Source: Cointelegraph
Original: “Overview of Today's Cryptocurrency Dynamics”
Today's cryptocurrency market dynamics: Arizona Governor Katie Hobbs vetoed a bill to establish a state Bitcoin reserve and accept cryptocurrency payments, but signed a bill regulating cryptocurrency ATMs; Coinbase will become the first cryptocurrency company to join the S&P 500 index; newly appointed SEC Chairman Paul Atkins shared his priorities for digital asset regulation.
Arizona Governor vetoes two cryptocurrency bills, strengthens regulation of Bitcoin ATMs
Arizona Governor Katie Hobbs vetoed two key cryptocurrency bills aimed at expanding the state's engagement with digital assets while signing a strict regulatory measure for Bitcoin ATMs.
On May 12, Katie vetoed Senate Bill 1373, which aimed to establish a strategic reserve fund for digital assets. This fund would allow Arizona to hold cryptocurrency obtained through seizure or legislative allocation.
In her veto letter, she stated, “The current volatility of the cryptocurrency market makes it unsuitable for funding general funds.” She added, “I have signed legislation this session that allows the state to use cryptocurrency without putting the general fund at risk.”
This decision came after vetoing the more ambitious “Arizona Strategic Bitcoin Reserve Act” (Senate Bill 1025) on May 3. This bill would have authorized the state treasury and retirement funds to invest up to 10% of their funds in Bitcoin (BTC) and other digital assets.
According to bitcoinlaws.io, 26 states in the U.S. have proposed strategic cryptocurrency reserve bills, with 18 currently still active. Additionally, Katie also vetoed Senate Bill 1024, which would have allowed state agencies to accept cryptocurrency payments for taxes, fines, and fees through approved service providers.
Coinbase to become the first cryptocurrency company to join the S&P 500 index
Cryptocurrency exchange Coinbase Global (COIN) will join the S&P 500 index on May 19, becoming the first and currently only cryptocurrency company to enter the index.
According to S&P Global on May 12, Coinbase will replace Discover Financial Services (DFS), which was recently acquired by Capital One Financial Corp (COF).
The S&P 500 index is a stock market index that tracks the performance of the 500 largest publicly traded companies in the U.S., widely representing the overall performance of the U.S. stock market.
Source: Brian Armstrong
Coinbase's inclusion in the S&P 500 index is expected to increase demand for its stock, as index funds and exchange-traded funds tracking the index must purchase COIN shares to reflect the index composition.
According to Google Finance data, COIN's stock price immediately rose 8.8% to $225.4 in after-hours trading following the announcement. The company also rose 4% at the end of the trading day on March 12, with a market capitalization of $52.8 billion.
SEC Chairman: Blockchain “promises” new types of market activities
SEC Chairman Paul Atkins stated that blockchain technology could bring “a wide range of novel use cases” for securities and facilitate “new types of market activities that many of the Commission's existing rules and regulations currently do not consider.”
In a keynote speech at the Commission's roundtable on tokenization and digital assets on May 12, Paul welcomed “a new day for the SEC” and added, “Policy-making will no longer stem from ad hoc enforcement actions. Instead, the Commission will utilize its existing rule-making, interpretive, and exemptive authorities to establish appropriate standards for market participants.”
Source: U.S. Securities and Exchange Commission
A key priority will be “to develop a reasonable regulatory framework for the cryptocurrency asset market, establishing clear rules for the issuance, custody, and trading of cryptocurrency assets while continuing to prevent bad actors from violating the law.”
Specifically, Paul stated that the SEC will focus on developing “clear and reasonable guidelines” for cryptocurrency assets that may be considered securities. Another area of focus is allowing brokers to offer a broader range of investment products on their platforms, which may, in some cases, mix securities and non-securities.
Paul's approach differs from that of former SEC Chairman Gary Gensler, whose tenure was criticized by some industry participants for his “enforcement-based regulation” oversight.
Related: Bitcoin (BTC) sees $106,000 as the first profit-taking point before hitting new highs.
免责声明：本文章仅代表作者个人观点，不代表本平台的立场和观点。本文章仅供信息分享，不构成对任何人的任何投资建议。用户与作者之间的任何争议，与本平台无关。如网页中刊载的文章或图片涉及侵权，请提供相关的权利证明和身份证明发送邮件到support@aicoin.com，本平台相关工作人员将会进行核查。
