“The speed at which professional investors are moving into crypto right now is remarkable,” said Bitwise co-founder and CEO Hunter Horsley, noting that a growing number of institutional investors are increasingly convinced that it has a place in mainstream portfolios.
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The SEC gets a new chairman… for now
While it comes at a critical time, the appointment of crypto-friendly Commissioner Elad Roisman to replace Chairman Jay Clayton at the Securities and Exchange Commission will likely last no more than a month or two
That means Roisman is unlikely to make any big, precedent-setting decisions, like approving a Bitcoin exchange traded fund (ETF). Clayton was a strong opponent of crypto ETFs, arguing that price manipulation and fraud remains rampant.
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PayPal CEO Dan Schulman's customers may already be buying BTC faster than it is mined (Photo: PayPal)As customers buy more BTC than miners create, PayPal’s stock hits record high
Barely a month after the payments giant allowed U.S. customers to start buy bitcoin from their accounts, demand is outstripping the supply of new bitcoins
PayPal only began allowing U.S. customers to buy, sell, and hold bitcoin, ether, litecoin and bitcoin cash on Nov. 12. In 2021, it will expand that service to its whole 350 million strong international customer base, president and CEO Dan Schulman said. That will vastly expanding the number of potential mainstream retail investors.
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SEC Chair Jay Clayton stepping down early
An unpopular figure in the cryptocurrency and digital asset industry, under Clayton the Securities and Exchange Commission declared almost all cryptocurrencies were securities, led a legal assault on ICOs, and blocked bitcoin EFTs
Clayton’s SEC brought 56 cases since its July 25, 2017 DAO report first declared virtually all ICO tokens were securities. It added that the SEC stopped 18 suspected frauds involving blockchain, digital assets, or distributed ledger technology.
