Crypto Update: SEC Task Force Meetings, Near Protocol Incident, and GameStop’s Stock Surge
Date: February 14, 2025, 21:43 UTC
The cryptocurrency landscape remains dynamic as the U.S. Securities and Exchange Commission (SEC) engages with industry representatives to enhance regulatory frameworks. Meanwhile, a surprising incident involving a former Near Protocol employee captures attention, and GameStop shares experience a notable surge amid cryptocurrency investment speculation.
SEC’s Crypto Task Force Engages with Industry Stakeholders
In early February, the SEC’s dedicated Crypto Task Force convened in a series of meetings with various representatives from both digital asset firms and traditional financial institutions. The primary objective of these discussions was to address pressing regulatory issues affecting the cryptocurrency sector. Key topics included staking mechanisms, the development of clear guidelines for exchange-traded products (ETPs), and the establishment of a more defined regulatory framework for digital assets.
According to documents published on the SEC’s website, the task force’s initial meeting occurred on February 4, when representatives from the Blockchain Association, an influential industry lobby group, proposed six priority areas of focus to alleviate regulatory burdens on the digital asset market.
On February 5, discussions were held with members of Jito Labs and Multicoin Capital regarding the potential integration of staking options into ETPs. The representatives noted that staking represents the “true nature” of proof-of-stake tokens, hinting at its importance in the evolving digital finance ecosystem.
The meetings extended to discussions with AH Capital Management, a firm under the venture capital giant Andreessen Horowitz, during which topics such as token classification and market intermediaries were explored. Further, on February 6, the task force met with representatives from Nasdaq, emphasizing the need for regulatory clarity regarding the venues permitted to trade cryptocurrencies.
Near Protocol Employee’s Screen Mishap Draws Attention
In a separate incident that took social media by storm, Andrew Krynin, a former business development manager for Near Protocol, accidentally displayed intimate images during a public livestream call with Near core contributor Cameron Dennis.
The incident unfolded just before Valentine’s Day, resulting in immediate online attention and discussion. Krynin reportedly expressed his dismay during the mishap, stating, “The only thing that I wanted to say next was, uh… God damn it,” before ceasing screen sharing shortly after the unexpected reveal.
The humorous yet embarrassing incident prompted Near Protocol to issue guidance on professional conduct, advising users to maintain separate devices for personal and professional use. They later released a formal apology, taking responsibility for the unfortunate occurrence and confirming the removal of the video from their platform.
GameStop Shares Surge on Bitcoin Investment Rumors
In a noteworthy development within the stock market, GameStop Corp. (GME) shares surged by 18% in after-hours trading on February 13, following reports that the company is considering an investment in alternative asset classes, which may include Bitcoin. The increase was prompted by a CNBC report that suggested GameStop is exploring the feasibility of such purchases, although one source cautioned that no final decisions have been made.
Following the report, shares of GameStop peaked at $31.30 before stabilizing around $28.31 — a 7.5% increase from its previous closing price of $26.34. Speculation about GameStop’s potential Bitcoin investment gained momentum earlier this month after CEO Ryan Cohen shared a photo on X (formerly Twitter) alongside prominent Bitcoin advocate Michael Saylor, despite reports indicating that Saylor is not involved in GameStop’s decision-making process concerning cryptocurrency.
GameStop has previously attempted to integrate cryptocurrencies into its business model, launching a crypto wallet in 2022, only to discontinue the product due to regulatory uncertainties. The company also closed its non-fungible token (NFT) marketplace in January 2024, facing similar challenges.
Conclusion
As regulatory discussions advance and companies navigate the complexities of digital asset investments, the developments highlighted today showcase the evolving landscape of cryptocurrency and its intersections with traditional finance. The SEC’s proactive engagement reflects an increasing recognition of the need for robust regulatory frameworks, while individual incidents and company maneuvers contribute to the lively narrative of the crypto market.
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