⚖️ SEC Commissioner Advocates for Reduced Crypto Enforcement Amid Regulatory Shift

🗣 U.S. Securities and Exchange Commission (SEC) Commissioner Mark Uyeda has expressed support for a shift in the SEC's approach to cryptocurrency regulation. He suggests a potential pause on enforcement actions against crypto firms for registration failures, emphasizing the need for clear regulatory guidelines instead.

The Commission’s war on crypto must end, including crypto enforcement actions solely based on a failure to register with no allegation of fraud or harm,

Uyeda stated. He highlighted that President-elect Donald Trump and the American electorate have sent a clear message for the SEC to carry out this mandate starting in 2025.

📉 Uyeda's position aligns with Trump's campaign promise to reduce enforcement efforts led by current SEC Chair Gary Gensler, who has implemented over 100 regulatory actions against crypto companies. While some cases involved serious misconduct, others targeted firms like Coinbase and Ripple for alleged unregistered securities sales.

⚖️ Gensler's assertion that

all crypto tokens aside from bitcoin and ether are securities under the SEC’s jurisdiction

has faced significant opposition. Uyeda and fellow SEC Commissioner Hester Peirce advocate for a framework prioritizing guidance over enforcement. Peirce promotes “safe harbors” for emerging blockchain and AI ventures, allowing them to operate under SEC observation without immediate penalties.

🚀 Trump has pledged to fire Gensler on his first day in office. Peirce, known as “Crypto Mom” for her supportive stance on digital assets, reportedly prefers leading an internal SEC “crypto task force” rather than becoming chair. This task force would focus on re-evaluating the agency’s approach to crypto regulation and establishing open communication with industry participants to promote regulatory clarity.

📈 Bybit Sees Surge in Futures Trading Volume Amid New Listings

📊 In the competitive crypto exchange landscape, Bybit reported a 61% increase in futures trading volume between September and October, reaching $639 billion, according to data from Wu Blockchain. The Dubai-based exchange attributes this growth to its new cryptocurrency listings, which included popular new coins and trending meme coins.

➡️ Bybit highlighted that recent additions like GOAT, MOODENG, and GRASS have broadened the platform’s appeal to a diverse set of retail traders. The company emphasized that embracing the meme coin trend—a significant focus within the crypto sector—has improved its market position. Listings of coins such as MOTHER, NEIROCTO, and SPX attracted substantial trading activity from meme coin communities, enhancing retail engagement.

♾ Additionally, Bybit reported growth in its institutional client base, driven by its commitment to security and regulatory compliance. The exchange stated that institutional investors, including hedge funds and asset managers, increasingly recognize Bybit’s tools and risk management features as advantageous.

📈 Shunyet Jan, Bybit’s head of institutional and derivatives, noted that the increase in volume underscores the strength of Bybit’s derivatives offerings and reflects sustained confidence in the platform. Bybit continues to invest in its trading features to secure a strong position in the competitive digital asset sector.

We are thrilled to see Bybit’s derivatives business achieve such impressive results

the Bybit executive told Bitcoin News.

This underscores the strength of our products and services, as well as the market’s confidence in Bybit. We will continue to invest in our platform and provide an exceptional trading experience for our users, solidifying our position as an industry leader.

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🚀 Trump’s Influence on China’s Crypto Policies

🌐 Xiao Feng, CEO and Chairman of Hashkey, a licensed crypto exchange in Hong Kong, suggests that Trump's recent support for the cryptocurrency sector could lead to a shift in China's anti-crypto stance. In an interview with the South China Morning Post, Feng stated,

If the U.S. Congress and the incoming president make crypto policies clear, constantly legislate and promote the industry, it would certainly be a driving force for China to accept cryptocurrencies.

🔗 He also pointed out that recent sanctions against Russia, which cut it off from the SWIFT system, could accelerate China's adoption of cryptocurrencies. Feng believes these factors could shorten the timeline for China's acceptance of crypto businesses from five or six years to just two.

⚖️ Despite China's long-standing anti-cryptocurrency stance, which links digital assets to crime and illicit activities, there is still a demand for crypto investments among Chinese citizens. This was evident during the recent stock market slump when many investors turned to crypto as an alternative.

⚡️ Quantoz Launches USDQ and EURQ Stablecoins in Compliance with MiCA

🚀 Quantoz Payments, a technology firm based in the Netherlands, has announced the launch of USDQ and EURQ, two stablecoins designed to comply with the Markets in Crypto-Assets Regulation (MiCA) of the European Union (EU). This regulation aims to create a comprehensive framework for the crypto market, ensuring consumer protection, market integrity, and financial stability.

💳 Quantoz holds an Electronic Money Institution (EMI) license from the Dutch Central Bank and will issue USDQ and EURQ as E-Money Tokens (EMTs) on the Ethereum blockchain. These stablecoins will facilitate U.S. Dollar and Euro transfers and payments in secondary markets, as well as transfers across digital asset and crypto exchanges. Trading for USDQ and EURQ will commence on Thursday, Nov. 21 on Bitfinex and Kraken exchanges.

🗣 Arnoud Star Busmann, CEO of Quantoz Payments, emphasized the importance of the MiCA regulation, stating,

The MiCA regulation brings a new level of trust to digital assets markets, not least through its prudential requirements on the issuers of stablecoins.

He added that well-regulated and transparent stablecoins are essential for enabling faster, cheaper, and more secure settlements in an increasingly digital payment landscape.

💼 Quantoz has secured investments from a group of investors, including Fabric Ventures, Kraken, and Tether. Paolo Ardoino, CEO of Tether, remarked,

Our support for Quantoz highlights Tether’s commitment to fostering innovative and regulated solutions within the digital asset landscape.

This partnership may be strategic for Tether, especially if it does not obtain a MiCA license for USDT.

🔒 The entire circulation of EURQ and USDQ is backed 1-to-1 by highly liquid financial instruments such as government bonds and fiat reserves. Under MiCA regulations, Quantoz will maintain 2% of the stablecoins on its balance sheet while keeping 100% reserves to fully back all circulating assets.

💰 U.S. Senator Proposes Revolutionary Bitcoin Reserve Strategy

🗣 U.S. Senator Cynthia Lummis (R-WY) has made headlines with her bold proposal to sell gold reserves in order to establish a strategic bitcoin reserve for the United States. This groundbreaking idea aims to strengthen the dollar and address the national debt.

📈 During a recent interview with CNBC, Lummis discussed the factors driving bitcoin's recent price surge, attributing it to growing momentum for digital asset regulations and emerging discussions about a potential bitcoin reserve. She emphasized the increasing demand in Washington for clear crypto guidelines, stating,

There’s an appetite now to do a statutory framework for digital assets.

💡 Lummis also highlighted the market's positive response to bold proposals like the establishment of a strategic bitcoin reserve. This concept suggests that the U.S. government could use bitcoin as a tool to fortify the dollar and tackle the national debt. Notably, President-elect Donald Trump has proposed creating a U.S. strategic bitcoin reserve to position the country as a leader in cryptocurrency innovation. This aligns with Lummis’s Bitcoin Act, introduced in July, which recommends that the U.S. Treasury accumulate one million bitcoins over five years.

💰 Lummis pointed out that the U.S. could establish this reserve without new spending by leveraging existing assets. She suggested that reserves at the 12 federal reserve banks, including gold certificates valued at 1970s levels, could be adjusted to current market value and converted into bitcoin. Additionally, she noted that the government already holds over 200,000 BTC through asset forfeiture, providing an initial source for the reserve.

📉 Addressing concerns about potential conflicts of interest, Lummis clarified that her bitcoin holdings are in a blind trust. She stated,

I had five bitcoin and put them along with other stocks I owned into a blind trust.

This arrangement allows a third party to manage assets on behalf of the trust’s owner without their knowledge or control over specific holdings or transactions.

💬 In conclusion, Lummis emphasized that bitcoin is a commodity and should be recognized as such. She stated,

Bitcoin is legal tender in another country, and we need to recognize that as Americans bitcoin is a store of value and a means of exchange that has characteristics of a commodity so it’s very different from other assets.

📊 Mixed Signals Ahead of the FOMC Meeting

🔍 As the upcoming Federal Open Market Committee (FOMC) meeting approaches, the outlook for the U.S. Federal Reserve's federal funds rate remains uncertain. According to CME Group's Fedwatch tool, there is a 52.7% probability of a quarter-point rate cut. The odds for maintaining the current rate and implementing a modest 25 basis points reduction are closely matched, with the latter slightly ahead.

This tool calculates probabilities by subtracting the futures contract price from 100, offering a market-driven perspective on anticipated interest rate decisions.

📉 Despite the slight edge for a rate cut, the chances of no change are also significant at 47.3%. Analysts are divided on the Federal Reserve's potential actions in December. Morningstar’s Preston Caldwell predicts a 0.25% cut based on recent inflation metrics and economic conditions. In contrast, Nomura analysts anticipate a pause due to strong economic signals.

💰 Polymarket bettors reflect this divide, assigning 57% odds to a quarter-point reduction. They also give a 41% chance to no rate adjustment, a slim 2% chance to a half-point cut, and just 1% to a quarter-point hike at the Dec. 18 FOMC meeting. The evolving probabilities indicate a market grappling with conflicting economic signals. While CME Group’s Fedwatch tool and Polymarket data suggest a slight lean toward easing, the divergence in expert opinions highlights the current uncertainty.

💰 SOS Ltd. Allocates $50 Million for Bitcoin Acquisition

📈 SOS Ltd., a player in the blockchain and cryptocurrency sector, has announced a significant investment of $50 million to purchase bitcoin (BTC). This move is part of the company's strategy to enhance its blockchain operations and capitalize on the increasing recognition of bitcoin as a valuable digital asset. The decision comes in light of bitcoin's recent price surge, currently standing at $95.6K per coin.

➡️ Market analysts predict that bitcoin could exceed $100,000 before the year concludes, making this investment timely. It aligns with favorable market conditions, such as shifting U.S. regulatory policies and a rise in institutional adoption of bitcoin.

📊 In its announcement, SOS outlined its plans to employ various quantitative trading strategies to manage risks and enhance returns. These strategies include trading, arbitrage, and portfolio diversification to address the volatility typical of cryptocurrency markets.

🗣 Yandai Wang, Chairman and CEO of SOS, highlighted the importance of this investment, stating that bitcoin has the potential to be a strategic reserve asset. He pointed to the cryptocurrency's strong market performance and the improved regulatory landscape in the United States as key factors influencing this decision.

🌐 The company's purchase plan also reflects its broader ambition to expand its presence in the digital asset sector. SOS is involved in cryptocurrency mining and commodity trading, with future plans to venture into insurance and security services within the blockchain space.

💡 SOS reiterated its commitment to fostering technological innovation and delivering long-term value to its shareholders. This investment strategy underscores the company's belief in bitcoin's transformative role in the global financial ecosystem.

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