essential to stand up and fight for Industry representation Financial Trading platform e Toro has announced That starting next month U.S customers Will no longer be able to purchase Algorand decentraland Dash and polygon On its platform the decision comes as a Response to recent regulatory Developments and Echoes similar actions Taken by Robin Hood another trading app Last week these tokens were labeled as Securities by the SEC in lawsuits Against major crypto exchanges however Existing positions in these tokens can Still be held and sold by etoro's U.S Customers etoro emphasized that the Changes will only affect us customers

And assured its commitment to the crypto Industry the company operates in over 100 International markets and has an Ongoing framework to review the crypto Assets it offers in light of the Evolving regulatory landscape meanwhile Robinhood also disclosed last Friday That it would end support for Ada soul And Matic citing a cloud of uncertainty Surrounding these tokens both etoro and Robinhood started offering crypto assets Including Bitcoin and ethereum to their Us customers back in 20 18 although the SEC has shown regulatory scrutiny Towards crypto companies these actions By etoro and Robinhood reflect the Unease felt by platforms with roots in Other Industries due to their close ties To crypto markets and finally a Delaware Judge has dismissed the lawsuit filed by Cryptocustodian bitco against Galaxy Digital over the cancellation of their 1.2 billion acquisition deal the judge Ruled in favor of Galaxy stating that The company had a valid reason to Terminate the agreement due to bitco Providing non-compliant financial Documents bitco expressed its intention To appeal the decision maintaining that Galaxy wrongfully terminated the Agreement the initial deal was agreed Upon in May of 2021 with Galaxy aiming To offer Prime brokerage services to Institutional investors however amid the

Bear Market Galaxy called off the merger In August of 2022 citing bitco's failure To provide audited financial statements Bitco subsequently sued for 100 million Dollars in Damages alleging that Galaxy's justification was unfounded and Suggesting financial difficulties as the True reason for the cancellation Nation The Court's decision marks a setback for Bitco as it sought to hold a Galaxy Accountable for the canceled acquisition The case highlights the complexities and Legal disputes that can arise in the Crypto industry particularly in the Context of high-value transactions and Market volatility it goes decision to Appeal indicates its determination to Challenge the ruling and seek a Favorable outcome meanwhile Galaxy Digital and by Mike novograts can now Move forward without the acquisition Focusing on its other ventures in the Crypto space and here's something that You can focus on look up now look down Now look at the like button that Subscribe button and that little bell Icon that you can click to get buzzed Whenever a new crypto espresso video Goes live Those eyeballs under control people Thoughts on today's episode drop me a Line in that comment section below Because I read those comments and they Keep me up at night

Until it's working because my eyes are So red swollen and I'm miserable I just Can't sleep anymore the questions about Our headlines or crypto in general take The plunge and desk Alex in that Description below Alex is always a great Resource for all things web 3 and the Metaverse and that amount does it for Today as always I've been your host Andrew these have been your headlines And we'll see all of your beautiful Shining faces tomorrow