BTC, ETH Flat as Market Awaits Technical Earnings
Markets in the region open flat, with both the crypto and TradFi markets not doing much.
Bitcoin is currently at $27,514 down 1.2% while Ether is down 2% to $1845.
Data from Coinglass shows that while the market remains relatively flat, the majority of liquidations come from short positions, suggesting that the market has legs.
Around Asia, the Nikkei 225 opened slightly in the green at 28,714, while Korea’s KOPSI is flat at 2,521.
In the US, Wall Street is awaiting earnings from Microsoft and Alphabet, which are scheduled for April 25.
Crypto remains closely correlated with the NASDAQ, as CoinDesk reported earlier this month, reiterating the narrative that it is another risk asset rather than a safe haven from economic malaise, thus making tech earnings as important as ever.
Do Kwon is back in court in the US – via his lawyers while in prison in Montenegro – asking that the Security and Exchange Commission’s (SEC) case against him alleging that he sold unregistered securities be dismissed. UST is currency, not a security, is the argument presented.
The SEC lacks a “clear congressional authorization” to regulate digital assets, the document says, noting that the CFTC chairman has changed his mind “about whether cryptocurrencies are securities, and currently maintains that stablecoins (like UST) are not.”
Kwon isn’t the only target here. The SEC continues its campaign for regulation by enforcement: trying to get insider trading charges added to a case of a fired Coinbase product manager, thereby casting a wide net to call anything a security; or sneaking claims that all exchange symbols are securities into a complaint against former Alameda COO Caroline Ellison that went unchallenged when she filed a plea deal with prosecutors.
In contrast, many jurisdictions in Asia are moving in the opposite direction: creating legal frameworks to properly define crypto – not using mid-twentieth century frameworks – and regulating it as the unique asset class it is. The Monetary Authority of Singapore has already set this up, Hong Kong is working on its own framework, and even Taiwan is rolling out a rulebook.
Kwon is no saint, and is in a lot of trouble after being caught in Montenegro with a fake passport. But his lawyer makes a good case for crypto regulation in the US, and the SEC’s quest for unlimited jurisdiction over the asset class.
Perhaps in the event, he will set an important precedent for the future of crypto regulation in the United States, and in the end, we will thank him for accelerating a push for regulatory clarity.
Rep. Warren Davidson (R-Ohio) joined “First Mover” to discuss the future of US crypto regulation and explained why he wants to restructure the Securities and Exchange Commission and called for the removal of SEC Chairman Gary Gensler. This came as bitcoin (BTC) fell for a third straight day, hitting a 24-hour low of $27,844.46. PV01 boss Max Boonen and Crypto are macro. Now economist Noelle Acheson also joined the conversation. Acheson is also the former head of research at CoinDesk and Genesis Trading.
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