In this episode of the Coin Street headlines, we dive into the latest developments in the cryptocurrency world. Join us as we discuss how New York City has updated crypto guidance as Superintendent Adrienne Harris steps down. The SEC is said to be in the early stages of a plan to allow the tokenization of stocks. Also, bitcoin sees rare September gain, which could lead to an end of year rally and finally, Bitmine Chair Tom Lee says ethereum trading at discount to its future potential. Jane King with the latest from the NYSE.
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With about 2 weeks to go until the Superintendent Adrian Harris is expected to leave the New York Department of Financial Services, she announced a 2-year update of guidance for New York crypto users.
Harris said the NYDFS had updated guidance initially announced on January 2023 to better protect users in the event of an insolvency or similar.
Proceeding among the updates to the 2023 guidance were that custodians were required to keep users crypto in separate on-chain wallets or one or more omnibus on chain wallets with internal ledger accounts.
It added that the custodians should not use customers' cryptos as their own to secure credit.
Well, the SEC is exploring a plan to let blockchain-based versions of stocks trade on crypt.
Exchanges signaling growing support for tokenization, the move that would mark a significant step toward integrating digital asset technology into the traditional financial system.
The proposals still in the early stages, would let investors buy and sell stock tokens, digital representations of shares, and publicly traded companies on approved crypto platforms.
Well, Bitcoin followed stocks and had a rare September rally.
Bitcoin closed.
With a 4.5% gain, a setup that historically precedes strong fourth quarter rallies, if a similar pattern plays out, as in previous years, BTC could be eyeing the $170,000 region before the year end based on current levels, and Bitine chairman Tom Lee thinks Ether is trading at a discount because future adoption of the blockchain by Wall Street and AI companies will drive it higher.
Digital plans to raise 100 million through a convertible senior note offering to grow its ether Treasury, while Bit Mine Immersion Technologies has extended its lead as the largest ether treasury company.
Bit Digital currently holds more than 120,000 ether and is the 7th largest ether treasury company tracked by Strategic Ether Reserve, and that is the latest Coin Street headlines.