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Top 10 Cryptos for June 2024
Edition 85 - The Elite Cryptocurrency Investment Strategy Newsletter
There’s no hiding it now, the crypto sphere continues to evolve at a RAPID rate and is showing NO signs of slowing down!.
The Ethereum ETF approval was a massive last minute move in the right direction, helping prime the long awaited altcoin season. I will share more on this in the portfolio balancing section below!
But more so than this is the shift in the US government's stance on crypto!
The U.S. Senate voted to overturn a rule by the Securities and Exchange Commission (SEC) called SAB 121. This rule made it super tough for banks and other financial institutions to hold cryptocurrencies for their customers. Basically, it discouraged them from acting as custodians for digital assets.
The big deal is that SAB 121 created a hurdle for mainstream adoption of crypto. By making it hard for banks to be involved, it limited safe and secure storage options for many investors.
The vote wasn't unanimous, but it passed 60 to 38. This shows some bipartisan support for loosening restrictions on crypto.
Here's the catch: President Biden may veto the resolution. To actually overturn SAB 121, Congress would need a two-thirds majority vote in both houses to override the veto. That seems unlikely at this point.
So, the Senate took a step towards making crypto more accessible, but it's not a done deal yet. We'll have to see how it plays out with the President and potentially future legislation.
This is where the political shenanigans start…. Donald Trump, the NFT creator and opportunist, spoke to the 50 million US crypto holders to win their vote in a recent live broadcast. He said…
‘I will support the right to self custody to the nation's 50 million crypto holders’.
‘I will keep Elizabeth Warren and the goons away from your Bitcoin’.
‘I will never allow the creation of a Central Bank Digital Currency’.
It doesn’t get more bullish than this!
This creates enormous pressure on Biden to be more pro crypto, especially since the ETF approval and Senate over-throwing the SEC. He has a target in the November 5th 2024 elections and his opponents find all his weak spots! So he can either change or fall flat on his face…. Again!
The cryptocoaster has been on a revolving loop with the SEC and US government… But now we are finally getting to the enjoyable part of the ride with further regulation changes on the horizon, such as FIT21!
FIT21: A Potential Gamechanger for Crypto Regulation in the US
This is more big news for crypto! The FIT21 Act just passed the House, and it could significantly impact how cryptocurrencies are regulated in the US. Here's a quick breakdown:
More Crypto-Friendly Oversight? FIT21 proposes putting the Commodity Futures Trading Commission (CFTC) in charge of most cryptocurrencies. This is a win for the industry, as the CFTC is generally seen as more crypto-friendly than the Securities and Exchange Commission (SEC).
Carving Out Space for Innovation: The bill creates a path for cryptocurrencies deemed securities to be sold as commodities, potentially easing regulatory burdens for some projects.
Not Everyone's on Board: Senators like Elizabeth Warren and the SEC itself are pushing back. The Biden administration is also wary.
The Bottom Line: FIT21 faces an uphill battle in the Senate, but its passage in the House signifies a growing recognition of crypto's importance. Even if the bill doesn't pass as is, it could pave the way for future crypto regulations that balance innovation with investor protection.
🚀 Onwards and upwards for the crypto realm! 🚀
Want To Take Your Investing To The Next Level? Learn More About Our VIP Program and book a free 1:1 Discovery Call with the team - https://cryptoconsultinginstitute.com/vip-immersion/
Our current portfolio of Cryptocurrencies was chosen for technical outlook, narrative capture and market sentiment.
*Please refer to the Technical Terms Glossary at the end of this section for an explanation of technical terms.
* All prices below are current at the time of writing - $US
* Date of completion 29/05/2024
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