FameEX Morning Crypto News Recap | July 23, 2024

Coalition of Seven States Challenges SEC's Authority Over Cryptocurrency Regulation

Seven U.S. states, led by Iowa Attorney General Brenna Bird, filed a friend-of-the-court brief on July 10, challenging the SEC's authority to regulate cryptocurrencies. The coalition, including Arkansas, Indiana, Kansas, Montana, Nebraska, and Oklahoma, argues that the SEC's "power expansion" will stifle innovation, harm the cryptocurrency industry, and exceed its legal authority.

Senator Cynthia Lummis Teases Major Bitcoin Announcement This Week

Senator Cynthia Lummis hinted at significant Bitcoin news on the X platform, posting "₿ig things are in store this week" with the "B" replaced by the Bitcoin symbol, suggesting major announcements related to Bitcoin will be made soon.

US SEC Approves Ethereum Spot ETF; Trading Begins Tonight

Bloomberg ETF analyst Eric Balchunas tweeted that the US SEC has officially approved the Ethereum spot ETF. The submission of Form 424(b) marks the final step, with trading set to commence at 9:30 a.m. EST on Tuesday.

CryptoQuant CEO: Long-Term Bitcoin Holders Unlikely to Sell

CryptoQuant CEO Ki Young Ju stated on the X platform that those selling Bitcoin now likely haven't held it for more than 3 years. He emphasized that senior holders, who have held Bitcoin through multiple cycles, show all-time highs in UTXO supply across all phases.

.

India’s Finance Minister to Present Budget; Crypto Trading Tax Policy Unchanged

Industry experts expect Indian Finance Minister Nirmala Sitharaman to announce the 2024-2025 budget on Tuesday without changing the controversial tax deduction (TDS) policy for crypto transactions. Rajat Mittal, the Supreme Court's cryptocurrency tax counsel, indicated that high TDS may push retail investors to offshore exchanges, but the government's focus on strict regulation suggests a tax rate reduction is unlikely.

Paraguayan Electricity Authority to Raise Rates for Legal Crypto Miners

On July 19, Paraguay's National Electricity Administration (ANDE) announced plans to continue raising electricity prices for legal crypto miners. Despite this, crypto miners have urged regulators to reconsider, arguing that the price hike could harm the economy and potentially lead to losses of up to $1.5 billion.

Disclaimer: The information provided in this section is for informational purposes only, doesn't represent any investment advice or FameEX's official view.