THORSwap, the exchange that paused its platform last Friday following a series of trades related to the FTX hack, resumed its services on Friday with updated terms and conditions relating to users in sanctioned countries.
Decentralized exchanges a magnet for crypto wash traders: Solidus Labs
Token deployers and liquidity providers wash-traded over $2 billion worth of crypto on Ethereum-based DEXs since 2020, a Solidus Labs report claims.
Sweeping U.S. Tax Proposal Met With Boos From Crypto World
An immediate burst of criticism from the crypto industry shows the U.S. Treasury Department’s new proposal on how to handle digital assets taxes will face a long road as it enters a months-long period of public comments and hearings.
U.S. Department of Justice Arrests Engineer Over $9M Crypto Theft
The U.S. Department of Justice arrested a security engineer on wire fraud charges, alleging he stole $9 million worth of crypto from an unnamed decentralized cryptocurrency exchange.
Uniswap’s Hayden Adams: Q&A on Weathering the Regulatory Storm, What’s Next for DeFi
After the recent release of a proposal for a new “v4” version of the decentralized exchange Uniswap, CoinDesk’s Sam Kessler chats with Uniswap Labs CEO Hayden Adams about the case that DeFi is “here to stay” and his position that the U.S. “lags behind” on crypto regulation.
Uniswap Topped Coinbase’s Trading Volume in March During USDC Depeg, U.S. Crackdown
The DEX, however, has been unable to maintain elevated periods of trading volumes in the past, CCData noted.
Uniswap Topped Coinbase’s Trading Volume in March During USDC Depeg, U.S. Crackdown
The DEX, however, has been unable to maintain elevated periods of trading volumes in the past, CCData noted.
Crypto Startup LI.FI Spins Up Bridge, DEX Aggregator
The retail-facing platform uses a non-custodial setup, CEO Philipp Zentner said.
Coinbase Trade Volume Surpasses Uniswap’s, Countering Expectations for a DEX Surge
Market observers expected a surge in the use of decentralized exchanges following the collapse of FTX, but analysts said many DEXs offer a less user-friendly experience than centralized ones.
How to avoid front runners on decentralized crypto exchanges
Splitting the transaction into multiple smaller transactions, periodic auction matching, and adjusting the low slippage are various ways to avoid front-running.
What Did The SEC’s G. Gensler Say To The WaPo About Stablecoins And Evergrande?
The Chairman of the Securities Exchange Commission, Gary Gensler, showed his cards. He spoke with legacy-media-operation The Washington Post and host David Ignatius for their series “The Path Forward” and spilled the beans. We at NewsBTC saw the whole interview so you don’t have to. We selected the most crucial quotes, and present them in all their splendor for you all to read them and reach your own conclusions.
Of course, we’re going to offer our two cents. We’re not made of steel. In general, though, you’ll get Gary Gensler’s unadulterated words. They’re shocking enough as it is.
Gary Gensler Is Looking Directly At Stablecoins
Even though host David Ignatius had no questions about stablecoins, the topic was on Gensler’s mind. The SEC’s Chair brought it up a couple of times. First, he said:
“On something called stablecoins, and how the banking agencies–and we, too, market agencies–coordinate because these stablecoins may have attributes of investment contracts, have some attributes like banking products, but the banking authorities right now don’t have the full gamut of what they need.”
But his organization is not only thinking about stablecoins and trying to define them and isolate their attributes. They’re preparing a formal document:
“We’re working right now under the guidance of Secretary Yellen and working on a report around stablecoins, and in the world of stablecoins, I do think that there would be some help from Congress.”
This doesn’t seem that bad. Their report could conclude that stablecoins are a useful innovation and tool that the whole financial system can benefit from, right? Wrong. This is what Gensler and the SEC think about stablecoins, and pay attention to the language:
“These stablecoins are acting almost like poker chips at the casino right now; so, add to the Wild West analogy. I mean, we’ve got a lot of casinos here in the Wild West and the poker chip is these stablecoins, you know, at the casino gaming tables.”
Things are about to get interesting for stablecoins, it seems.
USDT Market Cap by Cryptocap | Source: USDT on TradingView.com
Does The SEC Want Crypto Exchanges To Register?
Look, there are no two ways about this. Gary Gensler wants all exchanges, including decentralized ones, to register with the Securities Exchange Commission. To convince them, he asks for the exchanges to come to him:
“I think it would be better–the platforms that are trading securities, the platforms that have lending products, who have what’s called “staking products,” and I’m glad to describe that for your listeners, but where you actually put a coin at the platform and you earn a return–that they come in and we sort through, figure out how best to get them within the perimeter.”
And, you might ask, what perimeter is that? Well, this quote makes it very clear:
“I think at $2 trillion, 5- or 6,000 projects, that it would be better to be inside investor-consumer protection, inside the tax compliance and anti-money laundering and financial stability.”
This goes in line with recent declarations from Gensler about the need for crypto regulation:
“Gensler believes that if the market is to grow, then it needs to embrace regulation. The SEC chairman explained that regulation would provide trust in the market, which is important if the market does not want to become irrelevant over time. “Finance is about trust, ultimately,” Gensler said. Gensler’s focus is mostly on trading platforms, given that this is where the majority (~95%) of activities in the crypto market are carried out.”
Is Gary Gensler Even a Cryptocurrency Enthusiast?
Since the new Head of the SEC once taught a class on Cryptocurrencies at MIT, people assumed he would be a pro-crypto legislator. Is he, though? Let’s read what he said about the subject specifically:
“I do think this new technology is a very interesting–and whomever she was, Satoshi Nakamoto, it’s led to change. It’s pushing at the side of central banks around the globe to reconsider how to provide payment systems. It’s pushing on the side as a catalyst for change in finance, so-called “fintech,” the intersection of new technologies and finance.”
So, a non-comital opinion. However, Gensler feels strongly about bringing cryptocurrencies into a public policy framework. So strongly, that he said, “I don’t think technologies long last outside of a social and public policy framework.” And then, “I think it’s better to bring it inside the public policy framework and ensure that we address these important public policy goals.” And later on one more time, “So, new technology is generally a good thing; it challenges the establishment. But I don’t think that new technologies really long exist outside of public policy frameworks.”
Does Any Of This Have To Do With Evergrande?
Days after our report about the situation, Evergrande became one of the biggest stories of the year. We explained that the company reportedly owes $300B, and the most likely cause for all that:
“Apparently, China Evergrande was caught in a loop. The company was pre-selling apartments and using that money to fund other projects, in which they also pre-sold the apartments and the cycle started again. Evergrande bonds are suspended, and there’s a chance they won’t be active ever again. They might be worthless. The stock is near its all-time low, it has lost nearly 80% of its value this year.”
Of course, The Washington Post’s Mr. Ignatius had to bring the subject up. He said that analysts are worried that there could be “contagion in financial markets, like what we remember from 2008 and the failure of Lehman Brothers.” Then, he asked: “Are you confident that our financial markets today are protected in the event that there was such a failure, not necessarily over this company but any large company with that level of debt?”
Gensler refused to comment on a Chinese company, that’s out of his jurisdiction. To the question, he answered:
“I do think the reforms after the 2008 crisis stood up a much stronger U.S. financial system. It doesn’t mean that there aren’t issues that we look at, at the SEC and other important regulators like the Federal Reserve and the bank regulators and CFTC, that I once was honored to chair. But I do think that we’re in better position in 2021 to absorb some of those shocks than we were prior to the ’08 crisis, but it doesn’t mean we’re isolated. Our economies are connected around the globe.”
Featured Image: Screenshoot from the interview | Charts by TradingView
Exchange Tokens Hit New All-time Highs as Stock Traders Rush to Crypto
GameStop caught the stock-buying public’s imagination. That excitement has spilled over to crypto.
Decentralized Exchange Volumes Hit Record Above $50B in January
Uniswap represented over 45% of total DEX volume.
DeFi Christmas: DEX Aggregator 1inch Launches Governance Token to Take On Uniswap
The token, named 1INCH and running on Ethereum, will be distributed to all wallets that have previously interacted with the platform.
This One Graph Shows Ether Going From CeFi to DeFi: Glassnode
Data indicates DeFi could take a huge bite out of CeFi when it comes to the ether cryptocurrency.
Decentralized Exchange Volume Dropped 25% in October
A steeper decline was avoided by one record day for Uniswap and Curve.
Decentralized Exchange Volume Rose 103% in September to Record $23.6B Even as Growth Consolidated
Strong trading incentives have “cannibalized volume” from other DEXs, said one analyst.
1,000 New Token Pairs Added to Uniswap in One Week; Buyers Beware
The exchange now supports nearly 10 times more pairs than Binance.
DeFi Flippening Comes to Exchanges as Uniswap Topples Coinbase in Trading Volume
Trading volumes are surging on Uniswap and other so-called decentralized cryptocurrency exchanges, challenging established venues like Coinbase.
Decentralized Exchange Volume Rose 160% in August to $11.6B, Setting Third Straight Record
Only two decentralized exchange protocols reported a drop in volume during August.