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Steven Nerayoff Slams US SEC’s Crypto Stance: Calls For Clarity And Innovation
As the debate over cryptocurrency regulation continues, former advisor to the Ethereum network Steven Nerayoff has become a public voice criticizing the approach taken by the United States Securities and Exchange Commission (SEC) towards crypto, especially under the leadership of the agency’s Chairman Gary Gensler. N
erayoff’s criticism goes beyond regulatory policy to consider the wider ramifications for the cryptocurrency market, citing the harm done by Gensler and Joseph Lubin, the co-founder of Ethereum.
Impact On Crypto From Bad ActorsEthereum‘s security status has been a significant discussion in the crypto industry with the SEC planning enforcement proceedings to regulate ETH as a security. However, the former ETH advisor Steven Nerayoff believes the industry is not at odds with Ethereum, but rather with Joseph Lubin and other negative actors, particularly the SEC chair Gary Gensler.
According to Nerayoff, the Ethereum co-founder and other bad actors have seriously damaged the crypto sector with their actions over time. As a result, crypto’s total market capitalization has declined, hindering ecosystem expansion and defrauding the public of hundreds of billions, possibly trillions of dollars.
He explained that by putting their financial gain ahead of the creation of dApps and true value, the market cap has seen lesser growth in comparison to what Nerayoff had anticipated. “It is clear that if not for them, the market cap could easily be 10x or more of its current value,” he stated.
Nerayoff claims Lubin is the height of ambiguity and uncertainty, trying to play a victim card despite his litigation against the SEC regarding Ethereum and his response to the Commission’s questions concerning MetaMask.
Last month, the SEC filed a Wells Notice to Consensys while mainly aiming at its MetaMask wallet service, indicating a potential regulatory dispute. Lubin, responding to the SEC’s move, claimed that the agency is pursuing a strategic series of enforcement actions instead of having transparent rules and open communication, thereby endangering the crypto landscape.
However, Nerayoff, dissatisfied with Lubin’s response, thinks it is nothing more than a devious scheme from the ETH co-founder, carried out in concert with Gary Gensler and the SEC.
He further stated that it is evident that Lubin is afraid of his failure and the evidence is there. “From securities fraud to market manipulation, colluding with foreign governments and US government agencies, he has done it all,” Nerayoff stated. These actions, according to Narayoff, committed by Lubin could potentially send him to prison for a long time.
Need For Regulatory Transparency And GrowthGiven the negative impact caused by these bad actors over the years, Nerayoff has stressed the need for appropriate supervision and clarity, which are vital for the development of the crypto landscape.
The Ethereum former advisor noted that investors have been harmed due to these wrong actions, and it is only proper that these dishonest people should be brought to justice. “It is time to demand transparency, the industry deserves better than what these bad actors have given it, and it is time to take action to ensure that crypto thrives for the better,” he added.
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Trump Campaign Develops Bitcoin Agenda With Industry Expert: Details
David Bailey, CEO of Bitcoin Magazine, has publicly announced his collaboration with Donald Trump’s campaign to forge a crypto-friendly agenda, potentially shaping future US policy on digital assets. Using the social media platform X, Bailey detailed his direct involvement in crafting a strategic vision for BTC and other cryptocurrencies under a potential Trump administration
A $100 million War Chest For BitcoinBailey announced, “For the past month we have been working with the Trump campaign to develop their Bitcoin and crypto policy agenda. We proposed a comprehensive executive order for President Trump to sign on day 1.” This executive order is expected to lay the groundwork for a more crypto-friendly regulatory environment, reflecting the campaign’s strategic approach to digital assets.
Bailey also emphasized the campaign’s commitment, stating, “We intend to raise a $100 million war chest for the campaign to ensure the next President of the United States is pro Bitcoin.”
This development follows Trump’s recent remarks at the Trump Cards NFT Gala, where he criticized the current administration’s stance on cryptocurrencies. Trump quipped, “[Biden] has no idea. But look, [he’s] very much against it. The Democrats are very much against it.” He further aligned himself with pro-crypto sentiments, indicating, “If you like crypto in any form, and it comes in a lot of different forms, if you’re in favor of crypto, you better vote for me.”
The announcement by Bailey sparked diverse reactions within the crypto community. Sweep (@0xSweep), a well-known crypto influencer, commented, “Bitcoin doesn’t need Trump. Trump needs Bitcoin.” Bailey responded by emphasizing the mutual benefits of this alliance, suggesting a strategic partnership rather than a one-sided dependency.
Bailey elaborated on the potential impact of a pro-BTC presidency, stating, “As Bitcoin’s trajectory becomes undeniable this cycle, the establishment is going to fight us tooth and nail. A pro-Bitcoin presidency buys us 4 years of status quo at a minimum (maybe more).” This perspective highlights the critical window of opportunity for the Bitcoin and crypto community to solidify its position within the US financial system.
Addressing the political nuances, Bailey asserted, “Bitcoin is not a partisan issue, it’s apolitical. However, we will mobilize to defend ourselves.” He clarified that the community’s support is more about opposing the current administration rather than an outright endorsement of Trump, saying, “We’re not voting for Trump per se, we’re voting against Biden. The only person to blame for that is Biden.”
Bailey also made a bold statement about the community’s political influence: “It’s time for Bitcoin to elect the next President of the United States.” This statement underscores the increasing recognition and potential clout of digital currencies in US electoral politics.
The dialogue between Trump, Bailey, and the broader cryptocurrency community suggests a significant shift in the political landscape concerning digital assets. As the US presidential election approaches, the BTC policies of candidates could become a pivotal issue for winning the election, influencing not only the future of regulatory landscapes but also the broader acceptance and integration of digital currencies in the US economy.
At press time, BTC traded at $60,896.