© Reuters
Investing.com – The first cryptocurrency to emerge in 2009, seems to play a special role among all cryptocurrencies, according to Gary Gensler, chairman of the US Securities and Exchange Commission (SEC).
While in the United States, we are still fighting at the political level for an appropriate regulation of the crypto-currency sector and it is not clear how the competences are distributed between the authorities, the president of the SEC puts the points on the i’s.
In an interview with New York Magazine, Gensler said that all cryptos are securities and only bitcoin is an exception. This means that the SEC has jurisdiction over all crypto transactions. Gensler explained:
“It doesn’t matter if they create a website, found a group of entrepreneurs, establish a legal entity in a tax haven abroad, have a foundation, employ a lawyer to try to arbitrate and make it more difficult to take legal action against them and so on… at the heart of the matter, tokens are securities, because there’s a band in the middle, based on work from which the public expects to receive benefits”.
While this statement is understandable, as the parallels with the stock market are obvious, it is just a personal opinion, as does to remark Blockchain Association attorney Jake Chervinsky.
“Chairman Gensler may be of the opinion that any digital asset other than bitcoin is a security, but his opinion is not the law. The SEC has no authority to regulate any of these assets until that it hasn’t been proven in court. For each asset, one by one.”
The technical benchmarks of the bitcoin price
Bitcoin is currently up 2.11% with a price of $23,737, while it is down -1.47% on a weekly basis.
On the 4-hour chart, the resistance of the 38.2 percent Fibo retracement of $23,775 is seen to be tested again, which was last seen on February 27th. Should a daily close above this level be achieved, then there would be scope to extend the upside move towards the 23.6 percent Fibo retracement of $24,332. Beyond that, the focus would shift to the recent high of $25,233.
But if trading continues below the 38.2% Fibo retracement, expect a retest of the 50% Fibo retracement of $23,325. Below this, the door would be open for an extension of losses towards the 61.8 percent Fibo retracement of $22,875.
By Marco Oehrl