SEC’s Gensler Wants CEX, DEXs to Register; Bitcoin regains dominance

by James · September 14, 2022

The biggest news in the September 14 Crypto Roundup includes Binance CEO Changpeng Zhao’s comments on the MiCA framework, SEC Chairman Gary Gensler reiterating his position that most cryptos are securities, and the blocking of Bitcoin wallets linked to an Iranian cybercriminal group .

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CryptoSlate Top Stories

Binance’s CZ says Europe’s MiCA framework could be a global crypto regulatory standard

Speaking at Binance Blockchain Week on September 14, Binance CEO Changpeng Zhao said that the proposed regulation in the EU – the Market in Crypto Assets (MiCA) – was “fantastic” and could be a global standard for crypto regulation.

MiCA’s proposed framework mandates crypto companies to apply for the same license to operate across the EU. It also limits access to dollar-backed stablecoins, which Zhao said would be the only thing that could change.

SEC Chairman Gensler reiterates that “most cryptos are securities” to the US Banking Committee

Securities and Exchange Commission (SEC) Chairman Gary Gensler said on September 15 that crypto intermediaries, such as centralized and decentralized exchanges, must register with the SEC.

He said:

“Companies operating in other well-regulated markets wishing to enter the crypto market (would have to) do so in accordance with time-tested investor protection rules, (while) existing crypto-security intermediaries would have to do so in accordance with investor protection rules as well.”

Gensler reiterated his belief that most crypto assets are securities in his testimony before the US Senate Banking Committee.

US Treasury Blacklists Bitcoin Addresses Linked to Iran Ransomware Group

The US Treasury Department discovered seven Bitcoin wallets linked to members of Iran’s Islamic Revolutionary Guard Corps (IRGC). The IRGC has been launching ransomware attacks against the US since 2020.

The wallet addresses were immediately blacklisted and offered up to a $10 million reward for any information that would lead to the arrest of the owners of these wallets.

LUNA drops 20% after South Korea issues arrest warrant for Do Kwon

South Korea released an arrest warrant for Terra Luna founder Do Kwon, valid for one year. Luna fell 20% as soon as the warrant was released.

#PeckShieldAlert $LUNA has fallen -20% pic.twitter.com/z398HMOBgz

— PeckShieldAlert (@PeckShieldAlert) 14 September 2022

The token had increased by 80% in the last seven days. However, as CryptoSlate data indicates that it has fallen by 21.4% in the last 24 hours.

Dutch police arrest suspected Bitcoin thief by tracking transactions on blockchain

A 39-year-old man was arrested in the Netherlands on September 6 for allegedly stealing tens of millions of dollars worth of Bitcoin. Although Dutch authorities only held him for two days, the investigation revealed new information that proved the man was indeed guilty.

It was discovered that the 39-year-old thief was laundering stolen Bitcoins through the Electrum wallet. Afterwards, he converted these funds to Monero (XMR) using the crypto exchange Bisq.

The New York museum plans to buy NFTs from the proceeds of the art auction

The New York Museum of Modern Art (MoMA) wants to buy NFTs from the William S Paley Foundation’s auction, according to The Wall Street Journal. The auction will feature art and NFTs worth around $70 million.

The foundation manages William Paley’s estate, and the auction will include 29 of his 81 pieces in the museum, including Pablo Picasso’s “Guitar on a Table” and Francis Bacon’s “Three Studies for a Portrait of Henrietta Moraes.”

Research highlight

Research: Bitcoin may regain dominance over altcoins

Although Bitcoin lost its market dominance to Ethereum and all its altcoins, the altcoin cycle signal indicates that Bitcoin may begin to dominate Ethereum altcoins.

The Altcoin cycle signal is a metric that determines the strength of the altcoin market, and it is ranked between 100. When it is below 50, it indicates Bitcoin’s dominance over altcoins. When it is above 50, it tells us that the altcoin season is upon us.

The altcoin signal is currently at 79, indicating that the market is in altcoin season. However, the signal has dropped significantly throughout July and August, which could be a sign of upcoming Bitcoin dominance.

News from the entire Cryptoverse

Not investing in crypto will be a career risk in the future

Apollo Capital’s CIO Henrik Andersson said the time when not investing in crypto will be a “career risk” will come, according to CoinTelegraph.

Andersson said crypto adoption is still in its early days, but it has been picking up gradually.

EDX Market launches backed by financial industry giants

A group of broker-dealers, market makers and venture firms including Charles Schwab, Citadel Securities, Fidelity Digital Assets, Paradigm, Sequoia Capital and Virtu Financial are backing the recently launched crypto exchange EDX Markets (EDXM).

EDXM said it will provide safe and compliant crypto trading through trusted intermediaries.