Today in crypto, Bitcoin creator Satoshi Nakamoto turns 50 as their creation becomes a US reserve asset, and a US Securities and Exchange Commission (SEC) commissioner and known crypto critic pushed back against the agency’s new stablecoin statement after it issued new guidelines.
Satoshi Nakamoto turns 50 as Bitcoin becomes US reserve asset
Satoshi Nakamoto, the pseudonymous creator of Bitcoin, marks their 50th birthday amid a year of rising institutional and geopolitical adoption of the world’s first cryptocurrency.
The identity of Nakamoto remains one of the biggest mysteries in crypto, with speculation ranging from cryptographers like Adam Back and Nick Szabo to broader theories involving government intelligence agencies.
While Nakamoto’s identity remains anonymous, the Bitcoin (BTC) creator is believed to have turned 50 on April 5 based on details shared in the past.
According to archived data from his P2P Foundation profile, Nakamoto once claimed to be a 37-year-old man living in Japan and listed his birthdate as April 5, 1975.
Source: Web.archive.org
Nakamoto’s anonymity has played a vital role in maintaining the decentralized nature of the Bitcoin network, which has no central authority or leadership.
The Bitcoin wallet associated with Nakamoto, which holds over 1 million BTC, has laid dormant for more than 16 years despite BTC rising from $0 to an all-time high above $109,000 in January.
SEC paints ‘a distorted picture’ of USD-stablecoin market — Crenshaw
US Securities and Exchange Commission (SEC) Commissioner and vocal crypto critic Caroline Crenshaw has accused the US regulator of downplaying risks and misrepresenting the US stablecoin market in its newly published guidelines.
However, many in the crypto industry see the SEC’s decision as a step in the right direction.
In an April 4 statement, Crenshaw, who is widely known for opposing the spot Bitcoin ETFs, said that the SEC’s statement on stablecoins contained “legal and factual errors that paint a distorted picture of the USD-stablecoin market that drastically understates its risks.”
Under the new SEC guidelines, stablecoins that meet certain criteria are now considered “non-securities” and are exempt from transaction reporting requirements.
Crenshaw disputed the accuracy of the analysis made by the SEC in arriving at that decision. She pushed back on the SEC for reiterating issuer actions “that supposedly stabilize price, ensure redeemability, and otherwise reduce risk.”
SEC lays out guidelines for stablecoins, excludes algorithmic tokens
The United States Securities and Exchange Commission (SEC) released a statement on April 4 establishing guidelines for stablecoins.
In an April 4 statement, the agency minted a new term, “covered stablecoins,” classifying them as non-securities and exempting such tokens’ transactions from reporting requirements.
According to the SEC’s definition, a “covered stablecoin” is fully backed by physical fiat reserves or short-term, low-risk, highly liquid instruments and is fully redeemable at a 1:1 ratio with US dollars.
The definition precludes algorithmic stablecoins that maintain their US dollar peg using software or an automated trading strategy, leaving the regulatory status of algorithmic stablecoins, synthetic dollars, and yield-bearing fiat tokens uncertain.
Current stablecoin market overview. Source: RWA.XYZ
Industry leaders and executives are currently pushing for regulatory changes that would allow stablecoin issuers to share yield opportunities with stablecoin holders and offer onchain interest.
According to the new guidelines, covered stablecoin issuers must never co-mingle asset reserves with operational capital or offer tokenholders interest, profit, or yield opportunities. Additionally, the covered stablecoin issuers must never use their reserves for investing or market speculation.
