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The Underdog
March 13  |  1 min read
The Underdog
Cryptocurrencies are not securities, Crypto mining news, MakerDAO's rates
DAILY
March 13  |  1 min read

The Underdog

Coin360 Editorial Team

Cointelegraph has reported — citing non-profit crypto research organization Coin Center — that the US SEC Chairman, Jay Clayton, has confirmed that Ethereum (ETH) and cryptocurrencies like it aren’t securities under US law. However, in his answer letter, dated March 7, Chairman Clayton noted that he agrees that the definition of digital assets as a security is “not static” and thus can change over time.

In other news, crypto mining conditions may be far from favorable for many miners out there but that hasn’t stopped Canaan Creative — one of the biggest cryptocurrency mining equipment manufacturers in China — from closing out a new funding round. Securities Times, a Chinese financial news publication, reported that the company has raised “several hundred million U.S. dollars,” valuing the firm at over $1 billion.

As pointed out earlier in the week, MakerDAO was forced to raise their interest rates from 1.5% to 3.5%. This was in reaction to DAI trading below parity level, and given the higher stability fee, the move was aimed at encouraging borrowers to repay their loans, thereby increasing the price of DAI. However, even though the discount for DAI has narrowed somewhat, there still appears to be plenty demand for the product, and the amount of ETH pledged as collateral has remained on the rise since the adjustment. As such, the outlook for ETH remains positive, in spite of the recent hard fork(s) which resulted in a reduction in block reward from 3 ETH to 2 ETH.

Note:

  • CBOE Bitcoin futures (XBT) will expire on 13.03.19
  • CME Bitcoin futures will expire on 29.03.19

Thank you for reading,

The BeQuant’s Analytics team