FameEX Morning Crypto News Recap | July 23, 2024

Seven-State Coalition Disputes SEC's Authority to Regulate Cryptocurrencies

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

Senator Cynthia Lummis Hints at Significant Bitcoin News This Week

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

US SEC Greenlights Ethereum Spot ETF; Trading Starts Tonight

Bloomberg ETF analyst Eric Balchunas tweeted that the US SEC has officially approved the Ethereum spot ETF. The final step, submitting Form 424(b), has been completed. Trading is scheduled to begin at 9:30 a.m. EST on Tuesday.

CryptoQuant CEO: Veteran Bitcoin Holders Unlikely to Sell

CryptoQuant CEO Ki Young Ju posted on the X platform, noting that current Bitcoin sellers likely haven't held their assets for more than 3 years. He highlighted that experienced investors, who have endured multiple market cycles, are reaching all-time highs in UTXO supply across all phases.

India’s Finance Minister to Present Budget; No Changes in Crypto Trading Tax Policy

Industry experts anticipate that Finance Minister Nirmala Sitharaman will announce the 2024-2025 budget on Tuesday, maintaining the controversial tax deduction (TDS) policy for crypto transactions. Rajat Mittal, the Supreme Court's cryptocurrency tax counsel, noted that high TDS might push retail investors to offshore exchanges, but the government's strict regulatory focus makes a tax rate reduction unlikely.

Paraguayan Electricity Authority to Increase Rates for Legal Crypto Miners

On July 19, Paraguay's National Electricity Administration (ANDE) announced it will continue raising electricity prices for legal crypto miners. In response, miners have urged regulators to reconsider, warning that the increased costs could harm the economy and result in potential 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.​