Could Crypto Futures Be Next? SEC Prepares for Derivatives Market | Weekly News Recap

GM. Welcome back to BitPinas Key Points: easily digestible news in concise formats for easy reading. In today’s news feature: is legal Futures Trading coming soon in the Philippines?

Here are the latest crypto news stories in the last 24 hours.

Market Updates 📈

Here are the crypto highlights of the week:

Bitcoin is up 0.2% vs the previous seven days, now at $64,455.09.
The weekly top gainer in the top 1000 coins is MOODENG ($0.2554), up 462% (We have an article about this.)
The weekly top loser in the top 100 is Monero ($155.23), down 11.4%
Noteworthy: PEPE ($0.00001133) is up 38.9% vs the past week.

Feature Story: Could Crypto Futures Be Next? SEC Prepares for Derivatives Market with ADB, U.S. CFTC Support

Photo for the Article - Could Crypto Futures Be Next? SEC Prepares for Derivatives Market | Weekly News Recap

The Securities and Exchange Commission (SEC) is preparing to establish a futures market in the Philippines to expand investor options and strengthen the local capital market.

From August 12 to 16, the SEC hosted a Derivative Market Oversight and Regulatory Scheme Training at its headquarters in Makati City, in partnership with the U.S. Commodity Futures Trading Commission (CFTC) and the Asian Development Bank (ADB).
The training focused on key aspects of derivatives markets, including legal frameworks, investor protection, and transaction clearing mechanisms, aimed at guiding the development of a local derivatives market.
Participants included representatives from various government agencies, private sector organizations, and the SEC, as well as international experts.

“The SEC remains committed to finding new and innovative solutions to further develop the capital market in order to provide businesses more accessible funding for their growth, as well as more investment options that cater to the different risk profiles of the investing public.”
Emilio B. Aquino, Chairperson, SEC

Could this pave the way for Crypto Futures? Not exactly, but here’s what’s truly happening:

Crypto derivatives have become increasingly popular as financial instruments, allowing investors to speculate or hedge on cryptocurrency price movements.
The reality is that futures trading is already readily available online and the only ones who don’t have this product are exchanges and platforms that are registered locally.

What’s next:

The SEC will continue working with local industry players and international bodies like the CFTC and ADB to develop a regulatory framework.
Future plans include exploring commodity futures to further expand market offerings.

Local Crypto News 🇵🇭

Coins.ph to launch PHPC on Solana blockchain.
PH ranks as one of top countries interested in RWA.
Project Lead Joel Bautista in an interview shared what is Pisay-DigiCert and his views on Blockchain-Based Student Records.
YGG and Parallel TCG are hosting a $100,000 prize tournament at the YGG Play Summit in Manila from November 19-23, 2024.

Noteworthy 🌟

Key updates and announcements from around the crypto and blockchain world:

Silvergate Capital‘s bankruptcy filing blames a “sudden regulatory shift” in early 2023 for forcing Silvergate Bank to abandon its crypto-focused business model.
Ether ETFs recorded their largest outflows since July, with over $79 million exiting primarily from Grayscale’s Ethereum Trust.
Binance says it assisted India’s Enforcement Directorate in tracing $47.6 million in a gaming scam.
Kraken acquired Dutch crypto broker Coin Meester BV to bolster its European expansion ahead of the Markets in Crypto-Assets Regulation.

Educational Corner 🎓

Tap-tap Guide:

Magic Muffin

Potential airdrop:

Soneium Minato

Beginner’s Guide:

Investment Profiling

Filipino-led Platform:

Vana

Regulation Watch 📜

Stay informed about the latest regulatory updates from here and around the world and what they mean for you:

Crypto.com received a full payment service provider license from the Central Bank of Bahrain.
Mango Markets is considering a $500,000 settlement with the CFTC over allegations of operating without proper registration.
SEC Chair Gary Gensler faced bipartisan criticism over the agency’s unclear crypto regulations and mishandling of the DEBT Box case,.
The Wallet in Telegram app is temporarily blocked for UK users as it restructures to become a registered crypto asset provider under FCA regulation.

Community Spotlight 🔦

The following people were feature in last week’s community spotlights:

Miccolo Solis, web3 influencer, YGG. (Sept. 25)
Joe Josue,co-founder and CEO, Metasports. (Sept 26)
Art Abal, co-founder, Vana. (Sept. 27)

At the Scene 📍

On the ground activations and more:

Echelon Philippines:

Global Blockchain Congress (Bataan)

More Web3 and AI News 💡

Discover the latest in web3 and AI innovation.

The Aptos Foundation partnered with the Nvidia-backed Ignition AI Accelerator to promote blockchain integration in AI startups in Asia.
Helix Labs raised $2 million to enhance Cardano’s DeFi capabilities.
Assetera partnered with Polygon to power its tokenized real-world asset (RWA) platform using stablecoins.
Citrea launched its public testnet on Bitcoin’s Testnet4, allowing EVM developers to create dApps using Bitcoin’s blockspace while preserving its self-sovereignty.

Web3 Gaming Section 🎮

The future of web3 is gaming, and here are the latest news.

Nifty Island released its first litepaper detailing the utility of the upcoming $ISLAND token.
AMGI Studios launched the My Pet Hooligan Marketplace V1, allowing users to trade Hooligans and Zuckbot NFTs using the $KARRAT token.
Hamster Kombat is gearing up for its second airdrop after retracting 6.8 billion $HMSTR tokens from cheaters during the first season.
Ragnarok: Monster World soft launches, introducing a seasonal gameplay structure with Pre-Seasons for testing and Regular Seasons with competitive leaderboards.