Cryptocurrency prices have dropped sharply overnight, with bitcoin losing more than 3% since this time yesterday. Ether ETH +6.4%eum is down by almost 5%, while Ripple’s XRP XRP +4.5% leads the top ten lower, down nearly 8%.
Despite losing almost 3% over the last 24 hours, Terra’s luna was still up 10% on this time last week. The bitcoin price has lost around 17% since the beginning of the year, along with the ethereum price.
The sudden crypto sell-off mirrors stock markets in Asia and Europe than have dived due to growing fears that China’s latest Covid lockdowns are spreading to Beijing.
Armstrong on regulation
Coinbase founder and chief executive Brian Armstrong spoke in India.
Not all assets: Coinbase COIN +2.8% chief executive Brian Armstrong, one of the most influential voices in the world of Crypto, has weighed in on what the future crypto regulatory landscape could look like as the U.S. Securities and Exchange Commission (SEC) lobbies for more powers and after the Biden administration issued an executive order directing federal agencies to thrash out rules for the crypto space.
Armstrong, speaking on the latest episode of the All-In Podcast, predicted the crypto industry would likely not be regulated solely by the SEC because not all digital assets should be considered securities.
Oddities: “[Bitcoin BTC +5.1% is] pretty clearly a commodity,” Armstrong said. “Many of these [cryptocurrencies like ethereum are] commodities that probably should be regulated by the commodities [regulator], or the Commodity Futures Trading Commission.”
Armstrong did think some cryptocurrencies, such as companies raising money with an initial coin offering (ICO), fell under the SEC jurisdiction and repeated his regular call for “more clarity.”
Why it matters: Last week, Coinbase chief legal officer Paul Grewal blasted the SEC over its proposal to update its definition of an exchange, saying the SEC is “going beyond its authority.” The SEC proposal, published in January, would expand the definition of an exchange and has been roundly criticized by the crypto community.
Zoom out: In September last year, the SEC threatened to take legal action against Coinbase if it followed through with plans to launch a crypto lending product, with Armstrong going on the offensive and accusing the regulator of “skipping basic steps” and jumping straight to litigation without guiding the industry.
Big Apple AAPL +0.7%: Elsewhere, Armstrong said he believes Apple’s App Store rules have impeded Coinbase’s product roadmap, accusing the iPhone-maker of banning features from their app and generally not being friendly to the cryptocurrency industry. “Apple so far has not really played nice with crypto, they’ve actually banned a bunch of features that we would like to have in the app, but they just won’t allow it—so there’s potential antitrust issues there,” Armstrong told the Superteam Podcast.
Ripples in the water: Meanwhile, the SEC’s long-running legal battle with Ripple, the crypto company behind XRP, could now run well into next year, according to a crypto legal expert. The SEC sued Ripple over a year ago, alleging Ripple conducted illegal security offering through sales of XRP, the world’s sixth-biggest cryptocurrency.
Musk and Twitter TWTR +5.7% latest
News reports emerged overnight that Twitter could reach a deal to sell itself to Tesla TSLA -0.7% billionaire Elon Musk as soon as this week, potentially bringing one of the most tumultuous months in Twitter’s history.
Crypto has played an outsized role in Musk’s free speech-inspired bid for Twitter, with his dislike of verified, scam crypto bots one of his biggest gripes with the service.
Yesterday, Musk again shared his thoughts on how to improve the meme-based bitcoin rival dogecoin, sparking fresh speculation doge support could be added to a Musk-controlled Twitter. Last week, it was announced that Twitter had added support for some users to get paid in Crypto via payments processor Stripe.
Disclaimer
Although the material contained in this website was prepared based on information from public and private sources that AMPRaider.com believes to be reliable, no representation, warranty, or undertaking, stated or implied, is given as to the accuracy of the information contained herein, and AMPRaider.com expressly disclaims any liability for the accuracy and completeness of the information contained in this website.
