• Gary Gensler, the current head of the US Securities and Exchange Commission (SEC), will testify before the House Financial Services Committee on April 18.
• This hearing is about his views on regulation and cryptocurrency as well as setting down a regulatory framework for digital assets.
• There has been a lot of interest in the SEC chairman’s position on cryptocurrencies over the years, with multiple agencies taking a hard line on digital currencies by the end of the first quarter of 2023.

Chairman of SEC To Testify Before the House Financial Services Committee

Rep. Patrick McHenry, chairman of the Financial Services Committee, recently announced that Gary Gensler, head of US Securities and Exchange Commission (SEC) will testify before their panel on April 18th. The hearing is expected to cover topics such as his views on regulation and cryptocurrency, while also focusing on setting down a regulatory framework for digital assets.

Interest in SEC Chairman’s Position On Cryptocurrencies

There has been significant interest in the SEC chairman’s position on cryptocurrencies since 2020. Democrats have been vocal against its usage while other countries already have regulations governing cryptocurrencies in place. Certain agencies such as Commodity Futures Trading Commission have taken action by filing lawsuits against Binance (CFTC). On top of this, Wells notices were sent out to companies like Coinbase by SEC at the end of first quarter in 2023 regarding crypto regulations.

Congress Determines Fate Of Crypto Regulation

The crypto community has continuously stressed that Congress will be determining fate of crypto regulation rather than individual agencies themselves. To this date, U.S authorities have not provided specific guidelines for digital currency use despite other countries having done so already . This lack of clarity has been highlighted ever since Ripple was sued by SEC back in 2020 with many waiting eagerly for outcome to potentially provide basis for what could be considered security within United States borders.

Hard Line Taken By Agencies

It appears that U.S authorities are taking a hard-line stance towards digital currencies with multiple agencies taking action via different methods such as Wells notices sent to Coinbase and lawsuits filed against Binance (CFTC). However there is no clear roadmap yet from existing authorities regarding these matters which has left many uncertain about future regulations pertaining to cryptocurrency use within country’s boundaries .

House Financial Services Committee Jurisdiction

The House Financial Services Committee holds jurisdiction over all areas involving American financial services industry including banking , securities , digital assets etc . They possess great power when it comes to decisions made concerning SEC as whole . Therefore it is not surprising why there was much anticipation when it came to Gary Gensler being called upon before committee to discuss his views regarding crypto regulations .

• Mawson Infrastructure Group Inc. (MIGI) is hosting a webcast to discuss results for the fourth quarter and year end of 2022 on March 23, 2023 at 5:00 p.m. Eastern Time.
• The conference call will also be accompanied live by webcast and will be accessible via the link provided in this article.
• Mawson Infrastructure Group is an international digital infrastructure provider that matches sustainable energy infrastructure with next-generation Mobile Data Center (MDC) solutions, enabling low-cost Bitcoin production and on-demand deployment of infrastructure assets.

Mawson Infrastructure Group Inc Schedules Fourth Quarter Results Webcast

Mawson Infrastructure Group Inc (NASDAQ: MIGI) (“Mawson” or the “Company”), a digital infrastructure provider, has scheduled a webcast for March 23, 2023 at 5:00 p.m. Eastern Time, to discuss results for the fourth quarter and year end of 2022. A new Investor Presentation will be available on the website at www.mawsoninc.com prior to the call.

Conference Call Information

Date: Thursday, March 23, 2023
Time: 5:00 p.m Eastern Time
Dial In Number for U.S Callers: 1-877-407-4018
Dial In Number for International Callers: 1-201-689-8471
Reference Conference ID# 13736885

The call will also be accompanied live by webcast and will be accessible at https://viavid.webcasts.com/starthere.jsp?ei=1602651&tp_key=79cc759589 To join the live conference call please dial in to the above referenced telephone numbers five to ten minutes prior to scheduled conference call time.

A replay will be available starting on March 23, 2023 at approximately 8:00 p.m ET through April 6, 2023 at 11:59 P.M ET To access the replay please dial 1-844-512-2921 in U .S and 1 -412 -317 -6671 for international callers . The conference ID # is 13736885.

About Mawson Infrastructure

Mawson Infrastructure Group (NASDAQ : MIGI ) is a digital infrastructure provider , with multiple operations throughout USA & Australia . Mawson’s vertically integrated model is based on long term strategy & promote global transition to new digital economy . It matches sustainable energy infrastructure with new generation Mobile Data Centre( MDC )solutions , enabling low cost Bitcoin production &on demand deployment of infrastructural assets . With strong focus on shareholder returns & aligned Board & management , Mawson Infrastucture group emerging as global leader in ESG focused Bitcoin mining & Digital infrastructural developments.< br / > < br / >

< h2 > Cautionary Note Regarding Forward – Looking Statements
Mawson cautions that statements in this press release which are not description of historical facts are forward looking statements within meaning of Private Securities Litigation Reform Act 1995 . Forward looking statements may identified by use of words refer “anticipate” ,”believe” , “continue ”,”estimate” ,”expect”, “intend”, “may”, “plan”, “potential”,”predict”,”project”,”target”,”should” or “will” or similar expressions which indicate future events or trends . Undue reliance should not place these forward looking statements as actual results could differ materially from those anticipated in such forward looking statements due to various factors including but not limited to risks discussed periodically under section entitled “Risk Factors”in Company’s SEC filings.< br / >

< h2 > Contact Information For further information visit www . mawsoninc . com or contact : [Insert contact information]

• The Bank of England (BoE) has recently announced that Silicon Valley Bank UK (SVB UK) will stop making payments and deposits.
• This comes after California regulators shut down SVB in the United States on the same day.
• Major blockchain venture capitalists had over $6 billion in assets with SVB UK, and a group of U.K. VCs released a statement in support of SVB UK.

Bank of England Closes Silicon Valley Bank UK

The Bank of England (BoE) recently announced that Silicon Valley Bank’s U.K branch (SVB UK) will be “stopping payments or accepting deposits”. The BoE also plans to petition the court to initiate a “Bank Insolvency Procedure” against SVB UK as it has no “critical functions” supporting the UK’s financial system.

Financial Services Compensation Scheme

The Financial Services Compensation Scheme (FSCS) have stated they will immediately pay out up to £85,000 or up to £170,000 for joint accounts, in case an insolvency procedure is initiated.

Support from Digital Entrepreneurs

On March 12th, a group of U.K VCs including Index Ventures and Atomico released a statement supporting SVB UK, calling it a “trusted” and “valued partner” that plays a pivotal role in assisting British entrepreneurs with their businesses. Similarly, The Coalition for a Digital Economy expressed concern about companies and investors who had substantial exposure to SVB UK being adversely affected by its closure.

Assets Held by Blockchain Venture Capitalists

A Castle Hill analysis from March 11 showed major blockchain venture capitalists had over $6 billion worth of assets with SVB UK before its collapse.

Responsibility for Remaining Assets & Obligations

Following the closure of SVBUK, bank liquidators will be responsible for handling all remaining assets and obligations throughout its bankruptcy proceedings so any recoveries can be distributed to creditors accordingly

• Bitcoin NFTs may reach $4.5 billion by March 2025, according to Galaxy Research.
• Ethereum and Solana were well-known leads in the field of NFT before the introduction of Ordinal.
• Bitcoin vs Ethereum NFTs (Source: Galaxy Research) can be compared, with the market estimation for Bitcoin NFTs at $10 billion when the market is in a bull phase.

Recent Advances in NFT Technology

The recent talks about Bitcoin NFTs have gained massive attention. Post the launch of Ordinal at the start of the new year, there has been a jump from leading NFT blockchains to Ordinals. Specifically, Ethereum and Solana were well-known leads in the field of NFT before their introduction. The inscriptions minted on NFT crossed over 200K in just 3 months and this has led to many updates like Yuga Labs’ announcement of “TwelveFold”. And a recent update from Galaxy’s research unit has provided details about the Ordinals and inscriptions.

Bitcoin vs Ethereum

A section also has a comparison between Bitcoin and Ethereum NFTs (Source: Galaxy Research). The introduction of NFT on Bitcoin goes long back to 2012 and in 2014, Namecoin was minted on Bitcoin as its first ever Non Fungible Token (NFT). According to Galaxy research, if market conditions remain bullish then the estimated market cap for bitcoin NTFS will be around $10 billion; however if worst case scenario occurs then it will be around $1.5 billion by March 2025 with neutral estimate being $4.5 billion by same time frame.

Divided Community Opinion

The bitcoin community is divided into two groups when it comes to this topic – one who believes that an increase in activity will maintain network stability while other group worries that an increase in transaction numbers may lead to higher gas fees making it harder for small scale transactors to use these services effectively.

Conclusion

The advances made so far have been promising but it is still very early days yet when it comes down to gauging how successful they will be ultimately. As such more research needs to be done before jumping into conclusions or taking any drastic actions with respect to this technology as there are both pros and cons associated with its usage which need careful consideration beforehand.

Sources

Galaxy Research – https://galaxyriseupgroupresearchunit/bitcoinvsethereumnfts/