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U.S. SEC Chairman Says “Most Crypto Tokens Are Securities” and Will Regulate Crypto Platforms

Daily Market Wrap

  • Crypto market cap: 1.98 trillion, down 5.05%

  • BTC price stands at USD 43,350, down 4.20%

  • ETH price stands at USD 3,186, down 4.77%

  • Top gainer: Anchor (ANC), up 11.84%

  • Top loser: Oasis Network (ROSE), down 19.41%

News of the Day

Why it matters:

  • Gary Gensler, the Chairman of the U.S SEC, will be working on registering and regulating crypto trading and lending platforms in the future

  • Gensler also paid some attention to stablecoins, saying that they are generally not used for commerce. However, they potentially may compete with bank deposits and money market funds, and they raise three important sets of policy issues

  • Gensler further expressed his concerns about the fact that most crypto tokens involve a group of consortiums raising money from the public, considered securities under the U.S. Supreme Court’s 1946 Howey Test

Crypto daily spotlight

Brief introduction: NEAR Protocol is a layer-one blockchain that aims at high transaction speeds, high throughput, and enhanced interoperability. It is Near Protocol’s second nine-figure raise, coming less than 3 months after it announced a $150 million funding round led by Three-Arrows Capital with participation from several crypto-native funds including Mechanism Capital, Dragonfly Capital, a16z, Jump, Alameda, etc.

Why it matters:

  • There will be over 1.3 billion in total combined from two rounds of previous raises and a monumental $800 million in funding initiatives by Near Protocol itself.

  • With the rapid development of the ecosystem last year, a skyrocketing growth of Near Protocol’s ecosystem will be anticipated to continue in 2022.

  • The increasingly cash-rich Near ecosystem is likely to benefit web 3.0 startup platforms and DAOs.

Daily sector tracker

Daily News Roundup

  1. OpenSea Begins Going Live with Supporting Solana-based NFTs

  2. Sky Mavis Raised $150 Million Led By Binance to Reimburse User Funds Lost in The $625 Million Ronin Attack

  3. ProShares Files an Application with SEC for Short Bitcoin Strategy ETF

  4. UST Staking Program Available on Binance

  5. Meta Plans to Introduce Virtual Currency and Lending Services to Apps

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