Crypto Top 5: Gary Gensler is NOT a Cool Dad
Good morning. We are on to the second ever issue of the Crypto Top 5. I would like to say the almost 100% growth day-over-day in "subscribers" was the result of a quality, well-written, and informative piece of work, but really I just added some of my parents' friends who will struggle to read this on their phone. That being said, hope you enjoy and please forward along to others!
What this is:
A "Top 5" of crypto, digital asset, and other blockchain related news sent to your inbox on a daily basis
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Top 5:
1. Crypto Miners Rally as Bitcoin Mining Profits Remain ‘Near Highs’
Shares in Bitcoin mining firms are outperforming other crypto-related stocks as mining continues to provide highly lucrative margins. Christopher Brendler, an analyst from Marathon Digital, anticipates margins to remain around 89.6% in 2021 and rise slightly to 90.8% in 2022 for large firms.
2. SEC Chairman Says Crypto Market Won’t Mature Without Oversight
SEC Chairman Gary Gensler says that the agency will be "very active" in bringing cryptocurrencies under its investor protection framework and compared cryptocurrencies to a teenager that won't reach "adulthood" unless broader regulatory oversight is provided on issues such as money laundering and tax compliance.
3. Biden Administration Targets Stablecoins for Banklike Oversight
A Treasury-led panel recommended to Congress that tighter regulations be established to govern stablecoins and limit their issuance to banks only. Fears that runs on stablecoin issuer assets could occur and spread to other financial institutions have increased the scrutiny on firms like Tether, Circle, and Binance as of late. The combined market value of these three firm's USD stablecoins has grown from $11 billion last year to approximately $116 billion today.
4. President Bukele: El Salvador to Use Bitcoin Profits to Build 20 Schools
The President of El Salvador Nayib Bukele announced that the country will use "Bitcoin" profits to build schools in the country. The money will come from a surplus in the Salvadoran Trust for the Adoption of Bitcoin, but it doesn't appear the country has actually sold any of their Bitcoin reserves. El Salvador now holds 1120 Bitcoin (~$70 million as of writing).
5. SEC punts on approving a spot bitcoin ETF again, pushing decision to 2022
The SEC has pushed the date for a decision on Valkyrie's proposed spot Bitcoin ETF to January 7th of next year. The commission indicated that further time is needed to review the proposed rule change that would allow the spot Bitcoin ETF to be launched.