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BTC $77,269.23 -2.17%
ETH $2,417.62 -2.47%
BNB $680.38 -1.66%
XRP $1.36 -2.03%
SOL $99.88 -3.70%
TRX $0.3237 -2.93%
DOGE $0.0819 -1.44%
ADA $0.1964 -1.14%
BCH $246.81 -0.12%
LINK $11.22 -1.79%
HYPE $81.84 -2.08%
AAVE $126.20 +1.96%
SUI $0.7250 -0.18%
XLM $0.1763 -1.08%
ZEC $831.38 -3.46%

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first_img Former SEC and CFTC officials call for regulatory easing to attract the return of crypto perpetual contracts

As the U.S. Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) accelerate their rule-making efforts for the $2.5 trillion industry amid a legislative stalemate on cryptocurrency market structure during the summer recess, both agencies are advancing multiple crypto-related initiatives. These include re-evaluating the definitions of derivatives such as swaps and perpetual contracts, as well as rewriting the SEC's crypto custody rules.A bipartisan group composed of former CFTC Chairman Chris Giancarlo, former CFTC Commissioners Brian Quintenz and Sharon Brown-Hruska, former SEC Commissioner Steven Wallman, and former SEC Chief Economist Chester Spatt stated in a comment letter sponsored by Kalshi that similar risks should receive similar regulatory treatment, and overlapping rules should not impose additional compliance costs. Giancarlo noted that if federal regulation is calibrated based on actual risks rather than maximum burdens, liquidity will flow back to the U.S., and the longer we wait, the harder it will be to attract that liquidity back.Kalshi estimates that offshore perpetual contract trading volume will exceed $90 trillion by 2025, up from about $28 trillion two years ago. Additionally, the SEC last week submitted its plan to rewrite the custody rules for investment advisers and investment companies to the White House Office of Information and Regulatory Affairs for review, and its "Reg Crypto" proposal has officially entered the Federal Register, with a public comment period ending on October 20.

first_img Solana validators approve proposal to accelerate SOL deflation, doubling the annual deflation rate to 30%

Solana validators have voted to approve the "Dual Deflation" proposal numbered SGP-0002, increasing the network's annual deflation rate from 15% to 30%, while maintaining a long-term inflation target of 1.5%. According to the final voting results, the proposal received 67% support, 25.16% opposed, and 7.84% abstained, with a participation rate of 60.7%. The new plan is expected to bring SOL to a terminal inflation rate of 1.5% in about 2.8 years, while the original plan would take approximately 5.7 years, with an expected reduction of about 18.9 million SOL issued over the next six years.This vote marks Solana's first binding governance process, which also approved the proposed Solana Constitution while rejecting another proposal regarding resource and inclusion fees. The positions of major participants have diverged: the largest voter, Figment, holding 17.1 million SOL, cast all opposing votes, while Helius and Jupiter overwhelmingly supported it. The U.S. exchange Kraken briefly cast an opposing vote at 12:33 UTC during the voting process, causing the support rate to dip below the threshold, but ultimately over 90% of its approximately 8.9 million SOL voting position turned to support.Meanwhile, Bitwise's Solana ETF has surpassed $1 billion in assets under management, becoming the first Solana ETF to reach this milestone. According to Bloomberg ETF analyst Eric Balchunas, U.S. Solana ETFs have seen a cumulative net inflow of about $1.7 billion since their launch, with almost no sustained outflows.

first_img Pakistan established a cryptocurrency regulatory framework with only 8% of the budget, revealed the minister at Bitcoin Asia

Bilal Bin Saqib, the Minister of State for Pakistan and Chairman of the Pakistan Virtual Assets Regulatory Authority (PVARA), revealed at the Bitcoin Asia conference that the country completed the establishment of its virtual asset regulatory system in less than six months, using only about 8% of the approved budget, which is approximately $200,000, with about 92% of the budget remaining unused. Saqib stated that the government should not measure success by how much money is spent, but rather by the actual delivery of results. The regulatory framework covers activities such as exchanges, custody, brokerage, asset management, lending, and settlement, and introduces requirements regarding governance, anti-money laundering and counter-terrorism financing, customer asset protection, cybersecurity, and market conduct. Saqib emphasized that Pakistan's regulatory ambitions extend beyond the current digital asset market, with future focus on the tokenization market, programmable payments, stablecoins, machine-to-machine transactions, and the AI agent economy, noting the need to establish corresponding regulatory rules for agent payments and the agent economy. Saqib stated that emerging markets do not need to spend a decade catching up; they can build on the frontier. With a population of over 240 million, Pakistan is a potentially significant market for emerging financial technologies. The rapid transition from legislation to licensing in the country is being used as a demonstration case for the government's response to next-generation financial infrastructure.

Analysis: The Bitcoin "Realized Market Value Momentum Indicator" has turned positive after 93 days, signaling a recovery in on-chain capital flow

The "Realized Cap Impulse" indicator for Bitcoin has recently ended a continuous 93-day negative state and has turned positive for the first time, marking the longest reversal signal after a capital contraction cycle since the bear market of 2022.This indicator measures the momentum of changes in the realized market capitalization by tracking the changes in realized cap, combined with factors of Bitcoin supply and price, to assess whether the flow of tokens with actual economic significance in the market is driving capital base expansion. The positive shift in the indicator does not merely reflect a price increase but indicates that the flow of funds within the Bitcoin network is changing.Data shows that the indicator broke above the zero axis on August 20 when the BTC price was around $73,000 and has maintained positive values for 8 consecutive days. Currently, the BTC price has risen to about $78,900, an increase of approximately 8% during this period.As of the latest, the indicator reading is 0.198, below the peak of 0.226 reached on August 26. Historical data indicates that similar signals at the end of bear markets have been accompanied by significant rebounds in Bitcoin: after the indicator turned positive in September 2015, Bitcoin rose about 160% within a year; after March 2019, it increased about 173% in 90 days; and after January 2023, it rose about 45% in 90 days, with a yearly increase of 104%.However, the realized cap momentum indicator is not an absolute signal of a cycle bottom. Similar positive shifts occurred in early 2018 and 2022, but the market did not immediately enter a sustained upward phase afterward. Analysts believe that the indicator's continued positive value, confirmed by price trends, is more valuable than a single-day breakthrough above the zero axis.
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