Crypto News Today: Fire SEC Chair Gary Gensler and BTC-Spot ETF Deadline

Key Insights:

• BTC slides 1.88% on the eve of the SEC deadline, ending the session at $42,661.
• Republican lawmakers target SEC Chair Gensler with the SEC Stabilization Act.
• BTC-spot ETF-related updates are the focal points for the Friday session.

Bitcoin Returns to the $42,000 Handle as the SEC Deadline Looms

Bitcoin (BTC) slid by 1.88% on Thursday, joining the crypto market in negative territory. Partially reversing a 2.11% gain from Wednesday, BTC ended the Thursday session at $42,661. On Friday, BTC was down 0.80% to $42,319.

BTC-spot ETF-related activity garnered investor interest on Thursday. Bloomberg Intelligence Analysts James Seyffart and Eric Balchunas shared updates throughout the session.

ARK/21Shares submitted their S1-amendment. Eric Balchunas had this to say about the filing,

“ARK kicks off the S-1 Amendment-athon. Ahead of the pack as usual. Unclear yet what was changed tho, AP mentioned a ton but not named. Assuming that will prob come in the very final effective update just prior to launch. But we still don’t know if they have signed agreement.”

Balchunas referred to an S-1 Amendment-athon. BTC-spot ETF issuers must file amended S-1 forms by December 29, 2023.

On Monday, the SEC set a December 29, 2023, deadline for issuers to file amended S-1s. The SEC warned the filings cannot mention In-kind creations. Significantly, the SEC said it would reject filings referring to In-kind creations. The SEC would only consider completed filings received by December 29, 2023, in the first wave.

However, the big news was ARK selling its remaining Grayscale BTC position. Eric Balchunas shared the news, saying,

“Today ARK sold its entire remaining GBTC position (it was ARKW’s biggest holding only a month ago) and used half the money $100m-ish to buy BITO, likely as liq transition tool to keep beta to btc while it legs into ARKW or ARKB. End of an era.”

SEC Chair Gary Gensler Draws Ire from US Republican Lawmakers

On Thursday, GOP Majority Whip Tom Emmer showed his support to fire SEC Chair Gary Gensler, saying,

“Gensler’s SEC sides with Wall Street, not Main Street. I’m proud to join Warren Davidson as a co-lead on his bill, the SEC Stabilization Act, so we can #FireGaryGensler.”

On Wednesday, Republican Warren Davidson called for support to #FireGaryGensler, saying,

“2024 would be a great time to #FireGaryGensler, pass the SEC Stabilization Act, hold the SEC accountable for its corruption, and end the accredited investor rule that protects deal flow for the donor class.”

In June, House Majority Whip Tom Emmer issued a press release, supporting the SEC Stabilization Act to remove SEC Chair Gary Gensler.

Republican Warren Davidson’s SEC Stabilization Act proposes the removal of SEC Chair Gary Gensler and the restructuring of the SEC. The press release targeted SEC Chair Gensler, saying,

“American investors and industry deserve clear and consistent oversight, not political gamesmanship. The SEC Stabilization Act will make common-sense changes to ensure that the SEC’s priorities are with the investors they are charged to protect and not the whims of its reckless Chair. Thank you, Representative Davidson, for leading this important effort to restore sanity at the SEC.”

Technical Analysis

Bitcoin Analysis

BTC remained above the 50-day and 200-day EMAs, affirming bullish price signals.

A BTC break above the $42,968 resistance level would support a move toward the $44,690 resistance level and the December 8 high of $44,747.

On Friday, BTC-spot ETF-related updates are the focal points.

However, a fall below the $42,000 handle would give the bears a run at the 50-day EMA.

The 14-Daily RSI reading, 50.99, indicates a BTC move to the $44,690 resistance level before entering overbought territory.

Ethereum Analysis

ETH sat above the 50-day and 200-day EMAs, affirming bullish price signals.

An ETH return to the $2,400 handle would support a move to the $2,457 resistance level.

However, a fall through the $2,300 support level would bring the 50-day EMA into play.

The 14-period Daily RSI at 57.04 suggests an ETH move to the $2,457 resistance level before entering overbought territory.