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- $426M Later: Crypto's Call for Fresh SEC Leadership!
$426M Later: Crypto's Call for Fresh SEC Leadership!
Digital asset firms spent more than $426 million on litigation against the SEC since Gary Gensler became chair.
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Here's what we've got for you today:
SEC Lawsuits Cost Crypto Industry $426M Since Genslerās Leadership
Coinbase Sees Largest Single-Day Decline in 2 Years Amid Stock Market Wipeout
Tether Registers $2.5 Billion in Net Profit for Q3, Bringing Year-to-Date Total to $7.7 Billion
Latest āSatoshiā Reveal Turns Into a Debacle: Meet Stephen Mollah
The Blockchain Association reported that digital asset firms spent more than $426 million on litigation against the SEC since Gary Gensler became chair.
The BA reported that the SEC pursued 104 enforcement cases against the crypto sector from 2021 to 2023. These companies ended up spending close to $426 million on defensive litigation.
The BA also called for new SEC leadership, as the crypto community is still extremely dissatisfied with Gary Gensler's enforcement-heavy stance since he took over in 2021.
The Associationās leadership also shared their concerns over the overall impact of Genslerās regulatory stance, which they described as an āanti-innovation crypto crusadeā that resulted in āan immeasurable loss of jobs, innovation, and U.S. tech investment.ā
Shares in Coinbase Global Inc (COIN) experienced its largest single-day decline in over two years after its latest earnings missed analyst estimates.
Coinbase (COIN) closed Oct. 31 at $179.25, down 15.34%,. This was its largest intraday drop since July of 2022.
Crypto trader Pickle downplayed the reaction to Coinbaseās earnings, and even predicted that COINās price could hit $600.
Financial analyst Andrew Lokenauth reported that Oct. 31 saw a broad stock market slump, with over $950 billion lost in total market value.
š Tether Registers $2.5 Billion in Net Profit for Q3, Bringing Year-to-Date Total to $7.7 Billion
Top stablecoin provider Tether said it generated $2.5 billion in profit during the third quarter.
The crypto firm reported a nine-month profit of $7.7 billion, up from $5.2 billion in the first half of 2024.
Demand for stablecoins has grown a lot thanks to post-COVID inflation and higher interest rates, as governments attempt to cool the economy.
In its quarterly attestation, Tether also said its reserves are made up of over $105 billion in cash and cash equivalents, "with $102.5 billion in direct and indirect exposures to U.S. Treasuries."
Stephen Mollah is the latest character claiming to have invented Bitcoin.
On Oct. 31, about a dozen journalists attended an event at the Front Line Club to meet the alleged "real" Satoshi Nakamoto.
The presentation was led by Mollah and organizer Charles Anderson, who very quickly began casting doubt among attendees about the authenticity of the claims.
Mollah claimed to be Satoshi, and also described himself as a "business person" and "economic and monetary scientist," though his statements left journalists unconvinced.
š QUICK NEWS
āCrypto is Not Going Anywhereā - Florida Chief Financial Officer
Crypto Slumps Alongside Trumpās Victory Odds on Polymarket as Uncertainty and Profit Taking Rise
Stablecoins Take Over South Koreaās Trade Sector Driven by Tether on Tron
Crypto Losses in October 2024: 2nd Lowest YTD but 114% Higher Than Previous October
Justin Sun Wants More TradFi on Tron, Dogs Over Cats for Meme Coins
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