Hello Folks,

Recent developments in the Cryptocurrency market has seen prices of many coins plunging like crazy. Almost every coin that SEC mentioned in it's report has seen a downtrend of almost 30 to 40 percent.

However, this news has not come up in a flash. It is consequential to the one where "Binance US On 27 March 2023, the Commodity Futures Trading Commission (CFTC) filed a lawsuit against Binance and Zhao in the United States District Court for the Northern District of Illinois, claiming willful evasion of US law and allegedly breaching derivatives rules."

While the charges by CFTC has failed a big way and Binance and Zhao both have handled the FUD in an exceptional manner. 

Another sequence of events like SEC and Gensler not riding along with Coinbase, was forecasting that anytime sooner SEC was about to go behind Binance US. And rest is the news before all of us. 

"SEC has alleged 13 charges against Binance US"

Meanwhile everyone is busy saying it's a situation where most probably we are loosing money. But for some 'every news comes as a good news' 

Just as I mentioned earlier, this news is a sequence to other pieces of news and if anyone has just sorted Binance or other sued coins at the peak of recent small bull run, they would be packing their bags for a grand holiday on this news.

In a bird's eyeview, we must flow in the direction of water and understand that the macroeconomic situation has not improved yet and SEC alongwith Gensler has been in the form of their life in recent times.

In recent developments SEC chair Gary Gensler seems to be at the recieving end as U.S. Rep. Warren Davidson announced the “SEC Stabilization Act” on June 12.

U.S. capital markets must be protected from a tyrannical Chairman, including the current one. That’s why I’m introducing legislation to fix the ongoing abuse of power and ensure protection that is in the best interest of the market for years to come. It’s time for real reform and to fire Gary Gensler as Chair of the SEC.

Rep. Warren Davidson

Here are key takeaways from the ‘Act’ and let’s see, if implemented, how will it affect the Cryptocurrency Space in the United States

First and foremost the act wants to fire Gary Gensler as he has failed to overlook the capital markets in a positive way.

Secondly it aims to restructure the administration of the SEC and clearly indicates that a panel should govern over the head or director of the SEC.

There are a few other common changes to the entire process of the SEC.

All of this has been recieved optimistically by the crypto fraternity and the markets are behaving positively.

 I shall keep you updated as and when there are developments under this News.

Adios for now and I will be back with another insight in a very short time. Stay tuned.....