SEC Chairman Paul Atkins announces new agenda for the crypto industry
The supply of stablecoins on ethereum has reached a record high of $150 billion.
On Thursday, US Securities and Exchange Commission Chairman Paul Atkins announced a new agenda at the agency tasked with protecting investors from misconduct in securities markets.
The Office of Information and Regulatory Affairs released the new agenda, titled “Unified Agenda of Regulatory and Deregulatory Actions,” covering potential rule proposals related to the crypto industry.
Aiming to provide clarity on the issuance, custody, and trading of digital assets, the document “also covers a number of envisioned deregulatory rule proposals to reduce compliance burdens and facilitate capital formation, including by simplifying pathways for raising capital and investor access to private businesses,” Atkins said in a statement.
The announcement comes as ethereum’s supply of stablecoins, or cryptocurrencies pegged to the US dollar, has climbed to an all-time high of $150 billion, an over 34% increase this year, data from DefiLlama shows. Year to date, the price of ethereum has increased almost 30%, but in the last 24 hours, the token has dropped 4% to trade at the $4,310 level.
In other ethereum news:
Ethereum’s monthly and weekly spot volume on centralized exchanges has overtaken bitcoin’s for the first time in more than seven years, The Block reported on Thursday. Last month, centralized exchanges notched about $480 billion in trading volume for ethereum, while bitcoin saw $401 billion.
Ethereum’s entrance queue to start staking has risen to 819,797 tokens worth $3.5 billion, bringing the wait time to 14 days and 6 hours, a figure that surpasses the network’s exit queue, which reached an all-time high in the previous month. The last time ethereum’s staking entrance line was over 800,000 tokens was in September 2023, per analytics dashboard Validator Queue.
Meanwhile, US spot ethereum ETFs have recorded three consecutive days of outflows, with Wednesday seeing $38 million leave the investment funds. Ethereum’s outflows come as spot bitcoin ETFs have started seeing inflows again after a brutal August.
