2024-06-03 08:58

Sheinbaum is from the same party as President Andres Manuel Lopez Obrador, who could not run again under the constitution. Claudia Sheinbaum is the first woman to be elected the president of Mexico. Sheinbaum's party has not proposed a comprehensive policy for crypto, but has imposed a 20% tax on crypto gains and reflected a focus on regulating blockchain. Mexico City’s former mayor, Claudia Sheinbaum, was elected president of Mexico to become the first woman to hold that position, according to multiple reports including The New York Times. The result signals the probable continuation of Mexico's crypto policy because Sheinbaum is from the ruling Morena party. Her predecessor, Andres Manuel Lopez Obrador, could not run again under the constitution. Sheinbaum has aligned herself with Obrador's policies, though there was little to no mention of crypto in Mexico's biggest election to date. The Morena party has not proposed any comprehensive legislation for the crypto sector, though it has imposed a 20% tax on crypto gains. Other policies and regulations require cryptocurrency exchanges to be registered under global requirements for anti-money laundering and terror financing. The party has also reflected a focus on regulating blockchain to make the technology and ecosystem more secure. It's too early to say whether recent crypto-related developments in the U.S., which happened as Mexico's election campaigns unfolded, will encourage the Morena party to reconsider its keep-it-in-the-shadows stand on crypto policy. Mexico is the largest market for remittances from the U.S., making crypto a potential option for Mexicans. In the past few weeks, a major crypto bill has cleared one of the chambers of the U.S. Congress for the first time; former President Donald Trump – the presumptive Republican presidential election nominee – not only started accepting donations in crypto, but also said that the U.S. must be the global leader in crypto; and President Biden's re-election campaign has reportedly begun reaching out to crypto industry participants for guidance on crypto community and policy.‘ The Securities and Exchange Commission is also expected to greenlight the launch of spot ether exchange-traded funds. Sheinbaum has said she's confident of having a good relationship with whoever comes to power in 2024. Read More: In Mexico’s Biggest Election Yet, Crypto Remains on the Sidelines https://www.coindesk.com/policy/2024/06/03/mexicos-crypto-stance-unlikely-to-change-as-ruling-morena-partys-claudia-sheinbaum-elected-president/

2024-05-31 23:09

Joe Biden said he would veto the resolution before the House or Senate voted on it. U.S President Joe Biden signed a veto of a House Joint Resolution that would have repealed the Securities and Exchange Commission's (SEC) Staff Accounting Bulletin 121, he announced Friday afternoon. SAB 121 is a controversial piece of SEC accounting guidance that directs financial institutions holding crypto for customers to keep the assets on their own balance sheets. Critics of the guidance say it makes it too difficult for financial institutions to work with crypto companies. In his statement announcing the veto, Biden said he would not support any "measures that jeopardize the well-being of consumers and investors." "By virtue of invoking the Congressional Review Act, this Republican-led resolution would inappropriately constrain the SEC’s ability to set forth appropriate guardrails and address future issues," his statement said. "This reversal of the considered judgment of SEC staff in this way risks undercutting the SEC’s broader authorities regarding accounting practices." Biden's statement echoed his previous comments on wanting to work with Congress on legislation addressing the digital asset market, saying "appropriate guardrails that protect consumers and investors are necessary." The veto came hours after banking groups and members of Congress sent a pair of letters to Biden's desk, asking him to sign the resolution to overturn SAB 121. The banking organizations' letter said the guidance, which the Government Accounting Office said it blocks regulated banking groups from offering custody services. The lawmakers' letter urged the administration to at least work with the SEC to rescind the guidance if Biden still intended to veto the resolution, as he threatened before the House voted on the measure. The resolution passed both chambers of Congress with easy majorities. Earlier Friday, Sen. Ron Wyden (D-Ore.), a member of Biden's party who voted for the resolution, said the guidance creates a different standard for crypto than other assets in the financial sector while at CoinDesk's Consensus 2024 conference in Austin, Texas. https://www.coindesk.com/policy/2024/05/31/us-president-biden-vetoes-resolution-overturning-sec-guidance/

2024-05-31 17:09

The Oregon Democrat has been among his party's crypto sympathizers in the Senate, and he said there's "a long way to go" after this early burst of crypto momentum in Washington. The chairman of the Senate Finance Committee told a Consensus 2024 audience that the House of Representatives was on the right track with the FIT21 bill. Wyden said he and others in the Senate decided to slam the brakes on the Securities and Exchange Commission's controversial crypto accounting standard and reconsider using a "different standard" on the custody of digital assets. AUSTIN, Texas – Sen. Ron Wyden (D-Ore.), one of the U.S. Senate Democrats who've shown some support for crypto issues, cast doubt Friday that a legislative solution for the industry would move quickly, but he suggested to an audience at CoinDesk's Consensus 2024 that the momentum will continue next year in Washington. In the wake of the recent approval of the Financial Innovation and Technology for the 21st Century Act (FIT21) that was driven by Rep. Patrick McHenry (R-N.C.) in the House of Representatives – drawing support from a third of the Democrats there – the legislation to establish digital assets market structure is now in the hands of the Senate. "It's getting late in this session, so it's unclear how far that bill will move," Wyden said at the event in Austin, Texas. "But I think Chairman McHenry is right to establish a kind of regulatory framework and put a sharper focus on fighting fraud and rip-off artists." "We've made a lot of headway, but there's a long way to go," Wyden said. Read More: U.S. Lawmaker at Center of Crypto Negotiation Predicts Digital Assets Law by Next Year Wyden, the chairman of the Senate Finance Committee, was among the 11 Senate Democrats who joined Republicans in seeking to overturn the U.S. Securities and Exchange Commission's crypto accounting policy known as Staff Accounting Bulletin No. 121 (SAB 121). Though the House and Senate approved a resolution to overturn the policy, President Joe Biden has threatened to veto it. "It basically sets up a different standard for crypto than everybody else has in the financial sector with respect to custody," Wyden said. "A group of us said, 'Let's just hold on here and take the time to make sense and not just establish a whole separate unique barrier to storing customers' crypto.'" The senator, who is also a member of the Congressional Internet Caucus, said he supports stablecoins and is rooting for innovations in blockchain technology, such as in the creation of portable medical records. He said Congress often struggles with new technology, but he added that crypto is a "great issue for people to run on" in this year's congressional elections. "There's no question that there's growing interest here," he said. "It's being driven by a lot of young, creative people." https://www.coindesk.com/policy/2024/05/31/us-sen-wyden-house-right-to-pursue-crypto-bill-late-in-session-for-more-progress/

2024-05-31 15:47

Barring a big late move, May will still go down as a strong month for the world's largest crypto. The price of bitcoin (BTC) has traded in an exceptionally tight trading range surrounding $68,000 in the days following the U.S. Memorial Day holiday, but declined to near the week's low in Friday morning trading hours. At 11:45 am ET, bitcoin was changing hands at $67,300, lower by 1% over the past 24 hours and down by more than 2% from two hours earlier when it briefly rose above $69,000. The broader CoinDesk 20 was down 1.1% over the last day. May, though, has been strong for bitcoin, which is now higher by 11% since beginning the month at around the $60,000 level. That's underperformed the CoinDesk 20's roughly 20% advance, fueled by a 31% gain in the price of ether (ETH) thanks to the surprising regulatory turnaround in the prospects for a spot ETF for that asset. Macro conditions could provide next catalyst This week's muted action in bitcoin – the price has essentially stayed in the $67,000-$69,000 range – came alongside struggles for other risk assets, U.S. stocks amongst them. While still remaining close to all-time highs, the Nasdaq is lower by about 2% this week, while the S&P 500 is off by roughly 1.5%. U.S. economic data continued to have the scent of stagflation, with the April Core PCE Price Index up 2.8% year-over-year, in line with expectations and the same pace as the previous month. The May Chicago PMI plunged to 35.4 versus expectations for 41 and 37.9 in April. Only in the depths of the 2008/2009 global financial crisis and the March/April 2020 Covid lockdowns has May's weak read been matched. The bond market rallied following the news, with the 10-year U.S. Treasury yield down 5.5 basis points to 4.50%. June begins Saturday and next week should bring a bit more clarity to the U.S. economic picture thanks to Monday's national PMI report and Friday's national employment report. Confirmation of softening economic conditions, and with those improved prospects for lower interest rates, might prove to be the catalyst for bitcoin's attempt at breaching its all time high above $73,000 set in March. Strong economic data, however, could mean a retest of the May lows. https://www.coindesk.com/markets/2024/05/31/bitcoin-breaks-to-low-end-of-trading-range-but-june-data-could-be-next-catalyst/

2024-05-31 13:40

Measures have been taken to prevent further unauthorized outflows, the exchange said. 4,502.9 BTC ($305 million) was stolen from the exchange. DMM Bitcoin said it will guarantee the full amount stolen. All spot buys have been temporarily restricted and customers withdrawing yen may face delays. DMM Bitcoin, a Japanese cryptocurrency exchange, said it lost 48 billion yen ($305 million) of bitcoin (BTC) following a hack. In a blog post on its website, DMM Bitcoin said 4,502.9 BTC "leaked" out of the exchange. Measures have been taken to avoid further unauthorized outflows. Data provided by security firm Blocksec shows that the hacker divided up the stolen bitcoin across 10 wallets in batches of 500 BTC. "Please be assured that we will procure the equivalent amount of BTC equivalent to the outflow with the support of the group companies and guarantee the full amount," DMM Bitcoin said. The exchange has restricted all spot buys on the platform and added that Japanese yen withdrawals "may take more time than usual." More than $473 million had been lost to cryptocurrency hacks in 2024 prior to this theft, which is the second largest in Japan as Coincheck was hacked for 58 billion yen in 2018. https://www.coindesk.com/business/2024/05/31/japanese-crypto-exchange-dmm-bitcoin-suffers-305m-hack/

2024-05-31 12:09

The latest price moves in crypto markets in context for May 31, 2024. Latest Prices Top Stories Crypto prices were little changed during the European morning with traders possibly keeping their powder dry ahead of the latest U.S. inflation data. The personal-consumption expenditure (PCE) data is scheduled for release at 8:30 EST (12:30 UTC) and will offer the latest clues on the Fed's next interest-rate moves. Bitcoin sits at $68,100 at the time of writing, an increase of around 0.4% in the last 24 hours. The broader digital asset market, as measured by the CoinDesk 20 Index (CD20), has risen by just under 0.5%, with the majority of its constituents showing changes of less than 1% in either direction. The Donald Trump-themed meme coin TRUMP plummeted Thursday after the former president was found guilty of falsifying business records. The token sank as much as 35% after the verdict. Meanwhile, Jeo Boden, a meme coin inspired by President Joe Biden, soared 20%. TRUMP soon recovered though, rallying nearly 50% to just under $17, even higher than before the verdict, according to CoinGecko data. TRUMP is currently priced at $14.39, an increase of over 11% in the last 24 hours. On Polymarket, the blockchain-powered prediction market, traders continued to place money on Trump defeating Biden in the November election. Trump is well ahead – with 56% odds of winning, versus 38% for Biden – even after the verdict. Ripple CEO Brad Garlinghouse predicts that more exchange-traded funds will list in the U.S. after the expected approval of a spot ether ETF. It is "inevitable" that there would be an ETF tracking Ripple's XRP and equivalent products for SOL and ADA, Garlinghouse said at Consensus 2024 in Austin, Texas. He added that there would be a significant regulatory process before they are approved, but in the end these will be "speed bumps." Garlinghouse also took a swipe at the SEC for its approach to crypto. "[SEC Chair] Gary Gensler has been called to Congress, and when asked if ether is a security, he won't answer the question. Yet, he insists that the rules are very clear and don't need updating," he said. Chart of the Day Notional open interest in Binance's SHIB futures, which are 1,000 SHIB per contract, has exceeded the $100 million mark. Historically, this has been a contrary indicator, paving the way for notable price pullbacks in bitcoin and the broader market. Source: CoinGlass - Omkar Godbole Trending Posts Bitcoin's Short Term Momentum Flips Bearish; Support Under $65K As Random Celebs Like Caitlyn Jenner Embrace Solana Meme Coins, Early Hoarders Fare Best Meet Mike Novogratz, the Political Commentator https://www.coindesk.com/markets/2024/05/31/first-mover-americas-crypto-market-flat-ahead-of-us-inflation-data/