Crypto Market News: Macro Guru Raoul Pal feels U.S. Securities and Exchange Commission (SEC) Chair Gary Gensler is after all not shutting down all crypto businesses in the United States. It is generally perceived that his selective bias towards some mainstream companies that is harming the crypto market. Bigwigs like Wall Street bank JP Morgan and asset manager Blackrock are already in the game, but it is unclear as to how long it would take for US regulators to lay a clear path for crypto regulation. Also, the US presidential election 2024 could be a stumbling block amid efforts in that direction in Washington DC.
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Very recently, the crypto market ecosystem in the United States faced a major blow in the form of back to back lawsuits against crypto exchanges Coinbase and Binance. The SEC charged two of the world’s top crypto exchanges of violating securities laws.
Raoul Pal On Crypto In US
Earlier, CoinGape reported that Blackrock, the world’s largest assets manager, was filing for a Bitcoin Exchange Traded Fund (ETF) application with the SEC. This came after the company’s 2022 launch of a spot Bitcoin private trust. In this context, investment strategist Raoul Pal feels not all is in the red when it comes to SEC Chair Gary Gensler’s actions on crypto. Pal echoed XRP Lawyer John Deaton’s views that Gensler was in the crypto enforcement mode to make some way for incumbents to gain some market share before full scale regulation kicks in.
“Gensler is giving Blackrock the BTC ETF the nod and also got that Prometheum circus going to “prove” that he isn’t stopping crypto entirely. It’s all politics and in the end he throws a bone to Wall St so he can suggest they are “more trusted”.”
The macro guru believes Gensler’s actions are “all politics” to throw “a bone to the Wall Street.” He also the mentioned the SEC’s recent ‘approval’ of crypto firm Prometheum.
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