- SEC Chair Gary Gensler is slated to testify on the oversight of crypto regulations before the House Financial Services Committee on September 27, 2023.
- Ripple is hosting “The Proper Party” on September 29, 2023, a communal celebration following a partial triumph over the SEC lawsuit.
The crypto-verse is bracing for a seminal week as key events cascade onto the scene. With the second deadline for the US SEC’s spot Bitcoin ETF looming in mid-October 2023, eyes now dart towards other major events that could potentially ripple across the market landscape.
A Crucial Discourse: Gensler’s Testimony
On the dawn of September 27, 2023, SEC Chair Gary Gensler will stand before the scrutiny of the House Financial Services Committee to deliberate on the oversight of the regulatory framework enveloping cryptocurrencies. History recounts a streak of vehement opposition from committee members towards Gensler’s stance on crypto regulation. The echoing debate from April 2023, where Committee Chairman Patrick McHenry probed Gensler on Ethereum’s classification as a security or commodity, is poised to resurface, especially in light of the recent XRP lawsuit verdict, which veered away from tagging token sales to retail buyers as securities.
While on September 29, 2023, the economic spotlight will briefly shift as the Bureau of Economic Analysis unveils the Personal Consumption Expenditures (PCE) Price Index data for August, a return to crypto-centric affairs is imminent.
Ripple’s Celebratory Soiree
Ripple’s “The Proper Party” is set to unveil in New York City on September 29, 2023, marking a community’s exhalation from legal shackles following a partial triumph over the SEC. Although the festivity isn’t directly tethered to XRP‘s demand and supply dynamics, it may sway trader sentiment. The ambiance of celebration, however, may not birth major announcements from the company, as per expectations.
Bitcoin’s Price Conundrum
On the pricing frontier, Bitcoin closed the previous week with a roughly 2% decline. However, crypto analyst CrediBULL discerns this dip as a precursor to a corrective phase, preluding a revival of upward momentum. The murmurings of a bear trap linger as anticipations towards regaining a $27,000 stance brew amidst talks of market manipulation steering the current downward thrust. As the analyst opined, the present descent may be a crafty guise before a bullish expansion unfolds, setting a tentative tone for Bitcoin’s trajectory in the days to follow.