Gary Gensler Steps Down
Gary Gensler, the current chairman of the SEC, is expected to leave his position at the beginning of 2025. The reason? While he may not publicly acknowledge it, the catalyst is Donald Trump's victory in the presidential election, as Trump had already announced during his campaign that he would dismiss Gensler from the SEC.
Additionally, reports suggest that the new White House administration plans to shift some of the SEC's powers to the CFTC, the Commodity Futures Trading Commission. This would effectively place the regulation of the Ethereum and Bitcoin markets under the jurisdiction of the CFTC.
Source: Bloomberg
Sławomir Mentzen Proposes Tax Relief for Crypto Investors
In Poland, the election campaign is heating up. Sławomir Mentzen, the Confederation party’s presidential candidate, has made a new promise: he wants to eliminate taxes on profits earned from cryptocurrency trading. Mentzen plans to present a draft bill to Parliament.
What are the chances of this proposal being passed? It could gain support from the Confederation and the Third Way coalition (comprising PSL and Polska 2050), as both groups target a similar electorate. The final outcome will depend on decisions from segments of the Civic Coalition and/or the Law and Justice party.
Source: X
MicroStrategy Buys More Bitcoin
MicroStrategy has purchased an additional 55,500 bitcoins for $5.4 billion. This brings the company’s total holdings to a staggering 386,700 BTC. Meanwhile, Bitcoin’s price has edged closer to the $100,000 mark, though it has yet to break through this psychological barrier.
Source: Yahoo
Were the Attacks on Tornado Cash Illegal?
A U.S. appellate court has issued a ruling, stating that the Treasury Department “exceeded” its authority in the case of Tornado Cash, the cryptocurrency mixer that was placed under government sanctions.
This case is significant for the blockchain industry. If the creators of Tornado Cash are convicted in the U.S., it could set a precedent that software developers bear full responsibility for their creations. The mixer was used to launder cryptocurrencies tied to criminal activities, and its developers could now face penalties despite not being directly involved in those crimes.
For now, the appellate court has determined that the Treasury Department had no grounds to sanction Tornado Cash’s smart contracts, as these contracts are not considered “property.” They lack ownership because they cannot be controlled or possessed.
Source: Cointelegraph