U.S. Representative Introduces Bill to Fire SEC’s Chief, BlackRock Applies for a Spot Bitcoin ETF and Binance.US Hires Top Lawyer for Upcoming Court Battles
1. U.S. Representative Introduces Bill to Fire SEC’s Chief
On July 28, 2021, U.S. Representative Maxine Waters introduced a bill that would allow the president to remove the Securities and Exchange Commission’s (SEC) chairperson for any reason. The bill comes after criticism of SEC Chair Gary Gensler’s handling of the GameStop trading frenzy earlier this year.
2. BlackRock Applies for a Spot Bitcoin ETF
BlackRock, the world’s largest asset manager, has applied for a spot Bitcoin exchange-traded fund (ETF). The application was filed with the U.S. Securities and Exchange Commission (SEC) on July 28, 2021. If approved, BlackRock’s Bitcoin ETF would be the first of its kind in the United States.
3. Binance.US Hires Top Lawyer for Upcoming Court Battles
Binance.US has hired former U.S. Commodity Futures Trading Commission (CFTC) Chair Christopher Giancarlo as its counsel. Giancarlo is known for his pro-crypto stance and has been dubbed “Crypto Dad.” Binance.US is facing several legal battles, including allegations of facilitating money laundering and operating without proper licenses.
The introduction of a bill to fire the SEC’s chief, BlackRock’s application for a Bitcoin ETF, and Binance.US’s hiring of a top lawyer all demonstrate the ongoing regulatory and legal challenges facing the cryptocurrency industry. As the industry continues to grow and evolve, it will face increasing scrutiny from regulators and legal challenges that will need to be addressed in order to ensure its long-term viability.