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Consensys pushes back against regulatory ‘gaslighting’ with new sovereignty platform Crypto companies have been “living in fear in a gas-lit world for a long time,” said Ethereum co-founder Joe Lubin. 7527 57 2:31 Consensys pushes back against regulatory ‘gaslighting’ with new sovereignty platform News COINTELEGRAPH IN YOUR SOCIAL FEED Follow our Subscribe on The founder of Ethereum software solutions provider Consensys, Joseph Lubin, announced the launch of a new project called Network State where people can declare their “personal sovereignty.” “We’re on the verge of a paradigm shift that will be heard around the world,” said the Ethereum co-founder in a post on X unveiling the new platform on Nov. 14. Lubin said Consensys is “on a mission to catalyze a Network State within the emerging decentralized Web3 and AI global economy.” He added that for years, the crypto industry has been “living in fear” and unable to engage in activities that “should be natural” for Web3 companies. “We’ve been operating in a climate of regulatory uncertainty, with gaslighting and carpet bombing from the SEC stifling our progress.” Speaking to Cointelegraph at the Ethereum Devcon event in Bangkok, Thailand, Lubin said “We’ve been living in a gas-lit world for a long time, generously gas-lit by the SEC,” before adding: “It’s hard for a technology ecosystem to operate under uncertain, overreaching, regulatory uncertainty at worst, and what appeared to be a strategic and concerted attempt to either kill slow or co-opt the progress of our industry.”

Gary Gensler, the Chair of the U.S. Securities and Exchange Commission (SEC) and a known critic of the cryptocurrency industry, announced his resignation effective January 20, 2025, coinciding with President-elect Donald Trump’s inauguration. Gensler will not only step down as chairman but will also leave the commission entirely, opting not to serve as a commissioner until his term officially ends in 2026. This decision indicates he will not stay to defend his policies against the incoming administration’s changes. Gensler’s Legacy at the SEC Gensler, who assumed office in April 2021, was instrumental in several enforcement actions and regulatory moves that shaped the crypto industry. While initially expected to adopt a more lenient approach toward digital assets, he expanded enforcement measures. Under his leadership, the SEC sued major crypto exchanges, including Binance, Coinbase, Kraken, and Shapeshift, accusing them of operating as unregistered securities brokers. Notable achievements of his tenure include the approval of the first spot Bitcoin and Ether exchange-traded products, a significant milestone after years of regulatory pushback. This approval followed a court ruling against the SEC and required bipartisan support from the commission’s five members. Comments on Resignation In a statement, Gensler called the SEC a “remarkable agency” and praised its mission-driven staff, emphasizing their dedication to protecting investors and ensuring efficient market operations. He expressed gratitude to President Joe Biden and his colleagues at the SEC, reflecting on the accomplishments during his term. Gensler also highlighted the increased focus on cryptocurrency-related issues during his tenure, noting that crypto accounted for 18% of tips and complaints received by the SEC in the last fiscal year, even though the industry represents less than 1% of U.S. capital markets. Impact of Gensler’s Departure Trump has yet to name a successor, but potential candidates include former SEC attorney Teresa Goody Guillén and Brian Brooks, the former Acting Comptroller of the Currency and CEO of Binance.US. The commission will temporarily consist of two Democrats and two Republicans, delaying major policy decisions until a Republican majority is confirmed by the Senate. Gensler’s resignation comes as the SEC faces ongoing scrutiny. Just hours before the announcement, a federal judge ruled against the SEC’s expanded definition of “dealers” in a lawsuit brought by crypto lobbyists. In the interim, any significant regulatory shifts will likely remain on hold until the new chair is appointed and approved. This revision removes redundancies and organizes the information for better readability. Let me know if you need further refinements or additional details. This new can send bitcoin above 100k mark

Within the meme coin space, politifi tokens are clinging to survival. Bitcoin.com News first reported on the decline the day after the election, and while a few have shown slight rebounds, many are now considered relics. Take kamala horris (KAMA), for instance, a token named after Vice President Kamala Harris. It has plummeted 98.8% from its all-time high of $0.039 and now trades at just $0.0004486. Similarly, jeo boden (BODEN), inspired by President Joe Biden, has dropped 99.5% from its peak of $1.04 reached seven months ago, now sitting at $0.004822 per token. Even Trump-themed coins have not fared well despite his 2024 election win. For instance, maga (TRUMP) is currently priced at $1.50 after a 4.2% dip today. On June 1, 2024, just six months ago, TRUMP was trading at an all-time high of $17.51—a staggering 91.4% higher. Most other Trump-inspired tokens have followed a similar downward trajectory, losing significant value since their June 2024 highs. Back then, the politifi sector was valued at nearly $2 billion, with a total of $1.996 billion. Today, its worth has shrunk by 75.21%, standing at $495.31 million. Moreover, the politifi market now represents a mere 0.4026% of the meme coin economy’s $123.10 billion valuation, compared to the 3.222% share it held in June when the total market was $61.92 billion. The dramatic fall of politifi tokens underscores the sector’s tenuous appeal, yet Trump-related coins highlight a unique exception. The connection to his presidential win appears to offer a semblance of buoyancy, hinting at the enduring influence of political victories and mishaps. These coins, while diminished, remain a barometer of how politics and crypto can intersect in the meme economy.

Hedera Hashgraph token surged after a leading company applied for a spot HBAR ETF in the United States. This application is taking advantage of the recent Donald Trump election, which will likely usher in a new era in the crypto industry. Unlike Joe Biden, Trump has comeout in support of the crypto industry since he has a skin the game. As such, there is a likelihood that the SEC will approve new crypto ETFs at a faster pace in the coming year. Hedera Hashgraph is seen as an ideal candidate for an ETF because of its use case and the fact that it counts influential companies like Google, Mondelez, and IBM as members of its governance council. The main issue with Hedera is that it often has low volume and it has not attracted many developers in its ecosystem. As such, even if the ETF is approved, it is unclear whether it will gain popularity among institutional investors. Citizen, on the other hand, is a top player in the tap-to-earn ecosystem that has grown rapidly in the past few months. As shown below, its rebound was mostly because of technicals since it had formed a falling wedge pattern before its comeback. There is a likelihood that the token will surge to a record high of $1.2, which is about 60% above the current level $CATI

The imminent launch of spot Bitcoin exchange-traded fund options in the United States may be a huge deal because extra liquidity should entice a new wave of institutional and retail investors, according to industry executive Joe Consorti. “The floodgates for Bitcoin’s next evolution in financial markets are about to open,” as the first spot Bitcoin BTCUSD ETF options are set to start trading in the United States on Nov. 19, said Consorti, head of growth at Bitcoin custody firm Theya, in a video shared on X on Nov. 19. On Nov. 18, the Options Clearing Corporation (OCC) said it was preparing to launch the investment vehicles, beginning with the BlackRock iShares Bitcoin Trust (IBIT). “The launch of spot Bitcoin ETF options, specifically for the IBIT vehicle, marks the beginning of a new era for price dynamics, volatility and institutional adoption,” Consorti said. The head of ETP listings at Nasdaq, Alison Hennessy, said the exchange intended to list and trade spot BTC ETF options as early as Nov. 19. Spot Bitcoin ETF options are financial derivatives that give investors the right, but not the obligation, to buy or sell shares of spot crypto ETFs at predetermined prices. Bloomberg’s senior ETF analyst Eric Balchunas said that this was a “BFD,” sharing Consorti’s Consorti said that options are the foundations of capital markets as they provide liquidity, price discovery and risk management tools, particularly for institutional investors that “drive a lot of the core of the market.” He added: “This matters hugely because, in traditional markets, derivatives are 10 to 20 times the size of the underlying market cap,” but with Bitcoin, listed derivatives are less than 1% of the $1.8 trillion spot market cap. Bitcoin derivatives are “vastly underdeveloped,” and this limits the market’s maturity because there is a “huge institutional demand” for these products from hedging and allocation perspectives, he said. Consorti said that most Bitcoin derivatives are traded offshore or OTC (over-the-counter) on venues such as Deribit, which currently has $31 billion in open interest, while US investors are locked out. The US equity markets are the largest and most liquid in the world, comprising 44% of the $109 trillion global equity market, he said, before adding: “Listing options on Bitcoin ETFs brings BTC into the largest capital market in the world, and unlocks unprecedented opportunities because of this, namely liquidity in depth.” Previously excluded retail investors can now join the Bitcoin derivatives market, “significantly expanding the investor base,” he said. Consorti said that as derivatives markets grow, BTC will follow the path of equities and commodities, where derivatives are many times the size of the spot market. This may unleash trillions of dollars in potential trading volume, he said. “Listing options on ETFs opens the doors to the largest and deepest liquidity pools on the planet,” and major market makers, institutional capital, and retail investors can now all “participate at scale.” $BTC