Monat: Juli 2025

• Citadel Securities has urged the US SEC to proceed more slowly on allowing tokenized securities.
• The firm warns that a rushed approach could lead to investor confusion and “self-serving regulatory arbitrage.”
• Citadel argues tokenization should advance through a formal rule-making process, not ad-hoc measures.

Citadel Securities, one of the world’s most influential market-making firms, is calling on the US Securities and Exchange Commission (SEC) to adopt a more cautious and deliberate approach to the burgeoning field of “tokenized” securities.

The firm has warned that a hasty embrace of this new technology could lead to investor confusion and create an uneven playing field for traditional exchanges and publicly traded companies.

This call for a go-slow approach comes as SEC Chairman Paul Atkins has recently spoken about streamlining traditional securities rules to make it easier for companies to offer tokenized securities.

A tokenized security is a digital representation of a traditional asset, like a stock, that can be traded on a blockchain network rather than through a conventional brokerage account.

By digitally dividing assets into smaller pieces, tokenization can make high-value stocks and other investments more affordable and accessible to a wider range of investors.

In a comment letter sent on Monday to the SEC’s Crypto Task Force, Citadel Securities argued that the race to innovate should not come at the expense of market integrity.

“Tokenized securities must achieve success by delivering real innovation and efficiency to market participants, rather than through self-serving regulatory arbitrage,” the market-making firm stated in its letter.

Instead of allowing tokenization to advance through ad-hoc measures or interpretations of existing rules, Citadel Securities insists that the SEC should move forward only through a formal, comprehensive rule-making process.

When asked for a response, an SEC spokesperson said the agency declined to comment “beyond what the chairman had said publicly on this topic.”

The promise and peril of tokenization

Proponents of tokenizing popular stocks and other assets argue that putting them on a blockchain could unlock a host of benefits, including the potential for 24/7 trading, instantaneous settlement of transactions, enhanced liquidity, and the ability for investors to easily purchase fractional shares of nearly any tokenized asset.

While, in theory, almost anyone could tokenize shares, the greatest interest in doing so comes from the asset issuers themselves or from digital asset platforms, who would then offer these tokens to their investors.

However, Citadel Securities has raised concerns about the potential unintended consequences of such a move. The firm urged the SEC to carefully consider how a rapid expansion of tokenization might further deflate an already sluggish market for Initial Public Offerings (IPOs) by giving privately held companies yet another alternative to raise capital outside of the traditional public markets.

Siphoning liquidity and creating inaccessible pools

A key concern highlighted by Citadel Securities is the potential for tokenization to fragment the market and “siphon liquidity away” from established, regulated equity markets. This could lead to the creation of “new liquidity pools that are inaccessible” to many institutional players.

Firms like pension funds, endowments, banks, and other fiduciaries often have strict risk management policies or legal obligations that would prevent them from participating in these new, less-regulated blockchain-based markets.

This development, which has garnered support from digital asset exchanges like Coinbase Global Inc. and Robinhood Markets Inc., is unfolding at a time of significant change in the digital asset landscape. SEC Chairman Paul Atkins has spoken broadly about his support for innovation in financial markets, a stance that includes the burgeoning digital assets industry.

This industry recently celebrated its first major regulatory victory last week with the enactment of landmark stablecoin legislation. Stablecoins, digital assets tied to the US dollar or other low-volatility assets, are primarily intended to be used to facilitate payments, but their successful regulation is seen as a stepping stone for broader digital asset rules.

Citadel’s letter serves as a powerful reminder of the complex challenges that lie ahead as regulators grapple with integrating these new technologies into the traditional financial system.

The post In letter to SEC, Citadel Securities calls for formal rule-making on tokenization appeared first on CoinJournal.

• Ethena (ENA) has breached $0.55 after 130% rally fueled by $360M SPAC deal to form StablecoinX treasury company.
• StablecoinX is expected to list on Nasdaq, focusing on long-term ENA buybacks.
• A hold above $0.55 brings $0.91–$1.52 target in view, with a pullback risk to $0.20 on the contrary.

Ethena (ENA) is in the spotlight due to a remarkable price rally amid a game-changing SPAC deal that could redefine the altcoin’s long-term trajectory.

With the announcement of a $360 million treasury initiative involving a merger with the SPAC TLGY Acquisition Corp, the Ethena Foundation has triggered widespread speculation about what’s next for ENA.

The merger has coincided with a sharp recovery in the price of ENA, which recently surged more than 130% from its June lows, flying past the critical $0.5892 mid-range resistance.

The SPAC deal has fueled investor excitement

On July 21, the Ethena Foundation revealed it had launched StablecoinX, a crypto-native treasury company that will merge with TLGY Acquisition Corp to go public on the Nasdaq under the ticker USDE.

The newly-formed company is tasked with accumulating a long-term strategic reserve of ENA, backed by $360 million in PIPE funding, including a $60 million commitment from the Foundation itself.

Top-tier crypto investors like Dragonfly, Pantera Capital, Galaxy, and Polychain have also joined the deal, reinforcing confidence in ENA’s potential as a long-term ecosystem token.

The proceeds will not only fund token accumulation but also allow StablecoinX to operate validator infrastructure and staking services for the Ethena protocol.

With Ethena already positioned as the third-largest issuer of digital dollars on-chain — trailing only Tether and Circle — this treasury strategy aims to deepen liquidity and promote price stability across the ecosystem.

Ethena price technical breakout signals shift in momentum

As the news of the StablecoinX launch broke, ENA’s market reaction was swift and bullish, pushing the token past both the descending resistance line and the key horizontal resistance at $0.42.

The price pushed past the crucial decision level at $0.55, a mid-range resistance that has historically defined bullish or bearish continuations, and hit an intraday high of $0.6056.

If ENA manages to reclaim and close above $0.55 with volume support, it could ignite a push toward $0.91 and potentially the all-time high of $1.52 set in April 2024.

However, if the price is rejected at this level, traders may witness a corrective move back to the range lows near $0.20, a zone that could present a compelling re-accumulation opportunity.

Momentum indicators such as the RSI and MACD are clearly in bullish territory, with no signs yet of bearish divergence, suggesting that the rally may still have legs.

Market fundamentals strengthen ENA’s case

Beyond price action, ENA’s market fundamentals have dramatically improved, with a current price of $0.5377 and a 30-day gain of over 105%.

Its circulating supply of 6.35 billion ENA represents just over 42% of its 15 billion total supply, while the token boasts a robust $3.38 billion market cap and a TVL of $6.358 billion.

Daily trading volume has soared to $1.5 billion, reflecting growing liquidity and heightened investor interest following the SPAC announcement.

Ethena’s USDe, a synthetic dollar backed by a delta-hedging strategy, has also reclaimed a $6 billion supply — a figure last seen at its peak, further boosting community confidence.

In the short term, Ethena’s price outlook largely depends on how the price behaves at the $0.55 resistance and whether StablecoinX’s listing on Nasdaq progresses without delays.

The post Ethena price prediction following the Ethena StablecoinX SPAC deal appeared first on CoinJournal.