Latest Bitcoin News in the US
SEC Enforcement Action Against Gemini and Genesis
The US Securities and Exchange Commission (SEC) has taken enforcement action against Gemini Trust Company and Genesis Global Capital for failing to register their crypto lending program, Earn. The SEC alleges that the program was unregistered and offered interest rates that were too high to be sustainable.
Stablecoin Legislation Proposed in the Senate
A bipartisan group of senators has introduced a bill that would regulate stablecoins, which are cryptocurrencies designed to maintain a stable value. The bill would require stablecoin issuers to be licensed and to maintain reserves to back their coins.
Major US Banks Begin Accepting Bitcoin
First Republic Bank and Silicon Valley Bank have announced plans to accept Bitcoin and other cryptocurrencies from clients. This move represents a significant step towards mainstream acceptance of cryptocurrencies by traditional financial institutions.
Bitcoin Prices Surge After Fed Rate Cut
Bitcoin prices rallied after the Federal Reserve announced a rate cut of 0.5%. Investors saw the rate cut as a sign that the Fed is easing its monetary tightening policy, which has been weighing on risk assets like cryptocurrencies.
Cryptocurrency Exchange FTX US Raises $1.5B
FTX US, the American subsidiary of cryptocurrency exchange FTX, has raised $1.5 billion in a funding round led by SoftBank Vision Fund 2. The funding will be used to expand FTX US’s operations and develop new products and services.
SEC Chair Gensler Warns of Crypto Market Manipulation
SEC Chair Gary Gensler has warned that the crypto market is susceptible to manipulation and that the agency is investigating potential cases of fraud and abuse. Gensler urged investors to exercise caution and to do their own research before investing in cryptocurrencies.
Stablecoin Tether Investigated by DOJ
The US Department of Justice is reportedly investigating Tether, the issuer of the largest stablecoin, over allegations of market manipulation and bank fraud. Tether has denied any wrongdoing and has said that it is cooperating with the investigation.
Impact on the US Economy
The growth of cryptocurrencies in the US is expected to have a significant impact on the economy. Cryptocurrencies could potentially disrupt traditional financial services, facilitate cross-border payments, and create new investment opportunities. However, the volatility and regulatory uncertainty surrounding cryptocurrencies pose challenges that need to be addressed.
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