Citadel Pushes SEC For DeFi Oversight, Crypto Heavyweights Push Back Harder

21Shares has launched its first leveraged SUI ETF on Nasdaq following approval from the SEC, marking a significant milestone in the cryptocurrency investment landscape. This new product allows investors to gain exposure to SUI with enhanced leverage, reflecting the growing demand for innovative financial instruments in the crypto sector.

The SEC has approved a 2x leveraged ETF linked to SUI, a move that comes in the aftermath of significant volatility in the cryptocurrency market due to excessive leverage. This approval reflects a cautious approach by regulators to introduce new financial products while addressing market stability concerns.

Binance has launched Binance Junior, a mobile app aimed at users aged 6 to 17, sparking debate over the appropriateness of introducing cryptocurrency trading to minors. The app operates separately but connects to existing Binance accounts, allowing for supervised trading experiences for younger users.

The SEC has approved the first leveraged Sui ETF, allowing 21Shares to launch a 2x product on Nasdaq, reflecting a growing demand for cryptocurrency ETFs. This approval marks a significant step in the evolving landscape of crypto investment products.

Sony has launched a new dollar stablecoin, Startale USD (USDSC), on the Soneium platform, an Ethereum layer-2 network, in collaboration with its Web3 partner Startale Group. This initiative aims to enhance liquidity within the Soneium ecosystem and improve the usability of cryptocurrencies on-chain.

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.