Cryptocurrency56 minutes ago (Dec 31, 2021 09:31AM ET)
Crypto Flipsider News – SEC Recruits Crypto Aide, Shiba Inu Prepares for Doggy DAO, SHIB Burn Fitness App, Binance Cancels C2C in China, ETH 2.0 Rocket Pool Hits $360 Million, Robinhood Adds Options Rolling
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- The SEC has recruited former Senate aide as Gary Gensler’s crypto advisor.
- prepares for Doggy DAO, bigger SHIB burns incoming with fitness app.
- Binance cancels C2C trading in mainland China, suggests replacement.
- ETH 2.0 staking protocol hits $360 million TVL in five weeks.
- Robinhood (NASDAQ:) looks to expand access to Crypto with options rolling feature.
The SEC Has Recruited Former Senate Aide as Gary Gensler’s Crypto Advisor
As crypto regulation becomes a more prominent issue, the chairman of the Securities and Exchange Commission, Gary Gensler, has hired former Senate aide Corey Frayer to serve as an advisor on matters related to cryptocurrency.
Frayer previously worked with the U.S. Senate Committee on Banking, Housing, and Urban Affairs. The appointment will see him advise Gensler on SEC policies. Frayer will also perform inter-agency work pertaining to crypto asset oversight.
The appointment of a crypto-focused senior adviser falls in line with the SEC’s stated focus of establishing a regulatory framework for the cryptocurrency industry.
Corey Frayer was one of four new staff members to join the SEC, though the roles of the remaining three members do not specifically pertain to cryptocurrency.
- Along with the announcement, SEC Commissioner Hester Peirce has criticized calls for unified crypto regulations.
Why You Should Care
Many believe that the appointment could be a signal that the SEC is stepping up its efforts to regulate the crypto industry in 2022.
Shiba Inu Prepares for Doggy DAO, Bigger SHIB Burns Incoming with a Fitness App
The developers of 2021’s most viewed cryptocurrency, Shiba Inu, have announced the launch of the beta version of DAO 1 – a Doggy decentralized autonomous organization. The move will increase the decentralization of the network.
The Doggy DAO will be run and fully controlled by the SHIB community, otherwise known as the Shiba Army. It will also give the SHIB community voting rights and the responsibilities in regards to Shiba Inu governance.
Since Buterin introduced a deflationary mechanism via burning on the Shiba Network, over 1,000 independent burns have taken place. While Bigger Entertainment has outlined its roadmap for further burning Shiba Inu in 2022, it also has plans for a blockchain game, ‘MixDraft.’
In addition to the 2.95 billion SHIB which Steven Cooper, the owner of Bigger Entertainment has said will be burned, the company plans on launching a Fitness App. According to Cooper, the app will burn SHIB tokens as users burn calories.
- The value of SHIB continues to wane, with the coin having lost 60% of its value over the last 60 days.
Why You Should Care
The increasing number of use cases for Shiba Inu is gradually changing the narrative around meme coins, which used to be about its lack of utility.
Binance Cancels C2C Trading in Mainland China, Suggests Replacement
Ending what has been a turbulent year for its relationships with regulators across the globe, Bitchina reports that Binance will suspend customer to customer (C2C) trading for users in mainland China.
In October, the world’s largest crypto exchange suspended the trade of Chinese from its C2C platform. Binance has now bowed to China’s stance against decentralization by shutting down its activities entirely in mainland China.
As Binance leaves China, the exchange has recommended a replacement. Binance suggested that its verified partner, Pexpay, could be used as a substitute C2C trading platform in China.
- Binance has launched a 100-million-euro ($113-million USD) initiative in France to develop its crypto and blockchain industry.
Why You Should Care
Although Binance has suspended its services in China, the exchange continues to work with regulators towards global adoption.
ETH 2.0 Staking Protocol Hits $360 Million TVL in Five Weeks
Since embraced staking, more options have arisen through which investors can lock their ETH to earn rewards. One of such platform is Rocket Pool (NASDAQ:), a next generation decentralized ETH 2.0 staking pool protocol, which has surpassed $360 million worth of total value locked (TVL).
While there are other ETH 2.0 platforms with more than $360 million in TVL, Rocket Pool reached the milestone within a mere five months of its launch. According to DefiLlama, $368.39 million is currently staked on Rocket Pool.
Rocket Pool now only stands behind the Keep3r Network (October 2020) at $592.34 million, and Lido Finance (December 2020) in first place with $6.19 billion. Rocket Pool claims that it has 635 node operators.
Speaking on the growth of Rocket Pool, Darren Langley, the project’s general manager, stated; “in the staking market, there was significant latent demand for a decentralized option — it just needed our launch to spark an inferno.”
- Ethereum’s exchange outflows have seen its largest drop, having reached a four year low in the final week of 2021.
Why You Should Care
Following Ethereum’s transition in mid-2022 liquid staking may become more profitable, which could potentially catalyze a surge in interest.
Robinhood Looks to Expand Access to Crypto with Options Rolling Feature
American financial services company Robinhood, which is preparing for its crypto wallet launch in January, has announced a new feature that will allow more traders to use the platform.
Robinhood has revealed that it is working on a feature for its mobile app to allow options contracts. The feature, which is currently in the beta version of the Robinhood mobile app, will allow traders to extend their options. A small portion of Robinhood’s current customer base, its Level 3 users, already have access to the rolling feature.
Via the Options Rolling feature, traders will be able to close out their positions and simultaneously open new ones with a different date and price. According to Robinhood, Rolling will help traders better manage their options strategies.
- Options trading accounted for 61% of Robinhood’s third-quarter trading revenue.
Why You Should Care
With the feature already in beta, it is clear that Robinhood is preparing to rollout the feature to its user base on a wider scale.
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