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Cryptocurrency

SEC War on Crypto Could Wind Down Under Trump

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Gary Gensler’s SEC has conducted one of the most aggressive regulatory crackdowns on the crypto industry in US history, viewing most digital assets as unregistered securities under decades-old finance laws.

However, the recent Republican landslide at the polls could result in a rollback of enforcement action from the securities regulator, according to Bloomberg.

Additionally, President Trump pledged at the Bitcoin Nashville conference in July that he would fire Gensler “on day one” when he was elected.

Time for a Change

Gensler’s replacement is expected to push forward new regulations that will modify existing securities laws. This will enable crypto companies to register and become compliant with rules that Gensler has been suing them for flouting, the report noted.

Jack Inglis, CEO of the London-based Alternative Investment Management Association, said, “We expect that both the Trump administration’s and new Congress’ approach to crypto regulation to be much more constructive.”

A change in SEC leadership could lead to new regulations more accommodating to crypto companies, a reduced focus on enforcement and lawsuits, and better prospects for bipartisan legislation.

On Nov. 7, ETF Store president Nate Geraci mockingly predicted that Gensler would “join a crypto-related firm post-Trump inauguration,” adding, “You all are gonna meltdown!”

Former SEC enforcement director William McLucas said using the decades-old Howey Test was not a good approach, adding:

“That can’t be the solution because whether you like crypto or you don’t like crypto, it’s not going away. The enforcement cases that have been brought are what they are, but they keep bringing them, and we keep seeing crypto products,”

Coinbase chief legal officer Paul Grewal told Fox Business that he expects to see “significant changes” to the SEC’s crypto caseload under a new Trump-appointed chair.

“I think the new administration will take a fresh look at all the existing crypto cases brought under Gary Gensler and distinguish between the ones aimed at what are clearly scams and fraud and ones that are not.”

President and CEO of the American Securities Association, Chris Iacovella, told Bloomberg, “Last night, the people voted for this country to take a new direction, and Chairman Gensler should respect that vote by stepping down from his position immediately.”

Ending The War on Crypto

During his ‘reign of terror’ as SEC chair, Gary Gensler has targeted some of the largest crypto companies in the United States and overseas, including Ripple, Coinbase, Binance, Kraken, DRW Holdings, OpenSea, ConsenSys, and Uniswap.

Nearly every case has revolved around the same premise: his opinion that digital assets are securities contracts.

As if anticipating calmer regulatory seas ahead, crypto markets have surged to a five-month high, with Bitcoin leading the pack.

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Ike Goes Live on Mainnet: Unlocking Liquid Staking on Aleph Zero

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[PRESS RELEASE – London, United Kingdom, November 21st, 2024]

Ike is proud to announce the official launch of its Liquid Staking Token (LST), sA0, on Aleph Zero. This milestone provides the Aleph Zero community with a new way to engage with the network by offering staking flexibility without compromising on rewards.

What Is sA0?

sA0 is Ike’s native Liquid Staking Token, designed to enhance the staking experience on Aleph Zero. With sA0, users can stake their AZERO tokens to support network security and earn rewards, all while keeping their assets liquid. This means they can use sA0 tokens across Aleph Zero’s ecosystem, unlocking new opportunities for participation and growth. Meaning, sA0 empowers users to “stake and use” at the same time.

sA0 Benefits

  • Liquidity Meets Rewards: Users receive sA0 tokens in exchange for their staked AZERO, enabling them to stay liquid while continuing to earn rewards.
  • Smooth Integration: sA0 seamlessly integrates with Aleph Zero’s growing DeFi ecosystem, creating more utility and value for stakers.
  • Stronger Network Security: By encouraging greater participation in staking, sA0 supports the overall security and resilience of the Aleph Zero network.

Building Toward Progressive Decentralization

The launch of sA0 is a significant step in Ike’s roadmap toward progressive decentralization. Ensuring most of the slots are open for permissionless entry when governance live, Ike launched with 7 initial validators including Deutsche Telekom & STC Bahrain. As part of this journey, Ike will soon introduce community-driven governance features, including permissionless validator registration, initially scaling to have 30 slots with a fully transparent on-chain bonding process. This will enable a dynamic and competitive validator ecosystem, with the community playing a central role in decision-making.

Stephen Novenstern, Founder at Ike, commented:

“The mainnet launch of sA0 marks an exciting moment for both Ike and the Aleph Zero community. sA0 offers a powerful tool for staking while maintaining liquidity, and it’s just the beginning of our commitment to building a decentralized, community-driven ecosystem.

From the inception of the Ike Project, we wanted to build a Liquid Staking Protocol that wouldn’t just unlock staked liquidity; we wanted to put the Ike DAO in control of what percentage each Validator gets, and for it to be permissionless to get on the [Validator Registry] list.”

What’s Next?

With sA0 now live, Ike invites the Aleph Zero community to explore the benefits of liquid staking. In the coming months, Ike will focus on expanding the utility of sA0 within the ecosystem and rolling out governance features that further empower the community to shape its future. Users can see more in the Ike Docs here.

About Ike

Ike is the home of the sA0 Liquid Staking Protocol smart contracts live on Aleph Zero WASM. Together with the community, validators, and other builders in the ecosystem, they are fundamentally reshaping the network, delivering liquidity at the base layer, composable rewards, increasing participation and ultimately enhancing network security.

Drawing inspiration from the Japanese art of Ikebana, Ike is committed to fostering a harmonious and resilient ecosystem. By providing users with flexibility and liquidity in their staking journey, Ike empowers the Aleph Zero community to unlock the full potential of their assets while contributing to the network’s growth and stability.

Users can stay updated on the latest developments and engage with other like-minded individuals by joining the Ike Discord community and following on Twitter.

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USDC and CCTP to launch on Aptos, with Stripe adding Aptos support in crypto products

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[PRESS RELEASE – Palo Alto, California, November 21st, 2024]

Integration to enhance DeFi use cases on Aptos, expand interoperability, and streamline global payment solutions for merchants.

Aptos Foundation today announced the upcoming integration of Circle’s native USDC and Cross-Chain Transfer Protocol (CCTP) on the Aptos Network, as well as Stripe adding support for Aptos in its crypto products. These integrations make Aptos the home for interoperable DeFi and the fastest, cheapest, and most reliable enterprise-grade blockchain, further expanding its global financial ecosystem.

The integration of Aptos into Stripe’s crypto onramp and payouts products, paired with native USDC, will provide reliable fiat on and off-ramps for the Aptos network, streamline merchant pay-ins and payouts, and offer a seamless connection between traditional finance and blockchain technology.

Today, USDC is the largest regulated dollar-backed stablecoin with over $37B in circulation. With more than $160M in circulation on Aptos, bridged USDC is the most prevalent stablecoin available on the network. With this integration, native USDC will be issued through the regulated entities of Circle directly on the Aptos network and CCTP will enable developers to design cross-chain experiences by connecting their Aptos apps to the network of supported blockchains.

Bridge providers such as Stargate, built on LayerZero, will provide a smooth transition from the existing bridged USDC on Aptos to native USDC over time. There are no immediate changes to the AptosBridge built on LayerZero, and it will continue to operate as normal.

Additionally, ahead of the native launch of USDC, bridged USDC from the AptosBridge will be renamed to “lzUSDC” on block explorers. There will be outreach to ecosystem apps to encourage them to make the same change in their app UI and documentation.

The launch of CCTP will bring new levels of interoperability to DeFi on Aptos, enabling secure and efficient native USDC transfers. With the addition of Aptos, CCTP will support nine blockchains – including Arbitrum, Base, Ethereum, and Solana —and 72 routes with 1:1 capital efficiency. This move will allow for seamless cross-chain onboarding, swaps, purchases, treasury rebalancing, and more – all while maintaining an accessible and intuitive user experience.

With the addition of Aptos to Stripe’s crypto products, users will be able to seamlessly convert fiat currencies into USDC, directly through Aptos-enabled wallets. This integration will enable the use of USDC for Stripe’s global network of businesses. The combination of Stripe’s payment tools and Aptos’ scalable network unlocks new opportunities for global merchants and payment providers to process transactions faster, more securely, and at lower costs.

“Adding support for the Aptos blockchain inside our crypto products broadens consumer and merchant access to more efficient global fund flows with stablecoins; whether it be a retailer accepting payments from around the world, or a platform paying creators no matter where they are,” said John Egan, Head of Crypto at Stripe. “This collaboration brings Stripe’s global network together with the power of the Aptos blockchain, opening new avenues for both merchants and consumers to access efficient, stablecoin-based payments.”

“The DeFi ecosystem on Aptos has grown to five times its original size in the past year alone, and it’s clear why,” said Nikhil Chandhok, Chief Product Officer at Circle. “Aptos has emerged as a highly efficient way to move money across the globe. The arrival of native USDC and CCTP will only enhance this, and further the vision we share with the Aptos Foundation team of a future where secure digital dollars create a more accessible economy for everyone.”

“USDC and CCTP are the gold standards in DeFi, and Stripe is among the most trusted names in financial infrastructure,” said Bashar Lazaar, Head of Grants and Ecosystem at Aptos Foundation. “Circle and Stripe’s integration of Aptos moves the needle in creating a more accessible, secure, and decentralized future of finance. We’re all looking forward to this integration, and are eager to see what the incredible builders in the Aptos ecosystem make possible with this powerful new technology in their toolkit.”

“Aptos makes the globally connected economy accessible to everyone by simplifying the movement of economic value,” said Mo Shaikh, CEO of Aptos Labs, which provided technical expertise for the integrations. “I’m looking forward to seeing Aptos becoming a unifying force in the global economy, providing infrastructure that enhances payment efficiency while bringing the peer-to-peer money movement to life for its ecosystem and builders.”

For more information about Aptos Foundation and DeFi on Aptos, visit: https://aptosfoundation.org/ecosystem/projects/defi.

About Aptos Foundation

Aptos Foundation is dedicated to supporting the development of the Aptos protocol, decentralized network and ecosystem and driving engagement with the Aptos ecosystem. By unlocking a blockchain with seamless usability, Aptos Foundation aims to bring the benefits of decentralization to the masses.

About Aptos Network

Aptos is a next-generation Layer 1 blockchain. Aptos’ breakthrough technology and programming language, Move, are designed to evolve, improve performance and strengthen user safeguards. Please visit https://www.aptosfoundation.org for more information on the Aptos blockchain.

About Circle

Circle is a global financial technology firm that enables businesses of all sizes to harness the power of digital currencies and public blockchains for payments, commerce and financial applications worldwide. Through its regulated entities, Circle is the issuer of USDC and EURC – highly liquid, interoperable, and trusted money protocols on the internet. Circle’s open and programmable platform and APIs make it easy for organizations to run their internet-scale business, whether it is making international payments, building globally-accessible Web3 apps or managing their internal treasury. Users can learn more at https://circle.com.

About Stripe

Stripe is a financial infrastructure platform for businesses. Millions of companies—from the world’s largest enterprises to the most ambitious startups—use Stripe to accept payments, grow their revenue, and accelerate new business opportunities. Headquartered in San Francisco and Dublin, the company aims to increase the GDP of the internet.

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Cryptocurrency

SEC Chairman Gary Gensler Confirms He Will Step Down In January

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Gary Gensler, the current chairman of the U.S. Securities and Exchange Commission (SEC), confirmed on Thursday that he will be stepping down from his role starting in January. 

  • Gensler confirmed the news in an announcement on Twitter and a post to the SEC’s website, saying it had been an “honor of a lifetime” to “ensure that our capital markets remain the best in the world.”
  • “I thank President Biden for entrusting me with this incredible responsibility,” Gensler added. “The SEC has met our mission and enforced the law without fear or favor.” 
  • Gensler was highly unpopular among the crypto community for his long list of enforcement actions against the industry’s leaders, and unwillingness to encourage more accommodating rules for the new asset class. 
  • Donald Trump promised to fire Gensler in July, and has since been elected the 47th U.S. President. 
  • Bitcoin rose to $98,200 following Gensler’s announcement. 
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