Posted by Xoken.org – The prices of Bitcoin and other top cryptocurrencies were observed to experience mixed movements on Thursday (9/5/2024). The majority of top ranking cryptocurrencies are still in the red zone.
Based on data from Coinmarketcap, the cryptocurrency with the largest market capitalization, Bitcoin (BTC), is still weakening. Bitcoin fell 2.30 percent in 24 hours, but still gained 5.14 percent on the week.
Currently, the price of Bitcoin is at USD 60,892 or the equivalent of IDR 978.5 million (assuming an exchange rate of IDR 16,070 per US dollar
Ethereum (ETH) is getting weaker. ETH fell 1.73 percent in the past day and 0.07 percent in the week. Thus, currently ETH is at the level of IDR 47.66 million per coin.
The next crypto, Binance coin (BNB) strengthened again. In the last 24 hours BNB fell 1.40 percent and 4.76 percent for the week. This makes BNB priced at IDR 9.42 million per coin.
Then Cardano (ADA) was back in the green zone. ADA strengthened 2.19 percent in the last 24 hours and 0.90 percent in the week. Thus, ADA is at the level of IDR 7,268 per coin.
Solana (SOL) is still sluggish. SOL fell 4.73 percent in one day, but still rose 6.08 percent in a week. Currently, the price of SOL is at the level of IDR 2.27 million per coin.
XRP was observed to still be in the red zone. XRP fell 1.68 percent in 24 hours, but still gained 0.24 percent on the week. In this way, XRP is now priced at IDR 8,292 per coin.
Meme coin Dogecoin (DOGE) is weakening again. In the last day DOGE fell 5.53 percent, but still gained 10.11 percent a week. This makes DOGE trade at IDR 2,289 per token.
Today’s crypto prices stablecoin Tether (USDT) and USD coin (USDC) both strengthened 0.01 percent. This means that the prices of both of them remain at the USD 1.00 level
Meanwhile, Binance USD (BUSD) strengthened 0.01 percent in the last 24 hours, leaving its price still at the USD 1.00 level.
The overall crypto market capitalization today is at USD 2.26 trillion or the equivalent of IDR 36,322 trillion.
SEC Will Take Action Against Crypto Exchange Robinhood Regarding Alleged Securities Violations
Previously, Robinhood, a popular trading platform, had received a Wells notice from the American Securities and Exchange Commission (SEC), which led to a 2.5% drop in its stock price during pre-market trading.
Wells’ notice is an official letter sent by the US securities regulator signaling the conclusion of its investigation, in this case, into United States (US)-based crypto business Robinhood.
The SEC has concluded preliminary provisions for the authorization of enforcement actions related to alleged security breaches.
The investigation follows Robinhood’s efforts to register with the US securities watchdog, as reported by Dan Gallagher, head of legal, compliance and corporate affairs at Robinhood Markets.
Gallagher expressed disappointment with the SEC’s decision, saying it followed years of good faith efforts to work with the SEC for regulatory clarity.
“This includes our well-known efforts to ‘sign in and register,’ we are disappointed that the agency decided to issue an SEC decision. Wells’ notice relates to our US crypto business,” said Gallagher, quoted from Yahoo Finance, Wednesday (8/5/2024).
Robinhood Proactively Avoids Potential Securities Violations
He further emphasized that Robinhood does not view its listed assets as securities.
Robinhood has been proactive in avoiding potential securities violations by refraining from listing certain tokens and providing crypto lending and staking services that other platforms could be sued for.
However, a lack of clarity on federal regulations in the crypto space has created an uneven playing field for market participants, hindering mainstream adoption and making regulatory compliance challenging, according to Robinhood’s chief compliance officer.
This Country Will Categorize Crypto as Personal Property
Previously, the UK Law Commission had proposed a bill that would officially classify cryptocurrencies as a different category of personal property. This provides greater legal certainty for digital assets.
Reporting from Yahoo Finance, Tuesday (7/5/2024), the bill, if passed, would allow for stronger enforcement of property rights in crypto-related legal disputes. The proposal aims to accommodate the unique features of digital assets, such as crypto tokens and crypto assets , in the common law system of England and Wales by recognizing it as third category property.
The Law Commission suggested courts may need help from industry panels to navigate the technical complexities of emerging technologies and recommended multi-disciplinary teams to help market participants protect their assets.
The initiative is part of the UK’s efforts to advance crypto regulations and attract technological developments, positioning England and Wales as a global financial center for digital assets.
The UK has seen several crypto companies register in the region, and the Financial Services and Markets Bill, which received royal assent last year, has laid the groundwork for further regulatory development.
On the other hand, the British government is also rushing to pass crypto legislation before the next general election.
UK Economy Minister Bim Afolami said the government aims to enact laws on stablecoins and crypto staking within 6 months.
His remarks came after the Bank of England and the Financial Conduct Authority announced plans for rokokbet coordinated supervision last October.
The push for crypto regulation seeks to fulfill years of promises to make the UK a global crypto hub. This is a promise first made by Prime Minister Rishi Sunak in 2022.