- Ron Hammond reported on a hearing at the HFSC on Oct. 5.
- Gary Gensler will testify and answer questions about the SEC’s crypto-related policies.
- The crypto market recovery wave kicks off with a 20% gain.
YEREVAN (CoinChapter.com) – The crypto market rallied almost 20% since Sep. 29 and reached a total market cap of over 2T. However, crypto bulls should keep an eye on the regulation policies cooking in the US Securities and Exchange Commission (SEC). Ron Hammond, the Director of Government Relations at Blockchain Association, tweeted a thread about the upcoming “crypto-saturated” hearing at the House Financial Services Committee (HFSC) on Oct. 5.
The SEC chair Gary Gensler will testify before the Committee and present his policy on decentralization, stablecoins, Bitcoin ETF approval, DeFi, etc. Mr. Hammond asserted that the meeting is crucial and will shed light on the SEC’s plans regarding the crypto market.
All about crypto this time?
Mr. Gensler has already presented a speech on Sep. 14, where the Commission Chairman talked about the Treasury market, the equity market, as well as issuers and issuer disclosure. The crypto sector was also a part of the agenda. However, the chairman focused on the flaws of the sector and claimed that the industry is full of “fraud, scams and abuse”.
Currently, we just don’t have enough investor protection in crypto finance, issuance, trading, or lending. Frankly, at this time, it’s more like the Wild West or the old world of “buyer beware” that existed before the securities laws were enacted. This asset class is rife with fraud, scams, and abuse in certain applications. We can do better.asserted Mr. Gensler.
However, the chair claimed his disposition towards Bitcoin ETFs (exchange-traded funds) remains positive. Mr. Gensler commented on his stance for the upcoming approval during the “Future of Asset Management North America” Conference. Mr Gensler pointed out that he “looks forward to the staff’s review of such filings.”
In hindsight, the possibility of Bitcoin ETF approval in the US prompted some experts to pinpoint a high target for the alpha crypto in Q4. Meltem Demirors, the Chief Strategy Officer of the leading digital asset manager Coinshares, voiced her bullish stance and put the target price at $100,000.
As Mr. Hammond reported, the upcoming hearing will focus more on the cryptocurrency market and the SEC’s regulation policies.
After chatting with a variety of congressional offices, you can expect questions on the following: decentralization, stablecoins, safe harbor, Bitcoin ETF approval process, DeFi, and “regulation by enforcement” approach at the SECtweeted the official.
Crypto market recovery
The outcome of the hearing might be a pivotal point for the crypto community. As anticipation builds, the market started to recover after the bearish September. The total market cap went from $1.81 trillion on Sep. 29 to $2.16 trillion on Oct. 4. (almost 20% advance).
While Ms. Demirors targetted the Bitcoin price at $100,000 by year’s end, she also mentioned the decreased influence of China and its bans on all things crypto.
On the macro scheme, we’ve seen a shift away from China in the crypto markets.[…] Since as early as March, we’ve seen a shift in trading activity, favoring US and Western Europe as opposed to the Asian-Pacific hours. From the market impact perspective, the China narrative hasn’t had much of an impact.commented the executive