The new British administration appears to be supportive of cryptocurrencies, while arguments about regulation in Washington are getting more heated.
In the midst of a bitter crypto winter, Bitcoin and Ethereum experienced a nice week for the first time in many weeks.
Bitcoin experienced a steady 7.3% comeback over the last seven days after falling below $19,000 at the beginning of the week, and as of this writing, according to CoinMarketCap, it is trading for $21,236.
Just days before the Ethereum merging event to proof of stake, Ethereum, the second-largest cryptocurrency by market cap, rose more strongly. Its value has increased by 10.9% during the past week to $1,726.
A number of so-called "Ethereum killers," or layer-1 blockchains with highly functional smart contracts, saw significant gains as well. Cardano (ADA) soared 9.4% to 51 cents, Solana (SOL) increased 11.4% and trades for $35, Avalanche (avax) increased 8% to $20.35, and NEAR Protocol increased 13% to $4.71.
The Bitcoin network's 10% hash rate, or computing power per second, was announced to be frozen on the same day by Poolin, a Beijing-based mining pool, citing "liquidity issues."
Also on Monday, a plan to repay $270 million to impacted consumers was accepted by the bankruptcy court overseeing the insolvent cryptocurrency broker Voyager Digital. The following day, a court document indicated that Voyager will auction off its remaining assets the following week. A hearing will be held on September 29 to approve the proposals presented by various organizations. The 22 potential buyers haven't been named, but Sam Bankman-exchange Fried's FTX has already made a public offer. Lawyers for Voyager denounced this as a "low-ball" offer.
In a filing to the U.S. Bankruptcy Court on Wednesday, Vermont state officials claimed that Celsius, a bankrupt cryptocurrency exchange, had artificially inflated the price of its CEL token over the previous three years at the expense of retail investors, and that they were seeking more authority to look into this.
Vermont Assistant General Counsel Ethan McLaughlin stated that Celsius artificially inflated the company's CEL holdings on its balance sheet and financial statements by boosting its Net Position in CEL by hundreds of millions of dollars.
Washington and Westminster dispatches
At a business conference on Thursday, SEC Chair Gary Gensler declared his support for a congressional resolution that would grant the Commodity Futures Trading Commission (CFTC) authority to "oversee and regulate crypto nonsecurity tokens and related intermediaries."
Gensler noted that his own federal agency shouldn't be disregarded if Congress gave the CFTC primary oversight over cryptocurrencies. He previously declared that Bitcoin is a commodity and not a security, so it is not subject to SEC regulation. Many in the cryptocurrency community believe he is trying to find a method to put ETH under SEC jurisdiction because he has refused to express his opinion on the matter.
The same day, the White House made a suggestion that due to cryptocurrency mining's high carbon impact, American lawmakers and regulators may soon take tougher measures.
The Environmental Protection Agency (EPA), the Department of Energy (DOE), and other federal agencies must work with crypto miners to reduce greenhouse gas emissions, according to a new report from the White House Office of Science and Technology Policy, which was required by President Biden's executive order in March.
In the event that the sector does not make strides toward sustainability, the report recommended that "the Administration should investigate executive actions, and Congress should consider legislation, to prohibit or eliminate the use of high energy intensity consensus procedures for crypto-asset mining."
The British parliament held its first crypto debate on Wednesday in London, across the pond. According to Richard Fuller, Economic Secretary to the Treasury, the UK aims to "become the country of choice for individuals wishing to create, innovate, and build in the crypto area."
According to Fuller, the new government led by Liz Truss is "looking for methods to obtain global competitive advantage for the United Kingdom" as crypto technologies "increase in relevance." That sounds... hopeful?
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