This Week in Review: Acting SEC Chair Rejects Enforcement, First US Bank-Issued Stablecoin

Acting SEC Chair Uyeda called for clear rulemaking over enforcement to provide much-needed guidance to the industry. The first U.S. bank-issued stablecoin

Acting Chair of the SEC, at least in the role of the chair, is not one to shirk away from stating the uncomfortable truths.

In her own words, she “would like to see more rulemaking and less litigation.”

She continues, “I think we can all agree that there’s a lot of room for improvement in terms of the speed and efficiency of the administrative process.”

Her comments come at a critical juncture as the SEC faces mounting pressure to provide much-needed guidance to the industry on issues like digital asset securities and cryptocurrency.

With several high-profile cases pending, including those against Binance and Coinbase, the agency has been juggling its enforcement role with the urgent need for clear regulations.

Despite the brisk pace of litigation, which Chair Uyeda acknowledges is a testament to the agency’s agility, she prefers to see more administrative action.

“I would like to see more rulemaking and less litigation. I think we can all agree that there’s a lot of room for improvement in terms of the speed and efficiency of the administrative process.”

Earlier this year, the SEC set forth its own plan for tokenized assets, aiming to standardize the reporting requirements for issuers of these instruments.

In addition, the agency is currently working on new regulations for crypto exchange registration, which could have a significant impact on the industry.

As the new chair of the SEC, Chair Uyeda is poised to play a pivotal role in shaping the future of cryptocurrency and Web3 technologies in the U.S.

Her priorities, which also include expanding access to capital markets and protecting investors from fraud, will be closely followed by industry stakeholders and legal experts alike.

The post Acting SEC Chair Prefers Rulemaking Over Enforcement—What’s New in Crypto Today, March 23, 2024 appeared first on Tokenist.

The first-ever tokenization of U.S. dollar bank deposits on Ethereum has launched with the integration of Circle’s cross-chain capabilities.

The move marks a major milestone in the convergence of CeFi and DeFi, paving the way for new use cases and financial products.

On Thursday, Circle announced the integration of its cross-chain capabilities with its institutional-grade tokenized dollar (USD) coin, USDC.

This integration will enable the seamless transfer of USDC from Circle’s own servers to any Ethereum wallet in a rapid and efficient manner.

Moreover, Circle is now accepting deposits in the form of bank transfers for the purpose of minting new USDC on Ethereum.

This capability is being introduced in collaboration with a "leading U.S. bank," which will allow its customers to directly credit and debit their bank accounts with USDC.

It is the first instance of a major U.S. bank engaging in the issuance of a stablecoin on a permissionless blockchain.

The development signifies a pivotal moment in the convergence of CeFi and DeFi, unlocking exciting possibilities for future use cases and financial products.

Earlier this year, Circle announced its initiative to expand its cross-chain capabilities, kicking off with support for the LINK token.

The company is also exploring the addition of other major and liquid tokens to its portfolio.

In February, Circle unveiled plans to introduce its own yield product, allowing users to earn interest on their USDC holdings. This product is still under development.

Recently, Circle announced the expansion of its ATOM and AXNX token support to Europe, aiming to facilitate seamless cross-border payments and token transactions within the European Economic Area.

The post First US Bank Issues Stablecoin on Permissionless Blockchain in 'Seismic Shift' for Finance appeared first on Tokenist.

Bitcoin’s price remained relatively flat on Thursday, trading at around $63,000 as analysts mulled over whether the traditional four-year halving cycle still holds predictive power.

The price of bitcoin has stalled in recent days after a rapid ascent from $50,000 in the past month.

The world’s largest cryptocurrency is now testing the crucial $64,000 resistance, which could determine the next leg of its price trend.

Bitcoin’s price is currently at a crossroads, with the traditional four-year halving cycle being a subject of debate among analysts.

Historically, bitcoin’s price has surged significantly after each halving event, which reduces the rate at which new coins are created.

This pattern was evident in the 2012 and 2016 halvings, which were followed by substantial rallies. However, the 2020 halving did not yield the same magnitude of price increase.

After the 2012 halving, bitcoin’s price went on a bull run from around $120 to a high of $1,200 by the time of the next halving.

Following the 2016 halving at a price of around $600, bitcoin rallied to