SEC reviews Ripple ruling, US bill seeks control of DeFi, and more: Hodler's Digest, July 16-22

Top stories this week Chairman Gensler says SEC reaction to Ripple decision is mixed, still under review

US Securities and Exchange Commission Chairman Gary Gensler on the agency's lawsuit against Ripple, saying the SEC is "still reviewing it and evaluating that view." Gensler declined to comment further on the case, but said the commission was pleased with the court's ruling declaring XRP a security when sold to institutional investors, but disappointed with the ruling of non-safety for retail investors and other distributions of XRP. Comments made by the regulator on July 21 in a trial. In the crypto community, however, some like the SEC are taking advantage of the "current confusion".

A bipartisan bill and sanctions requirements for decentralized finance (DeFi). The bill would subject DeFi operations to the same requirements as “other financial firms, including centralized crypto trading platforms, casinos, and even pawnbrokers.” The proposal also makes "whoever controls this project" liable for the use of the DeFi service by sanctioned individuals. The bill also sets new requirements for operators of crypto kiosks (or ATMs) to prevent their use for money laundering. Kiosk operators would be required to verify the identity of both counterparties in a transaction.

Altcoins "bled" as Bitcoin gained dominance in Q2: CoinGecko

The second quarter of the year as its market dominance gained against altcoins, which "bled" throughout the period, according to CoinGecko's industry report. Bitcoin (BTC) and Ether (ETH) continued to grow their market share over the past few months, while Binance Coin (BNB), XRP (XRP) and Cardano (ADA) suffered double-digit losses in the quarter. DeFi tokens were particularly hard hit during the quarter, with Uniswap (UNI), Chainlink (LINK) and Lido (LDO) also suffering double-digit losses. The top five metaverses and play-to-earn tokens by market cap also saw losses of up to 40%.

Multiple Spot Crypto ETF Applications Go to Federal Register for SEC Approval

Multiple companies' applications for a spot Bitcoin exchange-traded fund (ETF), advancing them one step in the US SEC process. According to the records, applications from BlackRock, Fidelity, Invesco Galaxy, VanEck and WisdomTree have been officially registered. Publishing applications gives the SEC a window of opportunity to accept or reject the application, extend the time limit, or open the application for public comment. The SEC has an initial 45-day window to make a decision, but the commission has the option to extend the process for up to 240 days – until March 2024 – for final approval or denial.

Robert F. Kennedy Jr. Vows to Back the US Dollar with Bitcoin if Elected President

Democratic presidential candidate Robert F. Kennedy Jr. if elected president. Kennedy said at an event that supporting the US dollar with what he called “hard currency,” including gold, silver, platinum or bitcoin, could help stabilize the US economy. Kennedy explained that the process would be gradual and that, depending on the success of the plan, he would adjust the dollar support amount. Additionally, Kennedy said he would do Bitcoin to the United States. conversions into dollars exempt from capital gains tax with the aim of stimulating investment in the country.

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