US industry watchdogs oppose draft bill on crypto market structure
An alliance of industry watchdogs based in the United States has united to express opposition to a proposed draft bill on the crypto market structure by the United States House Financial Services Committee.
In detailed correspondence addressed to the committee, groups, including Americans for Financial Reform and the Center for Responsible Lending, claimed that stakeholders in the crypto industry had actively lobbied in support of the committee’s draft proposal, known as the Digital Asset Market Structure Discussion Draft bill. The watchdogs asserted that the crypto industry failed to demonstrate any practical use cases beyond speculative investment.
The letter accused the crypto market of seeking favorable legislation under the guise of crypto innovation:
“Of particular concern is the proposed bill’s provision that would alter the SEC’s evaluation of regulatory rulemaking in all securities markets, compelling the agency to assess new rules based on the criterion of ‘innovation.‘”
The intention behind the comprehensive digital asset bill was to establish a regulatory framework in the United States, encompassing well-defined rules and guidelines for the crypto industry. Earlier, Cointelegraph reported that the committee chair, Representative Patrick McHenry planned to hold a committee vote in July 2023. The focal point of the draft bill revolves around the involvement of the U.S. Securities and Exchange Commission (SEC) in overseeing the regulatory framework.
Related: What to expect from the first Coinbase-SEC hearing
In June 2023, the SEC launched individual legal actions against two prominent crypto exchanges, Coinbase and Binance, both known for their substantial trading volumes. Surprisingly, traders swiftly brushed off the news, with minimal impact on crypto market prices.
In opposition to widespread demand, the watchdogs asserted that Congress should back the ongoing enforcement actions of the SEC as a means to “safeguard consumers.“ Conversely, various jurisdictions in Europe and Asia are actively striving to accommodate crypto businesses relocating away from the United States.
Collect this article as an NFT to preserve this moment in history and show your support for independent journalism in the crypto space.
Magazine: Crypto regulation: Does SEC Chair Gary Gensler have the final say?
Thousands of people have taken to the streets in Tehran to mourn top military commanders, nuclear scientists and others killed in Iran’s 12-day war with Israel.
Iran’s state-run Press TV said the event – dubbed the “funeral procession of the Martyrs of Power” – was held for a total of 60 people, including four women and four children.
Follow live: Iran hits out at Trump’s ‘unacceptable’ remarks
It said at least 16 scientists and 10 senior commanders were among the dead, including the head of the Revolutionary Guard General Hossein Salami and the head of the guard’s ballistic missile programme, General Amir Ali Hajizadeh.
Their coffins were driven on trucks into the Iranian capital’s Azadi Square adorned with their pictures as well as rose petals and flowers, as crowds waved Iranian flags.
Mourners at the funeral procession in Tehran. Pic: Majid Asgaripour/WANA/Reuters
Mourners dressed in black, while chants of “death to America” and “death to Israel” could be heard.
Attending the funeral were Iranian President Masoud Pezeshkian and other senior figures, including Ali Shamkhani who was seriously wounded during the conflict and is an adviser to Iran‘s Supreme Leader Ayatollah Ali Khamenei.
There was no immediate sign of the supreme leader in the state broadcast of the funeral.
A woman holds a picture of Iran’s supreme leader. Pic: Reuters
Israel, the only Middle Eastern country widely believed to have nuclear weapons, said its war against Iran aimed to prevent Tehran from developing its own nuclear weapons.
The US launched strikes on three nuclear enrichment sites in Iran, which Donald Trump said left them “obilterated”.
The Iranian government denies having a nuclear weapons programme and the UN nuclear watchdog, which carries out inspections in Iran, has said it has “no credible indication” of an active, coordinated weapons programme in the country.
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New details on US attacks on Iran
Over the almost two weeks of fighting, Israel claimed it killed around 30 Iranian commanders and 11 nuclear scientists, before a ceasefire went into effect on Tuesday.
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According to Iranian health ministry figures, 610 people were killed on the Iranian side, 13 of whom were children and 49 were women.
Israel’s health ministry said 28 people were killed in Israel and 3,238 injured.
World
Why critics believe Trump’s big win in Supreme Court is ‘terrifying step towards authoritarianism’
As the president himself said, this was a “giant” of a decision – a significant moment to end a week of whiplash-inducing news.
The decision by the US Supreme Court is a big win for President Donald Trump.
By a majority of 6-3, the highest court in the land has ruled that federal judges have been overreaching in their authority by blocking or freezing the executive orders issued by the president.
Over the last few months, a series of presidential actions by Trump have been blocked by injunctions issued by federal district judges.
The federal judges, branded “radical leftist lunatics” by the president, have ruled on numerous individual cases, most involving immigration.
They have then applied their rulings as nationwide injunctions – thus blocking the Trump administration’s policies.
Donald Trump addresses a White House news conference. Pic: AP
“It was a grave threat to democracy frankly,” the president said at a hastily arranged news conference in the White House briefing room.
“Instead of merely ruling on the immediate case before them, these judges have attempted to dictate the law for the entire nation,” he said.
In simple terms, this ruling – from a Supreme Court weighted towards conservative judges – frees up the president to push on with his agenda, less opposed by the courts.
“This is such a big day,” the president said.
“It gives power back to people that should have it, including Congress, including the presidency, and it only takes bad power away from judges. It takes bad power, sick power and unfair power.
“And it’s really going to be… a very monumental decision.”
The Supreme Court on Capitol Hill in Washington DC. File pic: AP
The country’s most senior member of the Democratic Party was to the point with his reaction to the ruling.
Senate minority leader Chuck Schumer called it “an unprecedented and terrifying step toward authoritarianism, a grave danger to our democracy, and a predictable move from this extremist MAGA court”.
In a statement, Schumer wrote: “By weakening the power of district courts to check the presidency, the court is not defending the constitution – it’s defacing it.
“This ruling hands Donald Trump yet another green light in his crusade to unravel the foundations of American democracy.”
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Trump’s ‘giant’ Supreme Court win
Federal power in the US is, constitutionally, split equally between the three branches of government – the executive branch (the presidency), the legislative branch (Congress) and the judiciary (the Supreme Court and other federal courts).
They are designed to ensure a separation of power and to ensure that no single branch becomes too powerful.
This ruling was prompted by a case brought over an executive order issued by President Trump on his inauguration day to end birthright citizenship – that constitutional right to be an American citizen if born here.
A federal judge froze the decision, ruling it to be in defiance of the 14th amendment of the constitution.
The Supreme Court has deferred its judgment on this particular case, instead ruling more broadly on the powers of the federal judges.
The court was divided along ideological lines, with conservatives in the majority and liberals in dissent.
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In her dissent, liberal Justice Ketanji Brown Jackson wrote: “As I understand the concern, in this clash over the respective powers of two coordinate branches of government, the majority sees a power grab – but not by a presumably lawless executive choosing to act in a manner that flouts the plain text of the constitution.
“Instead, to the majority, the power-hungry actors are… (wait for it)… the district courts.”
Another liberal Justice, Sonia Sotomayor, described the majority ruling by her fellow justices as: “Nothing less than an open invitation for the government to bypass the constitution.”
Conservative Justice Amy Coney Barrett, who Trump appointed during his first term, shifting the balance of left-right power in the court, led this particular ruling.
Writing for the majority, she said: “When a court concludes that the executive branch has acted unlawfully, the answer is not for the court to exceed its power, too.”
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The focus now for those who deplore this decision will be to apply ‘class action’ – to file lawsuits on behalf of a large group of people rather than applying a single case to the whole nation.
There is no question though that the president and his team will feel significantly emboldened to push through their policy agenda with fewer blocks and barriers.
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The ruling ends a giddy week for the president.
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What’s behind the row on Trump’s Iran strikes?
Last Saturday he ordered the US military to bomb Iran’s nuclear sites. Within two days he had forced both Israel and Iran to a ceasefire.
By mid-week he was in The Hague for the NATO summit where the alliance members had agreed to his defence spending demands.
At an Oval Office event late on Friday, where he presided over the signing of a peace agreement between the Democratic Republic of Congo and Rwanda, he also hinted at a possible ceasefire “within a week” in Gaza.
A truly consequential week seems set to be followed by another.
World
Democratic Republic of Congo and Rwanda sign US-brokered peace deal – but doubts over success linger
The Democratic Republic of Congo (DRC) and Rwanda have signed a peace deal which Donald Trump said he brokered – resulting in the US getting “a lot” of mineral rights in the process.
The deal has been touted as an important step towards ending the decades-long conflict in eastern DRC which has caused the deaths of six million people.
US secretary of state Marco Rubio called it “an important moment after 30 years of war”.
The Congo-Rwanda conflict explained
Earlier on Friday, President Trump said he was able to broker a deal for “one of the worst wars anyone’s ever seen”.
“I was able to get them together and sell it,” Mr Trump said. “And not only that, we’re getting for the United States a lot of the mineral rights from Congo.”
‘Great deal of uncertainty’
The Rwanda-backed M23 rebel group, the most prominent armed group in the conflict, has suggested that the agreement won’t be binding for them.
It hasn’t been directly involved in the planned peace deal.
Donald Trump with DRC’s Therese Kayikwamba Wagner (R) and Rwanda’s Olivier Nduhungirehe (L) at the White House. Pic: Reuters
DRC foreign minister Therese Kayikwamba Wagner invoked the millions of victims of the conflict in signing the agreement with Rwandan foreign minister Olivier Nduhungirehe.
The agreement, signed by the foreign ministers during a ceremony with Mr Rubio in Washington, pledges to implement a 2024 deal that would see Rwandan troops withdraw from eastern DRC within 90 days, according to a copy seen by Reuters.
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“Some wounds will heal, but they will never fully disappear,” Ms Wagner said. “Those who have suffered the most are watching. They are expecting this agreement to be respected, and we cannot fail them.”
Mr Nduhungirehe noted the “great deal of uncertainty” because previous agreements were not put in place.
“There is no doubt that the road ahead will not be easy,” he said. “But with the continued support of the United States and other partners, we believe that a turning point has been reached.”
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