Coming every Saturday, Hodler’s Digest will help you track every single important news story that happened this week. The best (and worst) quotes,
Coming every Saturday, Hodler’s Digest will help you track every single important news story that happened this week. The best (and worst) quotes, adoption and regulation highlights, leading coins, predictions and much more — a week on Cointelegraph in one link.
Top Stories This Week
Russia to decide between blanket crypto ban and legalizing exchanges in 2022
A recent report shows that Russia could potentially see a countrywide ban on cryptocurrency. Alternatively, it’s possible that crypto trading via regulated exchanges may continue under strict oversight.
On the one hand, Russia’s central bank is said to be behind a potential move to make crypto illegal in the country, according to Reuters. On the other hand, Anatoly Aksakov, who heads the Russian parliament’s Committee on Financial Markets, publicly disclosed that the industry may continue to operate under regulations that would ensure greater tax compliance. However, Aksakov left open the possibility of an outright ban.
US Senate confirms CFTC chair as President Biden announces commissioner picks
The Commodity Futures Trading Commission (CFTC) now has a permanent chairman following approvals by the United States Senate. On Thursday, Rostin Behnam, who had been serving as acting chairman, was given the permanent position. The CFTC is one of three U.S. governing bodies responsible for crypto industry regulatory oversight.
Behnam has previously commented on the crypto space, noting that the CFTC should focus more on the sector. He noted in October: “Given the size, the scope and the scale of this emerging market, how it’s interfacing and affecting retail customers, and with the scale of the growth being so rapid, potential financial stability risks in the future, I think it’s critically important to have a primary cop on the beat.”
The CFTC’s overall brass is also changing. In the coming months, four CFTC commissioner spots must be filled, which is a large number given that the regulatory body typically carries five commissioners.
NYDIG raises $1B in funding, valuation now $7B
New York Digital Investment Group (NYDIG) is now worth roughly $7 billion after the company successfully raised $1 billion from WestCap and other venture investors. Led by co-founder and CEO Robert “Robby” Gutmann, NYDIG is a company dedicated to providing access to investment opportunities centered around Bitcoin (BTC).
“NYDIG plays a unique role in the industry, empowering companies of all types to incorporate Bitcoin in a secure and compliant way,” WestCap partner Scott Ganeles said in a public statement announcing NYDIG’s additional capital achievement. “We are proud to partner with Robby and his outstanding NYDIG team as they forge new paths to accessibility and further accelerate Bitcoin adoption.”
Just did it: Nike enters the Metaverse game following RTFKT acquisition
Sports apparel company Nike officially joined the Metaverse this week by acquiring virtual sneakers and collectibles brand RTFKT.
Prior to the move, Nike expressed strong interest in this emerging market by pursuing Metaverse-specific patent and trademark filings for its logo. The company also publicized a job search for people with specific Metaverse expertise.
“Our plan is to invest in the RTFKT brand, serve and grow their innovative and creative community and extend Nike’s digital footprint and capabilities,” Nike’s CEO and president John Donahoe said.
SEC delays decisions on Bitwise and Grayscale’s Bitcoin ETFs
The U.S. Securities and Exchange Commission (SEC) has decided to delay a verdict on two physically-backed Bitcoin exchange-traded funds (ETFs) until February 2022. The Commission published its decision on Wednesday.
The two ETF applications were filed by Bitwise Asset Management and Grayscale. Whereas Bitwise aimed to introduce an entirely new spot Bitcoin ETF, Grayscale intended to create a spot offering by repurposing its current Grayscale Bitcoin Trust product.
The SEC has turned down multiple Bitcoin spot ETF applications in 2021. The Commission delayed one such product from WisdomTree earlier in 2021, only to deny it in December.
Winners and Losers
At the end of the week, Bitcoin (BTC) is at $46,292, Ether (ETH) at $3,852 and XRP at $0.79. The total market cap is at $2.16 trillion, according to CoinMarketCap.
Among the biggest 100 cryptocurrencies, the top three altcoin gainers of the week are yearn.finance (YFI) at 52.51%, OKB (OKB) at 31.83% and Avalanche (AVAX) at 29.75%.
The top three altcoin losers of the week are Decred (DCR) at -22.85%, Theta Fuel (TFUEL) at -17.98% and BitTorrent (BTT) at -17.65%.
For more info on crypto prices, make sure to read Cointelegraph’s market analysis.
Most Memorable Quotations
“DeFi is the most dangerous part of the crypto world. This is where the regulation is effectively absent, and — no surprise — it’s where the scammers and the cheats and the swindlers mix among part-time investors and…
cointelegraph.com