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  • SEC vs CFTC: Inevitable Confrontation


Gary Gensler, the head of the SEC, asserts that the majority of digital currencies are securities and should be regulated in accordance with existing laws. He hints at the possibility of transferring the oversight function of the cryptocurrency world to his agency and accuses crypto platforms of violating securities laws.


Republicans propose dividing responsibilities between the SEC and CFTC. These agencies have long been engaged in a hidden battle for control over the cryptocurrency world.


The proposed bill notes that issuers have the right to independently classify their digital assets and categorize them as securities or commodities (in cases of sufficient decentralization of the project).


Stablecoins are recognized as securities since they have a single issuer.


The Republicans' proposal simplifies the supervision of the cryptocurrency market. The CFTC will be responsible for regulating virtual currency commodities, while the SEC will oversee cryptocurrencies recognized as «securities."



  • Internet Users Show Less Interest in Bitcoin

Analysts note a 73% decrease in internet users' interest in Bitcoin, leading to the lowest search query volumes in the past 7 months. According to Google Trends data, the current interest in BTC stands at only 17 out of 100 possible points, compared to a peak of 64 points in June 2022.


The main factor driving the surge in internet user activity is the volatility of BTC. With sharp price changes, the number of search queries increases as people seek to gather information about the reasons behind the asset's rally or decline.


It is worth noting that the highest interest in Bitcoin is observed in El Salvador, where it was recognized as legal tender two years ago. The leaders in terms of interest in BTC also include Nigeria, Switzerland, the Netherlands, Austria, Slovenia, Germany, and Turkey.


Overall, the decline in interest in Bitcoin suggests that users have become more knowledgeable about cryptocurrency and are no longer reacting to every price change, indicating a more mature attitude towards this asset.



  • Keith withdrew 15.2k ETH ($28M) from Binance


As per Lookonchain data, an unidentified prominent crypto holder has transferred 15.2K ETH (equivalent to $28M) from Binance in the past few hours. Notably, the wallet receiving the funds was created only a month ago. A total of 39.3 thousand ETH ($72 million) has been transferred from the exchange to this wallet. Interestingly, each withdrawal coincided with a drop in Ethereum's price. Analysts speculate that this whale is accumulating ETH in anticipation of the upcoming bull trend.



  • Ethereum fees decline to lowest point in two months


The experts at The Block have observed a decline in average daily gas fees on the Ethereum network, reaching levels not seen since April. This decrease follows a surge in meme token trading during May. The average transaction cost, based on a 7-day moving average, has dropped to $7.09 from a previous peak of over $20 last month.


A similar trend is noticeable for the gas cost indicator measured in Gwei, the primary payment unit in Ethereum. The median daily price has fallen to 22 Gwei, compared to the figure of 142 Gwei recorded at the beginning of May.