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First Mover Americas: Coinbase CEO Brian Armstrong Suggests SEC Could Ban Staking
The latest price moves in crypto markets in context for Feb. 9, 2023.
Updated Feb 9, 2023, 3:19 p.m. Published Feb 9, 2023, 1:01 p.m.
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This article originally appeared in First Mover, CoinDesk’s daily newsletter putting the latest moves in crypto markets in context. Subscribe to get it in your inbox every day.
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CoinDesk Market Index (CMI) 1,092 −28.1 ▼ 2.5% Bitcoin $22,708 −412.8 ▼ 1.8% Ethereum (ETH) $1,637 −35.5 ▼ 2.1% S&P 500 futures 4,158.25 +27.8 ▲ 0.7% FTSE 100 7,946.69 +61.5 ▲ 0.8% Treasury Yield 10 Years 3.65% ▼ 0.0 BTC/ETH prices per CoinDesk Indices, as of 7 a.m. ET (11 a.m. UTC)
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Coinbase CEO Brian Armstrong says he's heard rumors the U.S. Securities and Exchange Commission (SEC) would like to ban retail investors from engaging in cryptocurrency staking, the income-generating technique at the core of running proof of stake blockchains including Ethereum. "I hope that's not the case as I believe it would be a terrible path for the U.S. if that was allowed to happen," he tweeted Wednesday. The SEC declined to comment.
The governance token for the liquid staking platform Lido surged on the rumor suggested by Armstong that the SEC might ban staking for retail customers. The Lido protocol, governed by the LDO token (LDO), allows for the staking of ether (ETH). LDO surged around 11% in the immediate aftermath of the comments, and is up 8.4% in the past 24 hours.
Binance is helping assemble a consortium of crypto companies with a view towards rebuilding trust in the industry and is taking on an active role in consulting on regulations, according to a person with knowledge of the plans. A number of companies have already signed up to come on board. They span the crypto industry, including individual projects, exchanges and blockchain analytics firms, the person said, without naming any of the firms involved. Binance declined to comment.
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‘Bitcoin to zero’ searches spike in the U.S., but the bottom signal is mixed
Google Trends data shows the term hit a record high in the U.S. this month, though global interest has fallen since peaking in August.
What to know:
- U.S. searches for “bitcoin zero” on Google hit a record high in February as BTC slid toward $60,000 after hitting a peak in October.
- In the rest of the world, searches for the term peaked in August, suggesting fear is concentrated in the U.S. rather than worldwide.
- Similar U.S. search spikes in 2021 and 2022 coincided with local bottoms.
- Because Google Trends measures relative interest on a 0-to-100 scale amid a much larger bitcoin user base today, the latest U.S. spike signals elevated retail anxiety, but does not reliably guarantee a clean contrarian reversal.
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