The U.S. Securities and Exchange Commission (SEC) has released its regulatory agenda which does not mention bitcoin or cryptocurrency regulation.
The Office of Information and Regulatory Affairs released the Biden administration’s Spring 2021 Unified Agenda of Regulatory and Deregulatory Actions last week.
It details “the actions administrative agencies plan to issue in the near and long term,” which provides “important public notice and transparency about proposed regulatory and deregulatory actions within the Executive Branch,” the accompanying announcement explains.
Included in the agenda is the U.S. Securities and Exchange Commission (SEC)’s “annual regulatory agenda,” the agency independently announced, clarifying:
“The report, which includes contributions related to the Securities and Exchange Commission, lists short- and long-term regulatory actions that administrative agencies plan to take.”
Some of the items the SEC will consider include disclosures relating to climate risk, corporate board diversity, and beneficial ownership and swaps. The SEC will also focus on rules relating to SPACs and short sale disclosure reform. The full list can be found here.
SEC Chairman Gary Gensler commented: “To meet our mission of protecting investors, maintaining fair, orderly, and efficient markets, and facilitating capital formation, the SEC has a lot of regulatory work ahead of us.
“I look forward to collaborating with my fellow commissioners and the dedicated staff to propose and finalize rules that will strengthen our markets, increase transparency, and safeguard investors.”
While bitcoin and cryptocurrency are not on the SEC’s regulatory agenda this year, Gensler has been talking about the need to protect investors and regulate cryptocurrency exchanges.
Last month, the chairman urged Congress to pass cryptocurrency legislation to protect investors, adding that cryptocurrency exchanges needed more regulation. In addition, the SEC cautioned investors about funds trading in bitcoin futures last week.
So far, the agency has brought 75 crypto-related enforcement actions. Meanwhile, a growing number of companies are seeking approval to trade bitcoin exchange-traded funds (ETFs).
Fintech CEO: Bukele Doubles Down on Dubious Bitcoin Dip Highlights Culture of Innovation
As Bitcoin dipped, losing $10,000 over a 24-hour period, El Salvadoran President Bukele bought the dip. Publicly. On Twitter. Despite receiving pushback from folks like economist Peter Schiff. His announcement noted simply, “El Salvador just bought the dip! 150 coins at an average USD price of ~$48,670 #Bitcoin”
“What’s interesting about President Bukele is that he’s staked the entirety of his political future on his Bitcoin gambit. But, this dip doesn’t seem to be based on anything more than an overall fear of the new variant of the coronavirus. With that being the case, if you’ve already bet big on Bitcoin, it makes a lot of sense to double down when such an opportunity arises. History will decide how we view President Bukele, but it seems to be clear that he’s interested in building a culture of innovation around blockchain technologies, digital assets, and Bitcoin,” said Richard Gardner, CEO of Modulus, a US-based developer of ultra-high-performance trading and surveillance technology that powers global equities, derivatives, and digital asset exchanges.
“Culture is important in tech. There are a lot of ways to build that culture. One of them is through the press. But, most look beyond the headlines. What is the commitment in terms of regulatory or ancillary dedication to making their tech industry flourish? In this case, buying the dip carries political risk, and Bukele moved forward regardless. It is in line with his launch of a Bitcoin mining operation using geothermal power. The culmination of these efforts is probably why crypto investors from Europe made the trip out to El Salvador to learn more about what’s happening there,” said Gardner.
“We’re already in the green from our last purchase, in less than 24 hours. You know boomer, we have 44,106 oz of gold in our reserves. Worth $79 million, down 0.37% from a year ago. If we had sold it a year ago and bought #Bitcoin, it would now be valued at $204 million,” Bukele wrote on Twitter in response to a tweet from Peter Schiff, which labeled the recent purchase a “waste.”
“It is clear that digital assets are here to stay. Central banks around the world are racing to develop, beta test, and release their own digital currencies. El Salvador and Bukele are taking a different tack than many countries. It is certainly more aggressive than most. However, most of us in the industry expect that digital assets will truly transform the way we interact with the financial system. Even institutional investors, as well as former naysayers like Kevin O’Leary, are banking on cryptocurrency as part of their investment mélange. Building a tech culture, however necessary, may well pay dividends to Bukele’s country down the road, particularly in terms of international investment,” said Gardner.
Modulus is known throughout the financial technology segment as a leader in the development of ultra-high frequency trading systems and blockchain technologies. Modulus has provided its exchange solution to some of the industry’s most profitable digital asset exchanges, including a well-known multi-billion-dollar cryptocurrency exchange. Over the past twenty years, the company has built technology for the world’s most notable institutions, with a client list which includes NASA, NASDAQ, Goldman Sachs, Merrill Lynch, JP Morgan Chase, Bank of America, Barclays, Siemens, Shell, Yahoo!, Microsoft, Cornell University, and the University of Chicago.
“Right now, one of the biggest concerns to manage in order to ensure a positive crypto future resides in the custody space. When there are providers with significant security flaws being given multi-billion dollar valuations, that’s problematic. I believe the custody situation will right itself in time. Eventually, a fintech firm with a history of innovation and security will emerge, giving investors and exchanges another option to safeguard their assets. That’s one of the final pieces necessary for cryptocurrencies to realize their true and full potential,” said Gardner.
Lympo Launches NFT Staking, Enabling Users to Utilize NFTs and Receive Monthly Rewards
Lympo, the sports NFT ecosystem and a subsidiary of Animoca Brands, announced that it has launched NFT Staking, which allows users to monetize and receive rewards for locking up and delegating their NFTs issued by Lympo and their partners. Lympo’s NFT Staking will deliver additional value and utility to its community of NFT holders.
Up to this point, the Lympo NFT Minting Platform allowed users to stake LMT and partner tokens to mint sports NFTs depicting and officially licensed by top-level athletes. With the launch of NFT staking, Lympo has created a way for users to monetize their NFTs through monthly staking rewards.
Lympo’s NFT Staking will allow NFT holders to delegate or lock up their NFTs in staking pools. Users stake up to 15 NFTs together with LMT tokens and receive between 2% and 17.5% of the value staked in rewards every 30 days based on how many NFTs they stake and their rarity. The first Lympo NFT staking pool offers a total of 888,888 LMT (~$220,000) in rewards.
In the future, Lympo will partner with other NFT projects to release joint NFTs which can be staked to get double rewards in the form of two different types of tokens. Just like double reward pools on DeFi platforms, this will enable cooperation on this new Lympo GameFi product, opening new venues for additional value to NFTs.
Staking allows users to utilize their NFTs beyond collectible value and generate additional LMT that they can utilize in the Lympo NFT ecosystem. With multiple staking pools, a dynamic reward system, and community engagement events enabled through NFT staking, Lympo is pioneering new NFT staking mechanics.
Ada Jonuse, CEO of Lympo, said, “Lympo is taking big steps to bring the latest innovations into the GameFi sector. NFT Staking is one of the first methods that Lympo is using to provide additional utility to our NFTs. We have designed the process to be as fair as possible and we will be monitoring the NFT staking platform to make tweaks if necessary. Our goal is to integrate the Lympo NFTs into as many different activities and games as possible and to create a broad network of industry-wide partnerships for NFT interoperability in games and other GameFi products.”
Bitcoin Drops Over $10,000 in Value in 24 Hours
Global financial markets rout plunged Bitcoin, the world’s most dominant cryptocurrency, by $10,000 to $47,000 a coin, according to the data obtained from Coindesk.
Bitcoin was trading at slightly above $57,000 a coin on Friday before falling by 17 percent or $10,000 to $47,000 within 24 hours to further highlight the state of the global financial markets amid growing concerns over the Omicron COVID variant spread.
Ether, the second most capitalised cryptocurrency, also sheds 10.26 percent to $4,047.96 a coin while Solana, XRP, Terra (Luna), Cardano and Stellar dropped 10.19 percent, 17.54 percent, 11.96 percent, 13.95 percent and 16.74 percent to $204.67, $0.796952, $60.85, $1.40 and $0.292059, respectively.
There is no clear reason as to why bitcoin and other cryptocurrencies are falling besides rising global uncertainty surrounding the fast-spreading Omicron covid variant.
Selling pressure in the Bitcoin spot market seems to have dragged on the entire cryptocurrency before triggering huge stop losses in the derivative markets.
“The evidence points to this being yet another derivative-induced selling event,” wrote J.C. Parets, chief market strategist for All Star Charts technical research, in a note Saturday morning. “The September flash crash had the same drivers as this selloff — leverage was flushed from the system in a violent fashion, which later enabled the market to eventually move higher toward a new all-time high in October.”
Despite the uncertainty surrounding financial assets, El Salvador, the first country to accept Bitcoin as a legal tender, announced it has bought the dip. President Nayib Bukele acquired 150 Bitcoin for about $48,700 a coin.
Tether (USDT), the largest stablecoin by market value, moved away from its 1:1 peg against the US Dollar to $1.025, largely because of its usage as a hedge against market uncertainty. Traders usually move their cryptocurrency to USDT during high market uncertainty.
“Our expectation for the coming days/weeks is sideways choppy price action. A contraction and basing process is likely to take place after such a violent move and we want to treat sharp upward rallies suspiciously right now,” added Parets.
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