Need to know what happened in crypto today? Here is the latest news on daily trends and events impacting Bitcoin price, blockchain, DeFi, NFTs, Web3 and crypto regulation.
Binance and its CEO are seeking to dismiss a lawsuit filed by the U.S. Commodity Futures Trading Commission (CFTC) in March. Meanwhile, the price of Bitcoin briefly touched the $35,000 mark, a first for the cryptocurrency in more than a year, and several key pieces of crypto legislation are at a standstill as Republican lawmakers look to elect a new House speaker.
Binance and CZ want to dismiss CFTC lawsuit
Crypto exchange Binance and its CEO Changpeng “CZ” Zhao have filed statements to dismiss a lawsuit filed by the United States Commodity Futures Trading Commission (CFTC).
The filing, dated Oct. 23, attempted to show that the CFTC’s lawsuit overstepped its boundaries, specifically as they relate to derivatives products. By accepting the CFTC’s arguments, the court “would allow it to regulate any activity in cryptocurrency […] related to a derivatives product” around the world.
“Congress did not make the CFTC the world’s derivatives police, and the Court should reject the agency’s effort to expand its territorial reach beyond what is permitted by the law,” the filing said.
The CFTC filed its lawsuit in March, alleging that Binance failed to register with the regulator, which violated derivatives trading rules.
Bitcoin price reaches $35K as ETF excitement grows
Bitcoin (BTC) broke through the $35,000 mark for the first time since May 2022, marking a staggering gain in the past 24 hours.
The price of Bitcoin suddenly spiked upward on Oct. 23, with BTC gaining more than 10% from $31,000 to over $34,000.
Less than two hours after breaking $34,000, Bitcoin reached as high as $35,300 according to data from TradingView. Bitcoin is currently changing hands for a price of $34,550.
#Bitcoin is now trading at $35K as speculators bet on SEC approval of $GBTC converting into an ETF. Such a conversation will likely mark the top of the rally, if Bitcoin doesn't sell off prior to approval. The selloff will be less severe if the ETF conversion is rejected again.
— Peter Schiff (@PeterSchiff) October 24, 2023
The sudden uptick in price for Bitcoin comes amid a fresh wave of interest in upcoming spot ETF approvals and a significant increase in overall trading volumes across spot markets.
The iShares spot Bitcoin exchange-traded fund (ETF) proposed by investment firm BlackRock has been listed on the Depository Trust & Clearing Corporation (DTCC), suggesting potential approval by the United States Securities and Exchange Commission.
In an Oct. 23 X (formerly Twitter) thread, Bloomberg ETF analyst Eric Balchunas said the DTCC listing was “all part of the process” of bringing a crypto ETF to market. The iShares spot Bitcoin ETF has a ticker symbol of IBTC for a possible listing on the Nasdaq stock exchange, which applied to list and trade shares of the investment vehicle in June.
House speaker vacuum leaves Congress paralyzed on crypto bills
Key pieces of crypto legislation in the United States remain in limbo as lawmakers struggle to appoint a new House speaker.
Without a House speaker, crypto bills passed by the Financial Services Committee have nowhere to go. The Financial Innovation and Technology for the 21st Century Act, the Blockchain Regulatory Certainty Act, the Clarity for Payment Stablecoins Act and the Keep Your Coins Act are all on hold until Republicans can agree on a new speaker.
“In the Speaker race there are several pro-crypto candidates,” said Ron Hammond, the Blockchain Association’s director of government relations. Tom Emmer “is the frontrunner, but as the past few weeks have shown it is far from a guarantee he will become Speaker.”
1) This week in Congress and crypto: Another week of House Speaker drama and intense focus on Israel/Hamas. For crypto there is a lot of tangental elements on both issues. Many of the speaker candidates have a strong record on crypto so let's quickly meet them and fights to come.
— Ron Hammond (@RonwHammond) October 23, 2023
Contrasting with the pro-crypto candidates is a growing chorus of lawmakers who want to “curtail illicit crypto activity,” according to a letter endorsed by Senator Elizabeth Warren and more than 100 other representatives.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
