Forbes reported today that the US Securities and Exchange Commission (SEC) is currently investigating all crypto exchanges in the US, including Binance, not just Coinbase; this is according to a staffer to US senator Cynthia Lummis.
Every U.S. crypto exchange is in various stages of being investigated by the SEC said staff, according to aForbesreport on Aug. 4.
Many raised eyebrows in July when the SEC, while charging 3 in an insider trading scheme at Coinbase, described certain assets listed by the exchange as securities.
Cryptocurrencies are not securities yet
Nevertheless, crypto assets have yet to be officially classified as securities so the SEC is technically operating beyond its jurisdiction.
There is a ray of hope, however, as the SEC urgently wants to resolve its dispute with the Commodities Futures Trading Commission (CFTC) over crypto jurisdiction, according to the official who was not named. “If the matter isn’t resolved internally, legislators would have to get involved, and that Congress is likely to side with the CFTC,” he said.
Two bills have been introduced recently to give the CFTC more jurisdiction over cryptocurrencies, however, the official said that there was less than a 50% chance of either being passed this year. The Lummis-Gillibrand bill was submitted on June 7, and the Digital Commodities Consumer Protection Act wasannounced this week.
Binance.US has alreadydelisted an assetdeemed a security by the SEC this week when it dropped the AMP token.
The battle for regulatory control over crypto in America rages on and it is unlikely to be concluded any time soon which only serves to prolong the uncertainty for companies trying to comply.
Deloitte supports crypto
Meanwhile a new Deloitte survey titled “Merchants getting ready for crypto” contains extremely bullish news. It clearly shows that businesses of all sizes are getting ready for all kinds of crypto payments. And the vast majority believe that they will become ubiquitous in the next few years. Deloitte produced the survey in association with PayPal, which is telling and arises questions.
“Survey respondents are very optimistic about digital currencies in the consumer market, reporting broad agreement that accepting digital currency payments is already a point of differentiation, and are expected to see broad near-term adoption,” Deloitte concludes. Besides that, merchants see “benefits such as speed of payments and cost efficiencies”, which shows they’re not in just for the flashy “differentiation,” and already see all of the benefits it could bring to them.
- “Around two-thirds (64%) of our surveyed merchants indicated that their customers have significant interest in using digital currencies for payments.” These are staggering numbers, considering the majority of the population doesn’t even know what a stablecoin is. If merchants are perceiving this tendency, chances are it does exist.
- “83% expect consumer interest in digital currencies for payments to increase or significantly increase over the next 12 months.” We agree wholeheartedly, Deloitte.
- “More than 85% of the organizations are giving high or very high priority to enabling cryptocurrency payments, while roughly 83% are doing the same for stablecoins.” We’re willing to bet not many people in crypto suspects that the numbers are this high. If they did, they’d be even more bullish.
- ”Around 85% of surveyed merchants expect that digital currency payments will be ubiquitous among suppliers in their industry in five years.” We agree wholeheartedly, Deloitte. In five years we’ll live in a new universe, and crypto will be one of the catalysts.
- “Nearly three-quarters of those surveyed reported plans to accept either cryptocurrency or stablecoin payments within the next 24 months.” The positive attitude is there and plans are underway.
How could you not be bullish?
Ethereum may surge
Former BitMEX CEO Arthur Hayes shared his bullish outlook for Ethereum, the world’s second-largest cryptocurrency, in a recent blog post.
Hayes believes that the price of the cryptocurrency could skyrocket to as high as $5,000 after the merge if the transition to proof-of-stake ends up being a success and the U.S. Federal Reverse reverses its hawkish stance. If there is no Fed pivot, Ether will still be able to reclaim the $3,500 level, according to Hayes.
Notably, Hayes believes that the much-anticipated event, which is expected to take place this September, is not actually priced in by the market. He is confident that it will not be a “buy the rumor, sell the news” event.
Ethereum started another decline below the $1,650 level. ETH even traded below the$1,600 support zonebut downsides were limited. The price remained in a range and was well supported above the $1,550 level.
A low was formed near $1,580 and the price is now rising. There was a clear move above the $1,600 and $1,620 levels. Ether price cleared the 50% Fib retracement level of the recent decline from the $1,672 swing high to $1,580 low.
Besides, there was a break above a major bearish trend line with resistance near $1,640 on the hourly chart of ETH/USD. The pair is now trading above $1,630 and the100 hourly simple moving average.
It is also trading above the 76.4% Fib retracement level of the recent decline from the $1,672 swing high to $1,580 low. An immediate resistance on the upside is near the $1,670 level. The first major resistance is near the $1,680 level.
Source: ETHUSD on TradingView.com
A clear move above the $1,680 level could start a steady increase to $1,750. If the bulls remain in action, the price may perhaps rise towards the $1,800 resistance zone.
Hourly MACD–The MACD for ETH/USD is now losing momentum in the bullish zone
Hourly RSI–The RSI for ETH/USD is now above the 50 level
Major Support Level – $1,580
Major Resistance Level – $1,670
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