Seeds of Wisdom RV and Economic Updates Tuesday Evening 3-18-25
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SEC COULD AXE PROPOSED BIDEN-ERA CRYPTO CUSTODY RULE, SAYS ACTING CHIEF
Acting SEC chair Mark Uyeda said he’s asked his staff to look at possibly withdrawing a proposed crypto custody rule for investment advisers.
The US Securities and Exchange Commission could change or scrap a rule proposed under the Biden administration that would tighten crypto custody standards for investment advisers, according to the agency’s acting chair, Mark Uyeda.
In prepared remarks to an investment industry conference in San Diego on March 17, Uyeda said the rule proposed in February 2023 had seen commenters express “significant concern” over its “broad scope.”
“Given such concern, there may be significant challenges to proceeding with the original proposal. As such, I have asked the SEC staff to work closely with the crypto task force to consider appropriate alternatives, including its withdrawal,” Uyeda said.
The rule was floated under the Biden administration during Gary Gensler’s tenure leading the regulator. It aimed to expand custody rules for investment advisers to any and all assets held for a client, including crypto, and upped the requirements to protect them.
This meant that investment advisers would have to custody their clients’ crypto with a qualified custodian. Gensler said at the time that investment advisers “cannot rely on” crypto platforms as qualified custodians due to how they operate.
The proposal caused friction with Uyeda and Commissioner Hester Peirce, along with industry advocacy bodies who claimed the rule was unlawful and dangerous.
“How could an adviser seeking to comply with this rule possibly invest client funds in crypto assets after reading this release?” Uyeda remarked at the time. He did, however, support the proposal despite disagreeing “with a number of provisions.”
Peirce, who was the sole commissioner of the five to vote against the rule, said at the time that the proposed rule “would expand the reach of the custody requirements to crypto assets while likely shrinking the ranks of qualified crypto custodians.”
Uyeda’s latest remarks come days after he said on March 10 that he had asked SEC staff “for options on abandoning” part of a proposal pushing for some crypto firms to register with the regulator as exchanges.
The Trump-era SEC has also killed a rule that asked financial firms holding crypto to record them as liabilities on their balance sheets, called SAB 121.
In December, President Donald Trump picked former SEC Commissioner Paul Atkins to take over from Uyeda to chair the agency. This is now a step closer, with a Senate hearing reportedly slated for March 27.
@ Newshounds News™
Source: Cointelegraph
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BITCOIN AND NASDAQ SLUMP WHILE GOLD HITS NEW HIGHS – MARKET TRENDS TO WATCH
▪️US stock indices (Nasdaq) have declined in early 2025, mirroring a drop in Bitcoin's value.
▪️Gold has surged, and Peter Schiff predicts further Nasdaq declines will drive Bitcoin down significantly, while gold rises.
▪️Schiff argues gold is a safer hedge than Bitcoin during market instability, predicting a major Bitcoin crash and gold surge.
Since the start of 2025, the Nasdaq Composite Index has dropped by 8.21 percent, while the Nasdaq 100 Index has fallen by 6.16 percent. Bitcoin hasn’t fared any better, sliding 11.25 percent. Meanwhile, gold is on a steady rise, gaining at least 15.1 percent.
With uncertainty gripping the markets, investors are scrambling for safe-haven assets. Gold advocate Peter Schiff believes this is just the beginning. He warns that if the Nasdaq enters a bear market, Bitcoin could plunge to 65,000 dollars—or even as low as 20,000 dollars. At the same time, he predicts gold could soar past 3,800 dollars as investors move away from riskier bets.
Let’s take a closer look.
Bitcoin Faces Growing Pressure
Over the past 30 days, Bitcoin has fallen by about 14.3 percent, including a 0.5 percent drop in just the last 24 hours.
Bitcoin skeptic Schiff warns that if the Nasdaq falls 20%, Bitcoin could drop to $65,000. He also points out that a deeper stock market crisis could pull the BTC price to a low of $20,000 or even lower.
Schiff sees similarities between today’s market and past financial downturns.
Could History Repeat Itself?
Schiff compares the current market to previous major crashes in the United States:
▪️In 2008, during the Global Financial Crisis, the Nasdaq fell 55 percent.
▪️During the COVID crash of 2020, it dropped by 30 percent.
▪️When the dot-com bubble burst, the market collapsed by 80 percent.
Based on these past trends, Schiff argues that Bitcoin is at risk of following the stock market downward.
Gold is Gaining Strength
At the start of this year, the gold spot price was $2,623.954. Since then, the gold market has registered a rise of no fewer than 15.1%.
Schiff notes that there is an inverse relationship between the US market and the gold market.
He forecasts that if the Nasdaq drops further, the price of gold could reach as high as $3,800 per ounce.
Bitcoin vs Gold: Which is the Better Hedge?
Schiff remains firm in his belief that Bitcoin is not a reliable hedge against stock market instability. If gold keeps rising while Bitcoin struggles, he believes many investors will turn away from Bitcoin in favor of gold.
He also warns that major institutional investors—including governments, ETFs, and companies like Strategy – may start reducing their Bitcoin holdings if its price continues to drop.
Will Gold Finally Outperform Bitcoin in 2025?
In conclusion, Schiff maintains that Bitcoin is headed for a major crash, while gold is poised to surge. While the crypto market has defied pessimistic predictions before, Schiff remains firm in his belief that gold will outperform Bitcoin in the long run.
Notably, in 2024, the gold market recorded a growth of just 27.21%, while the BTC market registered a rise of at least 121.28%.
History favors gold, but Bitcoin has rewritten the rules before. This showdown isn’t ending anytime soon.
@ Newshounds News™
Source: Coinpedia
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