ESMA, IOSCO and the World Federation of Exchanges urge the SEC to tighten oversight of tokenized equities, warning of investor risks as Wall Street giants eye the growing market. Exchange industry associations and global regulators are joining forces to curb the growth and adoption of tokenized stocks, arguing that these products do not represent actual equities and expose investors to significant risks. According to Reuters, the European Securities and Markets Authority (ESMA), the International Organization of Securities Commissions (IOSCO), and the World Federation of Exchanges (WFE) have sent a letter to the US Securities and Exchange Commission’s (SEC) Crypto Task Force, urging stricter regulatory oversight of tokenized stocks. The organizations argue that tokenized stocks “mimic” the equities they are designed to represent but lack the investor protections built into traditional markets. Read more
B Strategy plans to follow the playbook of 10X Capital, which recently secured funding for a BNB treasury supported by YZi Labs. B Strategy, a digital asset investment firm founded by former Bitmain executives, plans to launch a $1 billion crypto treasury focused on investing in BNB, the native token of the Binance ecosystem. According to a Monday announcement, the new BNB (BNB) treasury is backed by YZi Labs, the family office of Binance co-founder Changpeng Zhao. The new company will be structured similarly to 10X Capital, which recently launched a BNB treasury with YZi Labs’ support, a spokesperson for B Strategy told Cointelegraph. Read more
Bitcoin opened the week with a sell-off to $110,530, but BTC and altcoin charts suggest a quick recovery to the trading range averages could occur. Key points: Bitcoin selling is mainly attributed to large sales by whales, not a chance in BTC’s market structure. Despite the sharp market correction, Ether and BNB remain strong on the charts. Read more
The self-described university dropout came to the attention of Kalshi's executives due to his social media activity. Prediction market platform Kalshi has hired digital assets influencer John Wang as its head of crypto in a move the CEO called “betting on slope.” In a Monday notice, Kalshi CEO Tarek Mansour said the company had hired the 23-year-old New York-based influencer, who dropped out of the University of Pennsylvania “to pursue crypto” in 2024. According to his LinkedIn, Wang worked as a fellow at Paradigm and an intern at Immutable before co-founding blockchain security company Armor Labs in 2022. “Slope is about high quality thinking, dreaming big, and working mercilessly hard,” said Mansour. “The more time I spent with John, the deeper my conviction grew. I can’t wait for us to tackle the roadmap we are putting together.” Read more
Bitcoin’s Jackson Hole gains evaporated after an assortment of BTC holder cohorts began to distribute. Is $105,000 the next stop? Key takeaways: Bitcoin’s sharp rebound after Jackson Hole fizzled into a bearish weekly engulfing candle. Onchain data shows $105,000 as the key support as mid-size wallets sell. Read more