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Understanding the Risks and Rewards of Investing in Cryptocurrency

U.S. House Financial Services Committee Urges SEC to Reverse Its Proposed Crypto Custody Rules

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Today’s Cryptocurrency Headline

US House Financial Services Committee Chairman Patrick McHenry and Digital Assets, Fintech, and Inclusion Subcommittee Chair French Hill have written a comment letter to the SEC, calling for the withdrawal of proposed crypto custody rules. The lawmakers argue that the proposed rules go beyond the Commission’s statutory authority and would prevent firms from serving as qualified custodians for registered investment advisers. This follows similar concerns expressed by a16z and the Blockchain Association. The lawmakers are urging the SEC to withdraw its proposal and comply with its statutory mandate.

BingX’s Bitcoin Chart

Source: TradingView & BingX

BTC’s 4-hour structure shows a possible final leg down, with the potential for a bullish divergence. The overall trend is still skewed to the downside, with increasing risk levels. Key support lies in the 26,500-25,500 range, with a break below 25,000 potentially leading to a return to the previous daily consolidation zone. The longer-term outlook is uncertain, with the possibility of revisiting the 20,000 level.


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