The US Securities and Exchange Commission (SEC) is entering a new era, according to Chairman Paul Atkins’ announcement on Thursday. The agency, responsible for safeguarding investors in securities markets, is gearing up for significant changes.
A freshly released agenda from the Office of Information and Regulatory Affairs, known as the “Unified Agenda of Regulatory and Deregulatory Actions,” outlines potential new regulations affecting the cryptocurrency sector.
The agenda focuses on clarifying the rules surrounding the creation, storage, and exchange of digital currencies. Atkins stated that it “also details planned deregulatory actions intended to ease compliance burdens and promote capital development by streamlining methods for raising capital and enhancing investor access to private enterprises,” according to a public statement.
This announcement arrives as the total supply of stablecoins (cryptocurrencies tied to the value of the US dollar) on the Ethereum blockchain has reached a record high of $150 billion. Data from DefiLlama indicates this represents an increase exceeding 34% since the beginning of the year. While the price of ethereum has jumped almost 30% year-to-date, it experienced a 4% decline in the last 24 hours, trading around $4,310.
Here are some other recent developments concerning Ethereum:
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For the first time in over seven years, the monthly and weekly trading volume of Ethereum on centralized exchanges has surpassed that of Bitcoin. The Block reported on Thursday that Ethereum saw approximately $480 billion in trading volume on these exchanges last month, compared to Bitcoin’s $401 billion.
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The queue for entering Ethereum staking has grown significantly, with 819,797 tokens valued at $3.5 billion awaiting activation. This backlog has increased the waiting time to 14 days and six hours, exceeding the network’s exit queue, which previously peaked last month. According to the Validator Queue analytics dashboard, the last time the entrance line for Ethereum staking exceeded 800,000 tokens was in September 2023.
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Meanwhile, US-based spot Ethereum ETFs have experienced outflows for three consecutive days, with $38 million leaving these investment vehicles on Wednesday. This contrasts with spot Bitcoin ETFs, which have recently seen renewed inflows after a challenging August.