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The bill gives the DFPI the authority to make rules, with an 18-month implementation date to protect consumers and tackle industry trends.<\/p>\n
Governor Newsom had previously vetoed<\/a> the bill in 2022, which introduces licensing requirements to operate a digital asset-based business.<\/p>\n On Saturday, news<\/a> hit the wires of Ferrari accepting crypto payments in the US for luxury sports cars. According to the report, Ferrari plans to extend the acceptance of crypto payments to Europe.<\/p>\n In an interview with Reuters, Ferrari Chief Marketing and Commercial Officer Enrico Galliera reportedly said,<\/p>\n \u201cSome are young investors who have built their fortunes around cryptocurrencies. Some others are more traditional investors who want to diversify their portfolios.\u201d<\/p>\n<\/blockquote>\n Galliera also addressed the linkage between cryptos and the environment, noting that cryptocurrencies had progressed in reducing their carbon footprint. Galliera affirmed Ferrari\u2019s commitment to carbon neutrality, saying,<\/p>\n \u201cOur target to reach for carbon neutrality by 2030 along our whole value chain is absolutely confirmed.\u201d<\/p>\n<\/blockquote>\n This week, Coinbase (COIN<\/a>) filed<\/a> for a mandamus, a legal action, requiring the SEC to respond to the Coinbase rulemaking petition within 30 days.<\/p>\n The filing states,<\/p>\n \u201cCoinbase\u2019s petition for rulemaking has been pending before the SEC since July 2022. Similar petitions have languished before the agency since 2017. These petitions ask the Commission to provide its views on which digital asset products it believes are securities and why [\u2026].\u201d<\/p>\n<\/blockquote>\n Coinbase Chief Legal Officer Paul Grewal had this to say<\/a> about the SEC\u2019s October filing,<\/p>\n \u201cWe\u2019ve filed our response with the Third Circuit. [\u2026] the SEC\u2019s unilluminating \u201cupdate\u201d is mere bureaucratic pantomime and confirms nothing short of mandamus will prompt the agency to take its obligations seriously.\u201d<\/p>\n<\/blockquote>\n Grewal went on to say,<\/p>\n \u201cWe respectfully request an order to the SEC to act on Coinbase\u2019s rulemaking petition within 30 days. We appreciate the Court\u2019s careful consideration on this matter.\u201d<\/p>\n<\/blockquote>\n The SEC filed<\/a> charges against Coinbase in June 2023 for allegedly operating as an unregistered securities exchange, broker, and clearing agency. Additionally, the SEC charged Coinbase for the unregistered offering and selling of securities in connection with its staking-as-a-service program.<\/p>\n Coinbase filed<\/a> a motion to dismiss the SEC charges on August 4, 2023.<\/p>\n BTC<\/a> hovered below the 50-day and 200-day EMAs<\/a>, sending bearish price signals. Significantly, the 50-day EMA converged on the 200-day EMA. A bearish cross of the 50-day EMA through the 200-day EMA would send sell signals.<\/p>\n A BTC fall through the $26,755 support level would bring the trend line into play. BTC-spot ETF-related news and regulatory chatter will be likely focal points.<\/p>\n However, a return to $27,000 would support a break above the EMAs to target $27,500. Increasing expectations of the SEC approving a BTC-spot ETF application would drive buyer appetite.<\/p>\n The 14-Daily RSI reading of 47.08 supports a BTC fall to the trend line before entering oversold territory.<\/p>\nFerrari Goes Bitcoin<\/h2>\n
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SEC v Coinbase Takes a New Turn<\/h2>\n
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Technical Analysis<\/h2>\n
Bitcoin Analysis<\/h2>\n