Crypto Market Overview October 26th | Dex-Trade

Crypto Market Overview October 26th | Dex-Trade

BitMEX Says Goodbye to Alexander Hoptner Amid Bear Market

The CEO of major cryptocurrency exchange BitMEX, Alexander Hoptner, has announced that he is stepping down from his position and leaving the company, in particular due to the global decline in the digital asset market and the worsening economic crisis. In total, Hoptner held a senior position within the crypto giant for two years. He joined BitMEX in 2020, and before that he was a director of the German stock exchanges Borse Stuttgart GmbH and Euwax AG, where he was also the CEO. Hopner's path to BitMEX began almost immediately after the resignation of its co-founder Arthur Hayes. At the moment, it is known that the place of the former CEO of the crypto exchange has actually been taken by the current BitMEX CFO Stephen Lutz. However, this arrangement of personnel is temporary, since the company seems to intend to announce a competition for the position of CEO in the near future. Lutz joined BitMEX in 2021, having previously been a partner at audit and consulting firm PricewaterhouseCoopers. The new CEO has already pledged to take care “that BitMEX continues to deliver great, innovative crypto trading products and a secure and stable trading environment for our clients.” As for Hopner, he joins Kraken's Jesse Powell, Celsius's Alex Mahinsky and FTX US's Brett Harrison, who have also stepped down from company executive positions due to the deepening market crash.


Warren «& Company» Asks Regulators to Bring Clarity to the Crypto Industry

A group of concerned US lawmakers, initiated by Senator Elizabeth Warren and with the participation of Senator Sheldon Whitehouse, Rep. Alexandria Ocasio-Cortez, Rep. Jesús G. “Chuy” García, and Rep. Rashida Tlaib, wrote a letter to the country's financial regulators asking for clarification of the situation with the regulation of digital assets in the United States. The letter refers to the millions of dollars invested by crypto companies in lobbying efforts to ensure favorable legislation and regulation of cryptocurrencies: “We are concerned that the crypto revolving door risks corrupting the policymaking process and undermining the public’s trust in our financial regulators.” The letter was addressed to the Securities and Exchange Commission (SEC), the Commodity Futures Trading Commission (CFTC), the Treasury Department, the Federal Reserve, the Federal Deposit Insurance Corporation (FDIC), the Office of the Comptroller of the Currency (OCC), and the Consumer Financial Protection Bureau ( CFPB). It’s reported that the addressees are already “puzzled” with how to inform legislators about issues of interest to them.


Regulated Financial Instruments: the New Status of Crypto in UK

The lower house of the UK Parliament, known as the "House of Commons", has approved a decision to treat cryptocurrencies like any other regulated financial instruments and products. The proposed bill on financial services and markets was discussed in preparation for the first reading. The Conservative MP, Andrew Griffith, introduced a proposal that included the exchange of cryptocurrencies and trading as a regulated financial service in the bill. If passed successfully, the Cryptocurrency Bill will impact unlicensed crypto businesses and ensure the regulation of the crypto market. By the way, this could be the first historical precedent for creating a unified regulatory environment in the UK. Griffith also revealed that the country's Treasury will be consulting with a wide range of stakeholders and experts in the field as their primary goal is to implement the digital finance framework and evaluate its potential advantages and disadvantages. But in order for these measures to become actual law, they must first be finally approved by the House of Lords.