Thaksin pointed out that the Thai government is losing around $4 billion (100 billion Thai baht) in tax revenue from online gambling. Speaking at an event on January 13, he urged Thai authorities to legalize the online gambling ecosystem.

This recommendation came shortly after Thailand’s cabinet approved the draft of the Entertainment Complex Business Act. The bill aims to allow the establishment of entertainment complexes and casinos and to tax Thailand’s underground gambling industry.

Political Influence on Thai Regulations

Although Thaksin is not part of the current administration, he still holds significant political influence in Thailand. His daughter, Paetongtarn Shinawatra, is currently the country’s prime minister.

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When the draft law was approved, the current Prime Minister highlighted Singapore’s similar implementation, which had a positive impact on the island nation’s tourism and GDP.

Adoption of Crypto and Stablecoins

Thaksin developed his previous recommendations on cryptocurrencies and urged for the adoption of stablecoins and other non-volatile cryptocurrencies. He called on Thailand’s Securities and Exchange Commission (SEC) to allow the trading of stablecoins.

Additionally, Thaksin mentioned that Phuket could be a suitable pilot area for testing crypto payment systems. “There is no risk; it is just another currency in the world,” he said.

Digital Baht Payments and Rising Interest

In July 2024, Thailand distributed social benefits to 45 million citizens in digital money. The payments aimed to stimulate the economy, with eligible Thais receiving about $280, costing the government $13.8 billion.

The Bank of Thailand completed a retail central bank digital currency (CBDC) trial in April 2024. At the conclusion of the project, the bank announced there were no immediate plans to officially issue a retail CBDC but would continue to use the insights gained for future studies on improving the payment system.

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Key Highlights from Gensler’s Speech

– Reflection on Accomplishments: Gensler summarized the actions taken during his tenure, including efforts to strengthen investor protections and address emerging risks in financial markets.

– Thanking SEC Staff: His closing remarks, where he described working with SEC personnel as “a great honor,” have been widely interpreted as a possible farewell.

– Regulatory Vision: He reiterated the need for robust oversight, particularly in fast-evolving sectors like cryptocurrencies.

A Controversial Legacy in Crypto Regulation

Gensler is known for his strict stance on cryptocurrencies, which has been a hallmark of his tenure.

– He has consistently argued that crypto assets lack sustainable use cases and pose significant risks to investors.

– Under his leadership, the SEC launched lawsuits against major crypto exchanges such as Binance and Coinbase, sparking debates over regulatory clarity.

– His criticism of the crypto industry included concerns about its potential misuse in illegal activities.

These actions have made Gensler a polarizing figure in the crypto space, praised by some for enforcing accountability and criticized by others for stifling innovation.

Speculation Amid Political Pressure

The timing of these rumors coincides with a politically charged atmosphere:

– Donald Trump, a leading figure in the 2024 presidential race, has promised to replace Gensler if elected, citing the need for a more crypto-friendly SEC.

– Financial circles in Washington note a tradition of SEC chairs stepping down as administrations transition or political climates shift.

What’s Next for the SEC and Crypto? 

If Gensler resigns, it could mark a turning point for cryptocurrency regulation in the U.S.:

– Pro-Crypto Leadership: A change in leadership might ease regulatory pressures, fostering a more favorable environment for blockchain innovation.

– Continued Oversight: Conversely, Gensler’s departure might not significantly alter the SEC’s regulatory trajectory if his successor maintains a similar stance.

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Currently serving as the top Republican on the committee headed by Sen. Sherrod Brown, D-Ohio, Scott has been supportive of the crypto sector. Should Republicans account for the majority of the presently Democrat-owned Senate in the next elections, Scott may spearhead the committee.

“Wouldn’t it be kind of cool if we had a subcommittee on the banking committee focusing on the industry so that we bring more light to the conversation and more hearings on the industry so that we get things done faster?” Scott said on Wednesday during the Wyoming Blockchain Symposium.

Challenges in the Senate Banking Committee

Like the Senate Banking Committee, the House Financial Services Committee has jurisdiction over the U.S. Securities and Exchange Commission, has a group dedicated to digital assets, and has conducted several hearings targeted at crypto over the years.

“Headwinds” in the Senate Banking Committee, especially from Brown and Sen. Elizabeth Warren, D-Mass., said Sen. Cynthia Lummis, R-Wyo., on Wednesday during the panel with Scott.

Lummis remarked, “We’ve hit the wall on the banking committee; they have been quite influential with their Democrat side of the aisle colleagues.”

Lummis Optimistic About Crypto Legislation

Lummis still sounded confident, though, that legislation may pass this year. She added that a future law to control cryptocurrencies must pass the Senate Agriculture Committee. Under a best-case scenario, Lummis said, a measure emphasizing the U.S. Commodity Futures Trading Commission, under its jurisdiction, passes out of that committee following the election.

Legislation would then be “Christmas-treed,” Lummis said, with add-ons including wording to control stablecoins and maybe Senate Majority Leader Chuck Schumer’s SAFER Banking Act. That legislation would provide banks with access to cannabis companies. Earlier this year, ideas surfaced combining crypto laws with a bill allowing financial institutions to offer services to the marijuana sector.

Lummis added that declining days to work in Washington could provide difficulties.

Ongoing Legislative Efforts

Though they have not yet been presented before President Joe Biden’s desk, lawmakers in Washington are working on several measures to control cryptocurrencies. Legislators in the Senate are working on laws controlling the crypto sector. Introduced in April, a bill by Sens. Cynthia Lummis, R-Wyo., and Kirsten Gillibrand, D-N.Y., would restrict algorithmic stablecoins while building a framework for stablecoins. Expected to be brought back up in September, Senate Agriculture Committee Chair Debbie Stabenow, D-Mich., is also working on legislation to control cryptocurrencies.

On the House side, legislators enacted a Republican-led crypto market structure bill in May that grants the CFTC additional jurisdiction over “digital commodities” and declares the SEC will monitor digital assets presented as part of an investment contract. Work on legislation controlling stablecoins has also been in progress.

Last week at a Crypto4 Harris town hall, Schumer declared that he plans to draft laws controlling cryptocurrencies by the end of this year.

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Among the representatives of the companies attending the meeting were BlackRock (BLK.N), Grayscale Investments, ARK Investments, and 21 Shares, as well as those who had discussions with the SEC.

The SEC is expected to decide whether to approve the joint offer of ARK and 21 Shares by January 10. Most issuers believe that the SEC could approve multiple applications simultaneously by this date.

Two executives from the attending firms spoke in the background due to the confidentiality of the talks and stated that the SEC had set a date for the final updates on their files on December 29. Both executives emphasized that an issuer missing this deadline will not be part of the potential first wave of spot Bitcoin ETF approvals.

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It is known that the SEC has rejected applications to launch spot Bitcoin ETFs on the grounds that the cryptocurrency market is vulnerable to manipulation. However, in recent months, there have been signs that regulators are eager to approve some spot Bitcoin ETFs. This was notably observed with increased discussions about a federal appeals court decision after the SEC’s rejection in August of Grayscale’s proposal to convert its trust into an ETF.

According to sources who attended meetings with SEC officials, it is suggested that the agency could give approval in the first few business days of 2024. It is said that regulators will inform when ETFs will become active while giving this approval.

Latest Updates

In recent days, it is reported that some issuers have made technical changes in their ETF offers. For example, it is noted that both BlackRock and ARK have updated their applications by implementing a change demanded by the SEC.

These updates include details such as fees and the seed capital of new ETFs. ARK and 21 Shares stand out as the only companies that have announced the fee they plan to take from their joint ETFs as 0.80%.

Updates also include information about the amounts issuers will use to launch new ETFs. These amounts are said to be small initially but will increase after the ETFs start trading. These amounts are offered as seed capital to market makers in order to provide a liquid market for new ETFs.

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