99K Problems, But Bitcoin Ain’t One
On Thursday, November 21, 2024, bitcoin reached a record-breaking milestone, briefly surpassing $99,000 before settling back to $98,000.
This latest surge has sparked widespread anticipation, with speculation on whether bitcoin will reach the highly anticipated $100,000 mark by the end of the week.
Federal Court Strikes Down SEC’s Dealer Rule, Delivering Major Win for Bitcoin Advocates
The U.S. District Court for the Northern District of Texas struck down the SEC’s “Dealer Rule,” ruling that the agency exceeded its statutory authority.
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This decision marked a significant victory for the Texas Blockchain Council, Blockchain Association, and Crypto Freedom Alliance of Texas.
It protects the digital asset industry from what critics called the SEC’s overreach and arbitrary rulemaking, reinforcing the limits of the agency’s regulatory powers under the Exchange Act. Industry leaders praised the ruling as a crucial step toward safeguarding innovation and ensuring a pro-crypto regulatory environment.
Gary Gensler to Step Down as SEC Chair, Signaling a Turning Point for Bitcoin
The announcement of Gary Gensler’s resignation as SEC Chair via X, formerly Twitter, will be effective January 20, 2025.
His departure marks a significant moment for the cryptocurrency industry. Known for his tough regulatory stance, Gensler’s exit follows former President Donald Trump’s campaign promise at the 2024 Bitcoin Conference in Nashville, TN, to remove Gensler on “day one” of a potential new term.
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The industry anticipates a shift toward more balanced regulations under new leadership, fostering more transparent rules and greater institutional adoption of digital assets.
Goldman Sachs Eyes Move Into Crypto Trading
Goldman Sachs plans to spin off its cryptocurrency platform into a new company focused on creating and trading blockchain-based financial instruments with strategic partners like Tradeweb Markets.
Pending regulatory approvals, the spinout, expected within 12 to 18 months, aims to target financial institutions with tokenized real-world assets and permissioned blockchain solutions, capitalizing on the growing demand for tokenized Treasury bills and ETFs.
China’s Relationship with Bitcoin Gets Even More Complicated
China announced it is now legal to own bitcoin and crypto in mainland china.
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“In an opinion on a recent lawsuit, a Shanghai judge wrote that cryptocurrencies have the attributes of property and thus holding it is legal.”
This is a shift in attitude towards cryptocurrencies since bitcoin mining was banned altogether in 2021 in china However, it is suspected that China still controls about 55% of the global hashrate, despite the mining ban.