gary

According to Fox Business, Ripple CEO Brad Garlinghouse stated in an interview with "Mornings with Maria" that the division among U.S. regulators on crypto policy and enforcement-style regulation has created uncertainty for the industry's development. He mentioned that the SEC and CFTC are pushing for a new regulatory framework, and legislation like the CLARITY Act being discussed in Congress is expected to establish clearer rules for crypto assets.Garlinghouse warned that a regulatory environment similar to that of former SEC Chairman Gary Gensler should not occur again, and emphasized that despite the current market volatility, Ripple's business continues to grow, calling for clear and predictable regulation to replace politicized and selective enforcement.

According to a report by Cointelegraph, a Jefferies analysis report shows that the stablecoin issuer Tether currently holds 116 tons of physical gold, making it "the largest holder of gold outside of central banks," with reserves comparable to those of central banks in countries like South Korea, Hungary, and Greece.In the last quarter, Tether's gold purchases accounted for nearly 2% of global gold demand and nearly 12% of central bank purchases, and its aggressive acquisition activities may have impacted short-term market supply and investor sentiment. Investors cited by Jefferies believe that Tether plans to acquire another 100 tons of gold by 2025. With an expected profit of $15 billion this year, this goal seems within reach.Additionally, Tether has invested over $300 million in precious metal producers and issued gold-backed tokens Tether Gold (XAUt), which has a market capitalization of $2.1 billion and has doubled its issuance in the past six months.

ChainCatcher news, digital bank Revolut announced the resumption of cryptocurrency staking services in Hungary. The company had previously suspended most digital asset services on July 7 due to uncertainties surrounding new laws in Hungary.The new law, which took effect on July 1 in Hungary, imposes severe penalties for the use of unlicensed cryptocurrency exchanges, with retail users facing up to 5 years in prison and service providers facing up to 8 years. After a legal review, Revolut determined that staking services do not fall under the definition of "cryptocurrency trading activities" as defined by the law. (finance feeds)

ChainCatcher news, according to Forbes, Hungary officially implemented one of the world's strictest cryptocurrency regulations starting July 1, forcing several large fintech companies to suspend related services and potentially criminalizing the digital asset trading activities of hundreds of thousands of citizens. This significant policy change has caused widespread chaos and concern in the fintech sector.London-based digital bank Revolut announced, "We are temporarily suspending cryptocurrency services in Hungary effective immediately until further notice." Revolut has over 2 million users in Hungary. The company stated that it is "working to restore services as soon as possible," but did not provide a specific timeline for resumption. This suspension covers all new cryptocurrency purchases, staking activities, and top-up operations; however, users can still sell existing holdings and transfer some tokens to external wallets. Other banking services from Revolut remain unaffected.Hungary's new regulations introduce two criminal offenses: "abuse of crypto assets" and "providing unauthorized cryptocurrency exchange services." According to Hungary's recently revised code, individuals using unauthorized cryptocurrency trading services may face up to two years in prison for the underlying trading activities; if the transaction amount exceeds 50 million Hungarian forints (approximately $140,000), the prison term can be up to three years; if it exceeds 500 million forints (approximately $1.4 million), the maximum prison term can reach five years.

ChainCatcher news, according to The Block, the U.S. Securities and Exchange Commission officially withdrew several proposed rules on Thursday that would impose stricter regulations on DeFi and cryptocurrency custody.These proposals were made under the leadership of former Chairman Gary Gensler, who led the agency's "enforcement-oriented approach." The withdrawn proposals included a proposed amendment to Rule 3b-16 of the Exchange Act published in April 2023. This proposal aimed to broaden the definition of exchanges, specifically to include decentralized finance platforms under the regulation of national securities exchanges. The proposal faced criticism from various industry stakeholders.

ChainCatcher news, according to crypto journalist Eleanor Terrett, former North Carolina Congressman and Chairman of the House Financial Services Committee Patrick McHenry (McCarthy) revealed that former SEC Chairman Gary Gensler has not been as anti-cryptocurrency in private as he has been in public. "I think this has more to do with Senate politics and the confirmation process."

ChainCatcher news, according to Fox Business reporter Eleanor Terrett, Coinbase is trying to determine the specific amount of spending by the U.S. Securities and Exchange Commission (SEC) on non-fraud investigations and enforcement actions against the crypto industry under former chairman Gary Gensler.Coinbase submitted a Freedom of Information Act (FOIA) request this morning for all investigation and litigation information related to the issuance and sale of digital assets, secondary market trading, staking, and lending from April 17, 2021, to January 20, 2025. The request also includes the number and names of investigations and enforcement actions during this period, as well as the work hours and compensation information of SEC employees and contractors, and requests the disclosure of budget and compensation details for the SEC's crypto assets and cyber division.Coinbase Chief Legal Officer Paul Grewal stated that this move is aimed at providing transparency to American taxpayers, and he hopes the new SEC leadership can continue to turn a new page in accountability. As of the time of publication, the SEC has not responded to the request for comment.

ChainCatcher news, according to Bloomberg, former investigative journalist Jason Leopold has released a series of internal documents obtained from the U.S. Securities and Exchange Commission (SEC) through the Freedom of Information Act (FOIA) over the past six months. This batch of documents includes:Email correspondence records of SEC Chairman Gary Gensler;Several confidential letters sent by Tesla's legal team regarding the SEC's ongoing enforcement actions against Elon Musk;An investigation report on the hacking incident of the SEC's official X account;Relevant investigation documents regarding deepfake images appearing on the X platform and their impact on the market;Multiple reports from the Inspector General;Leopold stated that obtaining these documents involved a lengthy process, including regularly following up on the application status, negotiating with the agency, and narrowing the scope of the request, with some content still redacted. These documents will provide the public with important reference information about the internal workings of the SEC.

ChainCatcher news, cryptocurrency exchange Gemini co-founder Tyler Winklevoss announced on the X platform that as long as the Massachusetts Institute of Technology (MIT) is associated with Gary Gensler, the exchange will not hire any graduates from the school, and Gemini's summer internship program will also not hire interns from MIT.

ChainCatcher news, FOX Business reporter Eleanor Terrett posted on X: "Former U.S. SEC Chairman Gary Gensler has returned to MIT as a practice professor in the Global Economics and Management Group and the Finance Group.According to the university, he will teach and research artificial intelligence, finance, fintech, and public policy."

ChainCatcher News, SEC Chairman Gary Gensler has officially resigned.According to new appointment documents released by the White House, Mark Uyeda has been appointed as the acting chairman of the SEC.It is reported that Uyeda is a Republican and has served as an SEC commissioner since June 30, 2022. Before becoming an SEC commissioner, Uyeda worked at the SEC for over 15 years. FOX Business previously reported that Mark Uyeda aims to assist Trump in fulfilling the promise to end the Biden administration's so-called "crypto war."

ChainCatcher News, the U.S. SEC stated in a statement that today is Gary Gensler's last day serving at the U.S. Securities and Exchange Commission. Chairman Gensler has a long history of public service and joined the SEC in 2021.Previously, he served as the Chairman of the Commodity Futures Trading Commission, Deputy Secretary of the Treasury responsible for domestic finance, Assistant Secretary of the Treasury for Financial Markets, and Senior Advisor to U.S. Senator Paul Sarbanes. He brought his extensive experience and knowledge in financial markets to the chairmanship, and we worked together to advance the Commission's mission to protect investors, maintain fair, orderly, and efficient markets, and facilitate capital formation.Although as commissioners we approached policy issues from different perspectives, we maintained dignity in our disagreements. Chairman Gensler has been committed to bipartisan cooperation and the exchange of ideas with mutual respect, which has helped enhance our service to the American public. For this, we are deeply grateful.

ChainCatcher message, Gary Gensler allegedly posted a farewell on the X platform, stating: It has been my honor to serve as the Chair of the U.S. Securities and Exchange Commission. Public service is about giving back to our communities, whether they are neighborhoods, counties, or states; or, as part of this agency, I firmly believe that capital markets, competition, and common-sense rules benefit both investors and issuers. This is why the SEC and its staff play a critical role in overseeing the markets and ensuring compliance with common-sense rules of U.S. securities law:We have reduced costs and risks and enhanced the integrity of our two largest markets—the nearly $60 trillion stock market and the $28 trillion bond market;We have helped improve the transparency and integrity of corporate governance for public companies, including implementing new cooling-off periods and other conditions before insiders of companies that may possess significant non-public information trade their company’s securities;We have established rules requiring regulated broker-dealers and investment advisers to notify clients of data breaches that may put personal information at risk;We have laid the groundwork for important debates regarding the growing applications of artificial intelligence in the financial sector;We have updated the rules for the stock and bond markets, shortening the settlement cycle;We have returned over $2.7 billion to harmed investors.

ChainCatcher news, according to Cointelegraph, U.S. SEC Chairman Gary Gensler stated in an interview with CNBC's Squawk Box that he believes the funding from cryptocurrency voters and digital asset interest groups is unlikely to influence the U.S. election, resulting in a victory for President Trump.Gensler will step down on the day of Trump's inauguration, and he discussed his previous talking points on investor protection during his leadership at the SEC in the interview.Gensler said, "I believe that, although as you pointed out, this election has raised funds from the cryptocurrency space, I think it is unrelated to the outcome of this election. The cryptocurrency space is a highly speculative area that has consistently failed to comply with various laws, whether it be anti-money laundering laws, sanctions laws, or securities laws."