What’s New in the World of Cryptocurrencies?
Gemini Launches Ethereum Staking
Cryptocurrency exchange Gemini announced its plans in a tweet and blog post on its official website. ETH staking on Gemini will reportedly start on September 29, 2022.
Users who start staking ETH on the exchange between September 29 and until the end of October will be able to do so with zero fees. This means that they receive 15% more rewards.
Bear roar, works as a forest attendant
Messari CEO Ryan Selkis said that bear markets are because they “get rid of the ballast” and heal the industry. At the moment, the cyclical process has coincided with the building of the regulatory environment. Its evolution over time could eventually lead to a bull market, Selkis suggested.
California governor vetoes cryptocurrency law
Gavin Newsom believes that the bill in its current form will cost the state “tens of millions of dollars” as it required crypto companies to obtain licenses to operate, and also introduced new rules for working with stablecoins, allowing only those that were issued banks and have 100% security. The state will wait until federal policy makers decide on regulation, the governor said.
The main theses of today’s Fed meeting
- The Fed needs to keep raising rates and keep them high for a while.
- DeFi regulation needs to be taken seriously.
- Our focus is on whether stablecoins should be used more broadly, and whether the necessary legislation exists.
- Stablecoins are a private form of money and have inherent “bank run” risks.
- It will take time before the Fed decides whether to issue a digital USD or not.
SEC fines former Tether auditor $1 million
The US Securities and Exchange Commission announced on Monday that it has issued a $1 million fine to Friedman LLP, a former Tether accounting firm, for “serious violations of federal securities laws.”
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