A new proposal by the U.S. Securities and Exchange Commission (SEC) is looking to redefine what it means to be a securities dealer, and some industry experts suggest it could cripple the decentralized finance (DeFi) industry.

Data from Google Trends shows that in the last fortnight, searches for the upcoming Ethereum Merge have hit a new all-time high as more crypto users try to find out more about the event.

Japanese authorities are looking to tighten cryptocurrency exchange regulations as the country wants crypto businesses not to process transactions involving cryptoassets subject to asset-freeze sanctions against Russia.

Top stories in the Crypto Roundup today:

• New SEC Proposal Could ‘Cripple’ DeFi Industry
• Google Searches for ‘Ethereum Merge’ Hit New High
• Japan to Tighten Crypto Exchange Regulations
• The First Bitcoin Transactions

New SEC Proposal Could ‘Cripple’ DeFi Industry

A new proposal by the U.S. Securities and Exchange Commission (SEC) is looking to redefine what it means to be a securities dealer, and some industry experts suggest it could cripple the decentralized finance (DeFi) industry.

The proposal would expand the definition of “dealer” to include individuals and businesses that use automated and algorithmic trading technology to execute trades and provide liquidity in the market.

While the proposal is aimed at electronic traders of U.S. Treasurys, a footnote within the 200-page document says the rule would also apply to digital assets deemed to be securities. On social media, crypto lawyers suggest the proposal includes an “all-out shadow attack on decentralized finance.”

The proposal would see automated market makers (AMMs) and liquidity providers with over $50 million in total assets be subject to the SEC’s regulatory umbrella and its registration requirements, something impossible for decentralized exchange.

Google Searches for ‘Ethereum Merge’ Hit New High

Data from Google Trends shows that in the last fortnight, searches for the upcoming Ethereum Merge have hit a new all-time high as more crypto users try to find out more about the event.

Canada accounts for most searches for ‘Ethereum Merge’ over the past 12 months, with Australia coming in second place. Google Trends is a widely used tool to gauge general interest in trending topics, it’s worth noting.

The tool provides access to a mostly unfiltered sample of actual search requests Google has received, and scales them on a range of 0 to 100 while not providing actual search figures. It has attributed the term “Ethereum merge” a 100 earlier this week. The value represents search interest relative to the highest point on the chart.

The Ethereum merge will see the current Ethereum mainnet “merge” with the Beacon Chain, which uses a Proof-of-Stake (PoS) consensus algorithm.

Japan to Tighten Crypto Exchange Regulations

Japanese authorities are looking to tighten cryptocurrency exchange regulations as the country wants crypto businesses not to process transactions involving cryptoassets subject to asset-freeze sanctions against Russia.

In a press conference a representative for the country’s cabinet, Hirokazu Matsuno, said the government plans to introduce a bill to revise its foreign exchange and trade law to include crypto exchanges.

The proposal would see crypto exchanges act like regular banks when it comes to verifying and flagging suspicious activities, including transactions related to sanctioned countries.

The proposed revision does not ban the country’s 31 cryptocurrency trading platforms from facilitating transactions with Russian-based wallets, but instead puts higher compliance requirements in place to tackle concerns individuals may use crypto to avoid financial sanctions.

The First Bitcoin Transactions: From a Test to the Famous Pizza Purchase

The first Bitcoin transaction occurred days after the cryptocurrency was created to test how the blockchain worked. From that point on, BTC evolved to see its first commercial transaction months later: a now-famous pizza purchase.

The first Bitcoin block – called the genesis block – was mined on January 3, 2009, by the cryptocurrency’s pseudonymous creator Satoshi Nakamoto. On January 12, the first Bitcoin transaction was made, involving Nakamoto and Hal Finney, a cypherpunk that worked with the PGP Corporation developing a leading encryption product.

Learn more about both the first-ever BTC transaction and the first commercial transaction made using cryptocurrency via CryptoCompare’s guide.

 

State of the Crypto by Top Tier Exchange Volume

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