Daily Crypto Signals: Gensler’s Exit, Network Outages, and Institutional Adoption

SEC Chair Gary Gensler announced his upcoming departure, major blockchain networks faced technical challenges, and traditional financial institutions continued their push into digital assets.

Crypto Market Overview

Bitcoin continues to show strength, trading above $98,000, while the broader crypto market experiences mixed sentiment amid these institutional and regulatory developments. The industry appears to be entering a new phase of maturity, marked by increased institutional participation and regulatory clarity.

Gensler to Exit SEC Amid Political Transition

SEC Chairman Gary Gensler announced he will step down from his position on January 20, 2025, coinciding with President-elect Donald Trump’s return to office. The announcement comes after Trump’s campaign promise to “fire” Gensler and transform America into “the crypto capital of the world.” Gensler, known for his stringent stance on cryptocurrency regulation, recently emphasized his position on digital assets, maintaining that approximately 10,000 tokens should be registered as securities.

Technical Challenges Hit “Solana Killer” Sui Network

The Sui blockchain experienced a significant setback on November 21, with block production halting for over two hours. The outage, caused by a bug in transaction scheduling logic that crashed validators, led to an 11% drop in the network’s native SUI token price. Despite the technical difficulties, the token maintained a 75% gain over the past month, trading at approximately $3.40. The Sui Foundation reported that the network has since been restored and is processing transactions normally.

Mastercard, JPMorgan Announce Partnership

In a landmark move for institutional crypto adoption, Mastercard and JPMorgan announced a partnership to enhance cross-border payments using blockchain technology. The collaboration connects Mastercard’s Multi-Token Network (MTN) with JPMorgan’s newly rebranded Kinexys Digital Payments unit, aiming to provide greater transparency and faster settlement times for B2B transactions through a single API integration.

UK Plans Crypto Regulations

The United Kingdom is preparing to unveil a comprehensive crypto regulatory framework by early 2025, as announced by Economic Secretary to the Treasury Tulip Siddiq. The framework will encompass cryptocurrencies, stablecoins, and staking services, with the government taking a unified approach to regulation. This development comes as the UK aims to maintain its competitive edge against the European Union’s Markets in Crypto-Assets (MiCA) regulation.

Infrastructure Development

The Graph, a decentralized indexing protocol, introduced the GRC-20 standard for Web3 data structure, marking a significant advancement in how information is organized and shared across decentralized applications. The new standard aims to replace the current Resource Description Framework (RDF) with a more suitable solution for Web3 applications.

Industry Support and Development

In regional developments, the Sui Foundation and partners launched the SuiHub Global Accelerator Program, offering up to $200,000 in funding and expert support for projects building on the Sui blockchain, with a particular focus on the Middle East and North Africa region.