RABIT Weekly News (W4 September 2022)

On the 13th, Charles Schwab, Citadel, and Fidelity Digital Assets launched a new cryptocurrency exchange called EDXM. EDX Markets are giant digital asset exchange platforms combining approved technology and the merit of the traditional financial markets. Unlike stock and options trading, where external exchanges are involved, EDXM will trade through existing securities brokerage.
Last July, the U.S Securities and Exchange Commission filed charges against a former Coinbase product manager and two of his associates on an insider trading allegation. The charges allege that the three suspects allegedly purchased and sold assets for a profit of more than $1.1 million from June 2021 to April 2022 before a particular cryptocurrency’s public listing announcements. Two months later, on the last 13th, one of the three suspects pleaded guilty. SEC says that, with a series of alleged crypto insider trading, SEC will protect individual investors by intensively supervising the exchange.
Fidelity, one of the largest asset managers in the United States, announced that they are contemplating whether to extend the cryptocurrency trading support target from institution to individual. Fidelity has been providing cryptocurrency trading for institutions since 2018. If cryptocurrency trading is extended to individuals, the trading volume is expected to increase proportionally to the 34.4 million individual securities accounts currently held by Fidelity.