U.S. Securities and Exchange Commission (SEC) Chairman Gary Gensler said in a congressional hearing that the securities regulator “requires new tools, expertise, and resources” to combat misconduct in the crypto space. “We’ve seen the Wild West of the crypto markets, rife with noncompliance, where investors have put hard-earned assets at risk in a highly speculative asset class,” he stressed.

SEC Chair Gary Gensler on Budget Request and Crypto Regulation

The chairman of the U.S. Securities and Exchange Commission (SEC), Gary Gensler, testified on his agency’s Fiscal Year (FY) 2024 budget request before the House Appropriations Subcommittee on Financial Service and General Government Wednesday.

“I am pleased to support the President’s FY 2024 request of $2.436 billion for the SEC, to put us on a better track for the future,” Gensler began. “The FY 2024 request seeks funding for an additional 170 positions, as well as full-year funding for those staff hired in FY 2023.”

Commenting on the regulation of crypto assets, the SEC chief told the subcommittee: “We’ve seen the Wild West of the crypto markets, rife with noncompliance, where investors have put hard-earned assets at risk in a highly speculative asset class.” He emphasized:

Rapid technological innovation in the financial markets has led to misconduct in emerging and new areas, not least in the crypto space. Addressing this requires new tools, expertise, and resources.

The SEC chairman added that the additional staff will provide the SEC’s Enforcement Division “with more capacity to meet these challenges, investigate misconduct on a larger scale, and accelerate the pace of enforcement investigations to resolution.”

Gensler explained that the securities watchdog received more than 35,000 separate tips, complaints, and referrals from whistleblowers and others in FY 2022. He noted that even with limited resources, the agency’s Enforcement Division brought more than 750 enforcement actions in FY 2022, a 9% increase over the prior year. “Our actions resulted in orders for $6.4 billion in penalties and disgorgement,” the SEC chairman said.

The SEC has been increasingly active in the crypto space. Last week, the regulator sent Coinbase a “Wells notice” about the crypto exchange’s potential violations of securities law. The regulator also charged Tron founder Justin Sun for market manipulation and offering unregistered securities. In addition, the SEC recently took action against crypto exchange Kraken and stablecoin BUSD issuer Paxos. Meanwhile, Gensler has maintained that all crypto tokens other than bitcoin are securities.

What do you think about SEC Chairman Gary Gensler saying that the securities regulator needs “new tools, expertise, and resources” to regulate the crypto sector? Let us know in the comments section below.

Kevin Helms

A student of Austrian Economics, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open-source systems, network effects and the intersection between economics and cryptography.

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The recent banking failures involving the fall of Silicon Valley Bank (SVB), Signature Bank, and Silvergate Bank, have high-profile government individuals trying to find a culprit. U.S. President Joe Biden and former President Donald Trump have publicly blamed each other’s policies for the outcome, but according to some analysts, the problem might be ignorance in the banking system.

Biden and Trump Scuffle on Bank Failures’ Causes

The recent banking crisis that the U.S. is currently facing after the fall of three medium-size banks (Silicon Valley Bank, Signature Bank, and Silvergate Bank), has spurred a political discussion between U.S. President Joe Biden and former President Donald Trump in order to find the responsible of the biggest bank failures since the 2008 subprime mortgage crisis.

Biden and Trump have been very vocal assigning the blame to each the other’s policies. On March 13, in the wake of the fall of Silicon Valley Bank, Biden reassured people about the isolated character of the incident, calling on Americans to trust in the banking system, and saying it was safe.

At the same time, President Biden assigned the blame for the bank failures on the deregulation advances that occurred under Trump’s administration, in which the stricter banking regulations established via the Dodd-Frank Act during former President Obama’s mandate were struck down. Biden stated:

Unfortunately, the last administration rolled back regulations.

Trump was quick to rebuff these allegations, making it clear he considers the current administration responsible for the current shaky standing of the banking system. As part of a speech given on March 28, Trump stated:

We are seeing bank failures left and right. Biden and his enablers and Congress are directly responsible for creating this economic catastrophe. And with Joe Biden at the wheel, it will only get worse. That’s what’s happening in almost every single sector.

A Different Answer

However, for some analysts, the blame lies in problems that could have easily been handled by assessing the risk of, for example, Silicon Valley Bank. This is the opinion of Andre Esteves, the millionaire CEO and founder of BTG Pactual, one of the biggest investment banks in Latam, managing over $70 billion in assets.

For Esteves, it was the lack of expertise of banking operators resulting from years of low-interest rates which caused the debacle at Silicon Valley Bank. Esteves explained that the current generation of operators only knows inflation and hawkish policies by book, or in theory, and doesn’t know how to deal with them in practice.

Esteves declared:

It’s very basic asset liability management that any junior analyst working at a bank in Chile, Brazil or Colombia or any other country that presents a little more volatility would know.

Esteves also singled out Credit Suisse’s fall as an isolated event that had been gestating for years.

What do you think about the responsibilities of Biden, Trump, and banking operators for the current banking crisis? Tell us in the comment section below.

Sergio Goschenko

Sergio is a cryptocurrency journalist based in Venezuela. He describes himself as late to the game, entering the cryptosphere when the price rise happened during December 2017. Having a computer engineering background, living in Venezuela, and being impacted by the cryptocurrency boom at a social level, he offers a different point of view about crypto success and how it helps the unbanked and underserved.

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Monero climbed for a third consecutive session on Thursday, as the token moved marginally closer to a six-week high. This rise in price comes despite the fact that the global market cap mostly consolidated, and is trading just 0.50% higher as of writing. As for LINK, chainlink bulls have so far failed to break out of a key resistance point.

Monero (XMR)

Monero (XMR) was one of Thursday’s notable gainers, with prices climbing for a third consecutive session.

XMR/USD rose to a high of $163.19 earlier in today’s session, which comes a day after the token fell to a low of $155.83.

As a result of the move, XMR moved towards last Sunday’s high at $166.07, which was its strongest point since February 20.

Looking at the chart, today’s move came as monero surged above a recent resistance level at $160.00.

Overall, the surge came as the 14-day relative strength index (RSI) collided with its own ceiling at the 55.00 mark.

At the time of writing, the index is tracking at 54.86, which is its highest reading this week.

Chainlink (LINK)

On the other hand, chainlink (LINK) was mostly lower on Thursday, as the token failed to move above a key price point.

LINK/USD slipped to a low at $7.25 in today’s session — this comes after prices hit an earlier peak of $7.53.

Today’s high saw chainlink move towards its ceiling at $7.55, however bulls were unable to secure a breakout.

From the chart, it appears that the failure to move beyond $7.55 coincided with the RSI falling at a resistance of its own.

As of writing, the index is tracking at 53.16, which is below the aforementioned ceiling at 55.00.

Overall, LINK is now trading at $7.32, with sentiment in today’s session now mostly bearish.

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Do you expect chainlink to move higher in the coming days? Let us know your thoughts in the comments.

Eliman Dambell

Eliman was previously a director of a London-based brokerage, whilst also an online trading educator. Currently, he commentates on various asset classes, including Crypto, Stocks and FX, whilst also a startup founder.

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Bybit has said it is inviting African youths that wish to attend a blockchain education training program to submit their applications. The training and educational program is expected to help the participating individuals learn the fundamentals of blockchain technology.

Understanding the Blockchain

Bybit, one of the world’s leading global crypto exchanges, has partnered with Innovation Growth Hub to launch a blockchain education and training program targeting African youths. The training program is expected to help young people learn and understand the fundamentals of blockchain, as well as how this creates new opportunities.

According to a local report, experts in the blockchain field are expected to lead or oversee the interactive discussions and online lectures. An unnamed spokesperson for Bybit is quoted in the report highlighting the importance of the training program.

“Our goal is to give young people the knowledge and skills they need to understand and engage with blockchain technology. Hence, we will work together with Innovation Growth Hub to create a unique learning experience for participants,” the spokesperson said.

In addition to helping the youths acquire knowledge about blockchain and its probable uses, the training program is also intended to acquaint them with the workings of Bybit’s ecosystem. Participants also stand a chance of winning prizes even as they continue to learn.

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What are your thoughts on this story? Let us know what you think in the comments section below.

Terence Zimwara

Terence Zimwara is a Zimbabwe award-winning journalist, author and writer. He has written extensively about the economic troubles of some African countries as well as how digital currencies can provide Africans with an escape route.

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The world’s largest asset manager, Blackrock, does not see the Federal Reserve cutting interest rates this year. “That’s the old playbook when central banks would rush to rescue the economy as recession hit. Now they’re causing the recession to fight sticky inflation – and that makes rate cuts unlikely, in our view,” said the firm’s strategists.

Blackrock’s Interest Rate Prediction

Blackrock, the world’s largest asset manager, published weekly commentary Monday explaining the state of the U.S. economy and why it does not see the Federal Reserve cutting interest rates this year.

While noting that “Markets have been quick to price in rate cuts as a result of the banking sector turmoil and the Fed signaling a coming pause,” Blackrock’s strategists wrote:

We don’t see rate cuts this year – that’s the old playbook when central banks would rush to rescue the economy as recession hit. Now they’re causing the recession to fight sticky inflation – and that makes rate cuts unlikely, in our view.

“Stocks have held up due to hopes for rate cuts that we don’t see coming. We think the Fed could only deliver the rate cuts priced in by markets if a more serious credit crunch took hold and caused an even deeper recession than we expect,” the strategists explained.

“Inflation is likely to prove even stickier than the Fed expects without a deep recession, in our view. The February U.S. CPI data confirmed our view that inflation is still not on track to settle at the Fed’s target,” they added.

The Blackrock strategists continued: “Recession is foretold as central banks try to bring inflation back down to policy targets. It’s the opposite of past recessions: Rate cuts are not on the way to help support risk assets, in our view.” They noted:

In the U.S., it’s now evident in the financial cracks emerging from higher interest rates on top of rate-sensitive sectors. Higher mortgage rates have hurt sales of new homes. We also see other warning signs, such as deteriorating CEO confidence, delayed capital spending plans and consumers depleting savings.

Do you think the Federal Reserve will cut interest rates this year? Let us know in the comments section below.

Kevin Helms

A student of Austrian Economics, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open-source systems, network effects and the intersection between economics and cryptography.

Image Credits: Shutterstock, Pixabay, Wiki Commons

According to two sources close to FTX, Sam Bankman-Fried, the disgraced co-founder, gave his father, Stanford Law professor Joseph Bankman, millions of dollars. The funds are reportedly being used to pay for legal costs. The sources said that Bankman-Fried allegedly gave “at least $10 million” from the now-defunct quantitative trading firm Alameda Research to his father.

Sources Claim SBF’s Legal Defense Is Paid for by Alameda Loot

After the latest revised indictment charges against Sam Bankman-Fried (SBF), Forbes reports that funds tied to Alameda Research may be paying for SBF’s legal defense. Forbes contributors Sarah Emerson and Steven Ehrlich explained that two unnamed sources disclosed that SBF directed “at least $10 million from Alameda” to his father, Joseph Bankman. The duo is accused of using a “lifetime estate and gift tax exemption” for the funds, which were allegedly given to Bankman in 2021.

SBF has pleaded not guilty to his indictment charges, and last year, he publicly stated that he had only $100,000 in his bank account. According to Forbes reporters, “it had remained unclear, until now, how the former billionaire would afford his pricey defense.” At the end of 2022, it was disclosed that SBF would be represented by white-collar lawyer Mark Cohen. Cohen and his litigation firm, Cohen & Gresser, are well-known for representing Ghislaine Maxwell, a convicted sex trafficker and confidant of Jeffrey Epstein.

The two sources informed Forbes that in 2021, SBF made a large monetary gift to his father, funded by a loan derived from Alameda Research. The Forbes reporters, Emerson and Ehrlich, noted that Cohen & Gresser “did not respond to a request for comment,” and “Bankman-Fried declined to comment” on the matter. The reporters also stated that SBF’s father “did not respond to a list of questions” sent to him. They further added that despite it being a gift, the funds still need to be filed with the Internal Revenue Service (IRS).

The Forbes article follows federal prosecutors’ addition of bribery charges to SBF’s indictment, accusing him of paying off Chinese government officials. The new charge alleges that the former FTX CEO utilized $40 million to influence “one or more Chinese government officials” in 2021. Prior to the latest charges, bank fraud charges were added to SBF’s indictment at the end of February 2023. Joseph Bankman has not been charged with any wrongdoing. However, current FTX CEO John J. Ray III told members of the U.S. Congress that Joseph Bankman and “the family certainly received payments” from FTX.

What are your thoughts on the latest developments in the SBF case? Share your thoughts about this subject in the comments section below.

Jamie Redman

Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about the disruptive protocols emerging today.

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Bitcoin surged higher on Wednesday, as markets reacted strongly to better-than-expected consumer confidence figures in the United States. Data from the Conference Board showed that its monthly survey rose to a reading 104.2, better than the 101 sum expected. Ethereum also climbed, moving above $1,800.

Bitcoin

Bitcoin (BTC) once again moved above the $28,000 level on Wednesday, as markets reacted to the latest consumer confidence report in the United States.

The increase in confidence is seen by some as validating the Federal Reserve’s recent decision to marginally hike rates.

Following a low of $26,677.82 on Tuesday, BTC/USD raced to an intraday peak of $28,619.54 earlier in today’s session.

This latest surge in price occurred as the relative strength index (RSI) continued to move away from a recent floor at the 60.00 mark.

As of writing, the index is tracking at the 64.27 level, which is marginally below its upcoming ceiling at 65.00.

Earlier gains have slightly eased as BTC edged closer to this point of resistance, with price now trading at $28,423.03.

Ethereum

Ethereum (ETH) was also back in the green in today’s session, with prices rising back above the $1,800 level.

ETH/USD rose to a high of $1,825.60 on Wednesday, which comes less than 24 hours after the price was below $1,700.

As a result of today’s rally, ethereum was able to briefly rise above a recent resistance point at the $1,820 level.

Price has since retreated from this point, which comes after the RSI collided with a ceiling at the 58.00 mark.

Although price strength is now tracking at 58.52, overall market momentum seems to be preparing for consolidation.

The 10-day (red) moving average (MA) is now trending sideways, and should the RSI fall back below 58.00, chances of a downward cross with the 25-day (blue) MA will greatly increase.

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Do you expect ethereum to end March above $1,800? Leave your thoughts in the comments below.

Eliman Dambell

Eliman was previously a director of a London-based brokerage, whilst also an online trading educator. Currently, he commentates on various asset classes, including Crypto, Stocks and FX, whilst also a startup founder.

Image Credits: Shutterstock, Pixabay, Wiki Commons

According to a report, the recently arrested Terraform Labs co-founder Do Kwon was able to register a company in Serbia just a few weeks after Interpol issued a Red Notice for him. Lawyers that helped Kwon form a company in Serbia reportedly said they were not aware of Interpol’s Red Notice against their client.

Do Kwon Uses Korean Passport to Register Company

Just a few weeks after an Interpol Red Notice for arrest was issued, the former Terraform Labs CEO Kwon was still able to form and register a company in Serbia, a local publication has said. Known as Codokoj22 d.o.o. Beograd, the company which was registered on Oct. 12, 2022, lists Kwon as the owner. The former CEO along with his countryman Han Chang-Joon from Chai Corporation are also named as directors of the company.

According to a report in DL News, the duo’s Serbian company was established with capital equivalent to just under $1 (100 din). The report added that Kwon and Chang-Joon used their Korean passports to register the new company with Serbian Business Registry.

As previously reported by Bitcoin.com News in late Sept. 2022, the global law enforcement agency Interpol kickstarted an international manhunt for Kwon after it issued a Red Notice for the Terraform Labs co-founder. Before the notice was issued, Kwon insisted that he was not on the run and that he was in fact cooperating with “any government agency that has shown interest to communicate.”

However, Bitcoin.com News reported on March 23, 2023, that Montenegro’s interior minister said Kwon was arrested at Podgorica airport. He had a forged Costa Rican passport on him when he was apprehended. Chang-Joon has now also been reported as being arrested.

Lawyers Unaware of Interpol’s Red Notice

Meanwhile, unnamed officials from the Serbian Business Registry and lawyers at Gecic Law Firm are quoted in the report professing their ignorance about the existence of an Interpol Red Notice. Ognjen Colic, a partner at Kwon’s legal representatives in Serbia, claimed that his firm took all the necessary steps before electing to represent him.

“I cannot comment on my client due to confidentiality agreements, but I can say that this client went through all the regular security checks that we conduct for every client, including the Interpol website and he is not on there – you can check it yourself now,” Colic reportedly said.

Milos Petakovic, a lawyer from the same law firm, is quoted in the report stating that he needed to consult his colleagues before commenting on Gecic Law Firm’s decision to work for Kwon.

In addition to South Korea, which issued a warrant for his arrest in Sept. 2022, Kwon was also wanted by authorities in Singapore and in the United States.

What are your thoughts on this story? Let us know what you think in the comments section below.

Terence Zimwara

Terence Zimwara is a Zimbabwe award-winning journalist, author and writer. He has written extensively about the economic troubles of some African countries as well as how digital currencies can provide Africans with an escape route.

Image Credits: Shutterstock, Pixabay, Wiki Commons, July Ko / Shutterstock.com

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