U.S. Securities and Exchange Commission Chairman Gary Gensler isn’t waiting for new powers from Congress to enforce securities laws against cryptocurrency companies, but more money and additional money across U.S. borders. He said on Wednesday that having a reach of .
This article originally appeared on Crypto Market TodayCoinDesk’s daily newsletter that delves into what’s happening in the crypto market today. Subscribe to get it in your inbox every day.
GenslerWhile he declined to specifically discuss the failed cryptocurrency exchange FTX and its former CEO Sam Bankman-Fried, he told Yahoo! Fund the SEC’s basic disclosure and governance requirements in place to hold digital asset companies accountable.
The SEC director also did not directly answer the question. When asked if his agency would release customized cryptocurrency rules next year, he insisted none would be needed. “The rules are there,” he said. “Law firms know how to advise clients to comply.”
The FTX Crash Showed Danger Gensler emphasizes the importance of operating a global platform with no barriers between client funds and investment operations. Crypto companies cannot do everything. “Your field won’t last long outside the norms of public policy,” he said.
Lawsuit Over Whether Ripple’s XRP Is A Security Gensler said Wednesday that a federal judge’s decision last month to rule that cryptocurrency startup LBRY violated securities laws by selling its native LBC token was a “very big win” for the SEC’s legal campaign. rice field. .
So far, the SEC has not tracked them directly. US exchange Coinbase (COIN) lists what the institution believes to be securities without registering as a national stock exchange. Still, in another recent enforcement action, the SEC listed several tokens considered unregistered securities traded on the company’s platform.
Summary of tokens
Bitcoin (Bitcoin): The largest cryptocurrency by market capitalization recently traded at around $16,800, down about 1% over the past 24 hours. BTC has comfortably held above $17,000 for much of the past nine days, but investor fears about the collapse of crypto exchange FTX and contagion related to macroeconomic uncertainty continue. About rate hikes until 2023.
Sushi Swap (SUSHI): Decentralized finance (DeFi) protocols face significant financial deficits that threaten long-term operational viability, according to governance proposals from project developers. After reviewing spending, the project’s annual runway requirement was cut from $9 million to $5 million, but the Treasury still only provides about 18 months of runway, the developer said. said.
Axie Infinity (AXS): The native token of blockchain-based play-and-earn game Axie Infinity has emerged from oblivion this week with a double-digit price increase. But leveraged traders are looking skeptical whether the AXS’s recovery from his 17-month low will last. Open interest, or the dollar value pegged to the number of active standard and perpetual futures contracts tied to AXS, rose to a three-month high of $129.7 million, according to data source Coinglass. Because the funding rate is still negative.
CoinDesk Market Index (CMI)
−11.4 ▼ 1.3%
−174.0 ▼ 1.0%
−25.5 ▼ 2.0%
S&P 500 Daily Close Price
−7.3 ▼ 0.2%
+29.4 ▲ 1.7%
Government Bond Yield 10 Years
BTC/ETH price by CoinDesk index; Gold is the COMEX spot price.Price around 4pm ET
Crypto Market Analysis: Bitcoin-Copper High Correlation Does Not Bode Well For Short-Term Investors
By Glenn Williams Jr.
Absent the negative contagion events typical of black swans and centralized entities, digital assets still appear to be highly relevant to macroeconomic development.
But it’s worth noting that the Federal Funds Rate, US 3-month and 2-year Treasury yields are above 10-year Treasury yields.
This condition, known as an inverted yield curve, existed before past recessions. Taken in isolation, an inverted yield curve does not bode well for Bitcoin or copper prices. Rising short-term interest rates and slowing economic growth lead to lower demand and prices for physical and digital assets.
Read the full technical take here.
Coinbase Global (COIN) CEO Brian Armston Armstrong, who said the company’s revenue will be about half what it was last year, said in an interview with Bloomberg’s David Rubenstein that Coinbase had about $7 billion in revenue ($7.8 billion according to FactSet) and $4 billion. “It looks like it’s roughly half or less,” Armstrong said.
Derar Islim, Interim CEO of Genesis, wrote: Resolving the withdrawal freeze for his company’s lending arm is likely to be a matter of “weeks” rather than days, he said in a letter to customers Wednesday. It was forced to suspend redemptions in November following the collapse of FTX. According to a memo from Islim this morning, Genesis is committed to “being as transparent as possible” with its customers, consulting with experienced advisors and working closely with its owner, his Digital Currency Group. We are working together. DCG is also the parent company of CoinDesk.
China lifts strict COVID-19 restrictions After weeks of nationwide protests that threatened to drag on an already faltering economy.The Chinese government has prioritized public safety over lost productivity, and its controls will bring the infection rate to zero. I was hoping that But officials have begun to change their minds amid mass demonstrations and growing awareness that his latest COVID strain is less virulent.