- President Joe Biden has suspended all new and pending regulatory policies.
- Joe Biden has appointed some crypto proponents to powerful offices.
There’s a new resident in the US White House, and the crypto market seems to be poised to score big from that fact. Over the last few weeks, many have expressed optimism that the new administration won’t give cryptocurrencies a hard time. It now seems that this confidence wasn’t misplaced after all.
Besides the optimistic sentiments that have been running within the industry social circles, there has been evidence of some sort of transition on the part of the authorities from the previous anti-cryptocurrency hardline stance to a more accommodative regulatory environment.
Immediate suspension of regulatory rules
Right after Joe Biden took office on January 20th, he moved to suspend the Treasury’s proposals that were aimed at imposing restrictive measures on self-hosted digital/crypto wallets. He also suspended the proposals by FinCEN targeting the industry. The new administration will need to review all the new and pending policies before a final decision can be made.
President Biden has frozen all agency rulemaking pending further review. This includes former Secretary Mnuchin's proposal on "unhosted wallets."
We fought hard & earned the right to take a breath & reset. Janet Yellen isn't Steve Mnuchin. I'm optimistic.https://t.co/0EAmYhbqa5
— Jake Chervinsky (@jchervinsky) January 21, 2021
The said suspensions take effect after numerous complaints by industry players concerned that the public wasn’t given enough time to offer input before they were passed. Many in the industry, especially the main players, have happily welcomed the new developments.
Thank you Joe. Good start https://t.co/vqYGKUNDvq
— Charles Hoskinson (@IOHK_Charles) January 21, 2021
Some main appointees are crypto fans
As if to give a signal to the market, the new US President has appointed some crypto fans to serve in his administration. One of these is Gary Gensler who will now head the US SEC. Gary has taught blockchain and crypto-related courses at the MIT. Another one is Michael Barr who once worked at the Treasury before working as an advisor to Ripple Labs. Bar will now be the new head of the OCC (Office Comptroller of the Currency).
With these notable appointees at the helm of some of the with the power to stifle or support the industry, it’s easy to imagine them working to solve issues troubling the industry and finding ways to bridge the regulatory gap and end the row between the industry and regulatory authorities. In this sense, the new administration may well be the best thing to happen to the crypto market for the coming decade.
Binance’s Trading Volume Hits $100 Billion in Just One Day
Binance continues to see unprecedent trading activity while attempting to sail through regulatory hurdles
Binance’s daily volume hit an eye-popping $100 billion on Oct. 20, according to a tweet by CEO Changpeng Zhao.
The leading crypto exchange recorded this crucial milestone on the day Bitcoin, the largest cryptocurrency, reached a new all-time high of $67,276.
Despite introducing stricter measures for users due to severe regulatory scrutiny, Binance enjoys a comfortable lead over other crypto exchanges in both spot and derivatives trading, according to data provided by CoinMarketCap.
Eerier this month, the trading platform also announced a $1 billion ecosystem fund.
Meanwhile, the decentralized finance sector is catching up with centralized behemoths. The total value locked in DeFi protocols has hit $100 billion for the first time.
Binance Smart Chain DeFi protocol PancakeHunny suffers flash loan attack
As the users argue “what’s better,” Ethereum or Binance Smart Chain, the latter saw another decentralized protocol being exploited. PancakeHunny on BSC was attacked by a flashloan and no, this wasn’t a first for the protocol.
Blockchain security and data analytics company Peckshield Inc. announced the attack on Twitter.
The last time that this protocol was exploited, was in June, wherein the team had noted the creation of a smart contract to exploit the Hunny Minter Smart Contract. The contract was subsequently executed 91 times, as per the team.
The team took a long time to respond to the hack this time but assured the users that their funds were safe. The team added in a preliminary report,
“On 20 October 2021, at 0920 UTC. A smart contract was created to exploit the Hunny TUSD vault. The Contract was subsequently executed 26 times.”
PeckShield provided some details about the same noting,
According to the agency, this hack was possible due to a profit inflation bug, which converts the relatively small amount of harvested ALPACA, to a large amount of TUSD for staking. PeckShield added,
“These converted TUSDs are then counted as profit, now inflated to mint large amount of $HUNNY!”
Actions taken by the team
The PancakeHunny team has stopped the minting process for the TUSD vault while assuring that funds in Hives were all SAFE. The exploit did not affect other Hives and Vaults but the price of HUNNY.
They added that the issue has been identified and the team will change its rooting to higher liquidity pools to prevent the aftereffects of price manipulation of LP pools.
NBA Makes Coinbase Its Exclusive Crypto Partner
Coinbase has joined FTX in scoring major partnerships in the sports industry
The National Basketball Association has announced a multi-year deal with Coinbase, America’s biggest crypto trading platform in an Oct. 19 press release.
Coinbase will act as the exclusive partner of the NBA, NBA G League, Women’s National Basketball Association (WNBA), and other leagues.
As part of the deal, the exchange will have a brand presence during televised games as well as unique content and activations that are meant to boost crypto awareness.
Kate Rouch, Coinbase’s chief marketing officer, says that the company is proud of joining forces with the NBA:
The freedom to participate and benefit from the things you believe in is at the heart of Coinbase’s mission. Nobody believes this more than NBA and WNBA fans. We’re proud to become the Leagues’ official cryptocurrency partner.
The shares of Coinbase are up roughly 3% at press time.