A tsunami of new bitcoin 

BTC$109,785.44

 treasury companies — firms that almost exclusively dedicate themselves to accumulating bitcoin — is flooding the market.

Since all of them are more or less following Strategy’s (MSTR) playbook, questions are rising about the best ways to value them, and compare them to each other.

The SEC must not infringe on First Amendment rights by regulating someone who merely published code on the basis that others use that code to carry out activity that the SEC has traditionally regulated," said Commissioner Hester Peirce, who has led the SEC Crypto Task Force established this year. However, she also noted that "centralized entities can't avoid regulation simply by rolling out the decentralized label."

Erik Voorhees, the founder of decentralized exchange ShapeShift, joked that when he got his first SEC subpoena 12 years ago, he didn't think he'd be invited to speak at the agency years later.

"I appreciate the change of tone and the change of stance for the commission," he said. "I think that's absolutely a positive for America

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