News

According to Cointelegraph, U.S. Securities and Exchange Commission (SEC) Commissioner Hester Peirce stated at the SEC "Know Your Custodian" roundtable meeting that American financial institutions handle cryptocurrency business as if playing "The Floor Is Lava" in the dark. Peirce explained that registrants of the U.S. Securities and Exchange Commission must treat activities related to cryptocurrencies as if they're playing "The Floor Is Lava." They aim to jump from one piece of furniture to another without touching the ground, where directly touching cryptocurrencies is the lava. "The Washington D.C. version of this game is our approach to regulating crypto assets, particularly crypto asset custody," she said. Due to unclear regulatory rules, companies wanting to engage in cryptocurrencies must avoid directly holding them. Hester Peirce stated, "It's time we find a way to end this game. We need to turn on the lights and build some walkways over the lava pits,"

Synthetix: Legacy SNX Staking Positions Have Been Liquidated, Users Need to Migrate Soon As per a report from Jinse, according to Synthetix's official announcement and SCCP-403 proposal, Synthetix has begun liquidating legacy SNX staking positions and is urging users to migrate to the new 420 staking pool. Users with a collateral ratio above 160% can recover their staking positions within six months by submitting a ticket through Discord, while positions with a collateral ratio below 160% will be permanently liquidated. Migrated positions will retain the original debt, and users can repay the debt at any time to unlock SNX. This migration is to support the upcoming perpetual contract v4 and automated vaults, among other new products. The new 420 staking pool will offer users a 12-month debt exemption period, along with the introduction of sUSD debt staking requirements and related incentive mechanisms in the coming weeks.