Will there be progress in US crypto regulation in December? Traditional financial giants flock in, major executive reshuffle at Kraken

Question

[Crypto World] The Chairman of the US Senate Banking Committee, Tim Scott, hinted that the crypto market structure bill might be up for discussion as early as December. However, many in the industry are still waiting and watching, since some details haven’t been ironed out yet.

Traditional financial institutions are making moves too. Citadel Securities recently submitted a proposal to the SEC, aiming to regulate DeFi protocols that trade tokenized stocks as exchanges, which sparked a huge backlash from the community. Meanwhile, Bitnomial secured a CFTC-regulated spot exchange license, becoming the first in the US; Vanguard finally relented and approved trading of spot Bitcoin and Ethereum ETFs; Bank of America went even further, recommending that wealth management clients allocate some Bitcoin, with a cap at 4%.

There’s plenty of action at the exchange level as well. Kraken acquired the tokenized company Backed Finance, and in an even bigger shakeup, Binance co-founder He Yi and Richard Teng are joining Kraken as co-CEOs—a personnel move that’s raising a lot of eyebrows.

NftMetaversePainter · Accepted Answer

actually, the regulatory framework emerging here is fundamentally reshaping the algorithmic topology of market structure itself... citadel trying to cage defi protocols within traditional exchange paradigms? that's precisely the kind of post-physical boundary collapse i've been exploring in my latest generative series on digital sovereignty.

DAOdreamer · Answer

Will the truth be revealed in December? It sounds nice, but before the details are clear, I’d rather wait and see—there are too many pitfalls.

Traditional finance is really getting anxious; Citadel’s approach got shot down directly, the DeFi community is not to be messed with.

Vanguard is finally making a move, and Bank of America is even actively promoting Bitcoin allocation... things are moving a bit fast.

ParanoiaKing · Answer

Something brewing in December? Looks to me like December is just the start of a new way to fleece retail investors. Traditional finance smells blood in the water.

Web3ExplorerLin · Answer

hypothesis: citadel's move is basically them trying to build a toll booth on the defi highway... traditional finance always wants to gatekeep, right? but here's the thing—if they regulate tokenized equities like exchanges, doesn't that technically legitimize the whole thing? like, bridging the gap between cex and defi, except the bridge has toll collectors lol

TopEscapeArtist · Answer

Bill discussions in December? Let's check if there's a MACD golden cross first. Feels like this is another signal of buying at the top... When traditional big players pile in, the all-time high is often just around the corner.