SEC Chairman Talks ETF Progress, Tether Yuan Stablecoin, Argentina Looks to Bitcoin Over Peso

TL;DR: Welcome to In Case You Missed It (ICYMI), a daily crypto news update. SEC Chairman Jay Clayton thinks progress is being made towards a Bitcoin ETF. Tether launches Chinese yuan-pegged stablecoin. VanEck ETF-like instrument fails to get traction. Stellar to deliver huge $120 million airdrop through Keybase. Bitcoin premium rises in Argentina due to capital controls, and Bitmain launches two energy-efficient miners.

SEC Chairman Says Progress is Being Made for a Bitcoin ETF

The prayers of some Bitcoiners hoping for a Bitcoin ETF might get an answer. SEC Chairman Jay Clayton declared in an interview with CNBC he thought some progress has been made in the way of approving a Bitcoin ETF. However, he also clarified there is still work to be done, and there are still non-trivial questions mostly at the custody and price levels. The SEC chairman clarified bitcoin is still traded on “largely unregulated exchanges,” so they cannot determine if these prices are being manipulated. Since last year, all Bitcoin ETF applications have been rejected or postponed.

Tether Launches CHNT Stablecoin Pegged to the Chinese Yuan

SEC Chairman

Tether, the stablecoin company behind the USDT, launched CHNT, a stablecoin whose value is pegged to the Chinese yuan. The newly presented stablecoin marks an expansion of the company’s stablecoin roster, which includes the already famous UDST pegged to the dollar and EURT pegged to the euro. Tether announced CHNT will be issued first on top of the Ethereum blockchain as an ERC20 token. The company keeps growing even while facing a lawsuit by the NY Attorney General due to a supposed unaccounted-for loan to Bitfinex.

VanEck ETF-Like Instrument Fails to Get Traction

SEC Chairman

VanEck Securities, the company that launched the first institutionally approved EFT-like bitcoin instrument in partnership with SolidX, might have overestimated the demand for such an instrument in the market. According to a Reddit post, just 4 bitcoin have been invested, with a net worth of $41.4K. However, this is not a real ETF proposal, and retail investors cannot put their money behind it — only approved institutions can, and they have not shown great interest.

Keybase and Stellar Partner to Deliver Huge $120 Million Airdrop

SEC Chairman

Stellar Lumens will use Keybase, a messaging service, to deliver $120 million in a huge airdrop. This translates into monthly payments of 100 million stellar for the 300K users of the platform, who only need to be registered to get the airdrop. “The foundation’s mandate is to deliver Lumens [XLM] into the world. This is part of that plan,” declared Denelle Dixon, Stellar Development Foundation CEO. The airdrop will be guaranteed to run for three months and it can keep going for more time if some adoption goals are reached.

Bitcoin Premium Rises in Argentina Due to Exchange Controls

Bitcoin is having a real comeback in Argentina, where it reached premium price levels over regular spot international prices. The reason behind seems due to the recently established “cepo al dolar,” that only permits individuals to buy $10K monthly from banks, so investors have turned to bitcoin to protect their income from the rapid devaluation that their fiat currency, the Argentinian peso, is experiencing. The premium ranges from $1,200 to as high as $2,500 above spot.

Bitmain Launches Energy Efficient Bitcoin Miners

Bitmain, the worldwide leading manufacturer of mining hardware, announced the launch of two new, energy efficiency-focused Bitcoin ASICS: the Antminer S17e and the T17e. The S17e has a hash rate of 64 TH/s and a power efficiency of 45 J/TH, while the T17e delivers 53 TH/s with power efficiency of 55 J/TH. The company has already posted the delivery dates for the first batches, and offered to reimburse miners with discount coupons who get the ASICS late.

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