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House Majority Whip Tom Emmer shared the latest on crypto regulations, saying<\/a>,<\/p>\n \u201cGary Gensler has abused his authority to grow the Administrative State to the detriment of the American people. Congress must use all our tools, including the appropriations process, to restrict Gary Gensler from further weaponizing taxpayer dollars.\u201d<\/p>\n<\/blockquote>\n<\/div>\n<\/div>\n Emmer went on to say,<\/p>\n \u201cThat is why I\u2019m planning to sponsor an appropriations amendment that restricts the SEC\u2019s use of funds on digital asset enforcement until there are clear rules and regulations in place.\u201d<\/p>\n<\/blockquote>\n Emmer\u2019s proposed appropriations amendment comes after the Ripple and Grayscale Court rulings. The SEC risks losing a Ripple appeal motion and a Coinbase Motion to Dismiss.<\/p>\n On Tuesday, the SEC Chair Gary Gensler will give testimony at a House Committee on Banking and Urban Affairs hearing on the oversight of the US Securities and Exchange Commission<\/a>.<\/p>\n<\/div>\n<\/div>\n Coinbase (COIN<\/a>) CEO Brian Armstrong talked<\/a> crypto to CNBC. Armstrong discussed the US regulatory environment, overseas expansion plans, the increasing adoption of crypto across the US, and the benefits of a crypto-spot ETF market.<\/p>\n Armstrong expects the US to catch up with the rest of the G20 on regulations, noting important bills going through the House with bipartisan support. The Coinbase CEO pointed out that 56 million Americans have used crypto, demonstrating the urgent need for regulations.<\/p>\n He also highlighted the pitfalls of a regulatory void, including firms moving overseas, exchanges blowing up, and a weakening American dominance as a financial hub and technology leader.<\/p>\n However, Armstrong feels comforted that the Courts uphold the rule of law. About the spot ETF market, Armstrong highlighted that applicants have named Coinbase as custodian for many of the ETFs. Importantly, a crypto-spot ETF market would bring new capital into the crypto ecosystem, and it\u2019s good for Coinbase.<\/p>\n BTC<\/a> avoided the trend line for the first time in six sessions on Saturday. However, uncertainty toward the BTC-Spot ETF<\/a> market continued to leave BTC within a tight range. If BTC fails to break out from $26,500, the trend line and $25,506 support level will remain in play.<\/p>\n A break below the trend line and support level would give the bears a look at sub-$25,000. The downward bias aligns with the 50-day and 200-day EMA, which sends bearish price signals.<\/p>\n However, sentiment could materially improve should the Courts grant the Coinbase motion to dismiss and deny the SEC motion for interlocutory appeal.<\/p>\n The 14-Daily RSI reading of 38.54 shows BTC has room to fall to test the $25,506 support level before entering oversold territory.<\/p>\n<\/div>\n<\/div>\n\n
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Coinbase CEO Brian Armstrong Spoke About Crypto on CNBC<\/h2>\n
Technical Analysis<\/h2>\n
Bitcoin Analysis<\/h3>\n