Digital Asset News
Christian Anders, the CEO of Btc.x, believes that despite the recent signing of the Markets in Crypto-Assets (MiCA) crypto regulation, the European Union (EU) still has a lot of lobbying to do with the various regulators in Europe and working with the various governments.
Accordingly, in an interview with Cointelegraph, Anders says that it may still take a bit of “pushing” for the crypto regulatory framework set out in MiCA to be widely accepted in European countries such as Sweden. In this regard, he emphasizes that MiCA gives the crypto industry a good legal framework that brings clarity and that they can work with.
The crypto entrepreneur particularly highlights the rise of the mining industry, which companies like Intel are now entering. Thus, bitcoin mining would also gain traction in Europe, especially with the increasing use of renewable energy. Moreover, the younger generation’s affinity for new technologies could solidify their role in shaping the future.
Bitcoin slipped almost back to a three-month low today, June 10, after altcoins in particular felt the recent pressure from U.S. authorities on the crypto industry.
Although Bitcoin is stumbling, the market leader has been spared the fate of some major altcoins, which have been delisted from several major trading platforms in the wake of the current regulatory pressure and have slumped as a result.
Among others, the influential trading platform Robinhood has announced that it will delist several major cryptocurrencies due to the lawsuit filed by the US Securities and Exchange Commission (SEC) against crypto exchanges Binance and Coinbase.
The cryptocurrencies in question had to bleed as a result, with Cardano, Matic and Solana in particular going down down by 25% within a very short period of time.
“We periodically review the cryptocurrencies we offer at Robinhood,” as the platform states to that effect. And further:
“As a result of our latest review, we have decided to discontinue support for Cardano (ADA), Polygon (MATIC) and Solana (SOL) on June 27.”
“As expected, the regulatory actions this week are causing some trading halts, which in turn are leading to selling pressure,” as Kris Marszalek, CEO of Crypto.com, classifies the developments. To this he adds:
“I believe we are in the ‘then they will fight you’ phase of crypto’s adoption curve. But rest assured, the crypto industry will get through this and come back stronger than ever.”
The U.S. securities regulator now considers a total of 61 cryptocurrencies to be “securities.” Several more have been added, particularly in the lawsuit against crypto exchange Binance.
The 61 cryptocurrencies that the SEC says are “securities” come from several SEC lawsuits over which cryptocurrencies it considers securities. In the SEC’s February fraud lawsuit against Terraform Labs, most cryptocurrencies were named at once. A total of 16 crypto assets were called securities, including Terra Luna Classic (LUNC), Terra Classic USD (USTC), Mirror Protocol (MIR) and an estimated 13 mirrored assets (mAssets) that copy the price of stocks like Apple and Tesla.
The SEC’s crypto litigation now covers a market value of over $100 billion, or about 10 percent of the total market capitalization of a cryptocurrency ($1.09 trillion). Here it becomes clear how desperately the SEC is currently trying to position itself as a “power institution” through excessive harshness and presumption. The long-term outcome of this issue will probably have to be decided in court, and the SEC is currently being heavily criticized.
