Latest news with #CryptoTaskForce
Yahoo
9 hours ago
- Business
- Yahoo
Citadel Securities Asks SEC to Tread Cautiously on Tokenization
(Bloomberg) -- Citadel Securities wants the US Securities and Exchange Commission to proceed more slowly on allowing 'tokenized' securities to take off. Why the Federal Reserve's Building Renovation Costs $2.5 Billion Milan Corruption Probe Casts Shadow Over Property Boom Salt Lake City Turns Winter Olympic Bid Into Statewide Bond Boom How San Jose's Mayor Is Working to Build an AI Capital SEC Chairman Paul Atkins has spoken recently about streamlining traditional securities rules to help companies offer tokenized securities. The result could be investor confusion and an uneven playing field for exchanges and publicly traded companies, Citadel Securities said in a comment letter sent Monday to the SEC's Crypto Task Force. A tokenized security is a digital representation of a security — but not direct title to the asset itself — that can be traded on a blockchain network, rather than in a brokerage account. By cutting stocks or other assets into smaller pieces, they can be more affordable to own. Formal Process In theory almost anyone could tokenize shares, but there's greatest interest in doing so from issuers directly or from digital asset platforms, who would then offer them to investors. 'Tokenized securities must achieve success by delivering real innovation and efficiency to market participants, rather than through self-serving regulatory arbitrage,' the market-making firm said in its letter. Instead, the SEC should move forward on tokenization through a formal rule-making process, Citadel Securities said. The SEC declined to comment, 'beyond what the chairman had said publicly on this topic,' a spokesperson said via email. Proponents of tokenizing popular stocks say putting those assets on a blockchain would allow for round-the-clock trading, instant settlement, enhanced liquidity and the purchase of fractional shares of nearly any tokenized stock. Citadel Securities said the SEC should carefully consider how such a move might deflate an already sluggish market for initial public offerings by giving privately held companies another alternative to raise capital. The development, which has support from digital asset exchanges like Coinbase Global Inc. and Robinhood Markets Inc., could 'siphon liquidity away' from equity markets, 'creating new liquidity pools that are inaccessible' to institutional players like pensions, endowments, banks and other firms whose risk management policies or fiduciary obligations prevent them from joining the fray, the market maker said. Atkins has spoken broadly about his support for innovation in financial markets, including through the burgeoning digital assets industry, which notched its first major regulatory win last week with the enactment of landmark stablecoin legislation. Stablecoins are digital assets tied to US dollars or other low-volatility assets and are intended to be used to facilitate payments. Elon Musk's Empire Is Creaking Under the Strain of Elon Musk A Rebel Army Is Building a Rare-Earth Empire on China's Border Thailand's Changing Cannabis Rules Leave Farmers in a Tough Spot How Starbucks' CEO Plans to Tame the Rush-Hour Free-for-All What the Tough Job Market for New College Grads Says About the Economy ©2025 Bloomberg L.P. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Bloomberg
10 hours ago
- Business
- Bloomberg
Citadel Securities Asks SEC to Tread Cautiously on Tokenization
Citadel Securities wants the US Securities and Exchange Commission to proceed more slowly on allowing 'tokenized' securities to take off. SEC Chairman Paul Atkins has spoken recently about streamlining traditional securities rules to help companies offer tokenized securities. The result could be investor confusion and an uneven playing field for exchanges and publicly traded companies, Citadel Securities said in a comment letter sent Monday to the SEC's Crypto Task Force.
Bloomberg
4 days ago
- Business
- Bloomberg
SEC's Atkins on Crypto Rules, Stablecoins, 401(k) Plans
US Securities and Exchange Commission Chairman Paul Atkins says the commission's Crypto Task Forced is focused on making 'clear rules' for cryptocurrencies following the passage of the first-ever federal legislation for stablecoins. Atkins also discusses the potential for private assets and alternative investments in 401(k) retirement plans and the independence of the SEC. (Source: Bloomberg)
Forbes
10-06-2025
- Business
- Forbes
SEC On Digital Assets: ‘We Should Not Automatically Fear The Future'
At a Securities and Exchange Commission roundtable on June 9, 2025, Chairman Paul S. Atkins called for protecting the right to self-custody Bitcoin and other digital assets. His remarks, delivered at the Crypto Task Force event titled 'DeFi and the American Spirit,' were rooted in a broader vision of economic liberty. Atkins, known for his market-friendly regulatory philosophy, framed decentralized finance and self-custody as modern expressions of deeply American ideals. Pointedly private property, innovation, and individual sovereignty. Atkins' speech comes amid increasing public awareness of digital asset custody. After the spectacular collapses of centralized crypto platforms like FTX and Celsius, many investors have turned to self-custody, storing their assets in wallets they control to minimize counterparty risk. In his remarks, Atkins praised blockchain technology for enabling direct ownership of digital property without intermediaries. He likened decentralized networks to 'free market systems' that reward users for validating transactions, and he rejected regulatory frameworks that penalize participation in open protocols. He drew a vivid analogy of holding developers liable for how users employ self-executing software is equivalent to suing a carmaker because someone used their vehicle to commit a crime. Atkins also challenged the SEC to move beyond ambiguous guidance and adopt clear, fit-for-purpose rules for decentralized systems. While he welcomed recent statements from the Division of Corporation Finance clarifying that staking and validating do not necessarily constitute securities transactions, he emphasized that such opinions lack the force of law. To address this, Atkins proposed a conditional 'innovation exemption' allowing both registrants and non-registrants to launch on-chain products without navigating an outdated regulatory maze. It was a striking statement from a senior SEC official, underscoring the political realignment around crypto in 2025. Atkins' remarks reflect a growing recognition that self-custody isn't just a technical preference, but a philosophical choice. Bitcoin, often likened to digital gold, is especially well-suited to self-custody. Its fixed supply and peer-to-peer nature allow users to hold it outside the traditional financial system. With a growing number of platforms offering user-friendly tools for multi-signature cold storage, self-custody is no longer the exclusive domain of tech-savvy early adopters. Multisig vaults require multiple approvals to move funds, dramatically lowering the risk of theft or accidental loss. Bitcoin can be purchased instantly, stored digitally, and transferred globally. Because of that, investors who want complete control over their assets, much like holding physical gold, now have more options to securely self-custody their Bitcoin. The rise of these services signals a shift toward empowering everyday investors, including retirees and wealth managers, to take control of their financial futures. But self-custody is not without risk. One of the most commonly cited concerns is user error. Losing the private keys that unlock a Bitcoin wallet can mean permanent loss of funds, with no customer service line to call. This risk grows more acute in natural disasters, death, or memory loss. Without a robust inheritance plan or backup access, Bitcoin held in self-custody can effectively vanish. Others worry about the threat of hacking, especially when funds are stored in so-called 'hot wallets' connected to the internet. These are more convenient for frequent use but also more vulnerable to attack. Security experts often recommend storing most crypto assets in 'cold wallets' that remain offline. While Atkins' advocacy for a more straightforward regulatory path is a step forward, the door remains open for retroactive enforcement. Previous administrations blurred the line between software development and financial services, resulting in lawsuits against creators of non-custodial wallet software. Atkins' call for legal clarity, especially for developers of self-custody and DeFi tools, is a welcome signal to the industry. However, the industry still needs concrete rulemaking before it can confidently build on American soil. The collapse of FTX in 2022 served as a painful reminder of the dangers of centralized custody. Billions in user funds were lost or frozen, with limited recourse. In the aftermath, self-custody has gained traction as the default recommendation among many Bitcoin advocates. The phrase "not your keys, not your coins" has emerged as a popular expression of digital sovereignty. However, true self-custody requires more than just control. It calls for education, careful planning, and a strong sense of responsibility. In response, hybrid models are gaining traction by helping users maintain control over their assets while offering support features like guided setup, backup key storage, and institutional-grade security to reduce risk. These innovations mirror the growing consensus that self-custody is achievable and advisable, but must be done responsibly. Atkins' remarks may prove to be a defining moment in crypto's regulatory history. By championing self-custody and decentralized software, he reaffirmed a vision of financial freedom rooted in individual agency rather than institutional control. But the road forward remains uncertain. Without legally binding reforms, entrepreneurs may continue to innovate offshore, and investors may continue to face an uneven patchwork of protections. Still, there is momentum. With a supportive SEC commissioner, a deregulatory White House, and a surge of interest in Bitcoin's store-of-value properties, the groundwork is laid for a more secure and sovereign financial future. As Atkins concluded, 'We should not automatically fear the future.' If the future embraces safe and responsible self-custody of digital assets, the potential benefits are significant.
Yahoo
28-05-2025
- Business
- Yahoo
Crypto Daybook Americas: Bitcoin Dominance Tops 64% While Options Indicate Bullish Tilt
By James Van Straten (All times ET unless indicated otherwise)Since May 22, bitcoin (BTC) has been trading within a narrow 5% range between $106,600 and $111,700, despite a flurry of bullish developments, including the announcement that Trump Media will raise $2.5 billion through equity and bond sales to fund a bitcoin treasury strategy. This pause in momentum comes even as the U.S. equity market rallies, with the S&P 500 up 22% from its April lows. Notably, bitcoin appears to have front-run traditional markets, with crypto markets now entering a consolidation phase while the S&P 500 still trades 4% below its all-time highs from February. Meanwhile, the divergence between bitcoin and the broader crypto market continues to widen. Bitcoin market cap dominance now consolidates above 64%, highlighting its growing influence. At current prices near $108,000, bitcoin trades almost $14,000 above its 200-day moving average, which sits just under $94,500, underscoring the strength of its recent performance. In contrast, ether (ETH) and solana (SOL) remain subdued. Ether has been rejected three times at its 200-DMA ($2,697) and currently trades at $2,633. Similarly, SOL is priced at $173, below its 200-DMA of $181, having also faced repeated rejections. 'Ether and solana have been battling resistance in the form of their 200-day moving averages for more than two weeks now. We seem to be dealing with an indecisive market choosing between a further mighty rally and fading after a rebound. Bitcoin's rally has the potential to inspire big alts to break out, but for now, we are not there yet," Alex Kuptsikevich, Chief Market Analyst at FxPro, told CoinDesk. In the derivatives market, bitcoin options expiring at the end of May show the highest concentration of call interest at $110,000, with June and July expiries skewing more bullish, particularly at $115,000 and $120,000 strikes, according to Kaiko. The highest turnover remains around $110,000, indicating expectations of continued consolidation around current levels. On the corporate front, Circle, issuer of the USDC stablecoin, has updated its IPO filing with the New York Stock Exchange. The company aims to raise $600 million at a valuation of $5.4 billion, becoming the latest crypto firm to push toward public markets amid renewed interest in institutional crypto adoption. Stay Alert! Crypto May 30: The second round of FTX repayments starts. May 31 (TBC): Mezo mainnet launch. June 6, 1-5 p.m.: U.S. SEC Crypto Task Force Roundtable on "DeFi and the American Spirit" Macro May 28, 2 p.m.: The Fed releases FOMC meeting minutes for May 6-7. May 29, 8 a.m.: The Brazilian Institute of Geography and Statistics (IBGE) releases April unemployment rate data. Unemployment Rate Est. 6.9% vs. Prev. 7% May 29, 8:30 a.m.: The U.S. Bureau of Economic Analysis (BEA) releases Q1 GDP data. GDP Growth Rate QoQ 2nd Estimate Est. -0.3% vs. Prev. 2.4% GDP Price Index QoQ 2nd Estimate Est. 3.7% vs. Prev. 2.3% GDP Sales QoQ 2nd Estimate Est. -2.5% vs. Prev. 3.3% May 29, 2 p.m.: Fed Governor Adriana D. Kugler will deliver a speech at the 5th Annual Federal Reserve Board Macro-Finance Workshop (virtual). Livestream link. Earnings (Estimates based on FactSet data) May 28: NVIDIA (NVDA), post-market, $0.88 Governance votes & calls Lido DAO is voting on adopting Dual Governance (LIP-28), a protocol upgrade that inserts a dynamic timelock between DAO decisions and execution so stETH holders can escrow tokens to pause proposals at 1% of TVL or fully block and 'rage-quit' at 10%. Voting ends May 28. Arbitrum DAO is voting on a constitutional AIP to upgrade Arbitrum One and Arbitrum Nova to ArbOS 40 'Callisto,' bringing them in line with Ethereum's May 7 Pectra upgrade. The proposal schedules activation for June 17, and voting ends on May 29. May 28, 1 p.m.: Sui to host an X Spaces session on Sui DeFi. June 10: to host an analyst call followed by a Q&A session. Unlocks May 31: Optimism (OP) to unlock 1.89% of its circulating supply worth $23.76 million. June 1: Sui (SUI) to unlock 1.32% of its circulating supply worth $163.22 million. June 1: ZetaChain (ZETA) to unlock 5.34% of its circulating supply worth $11.19 million. June 12: Ethena (ENA) to unlock 0.7% of its circulating supply worth $16.07 million. June 12: Aptos (APT) to unlock 1.79% of its circulating supply worth $60.51 million. Token Launches May 28: Sophon (SOPH) to be listed on Binance, BingX, KuCoin MEXC, OKX, and others. June 1: Staking rewards for staking ERC-20 OM on MANTRA Finance end. June 16: Advised deadline to unstake stMATIC as part of Lido on Polygon's sunsetting process ends. June 26: Coinbase to delist Helium Mobile (MOBILE), Render (RNDR), Ribbon Finance (RBN), & Synapse (SYN) Day 2 of 3: Bitcoin 2025 (Las Vegas) Day 2 of 4: Web Summit Vancouver (Vancouver, British Columbia) May 29: Stablecon (New York) May 29-30: Litecoin Summit 2025 (Las Vegas) May 29-June 1: Balkans Crypto 2025 (Tirana, Albania) June 2-7: SXSW London June 19-21: BTC Prague 2025 June 25-26: Bitcoin Policy Institute's Bitcoin Policy Summit 2025 (Washington) June 26-27: Istanbul Blockchain Week By Shaurya Malwa Sui's SUI jumps 6.5%, Cetus Protocol's token soars 26% as teams pledge to backstop exploit losses. Cetus Protocol, the top DEX on the Sui blockchain, secured a loan from the Sui Foundation to fully reimburse users affected by a $223 million exploit. The attacker used spoof tokens like BULLA to manipulate price curves and drain SUI, USDC, and other assets from liquidity pools. About $162 million of the stolen tokens were frozen on-chain; the rest were bridged out and may have been laundered through multiple routes. Cetus will combine the Foundation's loan with its treasury reserves to begin immediate repayments for affected users. Full recovery hinges on an upcoming community vote that would unlock the frozen funds for user compensation. At the time, the exploit caused CETUS to drop 40% and led to a sharp liquidity crunch across the Sui DeFi ecosystem, but the recovery plan has helped spark a strong market rebound. Bitcoin CME futures volume rose to $15.96 billion, the highest since Feb. 25. But the growth in open interest has stalled near $17 billion since May 21, suggesting a pause in inflows. ETH CME futures volume rose to the highest since Feb. 3, with open interest clocking a three-month high of $3.15 billion. On offshore exchanges, BTC and ETH perpetual futures signaled a moderately bullish bias with annualized funding rates holding steady below 10%. Monero's funding rate held above 90%, signaling excessive build of bullish leverage. On Deribit, BTC call bias has weakened across the board. Block flows featured short positions in the BTC May expiry call option at the $113K strike alongside demand for June and July expiry ETH call and call spreads. BTC is down 0.71% from 4 p.m. ET Tuesday at $108,821.26 (24hrs: -1.07%) ETH is down 1.54% at $2,628.1 (24hrs: -0.94%) CoinDesk 20 is down 1.35% at 3,245.33 (24hrs: -1.06%) Ether CESR Composite Staking Rate is up 11 bps at 3.1% BTC funding rate is at 0.0023% (2.4922% annualized) on Binance DXY is unchanged at 99.52 Gold is up 0.72% at $3,322.80/oz Silver is down 0.68% at $33.22/oz Nikkei 225 closed unchanged at 37,722.40 Hang Seng closed -0.53% at 23,258.31 FTSE is unchanged at 8,776.80 Euro Stoxx 50 is down 0.34% at 5,396.83 DJIA closed on Tuesday +1.78% at 42,343.65 S&P 500 closed +2.05% at 5,921.54 Nasdaq closed +2.47% at 19,199.16 S&P/TSX Composite Index closed +0.65% at 26,269.0 S&P 40 Latin America closed +0.76% at 2,619.31 U.S. 10-year Treasury rate is up 2 bps at 4.47% E-mini S&P 500 futures are up 2.02% at 5,934.75 E-mini Nasdaq-100 futures are up 2.32% at 21,461.25 E-mini Dow Jones Industrial Average Index futures are up 1.79% at 42,422.00 BTC Dominance: 64.05 (0.23%) Ethereum to bitcoin ratio: 0.02416 (-1.10%) Hashrate (seven-day moving average): 894 EH/s Hashprice (spot): $57.1 Total Fees: 6.05 BTC / $622,336 CME Futures Open Interest: 159,710 BTC priced in gold: 32.9 oz BTC vs gold market cap: 9.31% Bitcoin is teasing a downside break of the trendline characterizing the rapid price rally from early April lows near $75K. Such a move may entice more profit-taking, yielding a deeper pullback. Strategy (MSTR): closed on Tuesday at $372.2 (+0.73%), -1.15% at $367.93 in pre-market Coinbase Global (COIN): closed at $266.4 (+1.23%), -0.66% at $264.63 Galaxy Digital Holdings (GLXY): closed at C$29.97 (-5.16%) MARA Holdings (MARA): closed at $16.44 (+11.61%), -1.09% at $16.26 Riot Platforms (RIOT): closed at $9.14 (+6.9%), -1.2% at $9.03 Core Scientific (CORZ): closed at $11.28 (+5.62%) CleanSpark (CLSK): closed at $9.86 (+5.34%), -1.42% at $9.72 CoinShares Valkyrie Bitcoin Miners ETF (WGMI): closed at $18.24 (+3.58%) Semler Scientific (SMLR): closed at $43.39 (-2.1%), unchanged in pre-market Exodus Movement (EXOD): closed at $34.75 (-0.71%), +2.88% at $35.75 Spot BTC ETFs Daily net flow: $385.4 million Cumulative net flows: $44.88 billion Total BTC holdings ~ 1.20 million Spot ETH ETFs Daily net flow: $38.8 million Cumulative net flows: $2.81 billion Total ETH holdings ~ 3.55 million Source: Farside Investors The annualized premium in ether CME futures continues to rise and has now topped the 10% mark for the first time in months. The rising premium represents bullish sentiment among sophisticated market participants. Bitcoin Surges Ahead as Strategy Stock Lags (CoinDesk): Divergence grows amid mNAV compression and a shift in Strategy's funding approach for bitcoin accumulation. Sui Network Steps in to Compensate Cetus Losses in Full After $223M Exploit (CoinDesk): The Sui Foundation has extended a loan to Cetus to fully reimburse affected users, with repayment contingent on an upcoming on-chain community vote. Are XMR Traders Buying The Dip? Monero Futures Open Interest Surges as Price Falls By Nearly $100 in 3 Days (CoinDesk): Open interest has climbed to a multi-month high alongside persistently positive funding rates, signaling aggressive long positioning despite the recent sharp correction. Path of Least Resistance for Stocks Is Higher, Barclays Says (Bloomberg): Investor positioning remains light enough to support further gains, Barclays says, with systematic buying likely to persist absent a shock and Nvidia earnings now key to near-term sentiment. Putin Has Retooled Russia's Economy to Focus Only on War (The Wall Street Journal): Analysts say peace could spark unrest, as winding down arms production may lead to factory job losses and falling incomes in poorer regions that have benefited from heavy defense spending. Zelensky Heads to Berlin in Latest Sign of a Warming Relationship (The New York Times): Zelensky has met Germany's new chancellor three times in as many weeks, highlighting Berlin's push to assume a stronger role as U.S. support for Ukraine becomes less certain. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
