Gary Gensler, the U.S. Securities and Exchange Commission (SEC) Chairman, has likened stablecoins to “Poker Chips” at what he called the “Wild West Crypto Casino.” Gensler believes that the crypto boom shares characteristics with the Wildcat banking era of the 19th century, stating that “history tells us that private forms of money don’t last long.”

Yesterday, the U.S. Treasury Department announced that it would be adding SUEX, an over-the-counter (OTC) crypto exchange with offices in Russia, to its list of specially designated nationals (SDNs) for its alleged role in facilitating cryptocurrency transactions for ransomware attackers.

Deutsche Börse, a marketplace organizer for the trading of shares and other securities, continues to explore the world of cryptocurrency derivatives with the launch of three new crypto exchange-traded notes (ETNs) by VanEck, which are now are tradable for the first time via Xetra and Börse Frankfurt.

Top stories in the Crypto Roundup today:

• Stablecoins Are Like Poker Chips Says SEC’s Gary Gensler
• A Crypto Exchange Gets Blacklisted in U.S. for the First Time
• Deutsche Börse Launches Three New Crypto ETNs By VanEck

Stablecoins Are Like Poker Chips Says SEC’s Gary Gensler 

Gary Gensler, the U.S. Securities and Exchange Commission (SEC) Chairman, has likened stablecoins to “Poker Chips” at what he called the “Wild West Crypto Casino.” Gensler believes that the crypto boom shares characteristics with the Wildcat banking era of the 19th century, stating that “history tells us that private forms of money don’t last long.”

Stablecoins have become a growing area of concern among U.S. regulators. Recently, Gensler told the Washington Post that the SEC is putting together a report on stablecoins under the guidance of U.S. Treasury Secretary Janet Yellen, as well as working with banking regulators to get expanded authority from the U.S. Congress to regulate the plethora of stablecoins available today. 

Gensler has been at the centre of the cryptocurrency regulation debate for some time now, having previously called for more power to regulate the cryptocurrency industry back in August. Gensler believes that the SEC has the authority to regulate the cryptocurrency industry and that “most” cryptoassets could be considered securities. 

Previously, Gensler compared the crypto industry to the Wild West, a line of thought he expanded on yesterday, stating: “We’ve got a lot of casinos here in the Wild West [...] and the poker chip is these stablecoins.”

A Crypto Exchange Gets Blacklisted in U.S. for the First Time

SUEX OTC has become the first cryptocurrency exchange to be sanctioned by the U.S. government, as the result of an ongoing battle against ransomware attacks. 

Yesterday, the U.S. Treasury Department announced that it would be adding SUEX, an over-the-counter (OTC) crypto exchange with offices in Russia, to its list of specially designated nationals (SDNs) for its alleged role in facilitating cryptocurrency transactions for ransomware attackers.

The sanction puts SUEX in a category with suspected terrorists and drug traffickers. The move also prevents U.S. residents from engaging with the exchange in any form. 

Deputy Treasury Secretary Adewale Adeyemo said: “Exchanges like Suex are critical to attackers’ ability to extract profits from ransomware attacks. Today’s action is a signal of our intention to expose and disrupt the illicit infrastructure used in these attacks.”

Deutsche Börse Launches Three New Crypto ETNs By VanEck

Deutsche Börse, a marketplace organizer for the trading of shares and other securities, continues to explore the world of cryptocurrency derivatives with the launch of three new crypto exchange-traded notes (ETNs) by VanEck, which are now are tradable for the first time via Xetra and Börse Frankfurt.

The listings expand Deutsche Börse’s crypto ETN offerings, which, prior to this listing, included similar products on cryptoassets Bitcoin (BTC), Ether (ETH), Bitcoin Cash (BCH), and Litecoin (LTC). 

VanEck’s new ETNs are powered by a suite of MVIS CryptoCompare Indexes, and feature highly popular cryptoassets Polkadot (DOT), Solana (SOL), and TRON (TRX). Deutsche Boerse officially announced that these ETNs are tradable on its digital stock exchange, Xetra, and the Frankfurt Stock Exchange.

“All crypto ETNs tradable on Xetra are physically collateralized and listed on the Regulated Market of the Frankfurt Stock Exchange,” the announcement reads.

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