DTCC Digital Assets global head and managing director Nadine Chakar recently testified before the House Financial Services Subcommittee on Digital Assets, advocating for the benefits of tokenization in the US financial markets. Chakar emphasized the transformative potential of tokenizing real-world assets and discussed DTCC’s role in modernizing the financial industry through digital securities and tokenization
Regulation
In a recent memo, Bitwise CIO Matt Hougan highlighted the shifting attitudes in Washington towards cryptocurrencies. He pointed out that the US political landscape has taken a more positive stance towards crypto in recent weeks, which has not been fully reflected in the market. According to Hougan, if the impact of these changes had been
The upcoming House Appropriation budget has the potential to prevent the US Securities and Exchange Commission (SEC) from implementing its controversial Staff Accounting Bulletin 121 (SAB 121). According to FOX Business reporter Eleanor Terrett, who broke the news on June 4, the budget includes a provision that would bar the SEC from using appropriated funds
In a recent blog post titled “How to get regulatory clarity for crypto,” Coinbase CEO Brian Armstrong has called for a united effort to secure regulatory clarity for the crypto industry. He emphasized the need for supporting pro-crypto political candidates and voting out anti-crypto incumbents. Armstrong highlighted the substantial investment Coinbase has made in policy
President Joe Biden recently made headlines by vetoing H.J. Res. 109, a resolution aimed at overturning the SEC’s controversial SAB 121 rule. In his statement, Biden defended SAB 121 as a representation of the SEC staff’s technical expertise, emphasizing the importance of the rule in protecting consumers and investors. Biden also highlighted a political divide
Speculation is swirling around the launch date of US spot Ethereum ETFs, with Bloomberg ETF analyst Eric Balchunas suggesting that a launch by the end of June is a “legit possibility.” While a mid-June launch may be a “long shot,” Balchunas anticipates that the latest date for the launch could be July 4. These expectations
In a groundbreaking move, SEC commissioner Hester Peirce put forth a visionary proposal on May 29 for a shared digital securities sandbox between the US and the UK. This innovative idea aims to extend the existing joint digital securities sandbox (DSS) of the Bank of England and FCA to include US firms. The implications of
Senator Cynthia Lummis has been a vocal advocate for pro-crypto legislation in the US. She firmly believes that the crypto market has the potential to play a crucial role in the country’s economy, as long as the opportunity is not wasted. Lummis and other like-minded lawmakers have been working diligently to educate their colleagues about
The US District Court for the District of Utah has made a significant ruling in the case involving the Securities and Exchange Commission (SEC) and DEBT Box. The court dismissed the SEC’s case against DEBT Box without prejudice and imposed over $1.8 million in fines against the watchdog for bad faith conduct. These fines, consisting
The European Securities and Markets Authority (ESMA) has been closely examining Maximum Extractable Value (MEV) as a form of illegal market abuse within the proposed technical standards for the Markets in Crypto-Assets (MiCA) regulation. This scrutiny by ESMA has significant implications for the crypto industry, as highlighted by commentator Patrick Hansen. ESMA’s draft explicitly mentions
Recently, the U.S. District Court for the Western District of Texas ruled in favor of the Securities and Exchange Commission (SEC) in a case against crypto influencer Ian Balina. The court found that Balina had offered and sold SPRK Tokens as securities in unregistered transactions, thereby violating US securities laws. Allegations Against Ian Balina The
The recent report by Bernstein suggests that the approval of a spot Ethereum (ETH) exchange-traded fund (ETF) in the US could potentially set the stage for the classification of Solana (SOL) as a commodity. This distinction between commodities and securities has far-reaching implications for the cryptocurrency market. Commodities classification paves the way for ETF applications
The FIT21 Act, which aims to provide regulatory clarity to the crypto industry, has recently come under fire from Gary Gensler, Chairman of the US Securities and Exchange Commission (SEC). Gensler expressed strong opposition to the bill, stating that it would weaken current consumer protections in the crypto market. Despite the bill receiving support from
Uniswap Labs has recently taken a bold stance against the SEC’s attempts to regulate DeFi, arguing that the agency’s efforts are not only misguided but legally unsound. The company, in a blog post on May 20, expressed confidence in its position, stating that it believes it will prevail if forced into litigation. Uniswap Labs firmly