The bill gives the DFPI the authority to make rules, with an 18-month implementation date to protect consumers and tackle industry trends.
Governor Newsom had previously vetoed the bill in 2022, which introduces licensing requirements to operate a digital asset-based business.
Ferrari Goes Bitcoin
On Saturday, news hit the wires of Ferrari accepting crypto payments in the US for luxury sports cars. According to the report, Ferrari plans to extend the acceptance of crypto payments to Europe.
In an interview with Reuters, Ferrari Chief Marketing and Commercial Officer Enrico Galliera reportedly said,
“Some are young investors who have built their fortunes around cryptocurrencies. Some others are more traditional investors who want to diversify their portfolios.”
Galliera also addressed the linkage between cryptos and the environment, noting that cryptocurrencies had progressed in reducing their carbon footprint. Galliera affirmed Ferrari’s commitment to carbon neutrality, saying,
“Our target to reach for carbon neutrality by 2030 along our whole value chain is absolutely confirmed.”
SEC v Coinbase Takes a New Turn
The filing states,
“Coinbase’s petition for rulemaking has been pending before the SEC since July 2022. Similar petitions have languished before the agency since 2017. These petitions ask the Commission to provide its views on which digital asset products it believes are securities and why […].”
Coinbase Chief Legal Officer Paul Grewal had this to say about the SEC’s October filing,
“We’ve filed our response with the Third Circuit. […] the SEC’s unilluminating “update” is mere bureaucratic pantomime and confirms nothing short of mandamus will prompt the agency to take its obligations seriously.”
Grewal went on to say,
“We respectfully request an order to the SEC to act on Coinbase’s rulemaking petition within 30 days. We appreciate the Court’s careful consideration on this matter.”
The SEC filed charges against Coinbase in June 2023 for allegedly operating as an unregistered securities exchange, broker, and clearing agency. Additionally, the SEC charged Coinbase for the unregistered offering and selling of securities in connection with its staking-as-a-service program.
Coinbase filed a motion to dismiss the SEC charges on August 4, 2023.
BTC hovered below the 50-day and 200-day EMAs, sending bearish price signals. Significantly, the 50-day EMA converged on the 200-day EMA. A bearish cross of the 50-day EMA through the 200-day EMA would send sell signals.
A BTC fall through the $26,755 support level would bring the trend line into play. BTC-spot ETF-related news and regulatory chatter will be likely focal points.
However, a return to $27,000 would support a break above the EMAs to target $27,500. Increasing expectations of the SEC approving a BTC-spot ETF application would drive buyer appetite.
The 14-Daily RSI reading of 47.08 supports a BTC fall to the trend line before entering oversold territory.