Hayden Adams blasts Citadel’s SEC bid to classify DeFi as traditional finance

The cryptocurrency market has seen notable fluctuations recently, with Bitcoin's price stabilizing around $90,000 despite pressures from ETF outflows and market volatility. This stabilization follows a period of significant price drops and uncertainty, indicating a potential recovery in market confidence as sentiment shifts from extreme fear to a more bullish outlook.

Citadel has submitted a letter to the U.S. Securities and Exchange Commission (SEC) challenging the regulatory framework surrounding decentralized finance (DeFi), which has led to significant backlash from industry stakeholders. This move is perceived as an attempt to classify DeFi under traditional financial regulations, raising concerns about the future of the sector.

Former Citadel employees Ian Krotinsky and Aashiq Dheeraj have successfully raised $17 million in funding for Fin, a stablecoin-based payments application designed to facilitate instant, large-value cross-border transactions, positioning it as a user-friendly alternative to traditional banking services.

Citadel Securities has sparked controversy by urging the U.S. Securities and Exchange Commission (SEC) to regulate decentralized finance (DeFi) platforms that offer tokenized U.S. stocks under existing securities laws, opposing any exemptions that may allow these platforms to operate outside traditional regulations.

The SEC has decided to block the launch of highly leveraged ETFs that aimed to deliver three to five times the daily performance of stocks and cryptocurrencies, citing concerns over excessive risk-taking. This decision reflects the regulatory body's ongoing scrutiny of investment products that could expose investors to significant volatility.

Fin, a company founded by former Citadel engineers, has successfully raised $17 million to develop a stablecoin payments application aimed at facilitating cross-border transactions. This funding comes as banks and fintech companies increasingly venture into the realm of digital assets.

Fin, a company founded by former Citadel engineers, has successfully raised $17 million in a Series A funding round to launch its stablecoin payments product on the Solana blockchain, aiming to facilitate fast and cost-effective transactions.

Firelight has launched a new protocol enabling XRP staking on the Flare Network, designed to provide a decentralized finance (DeFi) insurance layer against potential exploits. This initiative aims to combine yield opportunities for XRP holders with enhanced security measures in the DeFi space.