The cryptocurrency market showed signs of recovery on July 4th, as many coins gained in value after a prolonged slump. Bitcoin, the largest cryptocurrency by market cap, rose above $31,000, while Ethereum, Binance Coin, Lido DAO and other altcoins also posted positive gains.
Some analysts attributed the market rebound to the increased adoption and innovation in the crypto space, as well as the anticipation of the second half of 2023, which is expected to bring more favorable regulatory and institutional developments.
One of the notable news in the crypto industry was the appointment of BNY Mellon and Franklin Templeton as co-chairs of the new Digital Assets Market Subcommittee by the US Commodity Futures Trading Commission (CFTC). The subcommittee will advise the CFTC on how to foster innovation and competition in the digital asset market, while protecting investors and consumers.
BNY Mellon is one of the oldest and largest banks in the US, and it announced earlier this year that it would offer custody and other services for digital assets. Franklin Templeton is a global investment firm that has been exploring blockchain and digital assets for several years.
The co-chairs of the subcommittee are Brian Ruane, CEO of BNY Mellon Government Securities Services Corp., and Jedediah Wexler, head of blockchain strategy at Franklin Templeton. They will lead a group of 25 members from various sectors of the crypto industry, including exchanges, custodians, traders, investors, academics and lawyers.
The subcommittee is part of the CFTC’s Technology Advisory Committee (TAC), which was established in 1999 to provide guidance on emerging technologies and their impact on the futures and derivatives markets. The TAC has previously formed subcommittees on topics such as automated trading, cybersecurity and virtual currencies.
The formation of the Digital Assets Market Subcommittee is seen as a positive sign for the crypto industry, as it indicates that the CFTC is willing to engage with stakeholders and experts to foster a balanced and informed approach to regulation. The subcommittee is expected to hold its first meeting in July 2023.
