Cryptocurrency Market Sees Institutional Growth Amid SEC Changes

According to ShibDaily, recent developments in the cryptocurrency sector indicate a growing institutional and mainstream adoption, reflecting a shift in investor sentiment. Notably, Charles Schwab Corp. is preparing to enter the spot cryptocurrency market, underscoring the asset class's increasing legitimacy. Incoming CEO Rick Wurster expressed his personal regret for not investing in crypto earlier, during a Bloomberg Radio interview, which has sparked excitement within the cryptocurrency community. This move signifies a significant shift in mainstream finance, with more institutional investment plans anticipated. In regulatory news, the U.S. Securities and Exchange Commission (SEC) is engaging with issuers about a potential spot Solana ETF, reviewing S-1 applications from firms such as VanEck and 21Shares. Bitwise Asset Management has also announced its intention to file an S-1 for a Solana ETF. Issuers are optimistic about approval, citing positive interactions with SEC staff and an anticipated shift towards a more crypto-friendly administration by 2025. Furthermore, with Gary Gensler's upcoming departure from the SEC, potential successor Teresa Goody Guillén has emphasized the need for the agency to rebuild trust and move away from regulation by enforcement. Guillén advocates for investor protection and enhancing the U.S.'s role in the global financial market, which could lead to a more cooperative regulatory environment for cryptocurrency, attracting institutional capital. In legal developments, five individuals linked to the hacking group "Scattered Spider" have been charged by U.S. federal prosecutors for stealing $11 million in cryptocurrency and sensitive data. They used phishing scams and SIM-swapping to target at least 29 victims, with one victim losing over $6.3 million. The defendants face charges including conspiracy, wire fraud, and aggravated identity theft. In the DeFi space, Shibarium has reached a record-high total value locked (TVL) of $8.12 million, driven largely by K9 Finance DAO with $3.57 million. WoofSwap, a single-chain decentralized exchange (DEX), contributes $887,662, while ChewySwap, a two-chain DEX, adds $508,262. The platform experienced significant growth in user activity and transaction volume between November 1 and 21. This surge highlights the strong performance of Shibarium's key DeFi protocols.