The Digest

• The SEC has recruited former Senate aide as Gary Gensler’s crypto advisor.

• Doggy DAO prepares, larger SHIB Burns coming with the fitness app

• Binance cancels C2C trade in China mainland, and suggests replacement.

• In just five weeks, the $360,000,000 TVL for ETH 2.0 Staking Protocol was reached.

• Robinhood (NASDAQ) seeks to increase access to Crypto by rolling out options.

The SEC Has Recruited Former Senate Aide as Gary Gensler’s Crypto Advisor

Gary Gensler is now the chair of the Securities and Exchange Commission and has named Corey Frayer (an ex-Senate aide) as his advisor in matters related to crypto.

Frayer worked previously with the U.S. Senate Committee on Banking, Housing, and Urban Affairs. Gensler will be assisted by Frayer in advising him on SEC policy. Frayer will also be performing inter-agency work in crypto asset supervision.

The appointment of a crypto-focused senior adviser falls in line with the SEC’s stated focus of establishing a regulatory framework for the cryptocurrency industry.

Corey Frayer was among four newly hired staff at the SEC. However, the roles of the three remaining members are not specific to cryptocurrency.

Flipsider:

• Hester Perce, SEC Commissioner, has also criticised the calls for uniform crypto regulations.

Care is a must

Many think that this appointment may signal that SEC will be increasing its efforts to regulate crypto in 2022.

Shiba inu prepares for doggy DOOG DAO and bigger SHIB Burns With a Fitness App

The developers of 2021’s most viewed cryptocurrency, Shiba Inu, have announced the launch of the beta version of DAO 1 – a Doggy decentralized autonomous organization. This will allow for greater decentralization.

SHIB, also known as Shiba Army, will run the Doggy DAO. The SHIB community will be able to vote and take responsibility for Shiba Inu governance.

Over 1,000 individual burns took place since Buterin created a deflationary mechanism through burning on the Shiba Network. While Bigger Entertainment has outlined its roadmap for further burning Shiba Inu in 2022, it also has plans for a blockchain game, ‘MixDraft.’

Steven Cooper, Bigger Entertainment’s owner, has stated that the 2.95 million SHIB will be burnt. The company also plans to launch a Fitness App. Cooper claims that the app will allow users to burn calories and burn SHIB tokens.

Flipsider:

• SHIB’s value continues to decline, losing 60% in the past 60 days.

What You Need to Care About

Shiba Inu has a growing number of uses that are changing the perception of meme coins. It used to be all about its utility.

Binance Cancels the C2C Trade in Mainland China.

Bitchina reported that Binance is ending a year of turbulent relationships with regulators all over the world. Binance will now suspend customer to client (C2C), trading for customers in China.

In October, the world’s largest crypto exchange suspended the trade of Chinese from its C2C platform. Binance has now bowed to China’s stance against decentralization by shutting down its activities entirely in mainland China.

The exchange recommended that Binance leave China. Binance suggested Pexpay as the replacement C2C trading platform for China.

Flipsider:

• Binance launched in France a 100 million-euro (113-million US Dollar) initiative to grow its blockchain and crypto industry.

What You Need to Care About

Binance suspended services to China but the exchange is still working with regulators in order for global adoption.

The $360 million TVL for ETH 2.0 Staking Protocol in 5 Weeks

Since the adoption of staking has seen more opportunities for investors to secure their ETH and receive rewards. Rocket Pool (NASDAQ) is one such platform. It’s a decentralized, next-generation ETH 2.0 staking pool protocol that has more than $360 million in total value (TVL).

Rocket Pool was able to reach the landmark in five months after its launch, despite there being other ETH2.0 platforms that have more than $360 millions in TVL. Rocket Pool currently holds $368.39 Million according to DefiLama.

Rocket Pool is now behind Keep3r Network, October 2020 at $592.34million and Lido Finance, December 2020 with $6.19billion. Rocket Pool says it boasts 635 operators.

Speaking on the growth of Rocket Pool, Darren Langley, the project’s general manager, stated; “in the staking market, there was significant latent demand for a decentralized option — it just needed our launch to spark an inferno.”

Flipsider:

• Ethereum’s The largest decline in exchange outflows has been seenAfter reaching a low point of four years in the final week 2021,.

What You Need to Care About

Following Ethereum’s transition in mid-2022 liquid staking may become more profitable, which could potentially catalyze a surge in interest.

Robinhood Plans to Increase Access to Crypto by Adding Options Rolling Features

Robinhood, an American financial service company, announced that it will offer a new feature to allow traders to make use of the crypto wallet.

Robinhood announced that they are working to add options contracts to its mobile app. This feature is in beta on Robinhood’s mobile app and will enable traders to expand their options. A small portion of Robinhood’s current customer base, its Level 3 users, already have access to the rolling feature.

Options Rolling allows traders to simultaneously close their position and open new positions with a different price and date. Robinhood claims that Rolling will allow traders to better manage their options strategies.

Flipsider:

• Options trading accounted for 61% of Robinhood’s third-quarter trading revenue.

What You Need to Care About

Robinhood has already released the beta version of the feature and is now preparing for a larger rollout.

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