Top cryptocurrencies nurse losses as regulatory picture sours. ETF flows and traditional markets offer little support.
Bitcoin BTC$62,920.00 is under pressure again while XRP (XRP) teeters near $1 amid a cluster of unfriendly developments over the past 24 hours.
Regulatory setbacks are leading the charge. Progress on the Clarity Act has stalled in the Senate, and the U.S. Securities and Exchange commission (SEC) is reportedly set to further delay its long-anticipated "innovation exemption.” That rule is meant to make it easier to trade tokenized securities on blockchain networks under current securities laws.
What prompted the pullback is concerns from both the White House and Wall Street over the proposal’s legal footing and potential impact on the market.
The bad news doesn't stop there. The SEC's parallel "Reg Crypto" effort to create fundraising rules for token projects has been delayed as well. The agency abruptly postponed Friday's planned open meeting on the matter, offering no new date.
MSCI, one of the world’s largest index providers, has opened a consultation proposing to remove non-operating companies from its equity indices, naming Bitcoin holders Strategy and Metaplanet among those targeted for deletion.
