SEC Chair Gensler Calls For Crypto Regulation; BTC Soars 4.46% to $24,000

US Securities and Exchange Commission (SEC) Chairperson Gary Gensler has said that the agency plans to regulate the crypto industry as its high volatility poses grave risks to investors.

In a Twitter video, Gary explained why the SEC wants to regulate the market under securities law. The top market regulator also said that his office is in talks with the crypto exchanges to bring them under its purview like the securities exchanges. Gensler stated that discussions are also on to get some digital coins registered as securities.

We have rules in our capital markets to safeguard market integrity & protect against fraud & manipulation. If a company builds a crypto market that protects investors & meets the standard of our market regulations, people will more likely have greater confidence in that market. pic.twitter.com/ZxdBfvmqXP

— Gary Gensler (@GaryGensler) July 28, 2022

Currently, the crypto market has no legal framework to safeguard its integrity or protect investors from fraud and manipulation. It has been a major concern for regulators.

Gensler said that he wants to restore confidence in the market through regulation. 

Bitcoin, the world’s largest cryptocurrency by market capitalization, fell by more than half of its value to $24,000 from its all-time high of $67,566 in August 2021.

In other news, the US Federal Reserve and the Federal Deposit Insurance Corporation (FDIC)  have issued a notice  to the bankrupt crypto lending firm Voyager to stop making “false claims” to its customers that their funds are insured by the government. 

”Based on the information gathered to date, it appears that these representations likely misled and were relied upon by customers who placed their funds with Voyager and do not have immediate access to their funds,” the Federal Reserve and FDIC said in a joint statement.

Together with the @FederalReserve, we issued a letter to #VoyagerDigital, demanding they cease and desist from making false and misleading statements on their FDIC deposit insurance status and take immediate action to correct these false statements. https://t.co/sWv1n7z710

— FDIC (@FDICgov) July 28, 2022

Voyager filed for bankruptcy on July 5 after it was revealed that it had invested $661 million in the failed crypto hedge fund 3AC.

Cryptocurrency Prices

The global crypto market capitalisation went up by 4.65 per cent to $1.19 trillion as of 4:20 pm. However, the global crypto volume went up by 16.05 per cent to $110.75 billion, according to Coinmarketcap data.

Bitcoin (BTC) was trading at $24,045.58, up by 4.46 per cent, in the last 24 hours. Ethereum (ETH) rose by 6.06 per cent to $1,724.23. 

Among other significant coins, Cardano (ADA) was up 8.19 per cent to $0.5419, Algorand (ALGO) was trading at 4.82 per cent higher to $0.3425, Solana (SOL) rose 7.69 per cent to $43.12, Polkadot (DOT) was up 5.90 per cent to $8.10, and Binance Coin (BNB) rose 8.72 per cent to $291.56.

Friday’s top gainer was TerraClassicUSD (USTC), which was up by 16.05 per cent to $0.03897. The top loser was Convex Finance (CVX), down 5.92 per cent to $6.03. 

Meme Coin And DeFi Prices

Dogecoin (DOGE) was up 0.17 per cent at $0.07101. Rival Shiba Inu (SHIB) was up by 5.74 per cent at $0.00001202. Dogelon Mars (ELON) rose 0.41 per cent to trade at $0.0000003694, Floki Inu (FLOKI) lost 2.65 per cent at $0.000001127, and Samoyed Coin (SAMO) lost 7.51 per cent to $0.01166. 

In the DeFi segment, YFI (yearn.finance) was up by 23.70 per cent at $9,188.61, and Terra Classic (LUNC) was trading with a gain of 3.89 per cent at $0.0001017. Avalanche (AVAX) was up by 6.37 per cent at $24.55, Uniswap (UNI) was trading with a gain of 8.11 per cent at $8.97, and Aave (AAVE) rose by 6.867 per cent at $98.75.