• South Korea passes new crypto legislation focusing on investor protections
• Recent spot Bitcoin ETF applications fall short of SEC’s expectations on a technicality, but are not out of the running yet
• Stablecoin buying power on exchanges increases as BTC and ETH see outflows
South Korean Crypto Legislation
South Korea has passed new crypto legislation to protect investors by implementing more stringent regulations. The Securities and Exchange Commission (SEC) recently rejected certain Bitcoin exchange-traded fund (ETF) applications due to a technicality, but these applications are not completely out of the running yet.
BNY Mellon’s Crypto Custody Venture
BNY Mellon’s crypto custody venture ran into issues with the SEC due to regulatory compliance concerns. Vodafone also confirmed rumors that they are planning to launch non-fungible token (NFT) services using Cardano’s blockchain technology. In addition, Revolut delisted Cardano, Polygon, and Solana from its US market due to regulatory compliance issues as well.
Stablecoin Buying Power
The buying power of stablecoins such as USDT, USDC, BUSD, and DAI increased significantly in June, indicating there could be an increase in buying pressure on the market amid large Bitcoin and Ethereum outflows. This $4.6 billion increase in exchange buying power could signify important changes for the future of cryptocurrency markets.
The SEC is playing an important role in regulating cryptocurrencies by rejecting certain ETF applications due to technicalities while also enforcing regulations when it comes to BNY Mellon’s crypto custody venture and Revolut’s delisting of certain cryptos from its US market. These actions indicate that the SEC is taking an active approach towards protecting investors from potential risks associated with investing in cryptocurrencies.
Crypto Market Outlook
Overall, this surge in stablecoin buying power could be a sign that there will be increased demand for cryptocurrencies in the near future. It is important for investors to be aware of potential risks associated with investing in cryptocurrencies while also keeping an eye on any regulatory updates from governmental organizations such as the SEC which could affect their investments in the future.