- The Crypto Explorer
- Posts
- Gary Gensler faces mounting pressure
GM, this is The Crypto Explorer, the only newsletter with headlines so hot our writer can't stand the heat! 🥵
Here’s what we got for you today:
👏 CME Group Introduces Ether/Bitcoin Ratio Futures!
😖 SEC Chair Gensler Faces Mounting Pressure from US House Committee Chairs!
🧱 Around The Block: Coinbase layer-2 network Base closes in on mainnet launch.
👏 CME Group Introduces Ether/Bitcoin Ratio Futures!
The Chicago Mercantile Exchange (CME) Group is introducing futures contracts for the Ether/Bitcoin ratio on July 31.
But hold your horses, because before we can dive into these futures, they have to wait for good ol' regulatory review.
Here’s a little backstory on the CME Group:
CME Group initially entered the cryptocurrency market in December 2017 by introducing the first Bitcoin futures contract.
They followed this by introducing an Ether futures contract in February 2021.
Again in 2023, CME Group expanded its offerings in 2022 by introducing micro BTC and ETH futures contracts, providing traders with more options to engage with these digital assets.
And now, they're bringing us Ether/Bitcoin ratio futures to spice up our trading life.💃
Giovanni Vicioso, the global head of cryptocurrency products at CME Group, stated that the Ether/Bitcoin ratio futures will enable investors to gain exposure to both assets in a single trade without needing to take a directional view.
So, mark your calendars, folks! Ether/Bitcoin ratio futures are coming!
😖 SEC Chair Gensler Faces Mounting Pressure from US House Committee Chairs!
SEC Chair, Gary Gensler finds himself in the hot seat again!
Three committee chairs in the U.S. House of Representatives have addressed a letter to Gensler demanding a more satisfactory response to their previous inquiry.
The previous inquiry, which is also in the form of a letter, requested:
Certification that the SEC adheres to federal recordkeeping and transparency rules.
Clarification that Gensler and his subordinates have not used private email accounts to conduct official business.
Explanation of the agency's definition and use of "off-channel communications."
Why all this fuss, you ask?
These requests were prompted by a Wall Street Journal report criticizing the SEC and other agencies for poor recordkeeping practices, particularly related to the use of chats for government business. (Read the journal here)
Now, in the new letter, the committee chairs reiterate their original requests and in addition, they want Gensler to provide a factual and legal basis for any noncompliance. (Read the full letter here).
But that’s not all Gensler has to contend with right now. Oh yes, there’s more!
The Blockchain Association released a paper calling for his recusal from digital asset enforcement decisions, citing concerns about bias.
It looks like Gensler has a lot on his plate right now.😬
🧱 Around The Block: Coinbase layer-2 network Base closes in on mainnet launch.
🚀 L2 Network: Coinbase layer-2 network Base closes in on mainnet launch.
📖 BTC Trust Application: Fidelity renews push for spot Wise Origin BTC Trust, making it 7th applicant this year.
⚖️ Crypto Regulation: UK crypto bill reaches the final stage, on track for passage.
😓 Winding down: Solana’s Cardinal shuts down, citing economic conditions.
That's all we've got for you today.
Please don't forget to rate today's email and let us know what you like about it.
In any case, see you tomorrow, or on Twitter, if you're there: @danielakpobare
DISCLAIMER: None of this is financial advice. This newsletter is strictly educational and is not investment advice or a solicitation to buy or sell assets or make financial decisions. Please be NEW
Reply