The crypto community got a much-needed boost at CoinDesk’s invest: ethereum economy virtual conference Wednesday. The guest speaker at the event was Heath Tarbert, chairman of the Commodity Futures Trading Commission (CFTC).
He discussed how ETH and DeFi fit into U.S. securities and commodity laws, as well as Ethereum and its expected shift to a proof-of-stake consensus mechanism.
The top U.S regulator mentioned that he was very impressed with ETH and wants to see the ecosystem get more decentralized. Tarbert’s comments were seen as bullish for both ETH and BTC, the only two crypto assets with a regulated derivatives market in the U.S.
While addressing the enforcement action brought against BitMEX exchange, the CFTC head stated that his agency desired to create solid regulatory clarity around digital assets.
In this way, the asset class can benefit from the firm regulatory regime and grow. Tarbert added that what regulators dislike are offshore exchanges that flout U.S securities laws.
Bitcoin Held By Public Companies Hits $6.8 Billion
In other bullish news for crypto, the BTC supply public companies now hold just hit $6.8B, indicating that the flagship crypto is maturing into a respected asset alongside gold, stocks, and more.
The total market cap for BTC currently hovers around $211 billion, but it was a mere $6.8 billion just four years ago. This explosive increase paints a clear picture of what investors can expect in terms of the crypto asset’s future growth.
The surging market cap growth trajectory is attributable to BTC evolving from a primarily retail-driven asset class to gain acceptance as a legitimate investment amid institutional players.
Publicly-traded companies are increasingly adding BTC into their corporate treasury reserves, with Jack Dorsey’s Square, Inc. being the latest institutional investor to purchase large quantities of BTC ($50M worth of coins).
Bitcoin Held by Publicly Traded Companies | Source: BitcoinTreasuries.org
ETH and BTC Holding Gains
ETH price is currently holding the $375 support after correcting lower in today’s early sessions. Despite the bullish endorsement of the project by the CFTC head, ETH failed to clear the $388 resistance zone. The altcoin is trading at $377 during press time.
Meanwhile, BTC is registering range moves below the $11.5K resistance level. The flagship crypto made two attempts to break above the $11,560 level, but it failed to gain bullish momentum. The BTC price is currently in a consolidating gains just above the 11,400 level of support.
That said, one YouTube analyst believes that the CFTC chair’s remarks could soon prove influential and kick start a new bull run for both BTC and ETH.