Latest Crypto News
SEC Chairman Gary Gensler will testify before the House Financial Services Committee tomorrow.
According to prepared testimony, Gensler again stated that most cryptocurrencies and crypto companies are subject to federal securities laws.
“These securities laws have been around for decades, and given the widespread noncompliance with securities laws in this industry, it’s not surprising that we’re seeing a lot of problems in these markets,” he said. “We’ve seen this story before.”
This is reminiscent of the situation in the 1920s before the federal securities laws were implemented.
In his testimony, Gensler cited the agency’s rulemaking, including a statement issued in April that crypto platforms had become part of the definition of an exchange, including DeFi platforms.
Data shows that the 24-hour trading volume of the NFT project Pudgy Penguins has just exceeded 1,000 ETH.
Additionally, Pudgy Penguins floor prices have increased by 7.2% in the past 24 hours and by 23.2% in the past seven days.
Walmart will sell the Pudgy Penguins NFT toy line in two thousand stores across the United States, with prices ranging from $2.99 to $11.97, and each Pudgy toy will have access to Pudgy World.
Binance was granted an extension on September 26 to respond to a court order in a lawsuit filed by the U.S. Securities and Exchange Commission (SEC).
U.S. District Court Judge Zia M. Faruqui for the District of Columbia granted motions by BAM Trading and BAM Management for an extension of time to respond to two previous court orders.
The first order requires the defendants to explain why certain documents related to the SEC’s motion to compel discovery should continue to be sealed or redacted, and the second order requires the defendants to justify the sealing of documents related to the SEC’s response to its motion to compel discovery.
BAM Trading and BAM Management now have until September 27 to respond to the show-cause order. The SEC did not oppose their request to extend the deadline.
Separately, BAM Trading and BAM Management filed an unopposed motion to postpone an Oct. 12 status conference. The two companies were the only defendants asking for more time to respond.
According to data from DefiLlama, the total locked value (TVL) of Binance’s liquidity-staking Ethereum reached $1.2 billion.
In April this year, Binance launched WBETH, an upgraded version of BETH, a liquid staking derivative that allows investors to use tokens to lend and borrow on DeFi protocols outside of Binance while receiving staking rewards.
When users participate in staking by locking (staking) ETH through Binance, they receive derivative tokens representing the pledged assets.
21Shares’ Dune dashboard shows that with 1.2 million ETH staked, Binance is one of the largest players on the Ethereum staking network, behind only Lido Finance and Coinbase.
The Federal Reserve Banks of Boston and New York released a paper on September 27 titled Flight to Safety: Are Stablecoins the New Money Market Fund? Report.
The report compares stablecoins such as USDT and USDC to money market funds. Key findings in the report include the observation that stablecoins and money market funds follow similar patterns in their operation, and that stablecoins may bring benefits to the broader financial world. The system brings instability.
The report stated that the findings indicate that stablecoins are vulnerable to runs during widespread crypto market disruptions and special stress events.
If stablecoins continue to grow and become more closely linked to major financial markets such as short-term funding markets, they could become a source of financial instability for the broader financial system.
A new report from CoinShares shows that crypto investing is divided in sentiment from a regional perspective.
The report states that this difference is particularly pronounced when comparing European investors to those in the United States, which may be due to the obvious regulatory differences between each region. The EU has implemented a set of regulations called Markets in Crypto-Assets (MiCA). regulations.
The framework will be implemented in December 2024, providing clear rules for crypto assets.
Jon Egilsson, co-founder and chairman of European stablecoin Monerium, said that MiCA represents a breakthrough development that will have a significant impact on the cryptocurrency landscape in Europe.
Bernstein analysts said in a research report that the current size of the crypto fund management industry is approximately US$45-50 billion, and its asset management scale has the ability to exceed US$500 billion in the next five years.
The report stated that demand will come from investment advisors, wealth and private banking products, as well as the ability to easily access Bitcoin ETFs in direct brokerage accounts, and analysts believe that the chances of a spot Bitcoin ETF being approved in early 2024 have greatly increased.
Analysts also believe that rather than concocting another reason for rejection, the SEC will take a middle path and accept an oversight-sharing agreement with Coinbase.
Because the proposals are made by traditional fund managers and the agreements are with regulated exchanges such as Nasdaq.
Vaidya Pallasena, director of ratings at stablecoin rating agency Bluechip, believes that Aave DAO passed two snapshot proposals last week, partly to help GHO achieve its expected goal of being pegged to the U.S. dollar, but both plans are destined to fail.
Pallasena said: In its current form, GHO cannot maintain its peg, and the peg problem can only be solved by allowing users to exchange GHO for their underlying collateral, allowing arbitrage to drive the price to $1.
Pallasena believes that promoting arbitrage is the best approach, i.e. Aave should enable users to exchange GHO for collateral to exchange $0.98 for $1, pushing the peg back to $1.
Bitwise filed an amendment to its Bitcoin spot ETF application on Monday that included new arguments that the regulator’s explanation for depriving U.S. investors of the product was invalid.
The company claims that the CME Bitcoin futures market is ahead of the spot market in Bitcoin price discovery, and that the CME Bitcoin futures market is not large enough or correlated with the Bitcoin spot market to offset potential on the exchange. Manipulator trades.
CME Bitcoin Futures is responsible for the majority of Bitcoin’s price discovery and is therefore sufficient to constitute an oversight sharing agreement.
Bitwise claims that Bitcoin’s price is determined more by the futures market than the SEC believes.
According to Bitwise research previously cited by Hougan, the trading volume in Bitcoin’s spot market may be largely fake, meaning that the relative size of its futures market is much larger.
According to data compiled by analytics platform Token Terminal, it took Ethereum about seven years to generate $10 billion in revenue based on ETH spot prices, second only to Alphabet, which took about six years.
Ethereum’s revenue comes primarily from its transaction fees (measured as gas fees).
Depending on the complexity of the transaction, the network charges different gas fees.
However, the revenue generated depends on network activity – the higher the transaction volume processed, the higher the fee per block.