– The SEC declared that it will reopen an old proposal that expressly includes DeFi exchanges under its purview, inviting criticism from Commissioner Peirce.– SEC Chair Gensler has long contended that the large majority of crypto assets are subject to securities laws.The U.S.Securities and Exchange Commission (SEC) has declared that it will reopen an old proposal concerning consumer protection legislation.
The proposal will be modified to expressly include digital asset trading under its purview.The plan is to regulate cryptocurrency exchanges, including decentralized finance (DeFi) exchanges.The reopening of the old plan, according to the SEC’s latest press release, reiterates that existing laws governing securities exchanges also apply to digital asset trading platforms and so-called “DeFi” systems.The original proposal, made in January 2022, aimed to broaden existing exchange legislation to include systems that “provide protocols to bring together buyers and sellers for trading any type of security.” These systems would be needed to register as exchanges or broker-dealers and to follow Alternative Trading System laws.
SEC Commissioner Pierce criticizes existing regulations The proposal did not specifically reference crypto or DeFi.But the ambiguity of its terminology sparked concerned reactions from pro-crypto SEC commissioner Hester Peirce.The revisions proposed recently would cover crypto asset trading and DeFi exchanges.The latest revisions, according to Commissioner Peirce, serve to “Embrace stagnation, force centralization, urge expatriation, and welcome extinction of new technology.” Commissioner Peirce further said that adopting existing regulations to DeFi would result in confusing and unworkable standards for network participants.This includes blockchain miners and validators that support its related protocols.Furthermore, she questioned the ability of DeFi participants to meet exchange or broker-dealer registration standards and whether such registrations were necessary for DeFi.
SEC Chair Gensler has long contended that the large majority of crypto assets are subject to securities laws.Moreover, cryptocurrency exchanges should be subject to the same regulations and restrictions as regular trading platforms.
In contrast, Peirce frequently criticizes the Chair for attempting to fit a fresh and novel industry into a rulebook that wasn’t designed for it.Leave a Reply [Cancel reply](/news/u-s-sec-wants-to-regulate-defi-similar-to-cefi-commissioner-peirce-disagrees/#respond) Leave a Reply altcoin Will Solana be able to break into the crowded NFT markets yet again? – NFTs migrating from the Solana ecosystem surprisingly didn’t impact the blockchain to a great extent – The Solana ecosystem also witnessed a resurgence of interest from collectors and artists In recent months, blue chip NFT collections like DeGods and y00ts have been moving away from Solana [SOL] and towards other cryptocurrency networks, leading to speculation that Solana’s NFT space would suffer.However, in the last few days, there has been a notable increase in the number of addresses minting Solana NFTs.Is your portfolio green? Check out the Solana Profit Calculator On the bright side It can be inferred that the Solana NFT market might be witnessing a resurgence of interest among collectors and artists.This could balance out the decline caused by blue-chip collections moving to other platforms.
As a result of the aforementioned NFTs relocating, other collections like Solana Monkey Business and Degen Ape Academy have had an opportunity to stand out on the Solana network.According to data from Solanafloor, there has been an increase in demand for Solana NFTs, as evidenced by the rising blue-chip index over the last 30 days.Despite the renewed interest in Solana’s NFT market, the same level of enthusiasm was not observed among stakers of SOL, the native cryptocurrency of the Solana blockchain.
This decline in staking activity was showcased by Staking Rewards’ data, which revealed that the number of stakers on the Solana network decreased by 1.66% over the last week.As of the time of writing, there are approximately 585,852 addresses staking Solana.Solana faced certain challenges in the DeFi sector as well.One of the main reasons for this was the decrease in trading volumes on decentralized exchanges (DEXs) operating on the Solana network.Despite this setback in DEX volumes, Solana’s TVL continued to rise consistently over the past few months.As per DeFiLlama, the current TVL on Solana stands at $95.68 million at the time of writing.
Are you planning to sell your SOL? SOL’s prices have surged materially over the past few weeks, along with its volume as indicated by Santiment’s data.However, along with the sudden rise in prices, the volatility of SOL has also increased.
This implied that SOL might be vulnerable to high price fluctuations.altcoin Arbitrum [ARB]’s 30% surge could have a Binance connection.Decoding… Arbitrum [ARB] has already experienced its fair share of excitement in its brief existence.However, this time, the excitement stems from a sudden surge in its price, which has skyrocketed by more than 20% in the last 24 hours.
– Is your portfolio green? Check out the Arbitrum Profit Calculator Arbitrum price spikes On 13 April, Arbitrum witnessed an unprecedented surge in its value since its launch.By the end of that trading day, the value had soared by more than 14%.At the time of writing, the surge had continued, with an additional increase of 14%, bringing the overall rise in value to nearly 30% within the past 48 hours.The six-hour chart indicated that it was trading at approximately $1.5.
Additionally, ARB had surged into the overbought territory on a lower timeframe, as indicated by the Relative Strength Index (RSI).Not only had it crossed the 75 mark, but it had also surpassed 80.
The RSI line’s position on the lower timeframe indicated a strong bull run.However, it had yet to enter the overbought zone on the daily timeframe, although it was quickly approaching the same.A possible reason for the surge Crypto exchange Binance announced the introduction of new trading pairs on 13 April.One of the pairs mentioned was the ARB/RUB trading pair.This addition meant Arbitrum could now be directly traded with the Russian Rubles.Before this announcement, ARB was already paired with the Euro and Turkish Lira, as well as other crypto assets such as Bitcoin [BTC], Tether [USDT], and True USD [TUSD].
It may be a coincidence, but the announcement of the new trading pair by Binance coincided with the surge in Arbitrum’s value.Introducing the new pairing likely generated excitement among traders as trading one of the most highly sought-after L2 tokens became more convenient.
Convergence in Arbitrum volume? In addition to the surge in price, Santiment’s volume metric revealed a corresponding spike.As of this writing, Arbitrum’s volume had surpassed 2 billion, almost double what was recorded the previous day.Furthermore, the volume had steadily increased before the spikes on 13 and 14 April.The convergence of the volume and price movement further pointed towards a robust and healthy price move for ARB.TVL responds positively to ARB spike Following a significant decline in Total Value Locked (TVL) in March, Arbitrum’s TVL has been on the rise.According to the DefiLlama chart, the TVL had experienced a slight increase.
As of this writing, the TVL stood at $2.32 million, reflecting a nearly 4% surge within the past 24 hours.– How much are 1,10,100 ARBs worth today Although the recent pairing with the Russian Ruble might not be the only factor contributing to Arbitrum’s current surge, it has undoubtedly played a role.Moreover, given the current price trajectory, further increases may be observed until it reaches the overbought zone in the longer timeframe.However, a correction may be imminent once it enters the overbought region on the daily timeframe.
altcoin Decoding how Ethereum’s Shapella upgrade impacted the staking market – The Shapella update triggered the withdrawal of thousands of ETH worth millions of dollars.-Despite concerns about market impact, Ethereum investors remained optimistic as the price defied predictions and stayed above $2,000.The recent Ethereum [ETH] Shapella update brought about the long-awaited unlocking of staked ETH.This development was met with mixed predictions from various quarters.While some analysts foresaw a decline in ETH’s market value, it triggered a return to the previously established price range.
Read the Ethereum’s [ETH] Price Prediction 2023-24 As the unlocking of staked ETH gradually gained momentum, it begs the question of how stakers have responded to it.Also, what is the volume of stakes that have been withdrawn thus far? Ethereum stake reduces after unlock More than 30 hours have lapsed since the implementation of the Shapella update, and it has been met with significant traction.According to Etherscan’s latest data, stakers have withdrawn thousands of ETH worth millions of dollars.
As of this writing, close to 150,000 withdrawals of over 270,000 ETH was recorded.Further insights from Token Unlocks revealed that most withdrawals were reward withdrawals, while withdrawals of the principal stake were relatively low.Additionally, it was observed that over 111,000 ETH was deposited following the successful implementation of the Shanghai Hardfork.Current ETH withdrawal stats According to the latest report from lookonchain, Etherscan data revealed that the three leading withdrawal addresses were Lido, Figment, and Celsius Network.
As of this writing, Lido stood at the top of the list, with over 150,000 ETH withdrawals.Figment and Celsius Network followed closely with over 7,000 and 6,500 ETH withdrawals, respectively.In addition to the Etherscan data, Dune Analytics provided a comprehensive analysis of the staking market.According to the data, Lido continued to dominate the market with over 5 million staked ETH, representing over 30% of the market share.Kraken followed next with over 1 million staked ETH and over 5% of the market share, with Figment coming in third with over 400,000 staked ETH.However, there are concerns that Celsius and Kraken may need to withdraw all their deposits.
While Kraken was dealing with a lawsuit against its staking services by the CFTC, Celsius also faced insolvency issues.These concerns have raised questions about the future of the staking market and the overall impact on ETH’s value.How much are 1,10,100 ETHs worth today? Ethereum investors stay positive despite liquidations As of the time of writing, Ethereum’s daily timeframe chart indicated that it was trading above the $2,000 mark, defying some analysts’ predictions.The press time price trend suggested a positive momentum, with funding rates standing at over 0%, according to Coinglass data, indicating that investors anticipated a future price increase.Despite the positive outlook, there have been reports of liquidations amounting to over $73 million in the last 24 hours, per Coinglass.Top posts APR3 hours ago Liquid Staking Protocols See Increase In Monthly ETH Deposits Despite Withdrawals Post-Shapella Hard Fork Following the Shapella hard fork on April 12, 2023, approximately 332,368 ether, valued at around $699 million, has been withdrawn….
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