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“Technically, Congress is supposed to pass laws. Those laws delegate the authority to executive agencies like the SEC to interpret, but they are only supposed to interpret within the parameters that were delegated,” Ho said.
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“The common theme in lawsuits like Coinbase and Ripple is that the SEC is overstepping its bounds,” she said.
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Whatever happens, Atkins is unlikely to follow his predecessor Gensler’s approach, which has been criticized for being overly aggressive to crypto regulation and for routinely overstepping the SEC’s congressional mandate and enacting “regulation by enforcement.”
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That said, there are numerous crypto bills already up for consideration including stablecoin legislation and FIT 21, which provides a regulatory framework for crypto and has already passed the House of Representatives.
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“Leveraged longs have gone through the market equivalent of an extinction event over the last 24 hours,” he added.
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Swyftx lead analyst Pav Hundal told Cointelegraph that the broader crypto market pullback “looks like a blip,” adding:
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Santiment said that if retail traders “react with fear” and offload their crypto too quickly, it could trigger an aggressive recovery.
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In a Dec. 9 post on X, crypto analysis firm Santiment highlighted that several altcoins with significant gains since October had “plummeted today.”
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Cheung said that during this cycle, traders have shifted to a “short-term” trading mentality, “constantly looking to take profits.” Over the past 24 hours, the total crypto market capitalization has dropped 5.41% to $3.44 trillion, according to CoinMarketCap data.
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“There will be intra-month volatility, but the pullbacks likely will be a “buy the dip” scenario for much longer than everyone expects,” Syncracy Capital co-founder Daniel Cheung said in a Dec. 9 X post.
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A crypto hedge fund manager says there’s probably going to be more time for traders to take advantage of buying opportunities this cycle, following a plummet across the broader crypto market on the daily price charts.
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“Something absolutely strange happened. On a large, relatively mature market, we witnessed a cascade of big sell orders that caused the market to drop by over 5%,” the analysis said.
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“With that leverage wiped out, the market has reset, with Altcoins flipping key levels into support. Good stuff,” trader Jelle wrote in part of his latest X commentary.
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While some reactions bemoaned the “liquidation carnage” affecting altcoins, more optimistic perspectives view this as an opportunity for the market to transition toward more stable conditions.
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