Top stories in today’s Crypto Roundup:

• SEC chair: “work left to be done” before agency approves first bitcoin ETF proposal.
• Tether launches stablecoin to support offshore Chinese yuan.
• Stellar Development Foundation to airdrop two billion XLM to Keybase users.

BTC/USD continued to trade sideways in the low 10,000s overnight (UTC). The ETH/BTC pair continued moving higher overnight—0.0178 at the time of writing—off of the two-and-a-half-year low of 0.0162 recorded over the weekend.

At the time of writing, bitcoin (BTC) is trading at $10,278.9 (±0.0%) with a daily trusted volume of $1.29 bn. As for ether (ETH) it is trading at $182.4 (+2.8%) with a daily trusted volume of $282.63 mn. The MVIS CryptoCompare Digital Assets 10 Index is currently tracking at 3,254.30 (+0.68%).

SEC Chair: ‘Work Left to Be Done’ Before Any Bitcoin ETF Approval

In an interview with CNBC’s Bob Pisani, Jay Clayton—the chairman of the U.S. Securities and Exchange Commission (SEC)—explained that, despite the market having taken steps to address the agency’s concerns about approving a bitcoin exchange-trade fund (ETF), there remains “work left to be done.”

“An even harder question given that they trade on largely unregulated exchanges is: ‘how can we be sure that those prices aren’t subject to significant manipulation?’,” Clayton told Pisani. “People needed to answer these hard questions for us to be comfortable that this was the appropriate kind of product.”

Tether Launches New Stablecoin to Support Offshore Chinese Yuan

iFinex subsidiary and fiat-collateralized stablecoin issuer Tether announced on Monday “the addition of offshore Chinese yuan (CNH) to [its] basket of supported currencies, and the launch of a new stablecoin, CNH₮.”

CNH₮ will run atop the Ethereum blockchain and is compliant with Ethereum’s ERC-20 token standard. The primary difference between the offshore yuan and the onshore yuan is the fact that the former can be traded freely on foreign currency markets and is not directly affected by monetary policy decisions made by the People’s Bank of China.

Stellar Development Foundation to Airdrop Two Billion XLM

The Stellar Development Foundation—a not-for-profit entity supporting the development of the Stellar blockchain network—announced it will airdrop a total of two billion lumens (XLM) to the 300,000-plus users of encrypted messaging service Keybase over the next 20 months.

“The airdrop will run for at least 3 months,” the Stellar Development Foundation specified in a blog post announcing the airdrop on Monday. “Subsequent months [will be] subject to basic success metrics for the program.”

According to CryptoCompare data, the market price of XLM is $0.60 at the time of writing. This means that if the two billion XLM were to be airdropped right now, it would equate to $120 million.

Keybase detailed its integration with Stellar’s native XLM cryptocurrency earlier in the year. In March 2018, the Stellar Development Foundation invested an undisclosed amount in Keybase.

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