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US SEC Commissioner Jaime Lizárraga to resign in January

  • Jaime Lizárraga will resign as SEC Commissioner on January 17, 2025.
  • His departure leaves only one Democrat on the SEC amid a Republican-led shift.
  • Discussions intensify over the next SEC Chair, with crypto regulation in focus.

In a significant development at the US Securities and Exchange Commission (SEC), Commissioner Jaime Lizárraga has announced that he will step down from his post on January 17, 2025.

His resignation comes shortly after SEC Chair Gary Gensler revealed plans to depart when President-elect Donald Trump is sworn into office.

Lizárraga’s decision to resign has been attributed to personal reasons, specifically his wife’s serious illness, a matter he shared with President Joe Biden.

Jaime Lizárraga, who has served as an SEC Commissioner since 2022, was appointed during the Biden administration and had a term slated to last until 2027. His departure means that the SEC will lose one of the remaining Democratic voices on the five-member commission, leaving Caroline Crenshaw as the only Democratic Commissioner.

The commission will now have three Republicans: Hester Peirce, Mark Uyeda, and the soon-to-be vacated chairmanship under Gensler.

SEC’s leadership change as Trump prepares to assume office

The timing of Lizárraga’s resignation adds to the ongoing shift in the SEC’s leadership, raising questions about the future direction of regulatory policies, especially on issues like cryptocurrency.

Under Gensler, the SEC pursued a stringent stance on crypto, but with the departure of both Gensler and Lizárraga, the upcoming administration may steer the agency in a different direction, particularly in light of Trump’s pro-crypto rhetoric.

The SEC requires only a majority of three commissioners to make decisions, so the incoming Republican majority will hold significant sway over the commission’s agenda.

Lizárraga’s departure, alongside Gensler’s exit, further intensifies the debate over the next SEC Chair. The position is crucial for setting the regulatory tone, particularly on emerging issues like cryptocurrency.

As the Trump administration prepares to fill key positions, speculation grows over potential appointees, with names such as Brian Brooks, the former CEO of Binance.US, and current Republican SEC Commissioners Hester Peirce and Mark Uyeda emerging as potential candidates for the role.

Robinhood Chief Legal Officer Dan Gallagher, who was previously considered one of the top contenders for the SEC chair, has announced his withdrawal from consideration for the role.

This shift signals a new chapter for the SEC, with potential ramifications for both financial markets and regulatory approaches under the incoming administration.

The post US SEC Commissioner Jaime Lizárraga to resign in January appeared first on CoinJournal.

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Cboe to launch first cash-settled Bitcoin index options

  • Cboe to launch cash-settled Bitcoin index options based on the CBTX index on Dec 2.
  • The options will offer indirect exposure to Bitcoin via US spot Bitcoin ETFs.
  • Mini options and customizable FLEX options will also be available at launch.

Cboe Global Markets, a leader in the derivatives and securities exchange network, has announced plans to launch the first cash-settled index options tied to the price of spot Bitcoin.

The new offering, set to go live on December 2, 2024, will be based on the Cboe Bitcoin US ETF Index (CBTX), marking a significant development in the world of cryptocurrency derivatives.

The CBTX index, a modified market cap-weighted benchmark developed by Cboe Labs and Cboe Global Indices, is designed to track the performance of a basket of Bitcoin exchange-traded funds (ETFs) listed on US exchanges. The index aims to offer indirect exposure to spot Bitcoin by reflecting the performance of these ETFs, providing investors with a way to gain exposure to Bitcoin’s price movements without directly holding the asset.

The upcoming options will be listed exclusively on the Cboe Options Exchange, regulated by the US Securities and Exchange Commission (SEC), and will be cash-settled at expiration. This means that positions will be closed in cash rather than requiring physical delivery of Bitcoin ETFs, simplifying the process for traders.

In addition, these options will feature European-style exercise, meaning they can only be exercised on the expiration date, eliminating the risk of early assignment.

To further broaden market access, Cboe will also offer mini options (MBTX) at launch. These options will be one-tenth the notional value of the standard options, offering greater flexibility for smaller portfolios and more granular risk management.

Additionally, Cboe plans to introduce cash-settled FLEX options for both CBTX and MBTX, allowing traders to customize key contract terms, such as exercise price, style, and expiration date.

Rob Hocking, Global Head of Product Innovation at Cboe, highlighted that the new options products are designed to meet the growing demand for efficient exposure to Bitcoin.

The launch aligns with Cboe’s broader digital assets strategy, which includes Bitcoin and Ether futures, and aims to provide both institutional and retail investors with innovative tools to capitalize on or hedge against Bitcoin price movements.

This move underscores Cboe’s commitment to expanding its crypto derivatives offerings and strengthening its position as a leading venue for crypto-related trading products.

The post Cboe to launch first cash-settled Bitcoin index options appeared first on CoinJournal.

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Blockchain Association outlines ‘first 100-days’ priorities for Trump

  • Blockchain Association wants to see the establishment of a crypto regulatory framework as a priority.
  • Trump should appoint a new SEC chair within the first 100 days.
  • Other key areas include an end to the debanking of crypto companies and creation of an advisory council.

Blockchain Association has sent a letter to US President-elect Donald Trump, urging the new incoming government to consider five key areas in the first 100 days of the administration.

The association, which has nearly 100 members, noted the priority areas they believe Trump’s government and Congress should focus on in those first three months in a letter submitted on Nov. 22.

According to the crypto and blockchain advocacy group, see the establishment of a crypto regulatory framework as one of the first things the pro-crypto president and Congress should focus on.

“President-elect Trump’s vision to make America the crypto capital of the world is a hope shared by the entire crypto industry – and its founders, developers, and innovators. And it can be realized with President-elect Trump’s arrival to Washington, along with the most pro-crypto Congress in history,” said Blockchain Association chief executive officer Kristin Smith.

New SEC Chair and roll back of SAB 121

The group also wants to see an end to the debanking of crypto and blockchain companies, the swift appointment of a new SEC chair and roll back of SAB 121.

As well as appointments at the Treasury Department and IRS, the Blockchain Association believes the other priority should be the creation of a crypto advisory council. Per the letter, this council will collaborate with Congress and US federal regulatory agencies to promote and not stifle crypto innovation.

“We propose a crypto advisory council to help craft detailed, fit-for-purpose regulations through collaboration with Congress & regulators. Public-private partnerships are essential to establishing smart rules that respond to the tech and protect consumers,” the group noted.

The Blockchain Association’s letter comes as reports suggest Trump’s team is working on appointing a “crypto czar” at the White House. Several pro-crypto individuals are also in the running to become the next SEC chair, with Gary Gensler set to step down in January.

Trump’s election boosted the crypto market, sending Bitcoin to near $100,000, while XRP, Solana and Cardano are among altcoins to rally hard amid the optimism.

The post Blockchain Association outlines ‘first 100-days’ priorities for Trump appeared first on CoinJournal.