Markets in the region are opening steadily, with both crypto and TradFi markets not doing much.
Bitcoin is currently at $27,514, down 1.2% while ether is down 2%, at $1,845.
Data from Coinglass It shows that while the market is still relatively flat, the majority of liquidations come from short positions, indicating that the market has legs.
Across Asia, the Nikkei 225 index opened slightly in the green at 28,714 while the Korean KOPSI settled at 2,521.
In the US, Wall Street is awaiting Microsoft and Alphabet earnings due on April 25.
The cryptocurrency remains closely tied to the Nasdaq, CoinDesk reported earlier this month, repeating the narrative that it is another risk asset rather than a safe haven from economic distress, making tech profits more important than ever.
Do Kwon went back to court in the US – through his lawyer because he is in prison in Montenegro – to seek an SEC lawsuit against him alleging that he sold unregistered securities to be dismissed. UST is a currency, not a stock, is the argument made.
The SEC lacks a “clear congressional mandate” to regulate digital assets, the agenda said, noting that the CFTC chair has changed his mind “about whether cryptocurrencies are securities, and is now asserting that stablecoins (such as underground tanks) are not.”
Kwon isn’t the only target here. The SEC continues its regulatory campaign with enforcement: trying to add insider trading fees to the case of a fired Coinbase product manager, thus facing having a vast network to call everything safe; Or sneak in allegations that all of the exchange’s tokens are securities in a complaint against former Alameda COO Caroline Ellison that went unchallenged because she made a plea deal with the prosecution.
By contrast, many jurisdictions in Asia are moving in the opposite direction: creating legal frameworks to properly define crypto—not applying frameworks from the mid-20th century—and regulating it as the unique asset class. The Monetary Authority of Singapore has already set this up, Hong Kong is working on its own framework, and even Taiwan is issuing the rulebook.
Kwon is no saint, and he gets into a lot of trouble after he gets caught in Montenegro with a fake passport. But his advisor makes a good case for cryptocurrency regulation in the United States, and the SEC’s pursuit of unlimited jurisdiction over the asset class.
Perhaps in his fall, he will create an important precedent for the future of crypto regulation in the US, and in the end, we will thank him for accelerating his push for regulatory clarity.
Rep. Warren Davidson (R-Ohio) joined the “First Mover” to discuss the future of cryptocurrency regulation in the United States and explained why he wanted to restructure the SEC and called for the impeachment of SEC Chairman Gary Gensler. It came as bitcoin (BTC) fell for the third day in a row and touched a 24-hour low of $27,844.46. PV01 CEO Max Boonen and Crypto is Macro Now economist Noelle Acheson also joined the conversation. Acheson is also the former head of research at CoinDesk and Genesis Trading.
What to expect in Consensus 2023: From Solana phones to the future of US crypto politics, here’s what to look for at the Big Tent cryptocurrency event – consensus.