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President-elect Joe Biden to Name Gary Gensler as New SEC Boss

Published

2 weeks ago

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Despite his exposure to the potentials inherent in cryptocurrencies, many people are divided on the probable approach of Gary Gensler if he is finally affirmed as the new boss of the Securities and Exchange Commission.

The United States president-elect Joe Biden is expected to name Gary Gensler, a Washington financial technocrat as the next Chairman of the United States Securities and Exchange Commission (SEC). Gensler’s pronouncement as the new SEC boss is expected to be made known in the coming days according to a Reuters report citing sources close to the matter.

While the potential appointment of Gary Gensler is yet to be confirmed, many are already projecting how his leadership will be especially in relation to the embrace of digital currencies such as Bitcoin (BTC), Ethereum (ETH), and Litecoin (LTC) amongst others. While there is no one with the utmost certainty of how Gensler will pilot the affairs of the SEC, many believe his actions will be in direct contrast to that of the former SEC boss Jay Clayton.

“The top of the agency is going to be setting an agenda in the opposite direction of where Jay Clayton and the congressional Republicans have been steering for years, by expanding and improving industry disclosures and restoring investor rights,” said Ty Gellasch, head of Washington-based, Healthy Markets.

Who Is Gary Gensler?

Gary Gensler has been a public servant for the better part of his professional career. He served as the 11th chairman of the Commodity Futures Trading Commission (CFTC) under former President Barack Obama from May 26, 2009, to January 3, 2014. Gensler also had a short stint with the Treasury for Domestic Finance as the Under Secretary from 1999 to 2001.

Gensler combined the experiences gained in his 18 years of service at the investment banking firm Goldman Sachs Group Inc (NYSE: GS) to help pilot the affairs of the derivatives market following the 2008 global financial crisis. In his time as the CFTC boss, Gensler led the effort to pass and implement comprehensive oversight of the $400 trillion swaps market, a form of over-the-counter derivative that was at the center of the 2008 financial crisis.

Gary Gensler is a known veteran who has appeared before Congress to testify about blockchain technology and cryptocurrencies and he gives lectures on digital currencies as a Professor of the Practice of Global Economics and Management, MIT Sloan School of Management.

Divided Opinion About Gensler’s Regulatory Approach

Despite his exposure to the potentials inherent in cryptocurrencies, many people are divided on the probable approach of Gary Gensler if he is finally affirmed as the new boss of the Securities and Exchange Commission. While there are those who believe his leadership will usher in stricter regulations based on his antecedents on Wall Street, others hope his reign will herald and foster the advances in new technologies and market products.

Nonetheless, there are a lot of expectations on Gensler as he will be inheriting many controversial regulations the former SEC boss, including the ongoing legal action the agency took against Ripple Labs Inc and its executives.

“The good news is that much of that action came late enough in his tenure that it may still be possible to reverse course,” said Barbara Roper, investor protection director for the Consumer Federation of America.

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Benjamin Godfrey is a blockchain enthusiast and journalists who relish writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desires to educate people about cryptocurrencies inspires his contributions to renowned blockchain based media and sites. Benjamin Godfrey is a lover of sports and agriculture.



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3 reasons why Uniswap (UNI) token hit a new all-time high above $15

Published

8 hours ago

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January 28, 2021

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Uniswap’s decentralized exchange has emerged as one of the critical pieces in the decentralized finance sector, with the DEX benefiting from the first-mover advantage after it became the go-to exchange for new projects and traders in 2020. 

In late 2020, 400 UNI tokens were distributed to all wallet addresses that previously provided liquidity on the platform at at its peak thhe impromptu airdrop was worth north of $3,500.

By late October of 2020 the DeFi market has sold-off sharply and this pinned UNI price below the $4.00 mark for weeks but since the start of 2021, UNI token has gained 335% and reached a new all-time high at $15.35 on Jan. 27.

UNI/USDT 4-hour chart. Source: TradingView

At the moment, the driving forces behind the rise in the price of UNI are an increase in daily volume transacted on the platform, the rise in the platform’s total value locked, and the roll-out of governance features as the Uniswap v3 launch approaches.

Total value locked continues to rise

Monitoring the total value locked (TVL) of a DeFi protocol is one of the primary metrics used to determine its legitimacy and how involved the community.

A rising TVL indicates that users of the platform trust the platform enough to deposit their funds to earn rewards and it typically means that the liquidity pools are more competitive than other exchanges in the sector.

The Uniswap platform recently established a new all-time high TVL of $3.16 billion on Jan. 24, and this was boosted by an increase in the price of many of the top cryptocurrencies as well as popular DeFi tokens.

Total value locked in Uniswap. Source: Defi Pulse

Uniswap is now the top-ranked DEX in terms of TVL, and when it comes to lending the platform ranks fourth as Maker (MKR), AAVE and Compound (COMP) lead in this area.

Uniswap’s trading volume competes with the top centralized exchanges

A second driver of UNI’s recent surge is the sharp rise in trading volume on the exchange.

Data from Uniswap shows the DEX’s daily volume is consistently above $400 million since the beginning of 2021 and the metric surged to a new high at $1.3 billion on Jan. 11. This level of volume now places Uniswap in competition with some of the top centralized exchanges in cryptocurrency.

Uniswap 24-hour volume. Source: Uniswap

Transactions on Uniswap also surpass those of its direct competitors and data from Dune Analytics shows that in early 2019 the main competitors were Kyber Network and IDEX.

Monthly DEX volume. Source: Dune Analytics

Since that time the number of DEXs has continued to expand but by March of 2020 Uniswap had established itself as the preferred choice for traders and it has remained the dominant DEX into 2021.

Excitement surrounding the v3 rollout bolsters UNI price

While many airdrop recipients were elated to sell their tokens shortly after receiving them, those who chose to hold on to them now have the ability to receive extra benefits with the addition of governance features.

The Uniswap Treasury currently has $500 million in it and recently Uniswap founder Hayden Adams asked the community “what are some of the most impactful ways governance can allocate this UNI?”

As the list of delegates for the Uniswap platform continues to grow, demand for UNI token is likely to increase as more UNI are locked on the platform for governance purposes.

Excitement around the upcoming Uniswap v3.0 continues to build and in addition to new governance features, solutions for the high gas fees and improvements to the impermanent loss structure are expected.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.