• South Korean crypto platform temporarily suspends withdrawals
• U.S. digital assets hearing key testimony – sufficiently decentralized tokens may still avoid security label
• Michael Saylor says Bitcoin dominance is headed for 80% in the long term
South Korean Crypto Platform Suspends Withdrawals
A South Korean crypto platform has temporarily suspended user withdrawals, citing an increase in security threats and other risks. The move comes amid a growing regulatory crackdown on digital assets in the country. Meanwhile, a Hong Kong lawmaker is pushing for Coinbase to be registered as a regulated exchange in the US.
Testimony: Decentralized Tokens May Avoid Security Label
At a recent US Digital Assets Hearing, one key testimony suggested that sufficiently decentralized tokens can still avoid being labeled as securities under certain circumstances. This statement drew attention from various crypto industry leaders who are urging Congress to act on digital asset regulations amid the ongoing SEC crackdown.
Crypto Industry Speaks Out Against SEC’s DeFi/Exchange Conflation
The crypto industry has also spoken out against the SEC’s attempt to conflate decentralized finance (DeFi) with centralized exchanges, emphasizing that these two sectors should remain separate entities with distinct legalities.
Michael Saylor Predicts Bitcoin Dominance Will Reach 80%
Michael Saylor, co-founder of MicroStrategy and the largest public holder of Bitcoin, recently said that he believes Bitcoin’s dominance will reach up to 80% in the long term due to factors like its upcoming halving and increased hash rate leading to a bull run and 10x price surge for BTC.
Crypto Regulations Still Unclear Despite Recent Developments
Despite these developments in the crypto space, there is still uncertainty surrounding digital asset regulations as governments seek to define how they should be treated legally and financially. It remains unclear whether or not regulators will ultimately decide that certain tokens are securities or commodities as this debate continues on into the future.