Acting – Earlybirds Invest https://earlybirdsinvest.com Latest Crypto News Thu, 24 Apr 2025 01:25:18 +0000 en-US hourly 1 https://wordpress.org/?v=6.9.11 https://i0.wp.com/earlybirdsinvest.com/wp-content/uploads/2024/12/cropped-New-Project-2024-12-17T235703.455.png?fit=32%2C32&ssl=1 Acting – Earlybirds Invest https://earlybirdsinvest.com 32 32 240146708 From SEC to SDNY: Jay Clayton Steps In as Acting US Attorney https://earlybirdsinvest.com/from-sec-to-sdny-jay-clayton-steps-in-as-acting-us-attorney/ https://earlybirdsinvest.com/from-sec-to-sdny-jay-clayton-steps-in-as-acting-us-attorney/#respond Thu, 24 Apr 2025 01:25:18 +0000 https://earlybirdsinvest.com/from-sec-to-sdny-jay-clayton-steps-in-as-acting-us-attorney/

Jay Clayton, who previously led the Securities and Exchange Commission (SEC) from 2017 to 2020, has taken on a new role as the temporary US Attorney for the Southern District of New York (SDNY).

He was sworn in on April 22, a week after President Donald Trump selected him for the position.

In a public statement, Clayton outlined his main goals: improving public safety, fighting fraud, especially against older people and those at risk, and protecting the financial system.

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Clayton is stepping into the role on a short-term basis. Due to a Senate rule, his appointment did not go through a full confirmation process. Senate Majority Leader Chuck Schumer did not return the required “blue slips” to advance the nomination. That means Clayton can serve for up to 120 days.

The SDNY is known for handling major financial crime and public corruption cases. It also oversees legal matters tied to Wall Street and large financial institutions. In this role, Clayton will be responsible for a wide range of investigations, including fraud, threats to national security, and crimes affecting vulnerable communities.

During his time at the SEC, Clayton dealt with the rise of digital assets and initial coin offerings (ICOs). Between 2017 and 2020, he oversaw 57 legal actions against crypto-related companies and helped stop 18 suspected frauds involving blockchain and digital tokens.

On April 21, Paul Atkins was sworn in as SEC Chair following a 52–44 confirmation vote in the Senate. What did he say about the appointment? Read the full story.

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]]> https://earlybirdsinvest.com/from-sec-to-sdny-jay-clayton-steps-in-as-acting-us-attorney/feed/ 0 32482 Acting SEC Chair Uyeda Challenges Proposed Rule On Crypto Trading Venues https://earlybirdsinvest.com/acting-sec-chair-uyeda-challenges-proposed-rule-on-crypto-trading-venues/ https://earlybirdsinvest.com/acting-sec-chair-uyeda-challenges-proposed-rule-on-crypto-trading-venues/#respond Tue, 11 Mar 2025 11:29:25 +0000 https://earlybirdsinvest.com/acting-sec-chair-uyeda-challenges-proposed-rule-on-crypto-trading-venues/

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In a significant development for the crypto market in the United States, acting Securities and Exchange Commission (SEC) Chair Mark Uyeda announced plans to revise a controversial proposal requiring digital asset exchanges to register under alternative trading system (ATS) rules. 

Uyeda Critiques Regulatory Approach To Crypto Exchanges

Initially introduced in 2022, the proposal sought to broaden the definition of an “exchange” to close a “regulatory gap” concerning various trading platforms. However, it faced substantial pushback from the industry, particularly from major players like Coinbase, who argued that the regulations would severely restrict their operations.

In remarks made at the Institute of International Bankers conference in Washington, Uyeda expressed his view that the SEC had made a misstep by equating the regulation of Treasury markets with attempts to impose stringent oversight on the burgeoning crypto market. 

The acting SEC chair emphasized the need to refocus the proposal on its original intent, which aimed to include proprietary trading firms that actively trade US Treasuries, thereby ensuring they are subject to the same regulatory standards as banks and other financial institutions.

Uyeda highlighted a critical point regarding alternative trading systems: while they are pivotal in facilitating trades for securities—including US Treasuries—they are not currently held to the same rigorous transparency and investor protection standards as other trading platforms, therefore raising concerns about market integrity and investor safeguards, particularly in the context of complex financial instruments.

President Trump’s Tariff Policies Spark Fears Of Recession

As the regulator considers how to recalibrate the proposed rule, market participants are left in suspense regarding the timeline for any potential re-proposal or final rule vote. 

Major regulatory changes typically unfold over several months, and the process may be further delayed until pro-crypto Paul Atkins, nominated by President Donald Trump to lead the US Securities and Exchange Commission, is confirmed by the Senate.

The timing of these discussions comes amid a challenging period for prices and the broader market. Bitcoin recently fell below $79,000, continuing a downward trend that saw it decline nearly 3% in a single day. Over the past five days, Bitcoin’s value has plummeted more than 13%. 

Other crypto assets, including Ethereum (ETH) and XRP, have also experienced significant drops, with Ethereum down about 5% and XRP falling approximately 4%. Solana (SOL) and Cardano (ADA) reported declines of nearly 8% and 7%, respectively, with ADA’s five-day decrease approaching 31%.

These fluctuations in crypto values are closely tied to broader economic concerns, including fears of a looming recession fueled by President Trump’s aggressive tariff policies targeting Canada, Mexico, and China. 

Business groups have raised alarms that these import taxes will adversely affect various industries and consumers, exacerbating economic uncertainty.

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The 1D chart shows BTC’s price drop below $80,000. Source: BTCUSDT on TradingView.com

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]]> https://earlybirdsinvest.com/acting-sec-chair-uyeda-challenges-proposed-rule-on-crypto-trading-venues/feed/ 0 24511 U.S. SEC's Acting Chair Walking Back Agency Proposal on Crypto Trading Platforms https://earlybirdsinvest.com/u-s-secs-acting-chair-walking-back-agency-proposal-on-crypto-trading-platforms/ https://earlybirdsinvest.com/u-s-secs-acting-chair-walking-back-agency-proposal-on-crypto-trading-platforms/#respond Mon, 10 Mar 2025 19:22:33 +0000 https://earlybirdsinvest.com/u-s-secs-acting-chair-walking-back-agency-proposal-on-crypto-trading-platforms/

One of the U.S. Securities and Exchange Commission’s regulation proposals that was meant to grab segments of the crypto space under the agency’s jurisdiction had sought to expand what trading venues it believes need to register in a way that included digital assets businesses, and Acting Chairman Mark Uyeda is looking to reverse that effort.

The rule has been years in the making and is waiting to be finalized at the agency, but Uyeda has asked staff at the SEC to put the brakes on that.

“In my view, it was a mistake for the commission to link together regulation of the Treasury markets with a heavy-handed attempt to tamp down the crypto market,” he said in remarks set for delivery on Monday to the Institute of International Bankers in Washington. “In light of the significant negative public comment received on the definition of exchange with respect to crypto, I have asked SEC staff for options on abandoning that part of the proposal.”

Read More: U.S. SEC Out-of-Bounds in Dragging DeFi Into Proposed Exchange Rule, Industry Says

The new way the agency had sought to identify exchanges under its jurisdiction was to say in included certain “communications protocols,” but those were sufficiently identified, and the resulting proposal “would have picked up various protocols used with respect to crypto assets,” Uyeda said.

The rule proposal had been among several made under the tenure of former chair Gary Gensler, whose crypto work has been targeted by the new leadership elevated by President Donald Trump.

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