Here’s what happened in crypto today
Today in crypto, Thailand’s Securities and Exchange Commission (SEC) is reviewing spot Bitcoin exchange-traded fund (ETF) listings and stablecoin proposals, while the government is cracking down on Polymarket for alleged illegal gambling activities, US Representative Tom Emmer has been appointed as the vice chair of the House Subcommittee on Digital Assets, Financial Technology and Artificial Intelligence, and outgoing US SEC Chair Gary Gensler downplayed the influence of crypto interest groups on the 2024 US presidential election.Thailand eyes spot Bitcoin ETF approval, cracks down on PolymarketThailand is considering allowing spot Bitcoin exchange-traded funds (ETFs) to list on local exchanges for the first time, according to the country’s Securities and Exchange Commission (SEC).On Jan. 14, SEC Secretary-General Pornanong Budsaratragoon said the regulator is assessing whether both retail and institutional investors could trade spot Bitcoin (BTC) ETFs locally.“Like it or not, we have to move along with more adoption of cryptocurrencies worldwide,” Pornanong said, according to Bloomberg. “We have to adapt and ensure that our investors have more options in crypto assets with proper protection.”In June 2024, Thailand’s One Asset Management introduced a fund-of-funds, which offers exposure to overseas spot Bitcoin ETFs, but direct Bitcoin ETF listings still remain off-limits.Thailand’s SEC is also considering allowing firms with strong credit ratings to issue stablecoins backed by corporate bonds to help widen access to debt markets. Meanwhile, on Jan. 14, Thailand’s Technology Crime Suppression Division (TCSD) announced that it plans to propose closing Polymarket, a cryptocurrency-based prediction market, according to Thai news outlet mgronline.Police Lieutenant General Trairong Phiwpaen, the commander of the TCSD, reportedly stated:“Polymarket, a global website that provides a variety of prediction services such as politics, sports, entertainment, and economics, was found to be illegal online gambling in Thailand because the use of cryptocurrency for trading and betting is against the law”Trairong added that crypto gambling complicates law enforcement efforts due to the anonymity and cross-border nature of blockchain transactions. Thailand is not the only country to act against Polymarket. Singapore blocked the site on Jan. 12 as part of its crackdown on unlicensed gambling platforms. US Rep. Tom Emmer named vice chair of crypto and AI subcommitteeUnited States Representative Tom Emmer has been appointed vice chairman of the House Subcommittee on Digital Assets, Financial Technology and Artificial Intelligence.“With President Trump in the White House, and Gary Gensler confined to the waste bin of Washington, we have an excellent opportunity to ensure that the future of digital assets is guided by Americans, with American values,” the Minnesota Republican said on X on Jan. 15.The House Financial Services Committee’s Subcommittee vice chairs and subcommittee assignments for the 119th Congress were announced by Committee Chairman French Hill on Jan. 14. The subcommittee was created in 2023 to oversee the development and use of crypto assets and related financial technologies and examine the use and development of AI in financial services. “With active and knowledgeable Chairs and Vice Chairs leading our Subcommittees, we are ready to tackle the critical challenges ahead,” said Hill, who added: “Together, our Committee will work to craft a regulatory framework that maintains America as a leader in innovation while protecting consumers and investors, right-sizing the regulatory system including for community banks, and ensuring our agencies are held accountable to their statutorily directed missions.”Gary Gensler says the presidential election wasn’t about crypto moneyUS SEC Chair Gary Gensler, scheduled to leave the regulatory body in six days, said the outcome of the 2024 presidential election didn’t come down to money from crypto interest groups.In a Jan. 14 interview with CNBC‘s Andrew Ross Sorkin on Squawk Box, Gensler said he thought it was unlikely that crypto-focused voters and money from digital asset interest groups swung the US election for President-elect Donald Trump.“I think this election, though as you point out, there was money raised from the crypto field, I don’t think that’s what this election was about,” said Gensler. He continued:“This field, the crypto field, a highly speculative field, has not been compliant with various laws, whether it’s any money laundering laws, sanctions laws, or in our case, securities laws.”Under Gensler, the SEC filed several enforcement actions against US-based crypto firms, including Coinbase, Ripple Labs, and Binance.