This Week in Crypto: Gary Gensler SEC Finish Line, US Crypto-Czar, Russia Tax Bill, and More

BE[IN]CRYPTO11-22 23:30

SEC Chair Gary Gensler's upcoming departure in 2025 has fueled hopes for crypto-friendly regulations. Russia tightened crypto policies, China recognized crypto as legal property, and Poland proposed a...

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Taken together, the highlights display how the global cryptocurrency ecosystem continues to advance.The following is a roundup of crucial developments that happened this week but will continue shaping the sector.Gary Gensler, Chair of the US Securities and Exchange Commission , announced his resignation effective January 2025. The crypto industry had long anticipated his departure, which marks the end of a controversial tenure characterized by a strict approach to digital asset regulation.“Starting Dec 2024, Russia’s Energy Ministry i","collect":0,"end_time":0,"defaultTopTitle":"beincrypto.com","property":[],"viewcount":null,"language":"en","relate_stocks":{"FDN":"First Trust Dow Jones Internet I","OCC":"Optical Cable Corporation","BK4129":"建筑与工程","BK4519":"光伏太阳能","BK4601":"加密货币现货ETF","BK4594":"比特币ETF概念","SOL":"EMEREN GROUP","BK4585":"ETF&股票定投概念","BK4588":"碎股","BK4020":"通信设备","BK4550":"红杉资本持仓"},"translate_title":"本周加密货币：Gary Gensler SEC终点线、美国加密货币沙皇、俄罗斯税单等","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"SOL":1,"OCC":1,"FDN":0.9},"content_text":"SEC Chair Gary Gensler's upcoming departure in 2025 has fueled hopes for crypto-friendly regulations.\nRussia tightened crypto policies, China recognized crypto as legal property, and Poland proposed a Bitcoin reserve.\nOCC approved Bitcoin ETF options trading, and Grayscale introduced a Bitcoin Covered Call ETF for income generation.\n\nThe crypto market recorded several important developments this week, from regulatory advancements to significant legal rulings. Taken together, the highlights display how the global cryptocurrency ecosystem continues to advance.\nThe following is a roundup of crucial developments that happened this week but will continue shaping the sector.\nGary Gensler’s to Resign as SEC Chair\nGary Gensler, Chair of the US Securities and Exchange Commission (SEC), announced his resignation effective January 2025. The crypto industry had long anticipated his departure, which marks the end of a controversial tenure characterized by a strict approach to digital asset regulation.\n\n“On January 20, 2025, I will be stepping down as SEC Chair,” he shared.\n\nGensler’s tenure saw multiple enforcement actions against crypto companies, leading to heightened scrutiny of projects like XRP, Solana, Cardano, and others. Against this backdrop, news of his imminent resignation had a notable impact on the cryptocurrency market. XRP, a token at the center of the SEC’s lawsuit against Ripple, and Solana (SOL) experienced significant rallies.\nThe rallies came as the crypto industry now anticipates a leadership change that could introduce clearer frameworks for digital assets. Gensler’s departure coincides with ongoing calls for balanced regulation, offering hope for less adversarial interactions between regulators and the crypto community.\nUS Eyes Crypto-Czar Role\nThe Trump administration is reportedly considering appointing a “crypto-czar” to shape and lead the nation’s approach to digital assets. Chris Giancarlo, the former chair of the Commodity Futures Trading Commission (CFTC), is among those under discussion for the role.\nOther considerations include Coinbase CEO Brian Armstrong, who drew significant support from Cardano’s Charles Hoskinson. Similarly, Brian Brooks, former BinanceUS and Coinbase executive, is also on the list of considerations.\nBeyond the crypto-czar role, Trump’s social media and technology company is also in talks to purchase crypto exchange Bakkt. The general sentiment is that purchasing Bakkt could bring Trump fresh skin in the game.\nRussia’s Crypto Policy Shake-Up\nAs BeInCrypto reported, Russia has revised its crypto taxation bill, introducing measures to regulate and tax crypto transactions more effectively. The country has also banned crypto mining in occupied Ukrainian territories, citing security concerns.\n\n“Starting Dec 2024, Russia’s Energy Ministry is clamping down on mining rigs in energy-stressed zones like Irkutsk, Chechnya, and DPR. The takeaway’s clear: energy ≠ infinite, and miners might need to get stealthy or pivot,” Mario Nawfal wrote on X (formerly Twitter). \n\nThese developments reflect Russia’s dual approach of harnessing crypto’s economic potential while maintaining stringent control over its use. Analysts warn that these policies could stifle innovation while ensuring compliance with state interests.\nBitfinex Hack Case: Couple Sentenced\nBeInCrypto also reported on the US legal system’s sentencing of Heather Morgan, the wife of Ilya Lichtenstein, to prison for the infamous 2016 Bitfinex hack. This sentencing came shortly after Lichtenstein’s sentencing to five years in prison.\nMorgan and her husband attempted to launder the loot through various means, including buying gold and NFTs. Of note, Lichtenstein’s sentence was far below his potential 20-year maximum, as he also cooperated significantly with the authorities.\nThese sentences reflect the ongoing efforts to bring crypto-related crimes to justice. It also highlights the importance of strong security and regulatory oversight in the industry. Notwithstanding, the 2016 Bitfinex attack remains one of the largest cryptocurrency thefts in history.\nOCC Approves Bitcoin ETF Options Trading\nThis week, the Options Clearing Corporation (OCC) also approved Bitcoin ETF (exchange-traded funds) options trading. This decision marked a significant regulatory milestone in the US financial markets. This approval enhances market liquidity, providing institutional and retail investors with greater flexibility to hedge risks.\nThe move is expected to catalyze broader acceptance of Bitcoin ETFs, potentially driving increased trading volumes and market participation. Analysts believe this approval could pave the way for further advancements in Bitcoin-related financial products.\nAuthor of “Softwar” Enters Presidential Race\nTo add to this list of interesting things that happened in the crypto market this week, Jason Lowery, the author of Softwar, is eyeing a position in the White House. His bid centered on Bitcoin adoption and national security. Lowery advocates for Bitcoin as a strategic asset, reflecting its potential to fortify the US against global economic uncertainties.\nHis interest reflects the growing intersection of politics and crypto as policymakers recognize Bitcoin’s strategic implications beyond its financial utility.\n\n“I recommend Maj Jason Lowery for presidential advisor on the Advancement of Bitcoin as a National Strategic Asset,” one user on X pushed.\n\nGrayscale’s Bitcoin Covered Call ETF\nFurther, Grayscale updated its Bitcoin Covered Call ETF, enhancing its utility for investors seeking income generation strategies. The ETF employs options strategies to provide returns, offering a unique way for investors to capitalize on Bitcoin’s volatility.\nThis product demonstrates the continued innovation in crypto financial instruments, catering to diverse investor needs amidst a fast-paced market.\n\n“Grayscale wasting no time after BTC ETF options approval. They’ve filed an updated prospectus for their Bitcoin Covered Call ETF (no ticker yet). The fund will offer exposure to GBTC and BTC while writing and/or buying options contracts on Bitcoin ETPs for income,” James Seyffart remarked.\n\nChina Recognizes Crypto as Property\nA landmark legal ruling also passed among top crypto news this week. As it happened, a Chinese court recognized cryptocurrency as legal property.  The determination granted protections to crypto holders, with the decision coming amid China’s stringent crypto regulations. It offers a glimmer of hope for crypto enthusiasts in the region.\nThis ruling could influence future regulatory approaches, balancing state control with individual rights in the digital economy.\nPaul Tudor Jones Doubles Down on Bitcoin\nAdditionally, hedge fund manager Paul Tudor Jones reaffirmed his commitment to Bitcoin this week. Jones revealed a continued stake in Bitcoin, citing the asset’s resilience amid economic uncertainty. The endorsement highlights Bitcoin’s enduring appeal among institutional investors, reinforcing its status as “digital gold” in turbulent financial landscapes.\n\n“Billionaire hedge fund manager Paul Tudor Jones: All roads lead to inflation … I’m long gold, I’m long Bitcoin, I’m long commodities,” Michael Burry said, citing Jones.\n\nHis firm, Tudor Investment Corporation, also significantly increased its Bitcoin reserves, emphasizing its role as a hedge against inflation and geopolitical risks.\nPoland’s Bitcoin Reserve Proposal\nBeyond Paul Tudor Jones, another show of support for Bitcoin this week came from Polish lawmaker Sławomir Mentzen. The Presidential aspirant vowed to establish a Bitcoin reserve if elected, signaling a potential crypto-friendly policy shift in Poland.\n\n“Poland should create a Strategic Bitcoin Reserve. If I become the President of Poland, our country will become a cryptocurrency haven, with very friendly regulations, low taxes, and a supportive approach from banks and regulators,” Mentzen shared.\n\nHis vision includes embracing Bitcoin as a hedge against economic instability and fostering blockchain innovation to strengthen the national economy. His proposal resonates with growing trends among nations exploring Bitcoin adoption to safeguard financial sovereignty.\nMentzen’s promise reflects a rising sentiment across Europe toward leveraging crypto for economic resilience. If realized, this policy could position Poland among a handful of nations integrating Bitcoin into their fiscal strategies. It would also signal a pivotal shift in European crypto policy frameworks.\n\n\n\n\nTop crypto projects in the US | November 2024\n\n\n\nCoinbase\nExplore\n                      \n\n\n\n\n\nCoinrule\nExplore\n                      \n\n\n\n\n\nUphold\nExplore\n                      \n\n\n\n\n\n3Commas\nExplore\n                      \n\n\n\n\n\nChain GPT\nExplore\n                      \n\n\n\n\n\n\n\n\nTop crypto projects in the US | November 2024\n\n\nCoinbase\n\n\n\n\n\n\n\n\nCoinrule\n\n\n\n\n\n\n\n\nUphold\n\n\n\n\n\n\n\n\n3Commas\n\n\n\n\n\n\n\n\nChain GPT","kind":null,"is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":0},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.29.2","shortVersion":"4.29.2","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2485295390"}