As a seasoned researcher with a keen interest in the ever-evolving world of cryptocurrency, I find the potential appointment of Paul Atkins as the new SEC chair intriguing. Having followed his career for years, it’s clear that he is not only knowledgeable but also balanced when it comes to regulation, a stark contrast to the current “regulation by enforcement” approach we’ve seen under Gary Gensler.
The potential regulation of cryptocurrency in the U.S. might undergo a notable transformation with Paul Atkins, a former SEC commissioner who is recognized for his pro-innovation stance, gaining prominence as a strong contender to head the agency under a new presidential administration.
Previously, Atkins has held positions as both commissioner and staff member under the leadership of Richard Breeden and Arthur Levitt. He is recognized for his proficiency in securities law and fair regulatory practices. Notably, he boasts a robust background in the realm of digital assets.
Since 2017, Atkins has been deeply involved in creating optimal practices for digital asset releases and trading platforms, a role he carries out as CEO at Patomak Global Partners. He also co-leads the Token Alliance, an initiative by the Chamber of Digital Commerce that works towards establishing policy guidelines for tokenized networks and digital asset issuers.
A potential replacement for Gary Gensler as SEC chair, set to take office in January, might bring about a notable shift in style compared to his tenure. Under Gensler’s leadership, characterized by “regulation through enforcement,” there were numerous legal actions taken and little clear direction provided for crypto firms, resulting in frequent litigation and scant guidance.
If reports about transferring digital asset regulation from the Securities and Exchange Commission (SEC) to the Commodity Futures Trading Commission (CFTC) prove true, the SEC’s role in crypto regulation might diminish. The CFTC is perceived as more open to innovation, which could make it a more suitable agency for the incoming administration of President-elect Donald Trump to focus on digital assets.
In this week’s crypto journey, I’ve been keeping an eye on some intriguing developments. For instance, Singapore Gulf Bank is pondering over the acquisition of a stablecoin company, which could potentially reshape the landscape of digital currencies.
Binance delisting sends five tokens tumbling 40%
Binance, a well-known cryptocurrency trading platform, has announced that it will no longer support five digital tokens – Gifto (GFT), IRISnet (IRIS), SelfKey (KEY), OAX (OAX) and Ren (REN) – by December 10. This decision is due to the tokens not adhering to industry norms. As of December 3, trading activities such as arbitrage strategies, loans, and futures positions on these tokens will no longer be available. Borrowings in isolated and cross-margin have already been suspended. This announcement caused a sharp drop in the value of these tokens, with most falling by around 40% on November 26. Binance did not specify the particular standards that these tokens failed to meet.
Singapore Gulf Bank seeks $50M to fund stablecoin firm acquisition
It appears that the digital bank based in Singapore, known as Singapore Gulf Bank, which is favorable towards cryptocurrencies, is rumored to be seeking an investment of at least $50 million. This investment is said to help the bank purchase a company specializing in stablecoin payments, expectedly in early 2025. To raise these funds, the bank is considering selling a 10% stake of its ownership by next year. These claims originate from unnamed sources with firsthand knowledge of the situation. The bank has reportedly been engaging in discussions with a sovereign wealth fund in the Middle East and other prospective investors. If successful, the funds would be utilized to bolster the bank’s payment infrastructure and complete the acquisition of a stablecoin payments firm in either the Middle East or Europe within the next few months. The Singapore Gulf Bank is managed by the Whampoa Group, a family office headquartered in Singapore.
Cantor Fitzgerald acquires 5% stake in Tether for up to $600M: Report
Financial services company Cantor Fitzgerald has acquired a 5% share in stablecoin provider Tether, potentially boosting its influence within the incoming Trump administration. Valued at up to $600 million, this stake could be advantageous as Cantor Fitzgerald was one of Tether’s key banking partners during a period when many global banks severed ties with the stablecoin issuer. Notably, Howard Lutnick, CEO of Cantor Fitzgerald, has been nominated for the position of U.S. Secretary of Commerce by President Trump and plans to resign from his role at the company upon Senate confirmation.
Valour launches first-ever DOGE ETP
Valour, a company that issues crypto funds, has debuted the initial exchange-traded product (ETP) dedicated to Dogecoin (DOGE). This ETP will be available for trading on Sweden’s Spotlight Stock Market, offering both individual and institutional investors an opportunity to invest in the most valuable meme coin by market cap within a regulated fund structure. As a result of the launch, DOGE’s market capitalization exceeded that of Porsche on November 27, reaching $57.8 billion. The price of Dogecoin has grown by 175% over the past month, and some cryptocurrency traders anticipate a possible 1,000% increase in DOGE’s value due to developing technical chart patterns.
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2024-11-30 00:13