We continue to present the news of the day as we approach the bull season in the cryptocurrency market, which has resulted in the breaking of historical records. My intention is to steer clear of spreading erroneous information, which is why we provide references to the news in general.
1-Bitcoin dreams of $100K as ETH struggles
Friday, November 22, Bitcoin (BTC) broke Ethereum (ETH)’s three-year support towards $100,000. This cycle, competitors achieved record highs while ETH has held at $3,500 for four months.
On Friday, November 22, Ethereum plummeted to 0.03187 against Bitcoin. Ethereum plummeted below its 2021 support level as Bitcoin neared $100,000.
Ethereum’s decrease vs. Bitcoin may be due to institutional and retail investor disinterest and resource allocation to Layer 2 and Layer 3 scaling.
Ethereum Spot ETF performance shows why institutions haven’t invested in it while Bitcoin outperforms.
Farside Investors UK announces six-day ETH ETF outflows. In contrast, institutional firms invest billions in Bitcoin Spot ETFs.
2-Franklin Templeton and Sui promote blockchain innovation
Sui is improving its ecosystem and blockchain technologies with Franklin Templeton Digital Assets.
The agreement will allow Sui ecosystem developers to leverage Franklin Templeton’s blockchain, digital assets, and investment strategies expertise, according to a Sui article
Franklin Templeton Digital Assets has studied, produced, and administered validators for blockchain investment since 2018.
Tokenomics research of blockchain-based token supply and demand informs project development and investments.
Early November saw VanEck’s SUI exchange-traded note launched on Euronext Amsterdam and Paris.
The partnership concentrates on prospective Sui projects including Deepbook, a decentralized order book for DeFi trading, Karrier One, a decentralized mobile network, and Ika, a secure cross-chain tool.
These examples demonstrate blockchain in finance and communications.
Large financial institutions are studying blockchain. Asset management Grayscale established an SUI trust this year.
Sui backs USDC stablecoins.
3-SEC Commissioner Jaime Lizárraga resigns in January
After Jaime Lizárraga resigned, the SEC will lose another commissioner in January.
On January 17, the former legislative assistant will resign, according Bloomberg Law. The announcement follows SEC Chair Gary Gensler’s January 20 resignation.
Democratic SEC commissioners Lizárraga, Gensler, and Caroline Crenshaw make up three of five. After the departures, Crenshaw, Hester Peirce, and Mark Uyeda dissented on SEC rulings.
Lizárraga and Gensler will depart after Nov. 5’s election of Donald Trump, who aspires to be pro-crypto. Even as the industry debates the ideal SEC Chair, reports that the Trump administration is mulling a “crypto czar” have fuelled interest.
She served on the SEC from 2022 until 2027. Lizárraga was accused for overreaching with his corporate reporting regulations burdening small businesses. His problematic policies favoring politics over business were also criticized by the market.
“In reflecting on the challenges that lie ahead, we have decided that it is in the best interests of our family to close this chapter in my 34-year public service journey,” he told Bloomberg Law.
4-Blockchain Association counsels Trump to emphasize crypto in first 100 days
The Blockchain Association asks President-elect Donald Trump and Congress to take five crucial steps in the first 100 days to make the U.S. a cryptocurrency leader.
Blockchain Association, a U.S. crypto lobbyist, promotes regulation. They prioritized SEC, Treasury, and IRS head selection and crypto business bank account ban removal.
Congress and federal authorities might form a bitcoin advisory group.
- Blockchain Association recommends cryptocurrency and stablecoin legislation to Congress. The method would combine consumer protection and innovation, it claimed. Binding stablecoins to assets like the dollar ensures price stability.
- The group feared crypto businesses losing banking services. These businesses use traditional banks for payroll, taxes, and vendor payments. Their enterprises may suffer without banking.
- The organization wanted a new SEC chairman to stop regulatory hostility. Also advocated was reversing SAB 121, an accounting regulation that bans crypto-related businesses.
- Cryptocurrency tax rules like the Broker Rule may deter innovation and force enterprises overseas. The letter urged the government to choose privacy-friendly and digital asset-tax-fair leaders.
- The letter proposed a committee for industry-Congress-federal regulator collaboration. Public-private partnerships may protect consumers and boost innovation, it said.
References
1-https://crypto.news/is-ethereum-dying-bitcoin-eyes-rally-to-100k-while-eth-struggles
2-https://crypto.news/sui-partners-with-franklin-templeton-to-boost-blockchain-innovation
3-https://crypto.news/sec-commissioner-jaime-lizarraga-to-step-down-in-january
4-https://crypto.news/blockchain-association-urges-trump-to-prioritize-crypto-during-first-100-days