View moreIn This Week’s Recap:
- BSL Staking Goes LIVE
- Gary Gensler Resigns
- CFTC Oversight
- Pump.Fun Livestreams
- Hot Topics
The Big Idea
BSL Staking is live!
Happy Thanksgiving week to our amazing community! We’re excited to share a full circle moment with you all — BSL Staking is now officially live in the BankSocial App! This is a huge step forward, and we are excited to be on this journey with you. For all the details on how to start staking, what BSL staking is, and more, check out the article linked below:
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Regulation News
Gary Gensler Resigns
SEC Chair Gary Gensler will step down on January 20, 2024, allowing President-elect Donald Trump to appoint a new leader for the agency. Gensler, who has led the SEC since 2021, took a tough stance on regulation, particularly in the cryptocurrency space, where his aggressive approach drew criticism from many in the industry. His tenure also included efforts to increase transparency among public companies and financial advisors, as well as initiatives to speed up stock trade settlements. With Gensler’s departure, the SEC is poised for potential changes in its approach to emerging technologies and financial markets.
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Crypto News
CFTC Could Oversee Crypto
The incoming Trump administration is eyeing the Commodity Futures Trading Commission (CFTC) to take charge of the digital asset market, including the spot market for cryptocurrencies like bitcoin and ethereum, as well as the exchanges where they’re traded. This move aims to scale back the SEC’s heavy-handed approach under Gensler, whose strict regulatory stance has been unpopular in the crypto industry. The CFTC, seen as having a lighter regulatory touch, could provide much-needed clarity in a market plagued by uncertainty and inconsistent rules, helping foster innovation and growth in the crypto space.
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CEX, Rugs, and Block and Roll
Pump.Fun Closes Livestreams
Solana’s memecoin launchpad pump.fun faced backlash after a wave of controversial and inappropriate livestreams gained attention, leading the platform to temporarily disable the feature. The streams, which included disturbing content, coincided with the platform’s record revenue of $14.3 million. Known for its unmoderated and edgy nature, pump.fun has drawn both attention and criticism for its approach to content. While its success has fueled growth for Solana, the platform’s reputation is now under scrutiny as some call for stronger moderation in the space.
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While anyone can access the BankSocial ecosystem, certain features including the exchange require Verifiied®- our simple KYC solution. Login to My.BankSocial.io and start the process now.
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Hot Topics
What’s on everyone’s mind?
A bill has been introduced in Brazil to establish a strategic Bitcoin reserve, following a growing trend of companies and even governments considering similar moves. This comes amid increasing interest in building Bitcoin reserves, with some buzz even suggesting the U.S. could follow suit.
A U.S. appeals court ruled that the Treasury Department’s sanctions against the crypto mixer Tornado Cash were unlawful, stating that the service’s immutable smart contracts could not be classified as “property” under the law.
BankSocial CEO, John Wingate, presented a special Thanksgiving message to express gratitude to the community and to announce that $BSL staking is live in app. To watch the full video, click here.
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All The Love and All The Power!
was originally published in BankSocial News on Medium, where people are continuing the conversation by highlighting and responding to this story.
