SEC Chair Declares ‘New Day For Crypto Industry’ As Market Anticipates Friday Speech at Jackson Hole

Takeaways

• Atkins signaled a lighter regulatory touch, suggesting that ‘very few’ crypto tokens may qualify as securities: While the markets wait with bated breath for Jerome Powell's speech at Jackson Hole on Friday, Atkins announced a new guidance package meant to ‘future-proof’ the industry.
• Japan’s FSA is expected to approve a yen-pegged stablecoin this fall: The issuer has indicated plans to mint up to roughly $6.8 billion over three years, backing the coin with liquid reserves such as deposits and government bonds.
• Wyoming has launched the Frontier Stable Token (FRNT), a USD stablecoin deployed across seven blockchains: The token is pegged with over-collateralization and reserves held in trust, and public availability is expected to roll out soon on Solana.
• SharpLink Gaming bought 143,593 ETH for around $667 million, lifting its total ether holdings to 740,760 ETH: The Nasdaq-listed firm is doubling down on an Ethereum treasury strategy and stated it is staking to generate rewards with its holdings
• Metaplanet bought an additional 775 BTC for roughly $93 million, taking its total to 18,888 BTC: The Tokyo investor says it intends to press forward with its accumulation strategy that follows a return to profitability.

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SEC Chair Atkins Says Few Crypto Tokens Are Securities, Pushes to “Future-Proof” Markets

His remarks were made at an industry event in Wyoming, where Atkins presented what his office is labelling ‘Project Crypto’ as an effort to update outdated securities rules so that staking and other onchain services can operate with clearer regulatory guardrails. Atkins claims the upcoming guidance package will “future-proof” the crypto market and prevent “regulatory mischief.”

The announcement signals a broader change in tone from the prior administration’s emphasis on enforcement action, and it has been hailed by industry participants as a significant positive signal. Some analysts have also argued that clarity surrounding these rules will likely unlock new institutional products and secondary markets for the crypto industry.

Market participants will now be balancing Atkins’ comments about regulatory clarity with macroeconomic developments. All eyes will now be on Federal Reserve Chair Jerome Powell’s upcoming speech at the Jackson Hole symposium on Friday. The high profile address could reshape short-term expectations for interest rates. If Powell signals a path to rate cuts, risk appetite could rise, but a hawkish tone might dampen demand for risk assets. Traders are anticipating the speech to also dictate upcoming flows into and out of institutional crypto products.

Japan Expected to Approve First Yen-Pegged Stablecoin in Coming Months

The Tokyo-based issuer, JPYC, intends to complete registration as a money-transfer entity in August and launch its offering the week following.

The planned supply model will target corporate and cross-border use cases where the yen-pegged token yen may reduce settlement times. Early interest has been shown primarily by institutional investors and several hedge funds.The news also comes after Sumitomo Mitsui Financial Group, one of Japan’s largest banks, announced their plans to launch their own stablecoin with Ava Labs, the developer of the Avalanche ecosystem.

Regulators have pointed out that AML and KYC controls will need to be robust for widespread adoption. If JPYC secures approval, the stablecoin could expand on-chain payments in Japan, and open up new on-ramps for corporate treasuries in the region. It could also have a positive effect on speeding up adoption of tokenized finance in Japan.

Wyoming Launches Frontier Stablecoin on Seven Blockchains

FRNT has been deployed on Ethereum, Optimism, Polygon, Solana, and various other popular networks, and officials said the token will become available to the broader public in the coming days on Solana.

The stablecoin is reportedly structured to be 2% over-collateralized, with backing consisting of USD and US Treasuries held in trust, the governing Wyoming Stable Token Commission have stressed custody and reserve transparency as core its core principles. The token is also expected to be coming to more protocols over the coming months.

The launch comes partly as a result of recent federal stablecoin rules under the newly-passed GENIUS Act, which made clear the government’s regulatory stance on the stablecoin sector, now valued at around $260 billion. As one of the most important pillars of the crypto space, the launch of the first US public entity-issued stablecoin could open the door for other states to follow suit and bring fresh capital to the sector.

SharpLink Gaming Buys Additional $667M of ETH, Holdings Reach 740,760 ETH

The purchase added roughly $667 million to its balance sheet and brought its cumulative holdings to 740,760 ETH. The company also raised fresh capital last week, reporting $537 million in new funding, with $84 million in cash yet to be deployed.

SharpLink said almost all of its ether balance is currently being staked, and the firm has generated staking rewards totaling about 1388 ETH. The acquisition highlights an industry trend which is gaining popularity, where public firms are building large ETH and other DeFi token treasuries and using yield generation strategies to compound their returns. Sharplink also disclosed that it aims to hold up to 5% of the entire supply of ether.

SharpLink, which is co-chaired by Ethereum co-founder Joe Lubin, has one of the largest public ether treasuries behind BitMine. The company disclosed a $103 million net loss for Q2 as it continued aggressive accumulation, but the firm has positioned itself as a major institutional participant in Ethereum’s growing treasury sector.

Metaplanet Adds Additional 775 Bitcoin, Holdings Rise to 18,888 BTC

The purchase pushed the firm’s cumulative holdings to 18,888 BTC, with an overall average purchase price of around $102,600 per coin since the beginning of its acquisition strategy in April last year.

Financial results released by Metaplanet last week had shown that Q2 revenue had climbed to 1.2 billion yen, up about 41% QoQ, and the company swung to net income of 11.1 billion yen after a Q1 loss. Despite the most recent purchase however, Metaplanet’s stock has been volatile, slipping 8.6% on Friday before edging modestly higher at the beginning of this week. Metaplanet has indicated it remains focused on building its bitcoin yield and long-term treasury position, and has said that its recurring income streams will allow it to continue to enhance its treasury operations.

-Team Gemini