SEC chair uses crypto enforcement in justification for FY2023 budget

Gary Gensler, chair of the United States Securities and Exchange Commission, or SEC, has cited concerns about cryptocurrency enforcement in its budget request for the next fiscal year. In written testimony for a Wednesday hearing of the U.S. House Committee on Appropriations, Gensler said he supported President Joe Biden’s request to budget more than $2.1 billion for the SEC in FY2023, allowing the regulatory body to increase its enforcement division by 50 people. The SEC chair cited concerns about the crypto space, referring to markets as “highly volatile and speculative”…

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Candidate supported by Bankman-Fried-linked PAC loses Oregon primary

Andrea Salinas has won the Democratic primary election for the newly created Oregon 6th District seat in the United States House of Representatives. Practically since it started, the election race was the object of intensive media attention, which most often centered around Salinas’ opponent Carrick Flynn, whose campaign was generously funded by the Protect Our Future political action committee (PAC) backed by billionaire FTX CEO Sam Bankman-Fried. The PAC paid for a flood of advertising supporting Flynn.  Salinas won the seat with 38% of the vote, while Flynn came in…

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Socios fan tokens rally 40%+ after Chiliz rolls out mainnet upgrade and token burn plan

In times of high stress and market turmoil, sports entertainment has served as a valuable escape for people around the world as they get a chance to root for their favorite players and teams while briefly forgetting about the worries of the world.  Amidst the ongoing market volatility and falling crypto prices, sports fans have cause to rejoice as multiple fan tokens have bucked the downtrend on May 18 to post 40% plus gains. Top 7 coins with the highest 24-hour price change. Source: Cointelegraph Markets Pro Here’s a look…

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Was Terra’s UST cataclysm the canary in the algorithmic stablecoin coal mine?

The past week has not been an easy one. After the collapse of the third-largest stablecoin (UST) and what used to be the second-largest blockchain after Ethereum (Terra), the depeg contagion seems to be spreading wider.  While UST has completely depegged from the U.S. dollar, trading at sub $0.1 at the time of writing, other stablecoins also experienced a short period where they also lost their dollar peg due to the market-wide panic. Tether’s USDT stablecoin saw a brief devaluation from $1 to $0.95 at the lowest point in May.…

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Meta trademark filing hints at plans for crypto payments platform

Social media giant Facebook’s parent company, Meta, may be planning to launch a payments platform with support for cryptocurrency.  According to records submitted to the United States Patent and Trademark Office, or USPTO, on May 13, Meta filed five applications for its namesake to be used in a platform called Meta Pay. The filings included Meta’s name for use in a “online social networking service for investors allowing financial trades and exchange of digital currency, virtual currency, cryptocurrency, digital and blockchain assets, digitized assets, digital tokens, crypto tokens and utility…

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Early polling from Terra vote indicates 91% are in favor of ‘rebirth’

Terraform Labs CEO Do Kwon’s plan to create a new blockchain “without the algorithmic stablecoin” TerraUSD (UST) has the support of 85 million community votes. In a proposal opened to the Terra (LUNA) community on Wednesday, more than 91% of votes at the time of publication were in favor of “rebirthing” the Terra network — roughly 85 million out of 93 million, with up to 284 million votes yet to be cast. The proposal needs roughly 188 million votes in favor to pass before the window closes on May 25.…

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Bitcoin price drops under $29K as Walmart, Target stock lose most since 1987

Bitcoin (BTC) headed toward an “interesting” liquidity area on May 18 as United States stock markets opened with a bearish bang. BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView BTC price nears “interesting” rematch with lows Data from Cointelegraph Markets Pro and TradingView followed BTC/USD as it broke through the $29,000 support after the Wall Street open. U.S. markets saw a swift reversal of prior gains on the day, with the S&P 500 down 2% and the Nasdaq 100 down 2.3% within the first hour of trading. The big surprise, however, came…

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Analysts assess the aftermath of the Terra (LUNA) collapse

Financial commentator Frances Coppola is convinced that algorithmic stablecoins such as TerraUSD (UST) will always be vulnerable to sudden collapses, no matter how much the technology improves.  “They can improve their game theory, they can improve their risk assessment, but I think there will still always be some states of the world that they won’t have thought of,” pointed out Coppola in a discussion with Mike McGlone, senior commodity strategist at Bloomberg. Terra’s UST stablecoin, which relied on an algorithm to maintain a peg to the U.S. dollar, collapsed last…

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ShapeShift creates FOX Foundation as intermediary for successful DAO transition

On Wednesday, ShapeShift — a Swiss decentralized autonomous organization (DAO) hosting a cryptocurrency trading ecosystem — announced that its centralized corporate brand, ShapeShift AG, has formed the FOX Foundation. The nonprofit organization’s stated purpose is to oversee the decentralization of its namesake trading platform and assets. The FOX Foundation’s charter includes handling tasks such as paying bills in fiat currency, hosting servers, maintaining the platform’s centralized infrastructure until the transition completes, and replacing ShapeShift’s backend node with decentralized infrastructure FOXChain, developed in conjunction with Coinbase Cloud. According to the company,…

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2 key Ethereum price metrics suggest traders will struggle to hold the $2K support level

Ether (ETH) price has been trying to establish an ascending channel since the May 12 market-wide crash that sent its price to $1,790. Currently, the altcoin’s support stands at $2,000, but the high correlation to traditional markets is causing traders to be highly skeptical s cryptocurrency market recovery.  Ether/USD 4-hour price at Bitstamp. Source: TradingView To date, the Federal Reserve continues to dictate the markets’ performance and uncertainty has been the prevailing sentiment because the central banks of major economies are trying to tame inflation. Considering that the correlation between…

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