Prizmabet

NYDFS ‘More Eager Than Anyone’ for Federal Legislation, Chief Says

NYDFS Superintendent Adrienne Harris said any federal legislation should still keep a role for state regulators.

NEW YORK — New York Department of Financial Services Superintendent Adrienne Harris said federal legislation addressing cryptocurrencies would be welcome, but maintained that states should keep their existing roles overseeing digital assets.

States have been able to move more quickly while conventional wisdom that allowing states to regulate digital assets may create a “race to the bottom” in terms of regulatory oversight hasn’t been borne out, Harris said at the Digital Asset Compliance and Market Integrity Summit in midtown Manhattan Wednesday.

“We are maybe more eager than anyone to have a federal partner and to see federal legislation and regulation,” Harris said. “I think it’s really important that legislation gets passed, regulations get written, but it is still important that there is a role for the states.”

Harris said she was “optimistic” that the House and Senate might move legislation soon, saying NYDFS has spoken to both parties in both houses of the legislature over the past few years.

BitLicense evolution

New York’s BitLicense, which is nearly a decade old, has evolved over the years but the regulator’s view of it has stayed the same, Harris said.

“I think our approach hasn’t evolved that much. The approach was always about, how do you sort of square these competing objectives of fostering innovation, but protecting consumers and markets,” she said. “And so that means you really have to stay abreast of developments in industry, but also be the cop on the beat and strike that balance.”

NYDFS has one of the world’s largest crypto units, Harris said, with 60 full-time staffers dedicated to the crypto sector.

Harris said the general public’s views on the BitLicense have similarly become more accepting since its introduction, a change she called “gratifying.” Even federal lawmakers have pointed to the BitLicense as an example.

“[That’s] not to say that it’s perfect, right? There are some really valid critiques, both in terms of the rule and the way it has been operationalized,” she said. “But it’s been so gratifying to see California, Illinois, Nebraska, and then the EU and Singapore; everybody sort of takes pieces.”

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Singapore Court Grants WazirX Four-Month Conditional Moratorium: Source

WazirX, which lost $234 million in a hack, had filed an application with the Singapore High Court for a six-month moratorium.

A Singapore court has granted Indian cryptocurrency exchange WazirX a four-month moratorium based on certain conditions on Thursday, an industry source told CoinDesk.

The conditions imposed on WazirX include revealing the addresses of its Wallets through a court affidavit, responding to users’ queries, revealing its book of accounts within six weeks, and ensuring that any future voting on the way ahead is conducted on an independent platform. CoinDesk reached out to WazirX to comment on the matter.

WazirX, which lost $234 million in a hack, some 45% of customers’ funds, had filed an application with the Singapore High Court for a six-month moratorium.

The hacker behind that July hack has nearly finished laundering the stolen funds, using Tornado Cash to obscure the transactions.

Earlier, the crypto exchange’s legal advisers said WazirX customers are unlikely to be made whole in crypto terms.

The Judge in the case heard the matter on Wednesday, and on Thursday, she delivered a verdict.

During the proceedings on Wednesday, she asked the legal representatives of WazirX to “think about” releasing the details of any assets the exchange had other than the tokens it held.

The Judge said the exchange acted on “good faith” by stepping up and seeking a moratorium, according to the industry source.

Harris Says Her White House Will ‘Invest in America’s Future’ Which Includes ‘Digital Assets’

The Democratic nominee promises she’ll be a tech-friendly president in remarks to donors.

Vice President and Democratic nominee Kamala Harris made her first remarks on crypto before donors in New York City, according to a report from Bloomberg.

“To build that opportunity economy, I will bring together labor, small business, founders and innovators, and major companies. We will partner together to invest in America’s competitiveness, to invest in America’s future,” Bloomberg quoted Harris as saying. “We will encourage innovative technologies like AI and digital assets while protecting consumers and investors. We will create a safe business environment with consistent and transparent rules of the road.”

Uniswap Labs CEO Hayden Adams appeared to endorse Harris following her remarks.

“Yes, Biden has been bad for crypto, and actions will speak louder than words, but progress is progress; it needs to start somewhere and should be encouraged,” he wrote on X. “She is signaling her admin will approach it differently / be more pro-innovation.”

In April, Uniswap received a Wells Notice, a memo that the Securities and Exchange Commission is considering enforcement action.

Harris’ remarks come after Republican nominee Donald Trump purchased burgers with bitcoin (BTC) at a crypto-themed bar called PubKey in New York.

Trump and his family are also promoting a Decentralized Finance (DeFi) project called World Liberty Financial on the campaign trail. Trump recently appeared on Rug Radio, a crypto media platform, to promote the project and discuss crypto policy.

Recently, Anthony Scaramucci, founder and managing partner of SkyBridge Capital, who also had a brief tenure as White House communications director under then-President Donald Trump, said during Token 2049 in Singapore that he is working with the Harris campaign to develop crypto policy.

In July, Scaramucci said on CoinDeskTV that the Democrats made a “horrific mistake” on crypto crackdowns, and largely mishandled crypto policy.

Currently, Polymarket is giving Harris a 52-47% lead with over $980 million bet on the election.

Ether Outperforms Bitcoin as Token 2049 Concludes, Overall Crypto Market Stays Flat

The CoinDesk 20 is beginning the week flat.

Ether (ETH) pushed past bitcoin (BTC) in daily gains as Token 2049, and Solana’s Breakpoint, two of the largest conferences in crypto, wrapped up in Singapore, but both of these tokens are relatively flat as the market stays stagnant.

ETH is up 2.6%, trading above $2,600, according to CoinDesk Indices data, while BTC is trading above $63,700, up 1.2%. The CoinDesk 20 (CD20), a measure of the performance of the largest digital assets, is flat, up less than 1%.

Data from CoinGlass shows that in the last 12 hours, slightly more short positions than longs have been liquidated, with $64.23 million in short positions and $54.42 million in longs being liquidated.

Trading is likely light in the aftermath of last week’s 50 basis points (bps) interest rate cut. BTC is up 9.5% in the last week while ETH is up over 16%. Polymarket bettors are confident that another rate cut is coming but are split as to the extent: 47% say it will be 50 bps, while 47% say it will be 25 bps.

Solana’s (SOL), which was the focus of the Breakpoint conference that took place immediately after Token 2049, is flat, trading above $145. During Breakpoint, many attendees were impressed with the announcements coming from the protocol, such as Jump Crypto’s validator going live.

Pendle, a portfolio company of Arthur Hayes’ fund Maelstrom, is down over 6.5%. Traders are likely spooked that Maelstrom has reduced its position in the project after Hayes spent a considerable amount of time promoting it on stage in Singapore.

For his part, Hayes said that they reduced their position in Pendle to get liquidity to fund “a special situation.”

“Those who monitor our wallets will get a glimpse as to what that is in the very near future,” he wrote on X.

Pendle is up over 24% on-week according to CoinGecko data.

Meanwhile, MOTHER, a memecoin promoted by music star Iggy Azalea is up 4.5% after she announced that the project was building a companion casino called Motherland.

MOTHER is one of the few celebrity memecoins that has managed to maintain its value. The token, however, mostly trades on decentralized exchanges (DEX) and is not available on any well-known centralized platforms. An addition of an online casino is sure to complicate the listing process on major centralized exchanges because of regulatory complexities.

Canada Moves Away From Retail CBDC, Shifts Focus to Broader Payments

Canada’s central bank has said it is shifting its focus to broader payments system research and policy development.

Canada is shifting its focus away from a retail central bank digital currency after years of research, its central bank announced last week.

“With this work completed, and with other payments issues gaining prominence, the Bank is scaling down its work on a retail central bank digital currency and shifting its focus to broader payments system research and policy development,” a document vaguely titled “Digital Canadian Dollar” said.

CBC News, Canada’s public broadcaster, reported that “The Bank of Canada confirmed” it has “shifted its focus away from the idea of introducing a digital Canadian dollar.” The story also said the Bank “is shelving” the idea of a Canadian dollar.

It isn’t clear whether the bank’s official statement saying it was “scaling down” its retail CBDC work and “shifting its focus to broader payments” research means it has shelved the retail CBDC idea completely.

Particularly because the Bank also said it would “continue to monitor global retail CBDC developments and publish some related research,” there would “be further opportunities for Canadians to provide input on a potential digital dollar,” and that all the research done so far would be “invaluable if, at some point in the future, Canadians … decide they want or need a digital Canadian dollar.”

Canada’s latest position comes as the debate over CBDC’s became a presidential election issue in the U.S. despite the Federal Reserve’s Chair, Jerome Powell, saying it was nowhere near recommending – or let alone adopting – a CBDC in any form” and that “people don’t need to worry about it.”

But the Bank of Canada’s update does come less than three months after a staff discussion paper which said that cash is “likely to decline” in relevance going forward then a “properly designed CBDC would help fill the gap” and maintain the relevance of a retail public money in the economy.”

At the end of 2023, the Bank received almost 90,000 responses to a public consultation paper, with most reflecting privacy concerns.

Core Scientific, on Cusp of Becoming a Major Force in AI Hosting, Initiated at Buy: Canaccord

The broker started coverage of the bitcoin miner with a buy rating and a $16 price target.

Core Scientific (CORZ) is on the cusp of becoming a major force in artificial intelligence (AI) hosting, broker Canaccord said in a Monday report initiating coverage of the bitcoin (BTC) miner.

Canaccord started coverage of the crypto mining company with a buy rating and a $16 price target. The shares were 1.4% higher at $12.15 in early trading.

A transformative 12-year contract the firm inked with hypersaler CoreWeave in June is a game changer, Canaccord said. The broker views it as the “first and landmark ‘mega deal’ signed by a bitcoin miner to provide high-performance compute (HPC) data center hosting capacity.”

A hyperscaler is a large-scale data center specializing in delivering huge amounts of computing power.

Canaccord identified three positive drivers for the stock: “Ramping revenue in AI hosting, better cash flow and potentially more site acquisitions on the way,” analysts led by Joseph Vafi wrote.

The price target comprises about $12 for the CoreWeave contract, $3 for the company’s remaining power supply that has been selected for AI hosting and around $1 for the bitcoin-mining business.

The company also has potential upside from mining. It still has about 230 megawatts (MW) of power that can be used for bitcoin mining, even after repurposing almost 500MW for AI hosting, the report noted.

Monero Nears Major Supply Zone at $180: Technical Analysis

XMR has been locked in a range with $180 as resistance and $100 as a price floor for over two years.

Monero (XMR), the leading privacy-focused cryptocurrency, is rising toward a critical level that has repeatedly marked bull failure for over two years.

Since June 2022, XMR has been trading sideways, with multiple attempts to break above $180 leading to sharp pullbacks. The downside has been restricted to nearly $100, according to the charting platform TradingView.

The cryptocurrency’s struggle to maintain bullish momentum beyond $180 suggests traders have been offloading their holdings when it nears that level. With XMR now changing hands near $175, traders should closely watch for a repeat of a bearish reversal lower or a potential breakout.

Markets accumulate energy during consolidation phases, which is released in the direction of the eventual bullish breakout or bearish breakdown. The longer the consolidation, the bigger the buildup and eventual release.

A sustained move above $180 would shift focus to resistance at $260, which is identified by adding the height ($80) of the two-year trading range to the breakout price of $180. This method of arriving at potential price objectives/resistance levels is known as the measured move/height method, according to technical analysis theory.

XMR crashed 35% to $100 in February after Binance, the leading cryptocurrency exchange, delisted the token, saying it didn’t meet the exchange’s standard. Prices saw a brief rally in June after some European countries cracked down on botnet mining.

Digital Asset Funds See Second Consecutive Week of Inflows: CoinShares

Bitcoin-linked products led with $284 million of inflows, while their ether equivalents saw outflows of $29 million.

Digital asset investment products experienced a second straight week of inflows, adding a net $321 million, according to crypto asset manager CoinShares.

CoinShares attributes the performance to the 50 basis-point interest-rate cut by the Federal Reserve, the first time the U.S. central bank has reduced the cost of borrowing in four years.

Bitcoin (BTC)-linked products led the inflows with $284 million, while their ether (ETH) equivalents saw outflows of $29 million. This was the fifth consecutive week that ETH products registered outflows, even as the second-largest cryptocurrency by market value led gains after the Fed move.

“This is due to persistent outflows from the incumbent Grayscale Trust and scant inflows from the newly issued ETFs,” CoinShares wrote on Monday.

Ether exchange-traded funds have consistently underperformed bitcoin ETFs since they listed in the U.S. in July. Their first five weeks of trading saw $500 million of outflows, while their BTC counterparts had experienced more than $5 billion of inflows during their first five weeks.

JPMorgan attributed the disparity to bitcoin’s “first mover advantage,” the lack of staking provision in ETH products and lower liquidity making them less appealing to institutional investors.

First Mover Americas: BTC, ETH Rise in Muted Trading to Start the Week

The latest price moves in crypto markets in context for Sept. 23, 2024.

This article originally appeared in First Mover, CoinDesk’s daily newsletter, putting the latest moves in crypto markets in context. Subscribe to get it in your inbox every day.

Latest Prices

CoinDesk 20 Index: 1992.83 +1.03% Bitcoin (BTC): $63,453.28 +1.27% Ether (ETH): $2,645.83 +2.62% S&P 500: 5,702.55 +0.19% Gold: $2,622.99 +0.1% Nikkei 225: 37,723.91 +1.53%

Top Stories

Major cryptocurrencies made cautious gains to start the week, with BTC around 1.3% higher over 24 hours at just under $63,500. Ether outperformed bitcoin, rising 2.7% to $2,650, while the broader digital asset market is up just under 1.1%, as measured by the CoinDesk 20 Index. Data from CoinGlass shows that in the last 12 hours, slightly more short positions than longs have been liquidated, with $64.23 million in short positions and $54.42 million in longs being liquidated. Trading is likely light in the aftermath of last week’s 50 basis-point interest-rate cut in the U.S. BTC is up 9.5% in the past seven days while ETH is up over 16%.

Digital asset investment products experienced a second straight week of inflows, adding a net $321 million, according to CoinShares. The crypto asset manager attributes the performance to the 50 basis-point interest-rate cut by the Federal Reserve. Bitcoin-linked products led the inflows with $284 million, while their ether equivalents saw outflows of $29 million. This was the fifth consecutive week that ETH products registered outflows, even as the second-largest cryptocurrency by market value led gains after the Fed’s rate cut. “This is due to persistent outflows from the incumbent Grayscale Trust and scant inflows from the newly issued ETFs,” CoinShares wrote.

Core Scientific is on the cusp of becoming a major force in AI hosting, broker Canaccord has said in a report. Canaccord started coverage of the crypto mining company with a buy rating and a $16 price target. The shares were 1.4% higher at $12.15 in early trading. Canaccord identified three positive drivers for the stock: “Ramping revenue in AI hosting, better cash flow and potentially more site acquisitions on the way,” analysts led by Joseph Vafi wrote.The company also has potential upside from mining. It still has about 230 megawatts (MW) of power that can be used for bitcoin mining, even after repurposing almost 500MW for AI hosting, the report noted.

Chart of the Day

– Omkar Godbole

Sygnum Unit Receives Liechtenstein License as a Crypto Asset Service Provider

The registration paves the way for the Switzerland and Singapore-based banking group to expand into the European Union and European Economic Area.

Sygnum said it obtained a crypto license from Liechtenstein, paving the way for the Zurich and Singapore-based digital assets banking group to expand into the European Union under the bloc’s Markets in Crypto-Assets Regulation (MiCA).

The bank’s subsidiary in the country received a license allowing it to offer regulated digital assets services, including brokerage, custody and banking.

Sygnum joins companies like Coinbase, Circle and others preparing to expand in Europe as MiCA takes effect. MiCA is a bespoke set of rules for the crypto industry that enables companies licensed in one country to operate across all 27 member states as well as countries like Liechtenstein that are in the European Economic Area. Switzerland is a member of neither.

MiCA’s stablecoin rules came into effect in June, with other regulations likely to come into force by December. EU countries have started accepting registrations for their respective crypto-asset service provider (CASP) regimes.

“The registration as CASP in Liechtenstein paves the way for a significant expansion of our regulated footprint into the EU, the world’s largest trading bloc,” said Martin Burgherr, Sygnum’s chief clients officer.