Weekly Roundup of Cryptocurrency News 28/01/2022

  • The SEC rejected yet another crypto ETF proposal and punted the other two
  • Reddit follows Twitter to showcase NFT avatar support
  • Thai regulators are trying to reduce the use of crypto in payment settlement
  • US Financial Markets Watchdog is investigating top crypto platforms over high-yielding crypto products

The crypto sector is recovering from wide-ranging mid-week sellouts triggered by Fed Chair Jerome Powell’s remarks on US monetary policy. Bitcoin lost its grip at the $37,000 level early today and is currently trading at $36,250. Ethereum has lost 3.15% in the last 24 hours and has fluctuated at around $2,370.

Native tokens from Cardano, Solana and Terra are also down on the day, with double-digit losses in the last seven days. Terra’s LUNA is the biggest slump, down almost 35% from last Friday.

Let’s take a look at other top headlines that you may have missed in the last week of January.

Payment of cryptocurrencies regulated in Thailand, officials say

On Tuesday, the Securities and Exchange Commission of Thailand (SEC), Bank of Thailand (BOT), and Ministry of Finance (MOF) released a joint press release revealing that the government will soon regulate the use of crypto as a means of payment. did. For goods and services.

Authorities said businesses and merchants have expanded their authority to use cryptography and are now accepting payments via digital assets. In this way, the financial stability of the country is at stake, so”exercise power ” Suppress the increase in token adoption and avoid potential impacts.

Regulators are planning to release a set of new guidelines on specific digital assets to ensure that while financial innovation is supported, it does not imply systemic risk. The guidelines take into account input from the general public and related stakeholders.

This announcement will be made when the Thai SEC is seeking feedback on a consultation paper proposing to ban merchants from publishing the use of digital assets to complete payments. This proposal will also establish restrictions on the transfer of crypto assets.

SEC is investigating lenders Celsius, Gemini and Voyager Digital for high-yielding cryptocurrency products

The SEC is pursuing Celsius, Gemini, and Voyager Digital lending platforms for the highly profitable products companies offer their users with token deposits.

According to the report published by Bloomberg On Wednesday, the SEC is interested in finding out if these products are eligible to require registration as securities. Quoting someone you know, Bloomberg It was noted that these companies were not accused of any misconduct. Rather, the SEC is just investigating.

Traditional financial institutions offer significantly lower interest rates than these products. Yield product offers are incomparable to the rates below 0.1% offered by banks, as interest rates are primarily above 5%.

However, there is one problem. The funds held in banks are insured by the Federal Deposit Insurance Corporation, yield products unlike that explain that investor protection is related to the SEC port.

SEC exploratory action may imply the possibility of legal action or intervention. Last year, Coinbase was forced to Shelve Lend products with the intervention of the SEC. The Commission warned the exchange that the dates would continue if the product was not abandoned.

NFT profile picture is coming to Reddit

The social media platform Reddit is on the road to providing NFT profile photo capabilities.The news happened after Twitter debut Limited support for similar features last Thursday.

Reddit spokesman Tim Rathschmidt, who confirmed that social media companies are actively seeking this initiative, said: TechCrunch Its feature is “Small internal test“And it wasn’t open to the public yet. No decision has yet been made on how NFT support will work or what features will be.

App developer Nima Owji first found the NFT test last Friday and posted it on Twitter.The Position There was a banner that says “”You can now use your digital collectible as a Reddit avatar..”

This isn’t the first time Reddit has entered the world of NFTs. Last year, we launched the CryptoSnoos avatar, a limited series of NFTs based on Reddit’s alien mascot Snoos. However, the company said it had no plans to expand the collection as it was an early test.

SEC Rejects Fidelity Investments Bitcoin Spot ETF

It is likely that the day will come when the US Securities and Exchange Commission is not yet keen on approving Bitcoin exchange-traded funds. Regulators maintain that claim. In short, it protects traders from high-risk investments and is hesitant to be exposed directly to cryptocurrencies.

Yesterday, US regulators rejected an application permitting trading of shares in the Chicago Board Options Exchange (Cboe) BZX list and Fidelity Investments’ Wise Origin Bitcoin Trust.

According to the newly announced filing, the SEC is concerned about the risk of fraud and tampering, citing its responsibility to guarantee the protection of investors. The CboeBZX exchange says “Monitoring sharing contract“Work with the Trust to establish a mechanism to detect, investigate, and prevent fraud and manipulation.

Fidelity’s proposal was rejected after two previous extensions of regulatory decisions on this issue. The investment company accepted yesterday’s decision and reaffirmed its continued talks with the SEC for the ETP.

Earlier this week, through two separate filings, Financial Watchdog said it would delay trading Bitcoin ETF application verdicts by ARKShares21 and agriculture-focused fund provider Teucrium on the Cboe BZX Exchange and NYSE, respectively. I did.

This is not an extension of the first 60 days after the two applications were submitted on July 20th and 23rd. However, because it is the last extension of the SEC, they may know their fate by the end of April.

So far, the SEC has only been kind to Bitcoin futures ETFs. When ProShares ETFs were first approved last November, analysts and industry experts were convinced that spot ETFs would soon follow. At present, investors and crypto enthusiasts seem to have to wait a bit longer.

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