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Bitcoin held steady over the weekend, with altcoins continuing to lag behind. Bitcoin traded between $26,200 and $26,300 and ether, starting the weekend around $1,700, remains the same. Altcoins, however, underperformed bitcoin and ether, with Chainlink’s LINK, Cosmos’ ATOM and NEAR Protocol’s NEAR all losing 3% over the last 24 hours. U.S. markets are closed today, with the New York Stock Exchange and the Nasdaq Stock Market closed in observance of Junteenth.
A federal judge signed off on a temporary agreement between the U.S. Securities and Exchange Commission, global crypto exchange Binance and its U.S. affiliate to have Binance.US take steps to ensure only local employees can access customer funds as the regulator and companies work through an SEC lawsuit. The parties announced a deal late Friday to ensure that only Binance.US employees can access customer funds in the short term, which Judge Amy Berman Jackson of the District Court Columbia signed early Saturday. The judge also ordered the parties to propose timelines for the broader lawsuit. According to the proposed agreement, Binance.US will take steps to make sure that no officials from Binance Holdings, the global exchange, have access to private keys for wallets or hardware wallets, or root access to Binance.US’s Amazon Web Services tools. The U.S.-based crypto trading platform will share detailed information about its business expenses, including estimated costs, in the coming weeks.
The release of the Hinman papers last week in the SEC’s case against Ripple is a boost to ether (ETH), and is likely to trigger a move to more decentralization in the crypto market, JPMorgan said in a research report Thursday. Emails tied to former SEC Director of Corporation Finance William Hinman’s 2018 speech saying ether did not look like a security were published last Tuesday by Ripple in its defense against an SEC lawsuit. Senior leadership at the SEC did not rank ether as a security in 2018, the report noted, and SEC officials acknowledged that the “fact that tokens on a sufficiently decentralized network are no longer securities creates a regulatory gap.”
Market Insight: France’s AMF Backs Global Rules for DeFi
France’s top markets regulator, the Autorité des Marchés Financiers (AMF), said it supports globally coordinated rules for decentralized finance (DeFi)
In a discussion paper published Monday, the AMF, which issues licenses to crypto exchanges looking to operate in the country, shared its “preliminary thinking on the regulatory issues” raised by the decentralized and “disintermediated” protocols that make up the DeFi ecosystem.
The AMF takes a stab at defining DeFi, the decentralized governance systems known as DAOs and the automated “smart contracts” that run transactions. The paper also raises associated risks and levels of control for debate.
The chart shows weekly transactions on fees on Ethereum since January 2020.
Transaction fees tend to decline during summer, as observed in the past three years.
Per IntoTheBlock, a decline in the onchain activity has historically coincided with lower prices for ether. The current trend in transaction fees suggests another season of a lull in network activity and prices.
Disclaimer: The information presented in this message is intended as a news item that provides a brief summary of various events and developments that affect, or that might in the future affect, the value of one or more of the cryptocurrencies described above. The information contained in this message, and any information liked through the items contained herein, is not intended to provide sufficient information to form the basis for an investment decision. The information presented herein is accurate only as of its date, and it was not prepared by a research analyst or other investment professional. You should seek additional information regarding the merits and risks of investing in any cryptocurrency before deciding to purchase or sell any such instruments.
