1 week ago
Two large themes dominated the crypto quality this week: sagging plus prices and the authoritative extremity of the SEC’s enforcement “mania.” On the former: Bitcoin, which roseate steadily from astir $70,000 pursuing November’s election, fell precipitously. In early-hours Feb. 28, the price had dipped beneath $80,000. CoinDesk’s Market Index, which tracks the broader integer assets market, has fallen 12% successful the past 5 days.
CoinDesk’s Markets Editor Omkar Godbole analyzed the regular terms action, tracking ETF outflows, historical analogies, and macro correlations.
On the regulatory front, the SEC dropped large cases against Uniswap, Coinbase, and MetaMask (ConsenSys). It besides sought to extremity a fraud lawsuit against TRON and Justin Sun. Our regulatory squad of Nik De, Jesse Hamilton and Cheyenne Ligon were each implicit the news, arsenic usual. Meanwhile, it looks similar the SEC volition not beryllium treating memecoins arsenic securities, Ligon reported.
Stablecoins were different large theme, arsenic issuers argued implicit the parameters of a caller instrumentality covering the astir utilized signifier of integer assets. Jeremy Allaire, co-founder and CEO of stablecoin issuer Circle, said USD-backed stablecoin issuers should beryllium required to registry successful the U.S., successful a wide tilt astatine Circle’s biggest rival, Tether (regulatory newsman Camomile Shumba had that). Meanwhile, Bank of America said it planned to motorboat its ain stablecoin, Helene Braun wrote.
In different important news, Ian Allison reported exclusively that BitMEX, an OG trading platform, was up for sale. Bybit passed blame for its $1.5 cardinal hack (Oliver Knight reported). Ethereum Foundation’s enforcement manager Aya Miyaguchi said she was stepping down (Margaux Nijkerk had the news). And, Sam Reynolds explained connected however investors successful Mainland China may soon beryllium capable to get entree to bitcoin. All these stories looked apt to tally into adjacent week’s sum arsenic crypto continues to supply plentifulness to constitute about. Stayed tuned for our continuing reporting. Happy Weekend.
English (US) 