1. Home
  2. News

News

SEC Chairman Gary Gensler Stresses Crypto Trading Platforms Must Be Regulated to Ensure Investor Protection

SEC Chairman Gary Gensler Stresses Crypto Trading Platforms Must Be Regulated to Ensure Investor ProtectionThe U.S. Securities and Exchange Commission (SEC) is focusing on bringing cryptocurrency exchanges “inside the investor protection remit,” Chairman Gary Gensler has revealed. “If the trading platforms don’t come into the regulated space, it’d be another year of the public being vulnerable,” he stressed. SEC Focusing on Regulating Crypto Exchanges The chairman of the U.S. […]

SEC rejects Skybridge’s application for spot Bitcoin ETF

SEC rejects Skybridge’s application for spot Bitcoin ETF

The commission rejected a rule change allowing listing and trading shares of the First Trust SkyBridge Bitcoin ETF Trust, citing similar reasons for disapproving Bitcoin spot ETFs from VanEck in November and WisdomTree in December.

The United States Securities and Exchange Commission, or SEC, has officially disapproved the application for First Trust SkyBridge’s spot Bitcoin exchange-traded fund after several deferments.

In a Thursday filing, the SEC rejected a proposed rule change from the New York Stock Exchange, or NYSE, Arca to list and trade shares of the First Trust SkyBridge Bitcoin ETF Trust. The SEC said any rule change in favor of approving the ETF would not be “‘designed to prevent fraudulent and manipulative acts and practices” nor “protect investors and the public interest.”

The decision follows SkyBridge first applying to list a Bitcoin ETF on the NYSE in March 2021. The SEC twice designated a longer period to approve or disapprove the proposed rule change for the ETF in July and November before reaching its decision today.

In its rejection, the SEC said that the NYSE had not met the requirements of listing a financial product under its rules of practice as well as those of the Exchange Act. Under these restrictions, exchanges seeking to list a BTC ETF need to have “a comprehensive surveillance-sharing agreement with a regulated market of significant size related to the underlying or reference bitcoin assets.”

The NYSE Arca used a $10 million market order example to claim that buying and selling large amounts of Bitcoin (BTC) would have an “insignificant market impact.” The exchange also hinted at Tesla’s $1.5 billion BTC purchase in February as an example of gaining exposure to crypto through the company’s shares, arguing for the need for a different investment vehicle with exposure to BTC as opposed to “imperfect bitcoin proxies” which provide only “partial bitcoin exposure paired with additional risks.”

The commission rejected these claims, citing similar reasons for disapproving Bitcoin spot ETFs from asset manager VanEck in November and WisdomTree in December. To date, the SEC has not approved any ETF with direct exposure to crypto, but has given the greenlight to offerings linked to BTC futures, including ones from ProShares and Valkyrie.

Related: ETFs listed — What’s next for Bitcoin?

A separate decision for a Bitcoin ETF application from the New York Digital Investment Group, or NYDIG, is expected by March 16. The application is still under review after being delayed on Jan. 15.

SEC Chairman Gary Gensler Stresses Crypto Trading Platforms Must Be Regulated to Ensure Investor Protection

Report: Meta and Instagram Are Exploring an ‘Early Stage’ NFT Feature

Report: Meta and Instagram Are Exploring an ‘Early Stage’ NFT FeatureMeta Platforms, Inc., formerly known as Facebook, Inc., is reportedly experimenting with non-fungible token (NFT) technology, according to unknown sources speaking with the Financial Times (FT). Allegedly, Meta is “readying” an NFT feature but it is “at an early stage and could yet change.” Meta and Instagram Are Reportedly Experimenting With NFT Tech A report […]

SEC Chairman Gary Gensler Stresses Crypto Trading Platforms Must Be Regulated to Ensure Investor Protection

Coinbase Partners With Payments Giant Mastercard in NFT Initiative

Top US crypto exchange Coinbase is striking a partnership deal with payments giant Mastercard in preparations for a new non-fungible token (NFT) marketplace. The partnership comes following the exchange’s announcement in October that it is launching Coinbase NFT,  a peer-to-peer marketplace where users can mint, showcase and buy NFTs. NFTs are one-of-a-kind digital goods such […]

The post Coinbase Partners With Payments Giant Mastercard in NFT Initiative appeared first on The Daily Hodl.

SEC Chairman Gary Gensler Stresses Crypto Trading Platforms Must Be Regulated to Ensure Investor Protection

YIELD App Launches Version Two, and It’s More Than Just a New Look

January 20, 2022 – Tallinn, Estonia YIELD App – the official digital asset wealth management partner of premier league football club West Ham United – has unveiled the hotly anticipated version two (V2) of its platform, just 11 months since it launched in February 2021. In this short time, YIELD App has garnered more than 70,000 users and […]

The post YIELD App Launches Version Two, and It’s More Than Just a New Look appeared first on The Daily Hodl.

SEC Chairman Gary Gensler Stresses Crypto Trading Platforms Must Be Regulated to Ensure Investor Protection

Binance US officially launches trading services in Connecticut

Despite regulatory uncertainty, the United States is one of the world's foremost cryptocurrency markets and dominates daily Bitcoin trading volumes.

United States cryptocurrency exchange Binance.US, which operates separately from the global Binance platform, has officially opened its trading services to residents of Connecticut. 

Beginning Jan. 20, Connecticut residents can register to buy, sell and trade digital assets such as Bitcoin (BTC) and Ether (ETH) on the Binance.US platform, the company announced on Thursday. Residents will also have access to the Binance.US mobile app on Android and Apple devices.

Binance.US launched in 2019 to provide regulated crypto trading services to residents of the United States. Currently, the trading platform is approved to operate in 44 U.S. states and intends to secure approvals across all 50 states and territories.

Binance.US CEO Brian Shroder said his firm’s expansion reflects the growing demand for digital assets in the country. A new survey of Americans conducted by crypto platform Voyager Digital seems to corroborate that view. According to the survey, nearly two-thirds, or 61%, of Americans may purchase digital assets this year. Fifty percent of the survey participants said they would invest more in cryptocurrencies if they understood the asset class better.

Related: Crypto mainstream adoption: Is it here already? Experts answer, Part 3

Meanwhile, separate data from Arcane Research shows that the United States is dominating the Bitcoin trading arena. So far this year, U.S. trading hours account for 43% of Bitcoin’s average 24-hour trading volumes.

As Cointelegraph reported, Binance.US is eyeing a “mega funding” deal through an initial public offering. Binance CEO Changpeng Zhao expressed confidence in the U.S. firm’s ability to raise the funds even after investors reportedly backed out a similar initiative last summer over regulatory concerns.

SEC Chairman Gary Gensler Stresses Crypto Trading Platforms Must Be Regulated to Ensure Investor Protection

Kraken Daily Market Report for January 19 2022

Overview


  • Total spot trading volume at $947.2 million, the 30 day average is $1.03 billion.
  • Total futures notional at $248.7 million.
  • The top traded coins were, respectively, Tether (0%), Bitcoin (-1.6%), Ethereum (-2.4%), Cardano (-8.4%), and USDC (0%).
  • Kyber Network was down -8.2% yesterday, but rebounds by 5.2% today. Also good returns from Moonbeam (+11%) and Badger (+8.0%).

January 19, 2022 
 $947.2M traded across all markets today
 Crypto, EUR, USD, JPY, CAD, GBP, CHF, AUD 
USDT 
$1.0002 
↓0.01% 
$275.8M
BTC 
$41686. 
↓1.6% 
$222.4M
ETH 
$3084.3 
↓2.4% 
$168.5M
ADA 
$1.3367 
↓8.4% 
$55.6M
USDC 
$1.0001 
↑0.01% 
$52.8M
DOT 
$24.09 
↓4.4% 
$25.6M
SOL 
$135.35 
↓4.3% 
$19.8M
ATOM 
$37.162 
↓3.1% 
$15.1M
MATIC 
$2.0312 
↓4.4% 
$14.5M
LINK 
$21.568 
↓6.1% 
$10.8M
LUNA 
$81.27 
↑0.6% 
$10.5M
DOGE 
$0.1617 
↓2.1% 
$9.49M
XRP 
$0.7384 
↓1.7% 
$8.79M
LTC 
$136.26 
↓3.7% 
$8.06M
DAI 
$1.0001 
↑0.0% 
$6.31M
KAVA 
$4.5205 
↓10% 
$4.51M
GLMR 
$10.193 
↑11% 
$4.25M
ALGO 
$1.2653 
↓4.0% 
$4.1M
NANO 
$3.0554 
↑3.6% 
$4.04M
FLOW 
$7.164 
↑2.5% 
$3.98M
AAVE 
$210.35 
↓9.7% 
$3.71M
CRV 
$4.195 
↓8.2% 
$3.37M
XMR 
$201.62 
↓1.6% 
$3.34M
XTZ 
$3.8849 
↓5.6% 
$3.27M
AVAX 
$82.62 
↓4.1% 
$2.92M
MANA 
$2.7345 
↓4.4% 
$2.9M
MINA 
$3.39 
↓1.5% 
$2.21M
XLM 
$0.2454 
↓3.5% 
$2.13M
YFI 
$32130. 
↓1.7% 
$1.91M
LRC 
$1.1835 
↑2.2% 
$1.65M
ETC 
$31.328 
↓4.4% 
$1.45M
ZEC 
$126.0 
↓4.3% 
$1.4M
BCH 
$369.05 
↓3.3% 
$1.35M
SAND 
$4.2701 
↓4.2% 
$1.34M
UNI 
$15.135 
↓5.3% 
$1.11M
KSM 
$243.71 
↓3.9% 
$1.05M
GRT 
$0.5248 
↓1.4% 
$940K
TRX 
$0.0691 
↑0.8% 
$897K
SHIB 
$2.726e 
↓3.0% 
$869K
ENJ 
$2.219 
↓2.6% 
$834K
PAXG 
$1845.2 
↑1.3% 
$742K
EOS 
$2.7405 
↓3.0% 
$740K
SC 
$0.0127 
↓4.7% 
$708K
OMG 
$5.4486 
↓7.8% 
$683K
MOVR 
$120.53 
↓4.6% 
$656K
BADGER 
$15.876 
↑8.0% 
$617K
RARI 
$13.01 
↑1.5% 
$572K
KEEP 
$0.5927 
↓4.0% 
$565K
KNC 
$1.5512 
↑5.2% 
$557K
EWT 
$7.272 
↓1.0% 
$542K
FIL 
$27.6 
↓3.2% 
$525K
DASH 
$126.90 
↓2.8% 
$474K
BAT 
$0.9567 
↓4.7% 
$470K
ICX 
$0.9215 
↓4.0% 
$468K
OXT 
$0.2989 
↓4.3% 
$462K
OCEAN 
$0.7561 
↓2.0% 
$460K
SNX 
$4.904 
↓2.6% 
$433K
SUSHI 
$6.0532 
↓2.8% 
$432K
CTSI 
$0.5822 
↓4.6% 
$370K
KILT 
$2.64 
↓3.8% 
$348K
AXS 
$71.883 
↓2.5% 
$341K
ANT 
$6.6546 
↓9.4% 
$323K
DYDX 
$7.009 
↑0.4% 
$301K
STORJ 
$1.4619 
↓5.9% 
$282K
CHZ 
$0.2467 
↓4.8% 
$271K
GNO 
$328.92 
↓2.4% 
$245K
COMP 
$168.2 
↓6.9% 
$231K
SRM 
$2.912 
↓2.3% 
$225K
PERP 
$9.022 
↑1.0% 
$205K
QTUM 
$7.4031 
↓5.6% 
$204K
WAVES 
$13.321 
↓1.9% 
$204K
PHA 
$0.349 
↓7.2% 
$203K
WBTC 
$41724. 
↑0.04% 
$190K
SDN 
$1.399 
↓2.3% 
$177K
ANKR 
$0.0853 
↓3.5% 
$174K
CQT 
$0.588 
↓5.8% 
$172K
MLN 
$71.872 
↓1.7% 
$161K
LPT 
$32.75 
↓3.9% 
$150K
REN 
$0.4199 
↓1.1% 
$143K
LSK 
$2.0509 
↓1.5% 
$132K
KINT 
$18.56 
↑9.4% 
$127K
INJ 
$6.219 
↓6.2% 
$101K
BAL 
$15.41 
↓2.8% 
$92.2K
REP 
$15.896 
↓2.2% 
$85.6K
MKR 
$2003.2 
↓2.8% 
$65.9K
OGN 
$0.4724 
↓5.2% 
$65.3K
1INCH 
$2.091 
↓4.5% 
$63.4K
ZRX 
$0.685 
↓4.5% 
$48.2K
KAR 
$2.869 
↓0.4% 
$34.7K
MIR 
$1.533 
↓3.3% 
$32.3K
RAY 
$4.999 
↓2.7% 
$30.4K
REPV2 
$15.815 
↓2.1% 
$20.9K
BNT 
$2.925 
↓2.2% 
$14.7K
BNC 
$1.33 
↓5.7% 
$14.4K
BAND 
$4.941 
↓0.04% 
$10.2K
GHST 
$2.1414 
↓2.4% 
$9.75K
OXY 
$0.435 
↓4.2% 
$9.75K
TBTC 
$41867. 
↓1.5% 
$3.91K

The post Kraken Daily Market Report for January 19 2022 appeared first on Kraken Blog.

SEC Chairman Gary Gensler Stresses Crypto Trading Platforms Must Be Regulated to Ensure Investor Protection

Witnesses address energy impacts of crypto mining during House hearing

“If policymakers take a cautious approach and foster a pro-innovation environment, the rewards for consumers, investors and all Americans are likely to be great," said Jordan Ramis shareholder Gregory Zerzan.

Five industry experts appearing before the United States House Energy and Commerce Oversight Subcommittee had different views on how lawmakers should address the energy consumption of cryptocurrencies.

In written testimony released before a Thursday hearing on “Cleaning Up Cryptocurrency: The Energy Impacts of Blockchains,” former Comptroller of the Currency Brian Brooks argued that the energy consumption of Bitcoin (BTC) mining was “economically productive” given other assets including gold required roughly the same amount of energy for mining, with the “a host of other environmental concerns.” In addition, Brooks said that the traditional global banking system consumed roughly 2.5 times the amount of power to produce the same amount of value BTC does at its current market capitalization.

John Belizaire, the founder and CEO Soluna Computing and another witness appearing at the hearing, said that from an energy perspective, the miners and computers needed to power crypto are "not a waste" and could encourage the development of renewable energy sources. The CEO said that unlike other banking systems, Bitcoin mining included the option of turning the systems off when necessary, giving miners the ability to absorb excess energy from an area’s electrical grid rather than straining it.

Cornell Tech professor Ari Juels, who has often been a critic of crypto mining as it stands today, was supportive of the crypto space as a whole but argued in favor of “energy efficient alternatives” rather than the proof-of-work common for mining. He added that the Ethereum blockchain’s transition to proof-of-stake would likely consume “far less electricity” and have features including smart contracts and nonfungible tokens — unlike Bitcoin.

“Bitcoin does not equal blockchain,” said Juels. “The tremendous promise of blockchain technology does not require Bitcoin or its energy-intensive component called proof of work.”

Steve Wright, a recently retired former general manager of the Chelan County in Washington, similarly hinted that mining firms should consider "mechanisms to assure cryptocurrency production is encouraged toward efficient outcomes as early as possible." Wright noted that the high value of clean energy costs in the area seems to be pushing many crypto miners towards carbon-emitting, fossil-fired sources of power "at least the near term."

Related: Bitcoin mining becomes more sustainable: Mining Council's Q4 survey

U.S. lawmakers seem to be giving crypto and blockchain a great deal of attention as the space grows. In December, the Senate Banking Committee held a hearing on stablecoins and how the U.S. might participate in the race to adopt digital currencies. Brooks also testified at a House committee hearing that same month on digital assets’ role in the future of finance.

“Although digital tokens are a highly speculative and volatile asset class, they also represent the promise of a more open, more widely shared internet,” said Gregory Zerzan, a shareholder at business law firm Jordan Ramis. “If policymakers take a cautious approach and foster a pro-innovation environment, the rewards for consumers, investors and all Americans are likely to be great.”

SEC Chairman Gary Gensler Stresses Crypto Trading Platforms Must Be Regulated to Ensure Investor Protection

Bitcoin shrugs off Russia crypto ban fears as BTC price nears $43.5K

A sharp uptick could have wider implications for the two-month Bitcoin price downtrend, one analyst reveals.

Bitcoin (BTC) surged on the Wall Street open on Jan. 20 as news that Russia was planning to "ban" cryptocurrency failed to impact price performance.

BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView

BTC price climbs $2,500 in 24 hours

Data from Cointelegraph Markets Pro and TradingView showed BTC/USD adding $1,500 over several hours on Thursday, continuing the upside move, which began with a bounce off $41,000.

At the time of writing, the pair was acting above $43,000, having reached highs of $43,468 on Bitstamp.

That peak represented an eclipse of resistance immediately above the $43,000 mark, and investors are now watching to see whether Bitcoin can hit higher targets.

"A weekly close just like this (i.e. above ~$43,100) would be enough for BTC to build on this early bullish momentum and move higher," trader and analyst Rekt Capital argued in his latest Twitter update."

"Still a few days left for the weekly close to confirm this but so far, so good."

Others zoomed out further, with fellow analyst William Clemente noting a possible breakout of a downtrend in place since early December.

The action came despite fresh desires to clamp down on Bitcoin and cryptocurrency more broadly from Russia's central bank, with comments calling for a blanket ban on circulation and usage as well as mining.

Unlike similar announcements — and reiterations of those announcements — by China, the market was entirely unfazed by the plans, something which was not lost on pundits.

"Russia is looking to repeat the mistakes of China," analyst and podcast host Scott Melker, known as the "Wolf of All Streets," reacted.

A $34 million hack of trading platform Crypto.com likewise failed to dent enthusiasm.

Altcoins seize a chance to move

Optimism also extended to altcoins as Bitcoin moved up, with Ethereum (ETH), Solana (SOL) and Terra (LUNA) leading the top ten cryptocurrencies by market cap.

Related: Breaking ‘bear market’ in Bitcoin demand will spark next BTC price surge — Analysts

ETH/USD added around 3% on the day, making the chances of a $3,000 retest at least temporarily less likely.

ETH/USD 1-hour candle chart (Bitstamp). Source: TradingView

"Very good movements on the markets," Cointelegraph contributor Michaël van de Poppe summarized.

SEC Chairman Gary Gensler Stresses Crypto Trading Platforms Must Be Regulated to Ensure Investor Protection