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	Good Tuesday morning. Billy Bambrough here with what's driving the day in crypto-land.

24-hour crypto market snapshot

$38,533

$2,488

$17.13

$3.01

Duck and cover 🙇


	Cryptocurrency prices are under pressure this morning as the market digests a lengthy Bloomberg interview with U.S. Securities and Exchange Commission (SEC) chair Gary Gensler (see below for the highlights) and gauges the latest noises coming out of D.C. on crypto tax reporting. The bitcoin price is off by a couple of percent over the last 24 hours, with the long-running battle for $40,000 back in play after repeated skirmishes over the line this past week. Other major cryptocurrencies are cracking as regulatory scrutiny of crypto markets intensifies. Ethereum, braced for a major upgrade and hard fork this week, is down by some 4% but can still count double-digit percentage gains over the last seven days. Among ethereum's many smart chain rivals, Binance's BNB, cardano, polkadot and solana are all down between 3% and 6%. The ongoing Binance saga that's seen countries around the world crack down on the sprawling crypto exchange can add Malaysia to a growing list after its securities regulator said it's issued a public reprimand to Binance for illegally operating a digital asset exchange in the country. Among (very) minor cryptocurrencies, voyager token, the native token of the Voyager Digital brokerage, has added around 30% in the last 24 hours and broken into the crypto top 100 after Voyager announced the publicly-listed firm has acquired Denmark-based crypto payment platform Coinify in an $85 million deal. Read the full story on Forbes. Don't miss: The disaster scenario—What if bitcoin went to zero?

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Protection racket 🛡️



	Gary Gensler took over the U.S. Securities and Exchange Commission (SEC) in April (Photo by Brendan Smialowski/Getty Images)


	Gary Gensler, the U.S. Securities and Exchange Commission chairman who's an expert on crypto and blockchains, wants tighter regulation of the space to protect investors. 💬 "If somebody wants to speculate, that’s their choice, but we have a role as a nation to protect those investors against fraud," Gensler told Bloomberg in a wide-ranging interview. 🧑‍🏫 Gensler previously taught a class on crypto and its underlying technology blockchain at MIT and many cryptocurrency enthusiasts had hoped he'd take a hands-off approach to the emerging market. 💬 "While I’m neutral on the technology, even intrigued—I spent three years teaching it, leaning into it—I’m not neutral about investor protection." 🚫 Gensler, a Goldman Sachs veteran who was chair of the Commodity Futures Trading Commission (CFTC) during the Obama administration, also refused to comment on a much-anticipated bitcoin exchange-traded fund (ETF) that has been on the horizon for years. It's thought a U.S. bitcoin ETF would encourage crypto investment among Wall Street and financial institutions. 🤝 Closer regulation of fast-growing crypto exchanges could be the easiest way for the government to get a quick handle on crypto trading, Gensler said. 🧘 "Life sometimes is a bit of serendipity," Gensler said of his transition from MIT blockchain expert to crypto market gamekeeper. ⏰ Last week, the deadline set by crypto skeptic senator Elizabeth Warren for the SEC to figure out its role in regulating cryptocurrencies passed—so we'll likely be hearing more from Gensler in coming weeks. Now read this: After Rejecting Bitcoin ETFs, Former SEC Chair Clayton Joins Fight For Approval

A licence to crypto 🕵️


	Singapore, home to many of the world's biggest names in crypto including ethereum cofounder Vitalik Buterin, is ramping up attempts to lure the world's cryptocurrency companies to its shores. The island city-state is set to grant formal regulatory approval to a cryptocurrency exchange for the first time, it was this morning reported by the Financial Times with the Australian exchange Independent Reserve picking up approval "in principle" from the Monetary Authority of Singapore to operate as a regulated provider of digital payment token services. Why it matters: Major crypto exchanges Binance and Gemini are both targeting expansion in Singapore and are among some 170 applicants to operate on the island. "We have been waiting more than a year for this day," one foreign crypto exchange that operates in the city told the FT. "Now everyone is wondering who will get approval next."

	Billy Bambrough
	Forbes Contributor

I am a journalist with significant experience covering technology, finance, economics, and business around the world. I write about how bitcoin, crypto and blockchain can change the world.

Follow me on Twitter or email me.

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