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Crypto Flipsider News – SEC Recruits Crypto Aide, Shiba Inu Prepares For Doggy DAO, SHIB Burn Fitness App, Binance Cancels C2C In China, ETH 2.0 Rocket Pool Reaches $ 360 Million, Robinhood Adds Options

Crypto Flipsider News – SEC Recruits Crypto Aide, Shiba Inu Prepares For Doggy DAO, SHIB Burn Fitness App, Binance Cancels C2C In China, ETH 2.0 Rocket Pool Reaches $ 360 Million, Robinhood Adds Options

Read in the digest

  • The SEC has hired a former Senate adviser to act as a crypto advisor to Gary Gensler.
  • prepares for doggy DAO, larger SHIB burns come with a fitness app.
  • Binance cancels C2C trading in mainland China and proposes replacements.
  • ETH 2.0’s staking protocol hits $ 360 million TVL in five weeks.
  • Robinhood (NASDAQ 🙂 wants to expand access to crypto with the ability to roll options.

The SEC has recruited a former Senate advisor to serve as Gary Gensler’s crypto advisor

As crypto regulation becomes an increasingly important issue, Securities and Exchange Commission chairman Gary Gensler has hired former Senate assistant Corey Frayer as an advisor on cryptocurrency issues.

Frayer previously worked with the U.S. Senate Committee on Banking, Housing, and Urban Affairs. Upon appointment, he will advise Gensler on SEC guidelines. Frayer will also conduct cross-agency work related to the monitoring of crypto assets.

The appointment of a crypto-focused senior advisor is in line with the SEC’s stated focus on creating a regulatory framework for the cryptocurrency industry.

Corey Frayer was one of four new employees to join the SEC, though the roles of the remaining three members are not specifically related to cryptocurrency.

Turned around:

  • Along with the announcement, SEC Commissioner Hester Peirce criticized calls for uniform crypto regulations.

Why you should care

Many believe the appointment could be a signal that the SEC is stepping up its efforts to regulate the crypto industry in 2022.

Shiba Inu is preparing for Doggy DAO, larger SHIB Burns Incoming with a fitness app

The developers of the most watched cryptocurrency of 2021, Shiba Inu, have announced the launch of the beta version of DAO 1 – a decentralized autonomous organization of Doggy. The move will increase the decentralization of the network.

The Doggy DAO is operated and fully controlled by the SHIB community, also known as the Shiba Army. It also gives voting rights and responsibility for Shiba Inu governance to the SHIB community.

Since Buterin introduced a burn deflationary mechanism on the Shiba network, over 1,000 independent burns have occurred. While Bigger Entertainment has outlined its roadmap for further burning Shiba Inu in 2022, it also has plans for a blockchain game, MixDraft.

In addition to the 2.95 billion SHIB slated to be burned, according to Steven Cooper, owner of Bigger Entertainment, the company plans to launch a fitness app. According to Cooper, the app burns SHIB tokens when users burn calories.

Turned around:

  • The value of SHIB continues to decline, with the coin having lost 60% of its value in the past 60 days.

Why you should care

The increasing number of use cases for Shiba Inu is gradually changing the narrative about meme coins, which used to be about their lack of utility.

Binance cancels C2C trading in mainland China and proposes replacements

Bitchina ends a turbulent year for its relationships with regulators around the world, reporting that Binance will suspend customer-to-customer (C2C) trading for users in mainland China.

In October, the world’s largest crypto exchange stopped trading Chinese from its C2C platform. Binance has now bowed to China’s stance against decentralization by completely ceasing its activities in mainland China.

With Binance leaving China, the exchange has recommended a replacement. Binance suggested that its verified partner Pexpay could be used as a replacement for the C2C trading platform in China.

Turned around:

  • Binance has launched a € 100 million ($ 113 million) initiative in France to develop its crypto and blockchain industries.

Why you should care

Although Binance has ceased its services in China, the exchange continues to work with regulators on the global rollout.

ETH 2.0 Staking Protocol hits $ 360 million TVL in five weeks

Since the inception of staking, more options have emerged for investors to lock their ETH in order to earn rewards. One such platform is Rocket Pool (NASDAQ :), a next-generation decentralized ETH 2.0 staking pool protocol that has exceeded a total value of $ 360 million (TVL).

While there are other ETH 2.0 platforms with more than $ 360 million in TVL, Rocket Pool hit the milestone within just five months of its launch. According to DefiLlama, there is currently $ 368.39 million tied to Rocket Pool.

Rocket Pool ranks first at $ 592.34 million, only behind Keep3r Network (October 2020) and Lido Finance (December 2020) at $ 6.19 billion. Rocket Pool claims to have 635 node operators.

Regarding Rocket Pool’s growth, said Darren Langley, the project’s general manager; “There was significant latent demand in the staking market for a decentralized option – it only took our launch to cause an inferno.”

Turned around:

  • Ethereum’s exchange outflows saw their biggest decline after hitting a four-year low in the final week of 2021.

Why you should care

After the transition from Ethereum in mid-2022, liquid staking could become more profitable, which could potentially catalyze a surge in interest.

Robinhood wants to expand access to crypto with an option rolling function

American financial services company Robinhood, which is preparing to launch its crypto wallet in January, has announced a new feature that will allow more traders to use the platform.

Robinhood announced that it is working on a feature for its mobile app to enable option contracts. The feature, currently in beta on the Robinhood mobile app, allows traders to expand their options. A small portion of Robinhood’s current customer base, the Level 3 users, already have access to the rolling feature.

With the option rolling function, traders can close out their positions and at the same time open new ones with a different date and price. According to Robinhood, rolling traders will be able to better manage their options strategies.

Turned around:

  • Options trading accounted for 61% of Robinhood’s trading volume in the third quarter.

Why you should care

With the feature already in beta, it is clear that Robinhood is preparing to roll out the feature on a larger scale to its user base.

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