The Securities and Exchange Commission (SEC) is having trouble hiring new qualified personnel with experience in cryptocurrencies, due to candidates not wanting to part with their digital assets. This and more news in this practical daily summary so that you are always informed with the most recent events that occur within the crypto world.
SEC faces challenges in hiring new cryptocurrency experts
📍The SEC's Office of Ethics Counsel said the regulator had struggled to hire cryptocurrency experts because of the anti-holding regulations. In a recent reportThe SEC has reportedly been unable to hire several candidates with experience in cryptocurrencies, even though they were all qualified to work with the regulator. The reason has been regulations that prohibit officials of the regulator from holding cryptocurrencies.
Holding is an investment strategy used by holders of cryptocurrencies such as Bitcoin, which involves holding these digital assets for the long term.
According to the Bureau, regulations prohibiting SEC officials from holding cryptocurrencies have impeded the hiring of new qualified personnel, “as candidates are often unwilling to part with their crypto assets to work for the SEC,” the report cited.
The regulation in question was announced by the Office of the Ethics Counsel in July last year, stating that employees who hold cryptocurrencies could not participate in enforcement actions against the crypto industry unless they divest themselves of their crypto holdings.
Bitcoin and Ethereum outperform gold
📍Bitcoin and Ethereum have outperformed gold by 93% and 39% respectively this year, Glassnode reported. The blockchain analytics firm recently published a report on the state of the crypto market, highlighting the appreciation that the two main cryptocurrencies by capitalization have had in 2023.
According to Glassnode, positive progress related to the possible approval of a Bitcoin spot ETF in the US market has pushed the price of the cryptocurrency up by more than 30% in recent weeks. Regarding Ethereum, the firm highlighted that the cryptocurrency is up 39% in terms of gold.
With these returns, both cryptocurrencies, Bitcoin and Ethereum, have managed to significantly outperform traditional assets, including gold.
In addition to this, Glassnode also highlighted that compared to previous cycles, Bitcoin and Ethereum have experienced shallower price drops this year, which can be taken as a sign of increased support from investors, while also reflecting increased capital inflows.
At the time of writing, Bitcoin is trading very close to $35.000, while Ethereum is hovering around $1.890.
Cardano opens the doors to partner chains
📍Input Output Global, the company behind Cardano, has introduced a new framework that facilitates the creation of new independent and interoperable networks. As the company explained, this new partner chain framework will offer “new ways for developers and validators to utilize Cardano’s core strengths,” while also driving network growth and expansion.
IOG also he highlighted that the associated chain framework is part of Cardano’s mission to become more interoperable and scalable in the blockchain ecosystem.
Midnight, IOG’s recently announced data protection-focused network, will be the first partner chain to implement this new framework, the company said.
Dubai approves new cryptocurrencies for trading
📍XRP, the cryptocurrency issued by Ripple, and TON, native to The Open Network, have been authorized by the DFSA as regulated assets. Recently, XRP and TON received authorization from the Dubai Financial Services Authority (DFSA) as regulated assets in the Dubai International Financial Centre (DIFC), allowing thousands of companies operating in the city to incorporate these cryptocurrencies into their portfolio of services.
XRP and TON join Bitcoin (BTC), Ethereum (ETH) and Litecoin (LTC) as “pre-approved assets under the DFSA’s virtual asset regime,” Ripple said in a press release shared on November 2.
The integration of these two cryptocurrencies, which are part of the Top 20 of the most capitalized in the market, highlights the efforts of the Dubai authorities to turn the city into a jurisdiction at the forefront of cryptocurrency innovation.
Brad Garlinghouse, CEO of Ripple, highlighted the leadership of Dubai and the United Arab Emirates when it comes to regulating the crypto industry, offering regulatory clarity for companies and projects to develop in the city and encouraging capital investment. “It is refreshing to see the DFSA encouraging the adoption and use of digital assets like XRP,” manifested Garlinghouse.
Continue reading: Hong Kong open to listing cryptocurrency ETF on spot market
IMPORTANT: The content of this article is for informational purposes only and, in no case, what is written here should be taken as investment advice or recommendations. Bit2Me News reminds you that before making any investment you should educate yourself and know where you invest your money, as well as the pros and cons of the system. We separate ourselves from the actions and consequences that ignorance may entail. If you decide to invest in this or another asset class, you are solely responsible for the consequences that your decisions and actions may have.
