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
U.S. SEC Chairman says “Most Crypto Tokens Are Securities” and will regulate Crypto Platforms Like Exchanges.
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
The Layer-1 rising star, Near Protocol, has raised $350 million in an investment round led by hedge fund Tiger Global.
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
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ProShares Files an Application with SEC for Short Bitcoin Strategy ETF https://bit.ly/3KuNALq
UST Staking Program Available on Binance https://bit.ly/3JhYClO
Meta Plans to Introduce Virtual Currency and Lending Services to Apps https://bit.ly/3LQQ9bf
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