- CFTC Chair resigns as new administration takes the helm: Rostin Behnam had pressed for Congress to close regulatory gaps to give the Commission jurisdiction over crypto. Benham noted last year that the lack of regulatory clarity contributed to the Commission devoting nearly half of its resources to crypto-related enforcement actions. Behnam’s resignation as Chair will be effective January 20th — Inauguration Day — though he will stay on with the Commission until early February.
- And with Benham leaving, a crypto friendly is the top choice to succeed him: Current CFTC Commissioner Summer Mersinger’s stock has risen lately, in part due to her relationship with incoming Senate Leader John Thune, for whom Mersinger worked for more than a decade. Mersinger has issued dissents in several crypto enforcement actions, in one criticizing the CFTC for “swinging its enforcement hammer when other, more precise tools would be a better fit for the job.” And since Mersinger is currently serving at the Commission, the President can appoint her as acting Chair while the Senate takes up the nomination of the permanent Chair when the incoming Administration makes its pick.
- Cynthia Lummis expected to chair Senate Banking’s digital assets subcommittee: The Wyoming Senator has been one of crypto’s most vocal supporters in Congress — if not the most vocal supporter. Since 2018, Lummis has introduced three pro-crypto bills in the Senate, including comprehensive legislation with New York Senator Kirsten Gillibrand and a bill to require the Treasury to buy and hold bitcoin. Other expected Republican members of the subcommittee are Bill Hagerty, Dave McCormick, Bernie Moreno, and Thom Tillis. On the other side of the aisle, Senator Elizabeth Warren — a critic of the industry — will serve as the Banking Committee’s top Democrat.
- UK regulators clarify staking is not a collective investment scheme: Typically, these kinds of schemes fall under the purview of the Financial Conduct Authority. But with the clarification, UK lawmakers have recognized staking as a form of technology rather than investment. That’s part of their goal to boost the UK's standing as a blockchain-innovation hub.
- BRICS grows with Indonesia’s full membership: In a vacuum, Indonesia’s admission to the economic bloc is crypto-neutral. In context, it suggests a potential positive development for the industry: Indonesia recently warmed on crypto investment, while BRICS — made up of key crypto markets like Brazil, the UAE, and India — has been pushing for alternatives to the dollar for payments.?
- Aptos reaches one million active addresses: The demand for alternative L1s keeps growing. Since last January, Aptos has seen its active wallet numbers grow more than 1000 percent, with more than 700,000 addresses added in since the beginning of September.?
- SoSoValue notches $200 million valuation on $15 million Series A: The market data provider opened and closed the SAFE-structured round in four weeks, according to co-founder May Wang. The ratio of the startup’s valuation to SoSoValue’s raised capital is due in part to the fact that investors received 1:1 warrants for its soon-to-be-launched token. Last month, the startup launched a set of crypto-referenced indices, including MAG7.SSI, which represents the top seven digital assets by market cap.
