Your morning crypto digest : • McHenry’s Stablecoin Bill: Re | Bitcoin & Crypto Trading

Your morning crypto digest :

• McHenry’s Stablecoin Bill: Rep. Patrick McHenry announced a potential path for a stablecoin bill in Congress this year, working with Rep. Maxine Waters on the legislation.
• Sam Bankman-Fried’s Misleading Claims: John J. Ray III, CEO of FTX overseeing its bankruptcy, called Sam Bankman-Fried’s claims that customers lost “zero” money “delusional” and “categorically, callously, and demonstrably false.”
• Super Sushi Samurai Exploit: The blockchain game suffered a $4.6 million exploit, with the exploiter attempting a “white hat rescue” hack and offering to work on reimbursing users.
• Ethereum’s SEC Scrutiny: The U.S. Securities and Exchange Commission (SEC) is reportedly looking to reclassify Ethereum’s native token, ether, as a security, raising questions about its future regulatory status.
• Ethereum’s Potential Responses: Ethereum could potentially revert back to a proof-of-work algorithm or see the rise of alternative chains like Ethereum Classic or EthereumPoW in response to SEC actions.
• XRP’s Legal Clarity: XRP has gained some legal clarity after Ripple Labs fought back in court against the SEC, with XRP not considered a security in exchange trades.
• Gensler’s SEC Criticism: SEC Chair Gary Gensler faces criticism for his approach to crypto regulation, with recent court decisions questioning the SEC’s actions in the crypto space.

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