Eleanor Terrett

@FoxBusiness • Journalist & Producer • Made in the UK 🇬🇧• @JMU Duke • I enjoy reporting on crypto • Views are my own • DMs open •

[Eleanor Terrett @_EleanorTerett]

🚨SCOOP: @GaryGensler is embarking on a "midnight massacre" in an attempt to bring all of #crypto under his control. In the coming weeks, the @SECGov, @NYDFS and the @USOCC will be bringing a myriad of enforcement actions against exchanges, banks

[Eleanor Terrett @_EleanorTerett]

🚨NEW: @binance says it’s shutting down its operations in Canada.

[Binance @binance]

Unfortunately, today we are announcing that Binance will be joining other prominent crypto businesses in proactively withdrawing from the Canadian marketplace.

We would like to thank those regulators who worked with us collaboratively to address the needs of Canadian users. Albeit a small market, it held sentimental value for us as the home country of our founder. We had high hopes for the rest of the Canadian blockchain industry. Unfortunately, new guidance related to stablecoins and investor limits provided to crypto exchanges makes the Canada market no longer tenable for Binance at this time. We put off this decision as long as we could to explore other reasonable avenues to protect our Canadian users, but it has become apparent that there are none.

Our remaining Canadian users are receiving an email with comprehensive information on how this will impact their accounts going forward. While we do not agree with the new guidance, we hope to continue to engage with Canadian regulators aimed at a thoughtful, comprehensive regulatory framework. We are confident that we will someday return to the market when Canadian users once again have the freedom to access a broader suite of digital assets.

[Eleanor Terrett @_EleanorTerett]

🚨NEW: @SenatorTimScott and @PatrickMcHenry today sent a joint letter to President Biden urging him to enforce a 2020 national security order recommending a forced sale of Tik Tok’s U.S. assets. More 👇🏼

https://t.co/X2BOr1Es9K

[Watcher.Guru @WatcherGuru]

JUST IN: 🇺🇸 Florida Governor DeSantis officially bans central bank digital currency (CBDCs) in the state.

[Eleanor Terrett @_EleanorTerett]

🚨SCOOP: @UBS becomes one of the first companies to have to pay out over ESG issues that bring into question its stance on energy policy. 🔥

@KenPaxtonTX

https://t.co/3Se6LKuZSk

[Eleanor Terrett @_EleanorTerett]

Caught up with the awesome @JayWoods3 after his segment on @FoxBusiness with @TeamCavuto.

Missing my days on the @NYSE trading floor. 📈📉📊

This one’s for you @JT4CGTN!

[Eleanor Terrett @_EleanorTerett]

🚨NEW: Chairman @PatrickMcHenry has just announced a Digital Assets, Financial Technology and Inclusion Subcommittee hearing to assess how legislation will help put the 'stable' in stablecoins next Thursday May 18th. 👇🏼

https://t.co/6uIQtV9q1A…

[Financial Services GOP @FinancialCmte]

Read more from @EleanorTerrett and @CGasparino on Republicans' efforts to hold SEC Chair Gensler accountable 👇
https://t.co/3suW622jo7

[Eleanor Terrett @_EleanorTerett]

🚨SCOOP: @PatrickMcHenry and @RepHuizenga pen another letter to @SECGov Chairman @GaryGensler
demanding he turn over previously-requested documents relating to @FTX_Official, the agency's climate proposal and crypto registration.

https://t.co/wUyvutBaP0

[MetaLawMan @MetaLawMan]

This memo (uncovered by @EleanorTerrett) was passed out to Democrats before the hearing on digital assets today.

The memo says: "the SEC has made clear that nearly all digital assets are securities. End of story."

Fortunately, @GaryGensler's opinion is Not the end of this story.

The courts will have the last say.

And they should say that digital assets traded in a secondary market are not securities--End of Story.

[Eleanor Terrett @_EleanorTerett]

When asked the same question by Rose, @msantoriESQ said "I think what we have today is abundant confusion and complexity. We have two of our financial regulators alleging contradictory positions over the same asset. It's not tenable."

[Eleanor Terrett @_EleanorTerett]

.@RepJohnRose then asks @Matt_Kulkin whether he believes it's the right approach to let @GaryGensler have full control over regulating the #crypto space.
Kulkin said no. Rose then went on to liken @GaryGensler to his two year old son who likes to "hold all the toys and not let

[Eleanor Terrett @_EleanorTerett]

Former @CFTC DSIO Director @Matt_Kulkin calls $BTC and $ETH digital commodities and says there are also "a number" of other digital commodities aside from these two.

[Eleanor Terrett @_EleanorTerett]

Ranking Member @repdavidscott used his time to voice his disdain for #crypto:

"The supposed benefits of digital assets have yet to be seen in real life."

"Do you Americans pay for every day goods and services using crypto? The answer is absolutely not.”

Thoughts on this?

[Eleanor Terrett @_EleanorTerett]

.@Matt_Kulkin says he worries that creating a new SRO would take time and that expanding the CFTC's authority beyond enforcement authority to regulatory authority over digital assets would be a better path forward.

[Eleanor Terrett @_EleanorTerett]

On the issue of who should regulate the digital asset industry, @timmassad suggests a joint self-regulatory organization that comes up with rules that would then be approved by both the @SECGov and @CFTC. He said an SRO could be paid for by the crypto industry itself.

[Eleanor Terrett @_EleanorTerett]

.@krakenfx's Chief Legal Officer @msantoriESQ says the existing disclosure regime does not include most characteristics of digital assets.

[Eleanor Terrett @_EleanorTerett]

@RepMikeJohnson asks about the significance of applying the Howey Test to determine whether a digital asset is a security or a commodity
Johnson asks how digital commodities are different than traditional commodities:
Kulkin says digital commodities have a strong retail component

[Eleanor Terrett @_EleanorTerett]

Former @CFTC Chairman @timmassad says he's concerned about calls to rewrite current securities laws.

On creating new laws: "It's likely to generate its own questions of interpretation that could lead to lots of litigation and confusion and create unintended loopholes.

[Eleanor Terrett @_EleanorTerett]

An additional witness has been added to today's hearing: Chief Operating Officer of the @NYSE, @mblaugrund.

[Eleanor Terrett @_EleanorTerett]

.@RepLynch says he doesn't think a separate regulatory regime for #crypto is the answer:

"I worry erecting a new law could be considered a light touch. A new carve-out seems redundant and unnecessary."