Casey Wagner

<div id="highlights-block_627d61781e327" class="highlights">
        <ul>
                <li>US Treasury Secretary Janet Yellen doubled down on her plea for stablecoin regulation</li>
                <li>Stablecoin issuers need to be federally insured depository institutions, she said</li>
            </ul>
    
</div>



<p>Amid the ongoing collapse of Terra’s UST stablecoin that has roiled broader crypto markers in unprecedented fashion, regulators in the US are making a renewed push for policy requiring stablecoin issuers to be treated like banks.&nbsp;</p>



<p>“We&#8217;ve just had over this last week with Terra and with Tether an illustration of the risks associated with stablecoins…there can be runs,” Yellen said Thursday during testimony before the House of Representatives Financial Services Committee. “We invented a good regulatory framework for dealing with this, and that is a federally insured depository institution.”</p>



<p>The regulatory framework in question is the November joint report on stablecoins from the President’s Working Group on Financial Markets (PWG), the Federal Deposit Insurance Corporation (FDIC) and the Office of the Comptroller of the Currency (OCC).</p>



<p>“To address risks to stablecoin users and guard against stablecoin runs, legislation should require stablecoin issuers to be insured depository institutions, which are subject to appropriate supervision and regulation, at the depository institution and the holding company level,” the <a href="https://home.treasury.gov/system/files/136/StableCoinReport_Nov1_508.pdf" target="_blank" rel="noreferrer noopener">report</a> said. </p>



<p>The issue with UST, other lawmakers say, is that as an algorithmic stablecoin, it is much more vulnerable to de-pegging risks. UST is designed to trade in tandem on a one-to-one basis with the US dollar. Regulation around reserve reporting is essential, according to Sen. Pat Toomey, R-Pa., who proposed his <a href="https://cms.blockworks.co/us-senator-proposes-looser-stablecoin-regulation/" target="_blank" rel="noreferrer noopener">own stablecoin regulation</a> in April.</p>



<p>“If Congress does not act in this space, then the danger is, at some point, a fiat-backed stablecoin might lose its dollar peg,” Toomey told reporters Wednesday. “And that could not only be very problematic for consumers who lose money, but it could have repercussions.”&nbsp;</p>



<p>This is not the first time that regulators have shown interest in Terra.&nbsp;</p>



<p>The SEC served Terra founder Do Kwon during the Mainnet Conference in New York City in September 2021. The subpoenas focused on the Mirror Protocol, a decentralized finance (DeFi) project built on Terra that creates synthetic versions of real assets and securities. </p>



<p>In October, Terraform Labs (TFL) <a href="https://drive.google.com/file/d/1rSfy79JSqipzelFmJZa-pSl1sY7OVgMB/view" target="_blank" rel="noreferrer noopener">responded</a> to the SEC, arguing that it is outside of the watchdog’s jurisdiction. A district court in New York <a href="https://storage.courtlistener.com/recap/gov.uscourts.nysd.569722/gov.uscourts.nysd.569722.28.0_1.pdf" target="_blank" rel="noreferrer noopener">sided</a> in February with the SEC and ordered TFL and Kwon to comply with the subpoenas.</p>



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Yellen: UST Collapse Could Have Been Avoided With Rules for Stablecoin Issuers

<div id="highlights-block_627a8977817b1" class="highlights">
        <ul>
                <li>Congress needs to pass stablecoin legislation before the end of the year, Yellen said</li>
                <li>UST’s recent crash shows the market is vulnerable to runs, the Treasury Secretary warned</li>
            </ul>
    
</div>



<p>US Treasury Secretary Janet Yellen doubled down on her stance that stablecoins pose a threat to financial stability Tuesday during annual testimony before the Senate Banking Committee.</p>



<p>“I certainly think there are many risks associated with cryptocurrencies,” Yellen said in response to a question from Sen. Catherine Cortez Masto, D-Nev., about when stablecoin regulation might come.&nbsp;</p>



<p>“The cryptocurrency market is now larger than the subprime mortgage market, which triggered a global financial crisis,” Cortez Masto said.&nbsp;</p>



<p>The Treasury will issue a “comprehensive report” on cryptocurrencies and stablecoins “shortly,” Yellen said, as part of a request from the President’s Working Group on Financial Markets (PWG). She also stressed that Congress should be working on stablecoin legislation too, saying that it is &#8220;highly appropriate&#8221; this gets done by the end of 2022.&nbsp;</p>



<p>“[With stablecoins,] we see run risks, which could threaten financial stability, risks associated with a payment system and its integrity and risks associated with increased concentration if stablecoins are issued by firms that already have substantial market power,” Yellen said. “We definitely see significant risks.”&nbsp;</p>



<p>These risks are not hypothetical, they are playing out in real time, Yellen added.&nbsp;</p>



<p>“A stablecoin known as TerraUSD experienced a run and declined in value,” Yellen said, referring to UST <a href="https://cms.blockworks.co/luna-foundation-guard-to-support-struggling-ust-peg-with-btc-reserves/" target="_blank" rel="noreferrer noopener">losing its US dollar peg</a> and falling as low at $0.65 Monday. “I think that this simply illustrates that this is a rapidly growing product and there are rapidly growing risks.”</p>



<p>The aggregate value of stablecoins grew over the past year to more than $180 billion in March 2022, the Federal Reserve noted in its <a href="https://www.federalreserve.gov/publications/files/financial-stability-report-20220509.pdf" target="_blank" rel="noreferrer noopener">financial stability report</a>, released Monday. The stablecoin sector is highly concentrated, the report added, with the three largest stablecoin issues (Tether, USD Coin, and Binance USD) making up more than 80 percent of the total market value. Terra USD previously was the third largest by market capitalization until Monday’s meltdown.</p>



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Secretary Yellen: Stablecoins Pose Significant Risk to Financial Stability

Luke Conway

<div id="highlights-block_61e889eac96b6" class="highlights">
        <ul>
                <li>Language in the EU&#8217;s Markets in Crypto Assets bill that would effectively ban crypto mining was removed Monday</li>
                <li>US officials claim that Russia has asked China for military aid, heightening geopolitical tension and pulling equity markets down</li>
            </ul>
    
</div>



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</script>



<p>Bitcoin and other cryptocurrencies pushed higher Monday as the European Union nixed a regulatory measure that would have effectively banned crypto mining. </p>



<p>The section — which would broadly regulate the digital assets space — was removed from the Markets in Crypto Assets (MiCA) bill Monday. It quieted the concerns of industry participants who have protested the measure since it was <a href="https://cms.blockworks.co/eus-crypto-bill-mica-heads-to-a-monday-vote-without-proof-of-work-ban/" target="_blank" rel="noreferrer noopener">introduced</a> by the EU in 2020.</p>



<p>The removal boosted markets even as equities fell on the day. Bitcoin climbed 2.85%, while ether rose 1.14% by the end of stock trading. </p>



<p>Stefan Berger, a member of the European Parliament from Germany, said proof-of-work crypto mining was no longer included in MiCA.</p>



<p>"In view of the important debate about sustainability, my suggestion is to include crypto assets, like all other financial products, in the <a href="https://twitter.com/hashtag/Taxonomie?src=hashtag_click" target="_blank" rel="noreferrer noopener">#Taxonomie</a> area," Berger said. "An independent discussion of the Proof-of-Work is no longer planned in <a href="https://twitter.com/hashtag/MiCA?src=hashtag_click" target="_blank" rel="noreferrer noopener">#MiCA</a>."</p>



<p>THORchain, a decentralized liquidity protocol, was again crypto’s biggest gainer of the day among the top 100 coins by market capitalization, with an 11.61% gain. </p>


<p>[stock_market_widget type="accordion" template="chart" color="#5B35D5" assets="BTC-USD,ETH-USD,RUNE-USD" start_expanded="true" display_currency_symbol="true" api="yf" chart_range="1mo" chart_interval="1d"]</p>



<p>Equities struggled Monday after reports emerged that Russia had asked China for military aid in its efforts in Ukraine. White House National Security Advisor Jake Sullivan <a href="https://www.cnn.com/2022/03/13/politics/jake-sullivan-meeting-chinese-counterpart-ukraine/index.html" target="_blank" rel="noreferrer noopener">said</a> Sunday that the US is "watching closely to see the extent to which China actually does provide any form of support, material support or economic support, to Russia."</p>



<p>The growing geopolitical tension has continued to add uncertainty to the stock market, causing high volatility. The S&amp;P 500 fell by another 0.74% Monday, while the Nasdaq fell 1.92%. The Dow remained flat. </p>


<p>[stock_market_widget type="accordion" template="chart" color="#5B35D5" assets="^GSPC,^IXIC,^DJI" start_expanded="true" display_currency_symbol="false" api="yf" chart_range="1mo" chart_interval="1d"]</p>



<h3 class="wp-block-heading">Top stories</h3>



<p><a href="https://cms.blockworks.co/illinois-moves-closer-to-accepting-crypto-for-taxes-but-not-considering-legal-tender-status/" target="_blank" rel="noreferrer noopener">Story</a>: Illinois Moves Closer To Accepting Crypto for Taxes, but Not Considering Legal Tender Status</p>



<ul class="wp-block-list"><li>FlowBank’s clients, which can invest in CoinShares’ crypto through derivative products, are set to have direct access to crypto in the third quarter</li><li>The bank will be able to take advantage of more advanced features such as holding, staking and lending in the coming months, according to CoinShares</li></ul>



<p><a href="https://cms.blockworks.co/coinshares-seeks-to-reach-more-investors-by-upping-stake-in-flowbank/" target="_blank" rel="noreferrer noopener">Story</a>: CoinShares Seeks To Reach More Investors by Upping Stake in FlowBank</p>



<ul class="wp-block-list"><li>Liberal Party candidate Yoon Suk Yeol has clinched a victory over political rival Lee Jae-Myung in a narrow race</li><li>Pundits hope Yoon will pave the way for a new era of crypto deregulation in the country following campaign promises to do so</li></ul>



<p><a href="https://cms.blockworks.co/nft-marketplace-magic-eden-secures-27m-series-a/" target="_blank" rel="noreferrer noopener">Story</a>: NFT Marketplace Magic Eden Secures $27M Series A</p>



<ul class="wp-block-list"><li>The capital will go toward staff expansion, product development and future partnerships</li><li>Other investors include Sequoia Capital, Electric Capital, Greylock Partners, Kindred Capital, Variant Fund and Solana Ventures</li></ul>



<p><a href="https://cms.blockworks.co/congressional-candidate-uses-nfts-to-raise-awareness-funds/" target="_blank" rel="noreferrer noopener">Story</a>: Congressional candidate uses NFTs to raise awareness, funds</p>



<ul class="wp-block-list"><li>The NFT holders will have access to conversations with climate scientists and the Kurani campaign’s Earth Day party in the metaverse</li><li>Kurani, if elected, would prioritize clear guidelines on know your customer and anti-money laundering reporting while seeking to protect privacy</li></ul>



<h3 class="wp-block-heading">Going forward</h3>



<p>Investors should prepare for the Federal Open Market Committee's federal funds rate announcement Wednesday. The expected rate change is likely to move markets.</p>



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Market Wrap: Crypto Rises as European Mining Ban Falls Through

<div id="highlights-block_61e889eac96b6" class="highlights">
        <ul>
                <li>Cryptos and equities notched lower Friday after Biden announced the US, European Union and other nations would seek to ban more Russian imports</li>
                <li>&#8220;A direct confrontation between NATO and Russia is World War III. And something we must strive to prevent,&#8221; President Biden said in a Tweet Friday</li>
            </ul>
    
</div>



<iframe title="Latest Moves" aria-label="Table" id="datawrapper-chart-KCtU9" src="https://datawrapper.dwcdn.net/KCtU9/43/" scrolling="no" frameborder="0" style="width: 0; min-width: 100% !important; border: none;" height="451"></iframe><script type="text/javascript">!function(){"use strict";window.addEventListener("message",(function(e){if(void 0!==e.data["datawrapper-height"]){var t=document.querySelectorAll("iframe");for(var a in e.data["datawrapper-height"])for(var r=0;r<t.length;r++){if(t[r].contentWindow===e.source)t[r].style.height=e.data["datawrapper-height"][a]+"px"}}}))}();
</script>



<p>Equity and crypto markets fell Friday as President Joe Biden announced the US, the European Union and G7 members are planning to remove Russia's "most favored" nation trading status.</p>



<p>The move widens bans on Russian imports to additional goods, including vodka and seafood.</p>



<p>In a press <a href="https://www.youtube.com/watch?v=cJkkTAp15mc" target="_blank" rel="noreferrer noopener">briefing</a>, Biden said the switch in Russia's trade status "would be another crushing blow to the Russian economy." Biden added: "It's already suffering very badly from our sanctions."</p>



<p>Biden reiterated that the US would defend NATO, but that a direct conflict between NATO and Russia would result in a new world war.</p>



<p>"I want to be clear: We will defend every inch of NATO territory with the full might of a united and galvanized NATO," Biden <meta charset="utf-8"><a href="https://twitter.com/POTUS/status/1502353759455821833" target="_blank" rel="noreferrer noopener">said</a>. "But we will not fight a war against Russia in Ukraine. A direct confrontation between NATO and Russia is World War III. And something we must strive to prevent."</p>



<p>So far, Russia seems indifferent to the economic strife. The country even increased its push through Ukraine by striking airfields in the west and a major industrial city in the east, lowering hopes that the conflict could end diplomatically.</p>



<p>The invasion continues to make markets highly volatile. The S&amp;P 500 fell by 1.3% Friday, while the Nasdaq and Dow dropped by 2.13% and 0.69%, respectively.</p>


<p>[stock_market_widget type="accordion" template="chart" color="#5B35D5" assets="^GSPC,^IXIC,^DJI" start_expanded="true" display_currency_symbol="false" api="yf" chart_range="1mo" chart_interval="1d"]</p>



<p>Cryptocurrencies also slid, with bitcoin falling by 2.09% and ether dropping by 2.08% by the end of stock trading. </p>



<p>THORchain, a decentralized liquidity protocol, was crypto’s biggest gainer of the day among the top 100 coins by market capitalization, with a 9.27% gain.</p>


<p>[stock_market_widget type="accordion" template="chart" color="#5B35D5" assets="BTC-USD,ETH-USD,RUNE-USD" start_expanded="true" display_currency_symbol="true" api="yf" chart_range="1mo" chart_interval="1d"]</p>



<h3 class="wp-block-heading">Top stories</h3>



<p><a href="https://cms.blockworks.co/report-50-of-nft-holders-have-lost-access-to-their-nfts/" target="_blank" rel="noreferrer noopener">Story</a>: Report: 50% of NFT Holders Have Lost Access to Their NFTs</p>



<ul class="wp-block-list"><li>MetaMask, Trust Wallet and Math Wallet are the most commonly used wallets</li><li>16% of respondents said their accounts on NFT platforms had been previously hacked</li></ul>



<p><a href="https://cms.blockworks.co/yoon-suk-yeol-wins-south-koreas-presidential-election/" target="_blank" rel="noreferrer noopener">Story</a>: Pro-crypto Candidate Yoon Suk Yeol Wins South Korea’s Presidency</p>



<ul class="wp-block-list"><li>Liberal Party candidate Yoon Suk Yeol has clinched a victory over political rival Lee Jae-Myung in a narrow race</li><li>Pundits hope Yoon will pave the way for a new era of crypto deregulation in the country following campaign promises to do so</li></ul>



<p><a href="https://cms.blockworks.co/juno-network-stakeholders-to-decide-fate-of-whales-millions-in-a-crypto-first/" target="_blank" rel="noreferrer noopener">Story</a>: Juno Network Stakeholders To Decide Fate of Whale’s Millions in a Crypto First</p>



<ul class="wp-block-list"><li>If the whale abruptly pulled out their funds — currently worth about $122 million — they could single-handedly wipe out JUNO liquidity on decentralized exchanges</li><li>The proposal, if passed, could set an “interesting” and “potentially dangerous” precedent, a community member named Kavaskous on Twitter said</li></ul>



<p><a href="https://cms.blockworks.co/new-planned-etf-targets-nft-related-stocks/" target="_blank" rel="noreferrer noopener">Story</a>: New Planned ETF Targets NFT-related Stocks</p>



<ul class="wp-block-list"><li>The filing comes as the SEC rejected proposed spot bitcoin ETFs from fund issuers NYDIG and Global X Thursday</li><li>Exchange Traded Concepts launched the Fount Metaverse ETF in October</li></ul>



<h3 class="wp-block-heading">Going forward</h3>



<p>Markets are likely to be volatile going forward as the Ukraine-Russia conflict intensifies. The mid-March Federal Reserve meeting, where the regulator plans to reveal its interest rate plan, will take place next week.</p>



<hr class="wp-block-separator has-alpha-channel-opacity"/>



<p><strong>Start your day with top crypto insights from David Canellis and Katherine Ross. <a href="https://blockworks.co/newsletter/empire">Subscribe to the Empire newsletter</a>.</strong></p>



<p><strong>Explore the growing intersection between crypto, macroeconomics, policy and finance with Ben Strack, Casey Wagner and Felix Jauvin. <a href="https://blockworks.co/newsletter/onthemargin">Subscribe to the Forward Guidance newsletter</a>.</strong></p>



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<p></p>


Market Wrap: Stocks, Cryptos Fall as US Looks For New Ways to Punish Putin

<div id="highlights-block_61e889eac96b6" class="highlights">
        <ul>
                <li>Talks between Ukraine and Russia to establish a ceasefire and humanitarian corridors on Thursday made no progress</li>
                <li>The US core CPI rose 0.8% in February, bringing inflation up 7.8% year-over-year, the highest its been since 1982</li>
            </ul>
    
</div>



<iframe title="Latest Moves" aria-label="Table" id="datawrapper-chart-KCtU9" src="https://datawrapper.dwcdn.net/KCtU9/42/" scrolling="no" frameborder="0" style="width: 0; min-width: 100% !important; border: none;" height="451"></iframe><script type="text/javascript">!function(){"use strict";window.addEventListener("message",(function(e){if(void 0!==e.data["datawrapper-height"]){var t=document.querySelectorAll("iframe");for(var a in e.data["datawrapper-height"])for(var r=0;r<t.length;r++){if(t[r].contentWindow===e.source)t[r].style.height=e.data["datawrapper-height"][a]+"px"}}}))}();
</script>



<p>Ukraine and Russia’s foreign ministers discussed implementing a ceasefire and establishing humanitarian corridors for refugees in a Thursday meeting hosted by Turkey’s foreign minister.</p>



<p>Ukraine’s foreign minister, Dmytro Kuleba, called for a 24-hour ceasefire and an open pathway out of Mariupol for civilians. Russia’s Sergei Lavrov did not agree, citing proposals already offered by Russia that called for a demilitarized Ukraine.</p>



<p>“I made a simple proposal to Minister Lavrov: I can call my Ukrainian ministers, authorities, president now and give you 100% assurances on security guarantees for humanitarian corridors,” Kuleba <a href="https://www.youtube.com/watch?v=TM5Pj2PbZMA" target="_blank" rel="noreferrer noopener">said</a>. “I asked him, ‘Can you do the same?’ and he did not respond.”</p>



<p>The lack of consensus between the two nations added to concerns that a diplomatic ending to the conflict may not be realistic.</p>



<p>Adding to market uncertainty was February’s consumer price index report, which showed inflation is still rising.</p>



<p>The consumer price index <a href="https://www.bls.gov/news.release/cpi.nr0.htm" target="_blank" rel="noreferrer noopener">increased</a> 0.8% in February, bringing year-over-year inflation up to 7.9%, the highest increase since January of 1982.</p>



<p>US stocks opened sharply lower and, despite climbing throughout the day, ended down. The S&amp;P 500 fell 0.43% and the Nasdaq and Dow stumbled 1.10% and 0.34% respectively. </p>


<p>[stock_market_widget type="accordion" template="chart" color="#5B35D5" assets="^GSPC,^IXIC,^DJI" start_expanded="true" display_currency_symbol="false" api="yf" chart_range="1mo" chart_interval="1d"]</p>



<p>Crypto markets, which had jumped yesterday, lost most of their gains today as investors sold off. Bitcoin was down by as much as 8% by midday but ended stock trading down just under 5.7%. Ether took a hit as well, falling by 3.91% by the end of stock trading. </p>



<p>Stacks, a layer-1 blockchain aiming to bring decentralized applications (dApps) to bitcoin, was crypto’s biggest gainer of the day among the top 100 coins by market capitalization, with a 21.7% gain.</p>


<p>[stock_market_widget type="accordion" template="chart" color="#5B35D5" assets="BTC-USD,ETH-USD,STX-USD" start_expanded="true" display_currency_symbol="true" api="yf" chart_range="1mo" chart_interval="1d"]</p>



<h3 class="wp-block-heading">Top stories</h3>



<p><a href="https://cms.blockworks.co/will-bidens-executive-order-speed-up-spot-bitcoin-etf-approval/" target="_blank" rel="noreferrer noopener">Story</a>: Will Biden’s Executive Order Speed Up Spot Bitcoin ETF Approval?</p>



<ul class="wp-block-list"><li>Interagency research may alleviate SEC crypto concerns around fraud and manipulation, WisdomTree’s chief legal officer said</li><li>The executive order does not affect the SEC’s stance in the short term, according to Global X’s director of research</li></ul>



<p><a href="https://cms.blockworks.co/hack-vc-hikes-fundraising-stakes-targets-500m-for-new-crypto-venture-fund/" target="_blank" rel="noreferrer noopener">Story</a>: Hack VC Hikes Fundraising Stakes, Targets $500M for New Crypto Venture Fund</p>



<ul class="wp-block-list"><li>The firm has been courting institutional players, including pension funds and endowments, as limited partners</li><li>Hack VC is looking to hire as the firm scales its assets under management</li></ul>



<p><a href="https://cms.blockworks.co/ethereum-scaling-startup-reportedly-triples-valuation-in-four-months/" target="_blank" rel="noreferrer noopener">Story</a>: Ethereum Scaling Startup Reportedly Triples Valuation in 4 Months</p>



<ul class="wp-block-list"><li>“Since StarkNet was launched, interest from devs and investors has gone through the roof,” an anonymous company source told Blockworks</li><li>In an interview with Blockworks in November 2021, one of the four co-founders said that they “didn’t need the money” from its Series C, but the funds helped them grow their operations even faster</li></ul>



<p><a href="https://cms.blockworks.co/small-crypto-miners-are-fixating-on-dwindling-towns-and-dilapidated-buildings/" target="_blank" rel="noreferrer noopener">Story</a>: Small Crypto Miners Are Fixating on Dwindling Towns and Dilapidated Buildings</p>



<ul class="wp-block-list"><li>Plan C Crypto, a California crypto mining firm, recently picked Fayetteville, North Carolina for its East Coast headquarters</li><li>“In the mining world, the turnaround that happens in communities when a large mining farm is deployed there can change lives,” Mason Jappa, CEO of Blockware Solutions, told Blockworks</li></ul>



<h3 class="wp-block-heading">Going forward</h3>



<p>Bitcoin had a significant drop Thursday but remained above its previous low. The cryptocurrency has now seen a series of higher lows, suggesting it is consolidating and preparing for a larger volatile move up or down. Investors should prepare for next Wednesday’s Fed meeting at which a change to the federal funds rate is likely. While a 25 basis point increase is expected, continuing growth inflation could prompt a steeper increase.</p>



<hr class="wp-block-separator has-alpha-channel-opacity"/>



<p><strong>Start your day with top crypto insights from David Canellis and Katherine Ross. <a href="https://blockworks.co/newsletter/empire">Subscribe to the Empire newsletter</a>.</strong></p>



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<p></p>


Market Wrap: Ukraine-Russia Talks Fail, Inflation Hits 40-Year High

<div id="highlights-block_61e889eac96b6" class="highlights">
        <ul>
                <li>Treasury Secretary Janet Yellen said the order&#8217;s approach &#8220;could result in substantial benefits for the nation, consumers, and businesses&#8221;</li>
                <li>Equity markets rose, too, despite continuing tensions in Ukraine, with the S&amp;P 500 posting a 2.57% gain</li>
            </ul>
    
</div>



<iframe title="Latest Moves" aria-label="Table" id="datawrapper-chart-KCtU9" src="https://datawrapper.dwcdn.net/KCtU9/41/" scrolling="no" frameborder="0" style="width: 0; min-width: 100% !important; border: none;" height="451"></iframe><script type="text/javascript">!function(){"use strict";window.addEventListener("message",(function(e){if(void 0!==e.data["datawrapper-height"]){var t=document.querySelectorAll("iframe");for(var a in e.data["datawrapper-height"])for(var r=0;r<t.length;r++){if(t[r].contentWindow===e.source)t[r].style.height=e.data["datawrapper-height"][a]+"px"}}}))}();
</script>



<p>Crypto markets notched sizable gains Wednesday as the White House unveiled President Biden's long-awaited <a href="https://www.whitehouse.gov/briefing-room/presidential-actions/2022/03/09/executive-order-on-ensuring-responsible-development-of-digital-assets/" target="_blank" rel="noreferrer noopener">executive order</a> on digital assets.  </p>



<p>Investors were quick to pinpoint an accompanying statement as mostly positive, including it calling the rise of digital assets <meta charset="utf-8">"an opportunity to reinforce American leadership in the global financial system and at the technological frontier."</p>



<p>"Today, <a href="https://twitter.com/POTUS" target="_blank" rel="noreferrer noopener">@POTUS</a> signed an Executive Order on crypto-assets," Securities and Exchange Commission Chair Gary Gensler <meta charset="utf-8"><a href="https://twitter.com/GaryGensler/status/1501513124091871235" target="_blank" rel="noreferrer noopener">tweeted</a>. "I look forward to collaborating with colleagues across the government to achieve important public policy goals: protecting investors &amp; consumers, guarding against illicit activity &amp; helping ensure financial stability."</p>



<p>The Department of the Treasury also released a <a href="https://web.archive.org/web/20220309014601/https://home.treasury.gov/news/press-releases/jy0643" target="_blank" rel="noreferrer noopener">statement</a> from Treasury Secretary Janet Yellen that was later taken down. </p>



<p>While Yellen addressed the potential issues digital assets may introduce, she also said creating legislation could help both consumers and businesses. </p>



<p>"President Biden’s historic executive order calls for a coordinated and comprehensive approach to digital asset policy," Yellen said.&nbsp;"This approach will support responsible innovation that could result in substantial benefits for the nation, consumers and businesses."</p>



<p>The US move to regulate crypto — in what most industry watchers dubbed a fair manner — caused bitcoin to swell. <meta charset="utf-8">The cryptocurrency was up as much as almost 10% intraday, before ending stock trading with a 7.96% pop.</p>



<p>The rest of the crypto market followed, sending ether up 4.2% and the overall cryptocurrency market capitalization up 5.72%. </p>



<p>THORchain, a decentralized liquidity protocol, saw its native RUNE token jump nearly 30% on the day, making it the largest gainer among the top 100 cryptocurrencies by market cap. </p>


<p>[stock_market_widget type="accordion" template="chart" color="#5B35D5" assets="BTC-USD,ETH-USD,RUNE-USD" start_expanded="true" display_currency_symbol="true" api="yf" chart_range="1mo" chart_interval="1d"]</p>



<p>Equity markets rose, too, despite continuing tensions in Ukraine, with the S&amp;P 500 posting a 2.57% gain. The Nasdaq and Dow also increased, pushing up 3.58% and 2%, respectively.</p>


<p>[stock_market_widget type="accordion" template="chart" color="#5B35D5" assets="^GSPC,^IXIC,^DJI" start_expanded="true" display_currency_symbol="false" api="yf" chart_range="1mo" chart_interval="1d"]</p>



<h3 class="wp-block-heading">Top stories</h3>



<p><a href="https://cms.blockworks.co/dubai-is-the-latest-government-to-roll-out-crypto-law-set-up-regulator/" target="_blank" rel="noreferrer noopener">Story</a>: Dubai Is the Latest Government To Roll Out Crypto Law, Set Up Regulator</p>



<ul class="wp-block-list"><li>Dubai Financial Services Authority reveals report on crypto token regulation</li><li>Proposal calls for “privacy tokens” and “algorithmic tokens” to be banned</li></ul>



<p><a href="https://cms.blockworks.co/defi-hedge-fund-fresh-off-profitable-private-bets-launches-first-venture-vehicle/" target="_blank" rel="noreferrer noopener">Story</a>: DeFi Hedge Fund, Fresh off Profitable Private Bets, Launches First Venture Vehicle</p>



<ul class="wp-block-list"><li>The launch is one of a growing number from hedge fund managers focused on digital assets looking to increase their exposures to crypto private markets</li><li>The firm invested in Animoca Brands, the parent company of The Sandbox metaverse, when the company was valued at $1 billion</li></ul>



<p><a href="https://cms.blockworks.co/pantera-capitals-blockchain-fund-has-1b-in-commitments/" target="_blank" rel="noreferrer noopener">Story</a>: Pantera Capital’s Blockchain Fund Has $1B in Commitments</p>



<ul class="wp-block-list"><li>Pantera partner calls gaming “a huge sector for years to come” in the crypto space</li><li>The fund’s venture equity deals range from $1 million to about $40 million, typically as part of seed, Series A or Series B funding rounds</li></ul>



<p><a href="https://cms.blockworks.co/biden-signs-crypto-executive-order-promoting-responsible-innovation/" target="_blank" rel="noreferrer noopener">Story</a>: Biden Signs Crypto Executive Order Promoting “Responsible Innovation”</p>



<ul class="wp-block-list"><li>Biden calls for a unified approach on regulating and evaluating cryptocurrencies</li><li>Industry members welcome regulation, but ask that their voices be heard</li></ul>



<h3 class="wp-block-heading">Going forward</h3>



<p>Bitcoin has experienced a series of higher lows, suggesting that the worst may be behind the cryptocurrency. Investors should still be wary of volatility stemming from the Ukraine conflict and the coming mid-March Fed meeting on interest rates. </p>



<hr class="wp-block-separator has-alpha-channel-opacity"/>



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<p></p>


Market Wrap: Bitcoin Jumps After White House Rolls Out Crypto Executive Order

Sam Martin

<div id="highlights-block_617725d07bf3f" class="highlights">
        <ul>
                <li>BTC and ETH momentum stalls on hawkish remarks from Fed Chair Jerome Powell</li>
                <li>Janet Yellen provides clarity over the definition of a &#8216;broker&#8217; as it relates to digital asset regulation</li>
            </ul>
    
</div>



<p>US Secretary of the Treasury Janet Yellen clarified that the definition of a &#8220;broker&#8221; does not include hardware wallet manufacturers, software developers, miners or providers of un-hosted wallets that do not take custody of funds.</p>



<p>Grayscale sent the US Securities and Exchange Commission (SEC) a letter arguing that the rejection of a spot-based BTC ETF is in violation of the Administrative Procedure Act (APA).</p>



<p>US Federal Reserve Chairman Jerome Powell agrees to retire the word &#8220;transitory&#8221; as it relates to inflation, citing supply-chain bottlenecks as a key driver.</p>



<p>BTC and ETH saw their momentum stall after Powell&#8217;s remarks, as risk-off sentiment took hold on expectations of tighter monetary policy to combat inflation. </p>



<p>NFT volumes have fallen drastically over the past 24 hours, namely Bored Ape Yacht Club. </p>



<h3 class="wp-block-heading"><strong>Latest in Macro:</strong></h3>



<ul class="wp-block-list"><li>S&amp;P 500: 4,567, -1.90%</li><li>NASDAQ: 15,537, -1.55%</li><li>Gold: $1,773, -.66%</li><li>WTI Crude Oil: $66.70, -4.65%</li><li>10-Year Treasury: 1.439%, -.09%</li></ul>



<h3 class="wp-block-heading"><strong>Latest in Crypto:</strong></h3>



<ul class="wp-block-list"><li>BTC: $57,721, -.91%</li><li>ETH: $4,670, +5.32%</li><li>ETH/BTC: 0.0808, +5.12%</li><li>BTC.D: 41.72%, -1.51%</li></ul>



<h3 class="wp-block-heading">Yellen provides regulatory clarity</h3>



<p>The $1 trillion bipartisan infrastructure bill that contained vague wording around cryptocurrency was signed into law on <a href="https://www.npr.org/2021/11/15/1055841358/biden-signs-1t-bipartisan-infrastructure-bill-into-law" target="_blank" rel="noreferrer noopener">November 15, 2021</a>. Although provisions will not go into effect until January of 2024, many experts in the digital asset industry have been worried it could lead to devastating repercussions for the emerging asset class.</p>



<p>The main cause for concern to this point has been the requirement for every broker to report their cryptocurrency gains in a type of 1099 form. Brokers would be expected to disclose the names and addresses of their customers. </p>



<p>The ambiguity around the definition of &#8220;broker&#8221; is <a href="https://www.cnbc.com/2021/11/09/how-bipartisan-infrastructure-bill-will-impact-crypto-investors.html" target="_blank" rel="noreferrer noopener">significant because</a> it could be interpreted to include hardware wallet manufacturers, software developers, miners or providers of un-hosted wallets. The reason that is such a problem is that the aforementioned parties do not have all of the information required to submit 1099&#8217;s, which would theoretically put them out of compliance with the law.</p>



<p>Today Yellen provided some much-needed clarity. She said that the guidance from the Financial Action Task Force (FATF) is consistent with the standing guidance from the Financial Crimes Enforcement Network (FinCEN) with regard to digital assets.</p>



<p>This means that the definition of &#8220;broker&#8221; does not include hardware wallet manufacturers, software developers, miners, or providers of un-hosted wallets who do not take custody of funds. Yellen went further to say that the guidance is not binding on jurisdictions and is in fact just guidance, <a href="https://www.banking.senate.gov/imo/media/doc/yellen_responses_to_toomey_qfrs.pdf" target="_blank" rel="noreferrer noopener">according</a> to a document laying out questions from Senator Pat Toomey (R-PA):</p>



<div class="wp-block-image"><figure class="aligncenter size-large"><img loading="lazy" decoding="async" width="942" height="1024" src="https://blockworks-co.imgix.net/wp-content/uploads/2021/11/guidance-942x1024.png" alt="" class="wp-image-11950" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2021/11/guidance-942x1024.png?w=942 942w, https://blockworks-co.imgix.net/wp-content/uploads/2021/11/guidance-942x1024.png?w=276 276w, https://blockworks-co.imgix.net/wp-content/uploads/2021/11/guidance-942x1024.png?w=768 768w, https://blockworks-co.imgix.net/wp-content/uploads/2021/11/guidance-942x1024.png?w=1414 1414w, https://blockworks-co.imgix.net/wp-content/uploads/2021/11/guidance-942x1024.png?w=237 237w, https://blockworks-co.imgix.net/wp-content/uploads/2021/11/guidance-942x1024.png?w=240 240w, https://blockworks-co.imgix.net/wp-content/uploads/2021/11/guidance-942x1024.png?w=202 202w, https://blockworks-co.imgix.net/wp-content/uploads/2021/11/guidance-942x1024.png?w=74 74w, https://blockworks-co.imgix.net/wp-content/uploads/2021/11/guidance-942x1024.png?w=1710 1710w" sizes="(max-width: 942px) 100vw, 942px" /><figcaption>Source: @jerrybrito</figcaption></figure></div>



<h3 class="wp-block-heading">Grayscale&#8217;s letter to the SEC</h3>



<p>Craig Salm, a member of the legal team at Grayscale, took to Twitter to announce that the firm has sent the SEC a letter arguing that the rejection of a spot-based BTC ETF is in violation of the APA. Grayscale <a href="https://grayscale.com/unpacking-the-news-a-new-argument-for-a-bitcoin-etf/" target="_blank" rel="noreferrer noopener">released a formal announcement</a> on their website. </p>



<figure class="wp-block-embed aligncenter is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="550" data-dnt="true"><p lang="en" dir="ltr">Last night our attorneys at Davis Polk sent a letter to the SEC arguing that approval of <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw">#Bitcoin</a> futures-based ETFs, but not <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw">#Bitcoin</a> spot-based ETFs, like <a href="https://twitter.com/search?q=%24GBTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$GBTC</a>, is “arbitrary and capricious,” and therefore in violation of the Administrative Procedure Act (APA).</p>&mdash; Craig Salm (@CraigSalm) <a href="https://twitter.com/CraigSalm/status/1465739799688626179?ref_src=twsrc%5Etfw">November 30, 2021</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



<h3 class="wp-block-heading">BTC and ETH stall on Powell&#8217;s remarks</h3>



<p>Powell appeared alongside Yellen before the Senate Banking, Housing and Urban Affairs Committee about the Coronavirus Aid, Relief and Economic Security (CARES) Act Tuesday for the first of two days of testimony, Blockworks <a href="https://cms.blockworks.co/powell-we-can-retire-the-term-transitory-inflation/" target="_blank" rel="noreferrer noopener">reported</a> earlier today. </p>



<p>The Federal Reserve has a different definition of the term &#8220;transitory inflation&#8221; than most Americans, Powell said, suggesting that the word be retired. With CPI prints coming in at the highest rates in the <a href="https://cms.blockworks.co/bonds-sell-off-on-6-2-cpi-print-bitcoin-liquidations-spur-correction-markets-wrap/" target="_blank" rel="noreferrer noopener">past 30 years</a>, it is safe to say inflation is no longer transitory due to ongoing supply-chain bottlenecks.</p>



<p>“We didn’t predict the supply side problems, and those are really [non-]linear and hard to predict,” Powell said. “That’s really what we missed, and that’s why professional forecasters had much lower expectations for inflation.”</p>



<p>Vice President, Kamala Harris, took to <a href="https://twitter.com/KamalaHarris/status/1465714500049461250?s=20" target="_blank" rel="noreferrer noopener">Twitter</a> to say that President Joe Biden has taken action to get the largest US ports operating 24/7 to reduce port congestion which is contributing to the supply-chain problems and therefore higher inflation. (See image below.)</p>



<div class="wp-block-image"><figure class="aligncenter size-large"><img loading="lazy" decoding="async" width="1024" height="536" src="https://blockworks-co.imgix.net/wp-content/uploads/2021/11/congestion-1024x536.jpg" alt="" class="wp-image-11951" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2021/11/congestion-1024x536.jpg?w=1024 1024w, https://blockworks-co.imgix.net/wp-content/uploads/2021/11/congestion-1024x536.jpg?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2021/11/congestion-1024x536.jpg?w=768 768w, https://blockworks-co.imgix.net/wp-content/uploads/2021/11/congestion-1024x536.jpg?w=1536 1536w, https://blockworks-co.imgix.net/wp-content/uploads/2021/11/congestion-1024x536.jpg?w=2048 2048w, https://blockworks-co.imgix.net/wp-content/uploads/2021/11/congestion-1024x536.jpg?w=428 428w, https://blockworks-co.imgix.net/wp-content/uploads/2021/11/congestion-1024x536.jpg?w=470 470w, https://blockworks-co.imgix.net/wp-content/uploads/2021/11/congestion-1024x536.jpg?w=389 389w, https://blockworks-co.imgix.net/wp-content/uploads/2021/11/congestion-1024x536.jpg?w=80 80w" sizes="(max-width: 1024px) 100vw, 1024px" /><figcaption>Source: Flexport</figcaption></figure></div>



<p>If inflation pressures persist, Powell said, it may be appropriate to hasten the pace of asset purchase tapering, which the Fed <a href="https://cms.blockworks.co/fed-to-begin-tapering-this-month-bottlenecks-will-persist-well-into-2022/" target="_blank" rel="noreferrer noopener">announced</a> would begin this month.</p>



<p>Powell&#8217;s remarks sent both traditional financial markets and the digital asset market lower due to fears of tighter monetary policy. Prior to the testimony, ETH was within spitting distance of all-time highs while BTC topped $59,000 for a brief moment before they both corrected.</p>



<h3 class="wp-block-heading">The Fed and the market</h3>



<p>&#8220;The rates market quickly unpriced some of the Fed’s expected normalization path. This chart shows the Fed Funds curve as of Friday (dark blue) and a week before (light blue). In my view, Friday’s action wasn’t enough to slow down the Fed’s taper or projected rate hike path.&#8221; <a href="https://twitter.com/TimmerFidelity/status/1465429107890692110?s=20" target="_blank" rel="noreferrer noopener">wrote</a> Jurrien Timmer, director of global macro at Fidelity.</p>



<div class="wp-block-image"><figure class="aligncenter size-large"><img loading="lazy" decoding="async" width="1024" height="563" src="https://blockworks-co.imgix.net/wp-content/uploads/2021/11/fed-and-market-1024x563.jpg" alt="" class="wp-image-11952" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2021/11/fed-and-market-1024x563.jpg?w=1024 1024w, https://blockworks-co.imgix.net/wp-content/uploads/2021/11/fed-and-market-1024x563.jpg?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2021/11/fed-and-market-1024x563.jpg?w=768 768w, https://blockworks-co.imgix.net/wp-content/uploads/2021/11/fed-and-market-1024x563.jpg?w=428 428w, https://blockworks-co.imgix.net/wp-content/uploads/2021/11/fed-and-market-1024x563.jpg?w=470 470w, https://blockworks-co.imgix.net/wp-content/uploads/2021/11/fed-and-market-1024x563.jpg?w=389 389w, https://blockworks-co.imgix.net/wp-content/uploads/2021/11/fed-and-market-1024x563.jpg?w=80 80w, https://blockworks-co.imgix.net/wp-content/uploads/2021/11/fed-and-market-1024x563.jpg?w=1197 1197w" sizes="(max-width: 1024px) 100vw, 1024px" /><figcaption>Source: @TimmerFidelity</figcaption></figure></div>



<p>Today&#8217;s remarks from Powell reaffirmed Jurrien&#8217;s expectations that the Fed plans to stick to the plan in terms of tapering and rate hikes in order to combat hot inflation. </p>



<p>&#8220;That means to get back to the kind of great labor market we had before the pandemic, we&#8217;re going to need a long expansion. To get that, we&#8217;re going to need price stability and the risk of persistent high inflation is also a major risk to getting back to such a labor market,&#8221; added Powell during the testimony. </p>



<p>The Fed&#8217;s acknowledgment of inflation and the dangers it brings to the economy makes it more likely that the Fed will lean towards tightening monetary policy over the near-to-medium term, hence the risk-off sentiment in markets after his remarks.</p>



<p>&#8220;The Fed chairman said the central bank will start discussing tapering faster than expected at its December meeting as the inflation pressures are higher than expected. Yellen also mentioned the uncertainty on the government funding situation after December 15, as well as Moderna&#8217;s CEO saying he expected the vaccines to be less effective against the new Omicron variant,&#8221; Kevin Kang, founding principal at BKCoin Capital, told Blockworks.</p>



<p>He continued by adding, &#8220;With the uncertainty in macro outlook, I don’t believe we’ll see the new all-time high in ETH in November. The dollar has rallied significantly this month, putting pressure on Bitcoin&#8217;s upside as well. However, we can certainly hope for the Santa Clause rally in December.&#8221;</p>



<h3 class="wp-block-heading">Non-Fungible Tokens (NFTs)</h3>



<p>Trading volume for many NFT projects has dropped significantly over the past day. Bored Ape Yacht Club has cooled down considerably after a hot week last week. </p>



<p>Trading data from <a href="https://opensea.io/rankings" target="_blank" rel="noreferrer noopener">OpenSea</a> and <a href="https://solanalysis.com" target="_blank" rel="noreferrer noopener">Solanalysis</a> of some of the top Solana and Ethereum projects can be found below:</p>



<div class="wp-block-image"><figure class="aligncenter size-large"><img loading="lazy" decoding="async" width="1024" height="331" src="https://blockworks-co.imgix.net/wp-content/uploads/2021/11/Screen-Shot-2021-11-30-at-4.18.54-PM-1024x331.png" alt="" class="wp-image-11956" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2021/11/Screen-Shot-2021-11-30-at-4.18.54-PM-1024x331.png?w=1024 1024w, https://blockworks-co.imgix.net/wp-content/uploads/2021/11/Screen-Shot-2021-11-30-at-4.18.54-PM-1024x331.png?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2021/11/Screen-Shot-2021-11-30-at-4.18.54-PM-1024x331.png?w=768 768w, https://blockworks-co.imgix.net/wp-content/uploads/2021/11/Screen-Shot-2021-11-30-at-4.18.54-PM-1024x331.png?w=1536 1536w, https://blockworks-co.imgix.net/wp-content/uploads/2021/11/Screen-Shot-2021-11-30-at-4.18.54-PM-1024x331.png?w=428 428w, https://blockworks-co.imgix.net/wp-content/uploads/2021/11/Screen-Shot-2021-11-30-at-4.18.54-PM-1024x331.png?w=470 470w, https://blockworks-co.imgix.net/wp-content/uploads/2021/11/Screen-Shot-2021-11-30-at-4.18.54-PM-1024x331.png?w=389 389w, https://blockworks-co.imgix.net/wp-content/uploads/2021/11/Screen-Shot-2021-11-30-at-4.18.54-PM-1024x331.png?w=80 80w, https://blockworks-co.imgix.net/wp-content/uploads/2021/11/Screen-Shot-2021-11-30-at-4.18.54-PM-1024x331.png?w=2048 2048w" sizes="(max-width: 1024px) 100vw, 1024px" /><figcaption>Top Ethereum Projects</figcaption></figure></div>



<div class="wp-block-image"><figure class="aligncenter size-large"><img loading="lazy" decoding="async" width="1024" height="288" src="https://blockworks-co.imgix.net/wp-content/uploads/2021/11/Screen-Shot-2021-11-30-at-4.19.04-PM-1024x288.png" alt="" class="wp-image-11957" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2021/11/Screen-Shot-2021-11-30-at-4.19.04-PM-1024x288.png?w=1024 1024w, https://blockworks-co.imgix.net/wp-content/uploads/2021/11/Screen-Shot-2021-11-30-at-4.19.04-PM-1024x288.png?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2021/11/Screen-Shot-2021-11-30-at-4.19.04-PM-1024x288.png?w=768 768w, https://blockworks-co.imgix.net/wp-content/uploads/2021/11/Screen-Shot-2021-11-30-at-4.19.04-PM-1024x288.png?w=1536 1536w, https://blockworks-co.imgix.net/wp-content/uploads/2021/11/Screen-Shot-2021-11-30-at-4.19.04-PM-1024x288.png?w=2048 2048w, https://blockworks-co.imgix.net/wp-content/uploads/2021/11/Screen-Shot-2021-11-30-at-4.19.04-PM-1024x288.png?w=428 428w, https://blockworks-co.imgix.net/wp-content/uploads/2021/11/Screen-Shot-2021-11-30-at-4.19.04-PM-1024x288.png?w=470 470w, https://blockworks-co.imgix.net/wp-content/uploads/2021/11/Screen-Shot-2021-11-30-at-4.19.04-PM-1024x288.png?w=389 389w, https://blockworks-co.imgix.net/wp-content/uploads/2021/11/Screen-Shot-2021-11-30-at-4.19.04-PM-1024x288.png?w=80 80w" sizes="(max-width: 1024px) 100vw, 1024px" /><figcaption>Top Solana Projects </figcaption></figure></div>



<p>If you made it this far, thanks for reading! I am looking forward to catching up tomorrow.</p>



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