Traders Bet on Ether's Drop; Sen. Lummis, Gillibrand Take on Stablecoin Legislation, Again

Could either drop over the next three months and a new stablecoin bill is unveiled. You're watching coin desk daily, I'm your host, Chen Sassi. Either option shows bias for weakness over three months. The cryptocurrency's 90 day puts are more expensive than calls on Dabi for the first time since January. That's according to amber data. This call put skew means that crypto investors are now betting that Ethereum native token will drop in value over the next three months. A call put skew is an options market measure that reveals what traders are willing to pay to hedge or require an asymmetric payout from bullish or bearish price movements. Bitcoin's next having is imminent, likely to happen on Friday or Saturday, but a large amount of developers have their attention turned to an event that's expected to happen directly after the launch of KC Rodeo's Ruins Protocol. Romo's big project released last year was the ordinary protocol A protocol for creating NFT like inscriptions on Bitcoin. The Ruins protocol will allow users to spin up SCADS of tokens on top of Bitcoin like those commonly seen on other blockchains like Ethereum and Solana, some think that this could build on the success of ordinals and us. Senators Cynthia Lumus and Kirsten Gillibrand have unveiled a new bill in hopes to move the needle on Stablecoin legislation. The narrowly tailored bill seeks to define how Stablecoins will operate in the United States under their proposed bill payment. Stablecoin issuers would have reserve and operational requirements including needing to create subsidiaries specifically to issue stablecoins. The bill also requires Stablecoin issuers to deal in dollar backed tokens. That's it for Coindesk daily. Get more updates on coindesk.com and we'll see you next time.