Bitcoin
experienced intense fluctuations this week, with its price fluctuating considerably. It fell from $97,000 to $93,000 before rocketing up to $102,000 and continuing higher.
What’s causing this dramatic fluctuation? The energy feels intense.
The Senate has blocked GENIUS due to Democratic opposition stemming from concerns over connections between the Trump family.
The U.S. Senate
failed
to advance the GENIUS Act, a stablecoin regulation bill, after Democrats withdrew support over concerns about President Trump’s family’s crypto business ties.
Initially supported by both parties, the measure ultimately failed with a close 48-49 vote. All Democrats along with Senators Rand Paul and Josh Hawley from the Republican side voted against it.
Escalating tensions arose after news broke about a $2 billion investment from a firm backed by Abu Dhabi into World Liberty Financial, a cryptocurrency enterprise associated with the Trump family. In response, Senate Majority Leader John Thune alleged that Democrats were reneging on a piece of legislation they had collaborated on crafting.
At the same time,
Jonathan Jachym
Kraken’s Global Head of Policy and Government Relations has called upon legislators to “unite over the next few months to complete stablecoin and market structure legislation by August.”
Ripple and SEC come to an agreement
The U.S. Securities and Exchange Commission (SEC) has arrived at a
settlement
along with Ripple Labs and its key figures, Bradley Garlinghouse and Christian Larsen, aiming to settle their extended legal dispute regarding accusations of selling unregistered securities.
As per the accord, both the SEC and Ripple have requested a federal court to terminate an existing injunction against Ripple and unfreeze $125 million from an escrow account. Ripple has agreed to pay $50 million to the SEC, with the leftover amount being refunded to the company.
The SEC highlighted that the agreement aims to support their wider initiatives for setting more transparent cryptocurrency rules, without making a stance on the accuracy of their original allegations against Ripple.
Alex Mashinsky gets a 12-year sentence for fraud
Alex Mashinsky, who previously served as the CEO of Celsius Network, was
sentenced
for 12 years in prison after admitting guilt to fraud.
Following a $4.7 billion settlement—a record-breaking amount for the agency—between Celsius and the Federal Trade Commission, which resolved claims of deceptive practices towards investors, he received his sentence.
Mashinsky’s downfall is part of an ongoing crackdown on crypto industry leaders, including FTX founder Sam Bankman-Fried, who is serving 25 years for fraud, Binance’s CZ, who served time for enabling money laundering, and Terraform Labs’ Do Kwon, who settled with the SEC for $4.5 billion.
Disclaimer: The views and opinions expressed in this article are solely those of the author and do not necessarily reflect the views of TheStreet Crypto. This piece is for informational purposes only and should not be considered financial or investment advice.
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