November 11 Crypto Market Digest

Regulatory Trends are Hot

The IRS (Internal Revenue Service) has finally taken significant action. They have officially announced safe harbor guidance allowing cryptocurrency ETFs (Exchange-Traded Funds) to earn rewards through staking. In other words, it means that digital assets can be managed legally.

The U.S. government shutdown issue is also progressing. After the Senate's funding resolution is passed, there is a market prediction of a 96% chance that it will be resolved by mid-November. However, the dispute over ACA (Affordable Care Act subsidies) remains, and the blame-shifting battle for the midterm elections is likely to continue.

The focus is on the Senate Agriculture Committee presenting a draft version of the cryptocurrency law. It would grant the CFTC (Commodity Futures Trading Commission) oversight of digital commodities and fundraising, but implementation-level issues such as budget allocations and interdepartmental authority conflicts remain unresolved. Although cooperation between the ruling and opposition parties is progressing, the final details are challenging.

Movements in Real Business

Standard Chartered Bank has teamed up with DCS. DeCard stablecoin will be usable with credit cards in Singapore. This is the moment when crypto and traditional finance connect.

Coinbase has taken action in the UK. They have launched GBP-denominated fixed savings with an annual interest rate of 3.75%, accessible immediately. It comes with FSCS protection up to £85K. This increases the number of user-friendly options for users in the UK.

Uniswap proposes a major update called “UNIfication”. It plans to integrate Labs and Foundation, enable protocol fees, and burn 100M UNI tokens. This is a significant shift with zero fees and reforms in governance.