Gary Gensler Under Interrogation – South Korea to Tighten Stablecoin Regulations with New Forex Rules

Gary Gensler Interrogated

At an event at NYU, SEC Chairman Gary Gensler defended the agency’s policy of applying the Howey Test to cryptocurrencies, stating that it is a legal requirement and necessary to protect investors. Gensler emphasized that a regulatory framework already exists for digital assets and countered criticism from industry that the rules are outdated. Noting the increasing number of fraud cases in the crypto sector, Gensler reiterated that most cryptocurrencies should be considered securities. Gensler argued that tokens cannot be currencies, and said that these assets must prove their value with proper disclosure and compliance.

South Korea to Tighten Stablecoin Regulations with New Forex Rules

South Korea’s Ministry of Strategy and Finance has announced plans to tighten stablecoin regulations, citing the increasing use of stablecoins in cross-border transactions and insufficient government oversight. The Financial Services Commission (FSC) will prioritize stablecoin regulations in the second phase of the Virtual Asset User Protection Act (VAUPA) and will shape the regulations by examining regulatory frameworks in the EU and Japan. The government is considering applying foreign exchange rules to stablecoin transactions and developing a system for won-pegged stablecoins. The move comes after criticism that South Korea has been slow to adequately address the impact of stablecoins on trade and global capital markets.

Google Officially Integrates ENS Search Engine

Google has integrated the Ethereum Name Service (ENS) into its search engine, allowing users to search for .eth domains and see their corresponding Ethereum balances directly in search results. The move is part of Google’s broader blockchain support strategy, which began with ETH wallet tracking and is now expanding with global ENS access. ENS makes complex Ethereum wallet addresses easier to use by translating them into readable names like yourname.eth. Google has previously introduced features for Ethereum wallet tracking and has shown its support for crypto adoption by celebrating major blockchain events like the Ethereum Merge event.

MicroStrategy Shares Soar

MicroStrategy shares have risen more than 6% to a six-month high. Analysts believe the rally could signal a possible recovery despite Bitcoin’s struggles at current support levels. As the largest institutional holder of Bitcoin, the surge in its share price could send Bitcoin closer to the $70,000 level if broader market conditions improve. However, Bitcoin remains volatile due to global economic uncertainty and the US Federal Reserve’s uncertain stance on interest rates. The upcoming US CPI data could impact Bitcoin’s short-term direction, and while MicroStrategy’s stock rally is bullish, there is a cautious outlook for Bitcoin.

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BITCOIN (BTC)

BTC is priced at $60,844 with a 0.38% gain as of the morning hours. It is seen that the price encountered a strong resistance area around $64,500-$65,000 and was rejected from here. In addition, there is another important resistance line at $62,360 and the price broke down after testing this level. Looking at the support area, it is observed that there is strong buying pressure in the 59,500-60,000 range and the price bounced from these levels. However, there are stronger support areas at lower levels around $56,000 and $53,000.

ETHEREUM (ETH)

ETH is priced at $2,393 with a 0.96% gain as of the morning hours. It is observed that the price has a strong resistance area in the upper region around $2,675 – $2,725. Another notable resistance level is $2,461. After testing this level, the price broke down and is currently trading at $2,393. There are two important demand zones on the chart. The first is between $2,525 – $2,575 and the price was rejected from this region. The other demand zone is around $2,275 – $2,325. These levels stand out as places where strong buying pressure has previously occurred.

RIPPLE (XRP)

As of the morning hours, XRP is priced at $0.5257 with a 0.19% gain. There is a strong resistance zone between the levels of $0.650 – $0.670, and the price pulled back sharply after approaching this zone. Another important resistance level is around $0.590. The price continued its downtrend by breaking this level downward. Looking at the support levels, there is a support zone between $0.525 – $0.535. The price is currently testing this zone and trying to find support. If the price breaks this level downward, the next critical support level is around $0.500 – $0.510.

AVALANCHE (AVAX)

AVAX is priced at $25.92 with a 0.62% gain as of the morning hours. In the 4-hour time frame, the upper resistance is 28.00, the middle support is 24.69, the lower support is 22.82 and the lowest support is 21.88. The price has pulled back after testing the resistance at 28.00 and is currently trading at 25.90. The 24.69 level should be monitored as an important support and the price must close above 28.00 for the uptrend to continue.

SOLANA (SOL)

SOL is priced at $139.53 with a 0.14% loss in value as of the morning hours. It rose to $162. In the 4-hour time frame, upper resistance is recorded as 163.70, middle resistance is 152.00, middle support is 144.00 and lower support is 134.00. The price has pulled back after testing the resistance at 152.00 and is currently trading at 143.27. The 144.00 level should be monitored as an important support and the price must close above 152.00 for the uptrend to continue.

Risk Disclosure
Cryptocurrency assets have higher volatility compared to traditional financial instruments and involve various unique risks. There is no guarantee or commitment regarding the prices at which transactions will be executed. Therefore, before deciding to trade on ICRYPEX, you must fully understand, assess, and consider all potential risks you may encounter. The opinions, news, research, analyses, prices, or other information provided on ICRYPEX's official website, trading application, or social media platforms are general market commentary and do not constitute investment advice. ICRYPEX is not responsible for any losses incurred as a result of investments made based on such information.

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