NFT News by Thebittimes.Com

The Basel Committee for Banking Supervision has proposed new criteria for stablecoin s, aiming to differentiate them from more volatile cryptocurrencies like Bitcoin. A consultative document released on Thursday outlines 11 standards that stablecoin s must meet to be classified as Group 1b assets, considered lower risk than unbacked digital assets. The standards ensure that the reserve assets backing stablecoins are of high credit quality, have short-term maturities, and exhibit low volatility. This move is part of the committee’s broader efforts to manage the risks associated with digital assets in the banking sector. Breaking: Central Banks can hold up to 2% of their reserves in crypto starting 1 January 2025. Bank of International Settlements BIS says: The standard will permit 2% crypto reserve exposure among banks. BIS says the global banking system's direct exposure to crypto… pic.twitter.com/9Mqfv0abFZ — MartyParty (@martypartymusic) December 13, 2023 Cryp...

A crypto exchange is celebrating its sixth anniversary in style by announcing a high-profile collaboration with a footballing great. CoinW, a major cryptocurrency exchange, has announced a new partnership with Andrea Pirlo, a renowned soccer player. There are plenty of similarities between the worlds of sports and crypto. Both have passionate supporters and vibrant communities — striving to achieve excellence. Each industry takes pride in innovation, doing things differently, and achieving ambitious milestones. Because of this, it’s little wonder that these two worlds have become entwined — with crypto firms serving as high-profile sponsors in major sporting events. From the Super Bowl to Formula 1 and the Premier League to UFC, the logos of major trading platforms are emblazoned on arenas, kits and fan tokens. But this does little to communicate the values and ethos of a crypto business — and introduce them to millions of new people. A trusted face, on the other hand, can be instrume...

Bloomberg ETF analyst Eric Balchunas doubts the SEC will deny ETFs after XRP’s price spiked on a faked BlackRock XRP trust filing, but it is a “bad look.” The Nov. 13 XRP (XRP) price action stemming from a falsified BlackRock XRP trust filing shouldn’t sway the United States securities regulator’s decision to approve or delay spot Bitcoin (BTC) exchange-traded funds (ETFs) — but it isn’t a good look, say industry observers. The Securities and Exchange Commission has previously claimed the Bitcoin market can be manipulated and has knocked back spot Bitcoin ETFs, citing a lack of market manipulation controls. Bloomberg ETF analyst Eric Balchunas told Cointelegraph the fake XRP filing should have little to no impact on the SEC’s final decision. “We doubt this will impact the situation with spot Bitcoin ETFs,” Balchunas said. However, he added the incident could validate the SEC’s beliefs. “There’s no doubt it is a bad look that arguably validates the ‘fraud and manipulation’ that the SEC...

The group, “Bitcoin Argentina,” previously rejected the idea that regulation was needed in the cryptocurrency industry. Non-government organization Bitcoin Argentina presented a draft bill proposing to regulate the cryptocurrency market in a way that preserve s de central ization and strengthens public trust. The proposed legal framework was pitched by Bitcoin Argentina's president Ricardo Mihura at LABITCONF 2023 in Argentina’s capital, Buenos Aires on Nov. 10. Bitcoin Argentina previously dismissed the idea that the industry needed to be regulated. However, the Bitcoin advocates now argue it is necessary to not only preserve blockchain but also hold bad actors accountable to the fullest extent of the law. “We have always rejected attempts to regulate the crypto economy, but this time we set ourselves the goal of giving a positive response, with only two purposes: preserving decentralization and protecting savings and public trust.” Mihura added: “We cannot close our eyes to the...

The Office of the Maine State Treasurer issued a program evaluation report in November with the intention to prioritize the management of abandoned cryptocurrency accounts.  Unclaimed crypto currencies continue to be a well-known issue in the industry, especially in the Ethereum ecosystem, where millions are believed to lay in unclaimed presale wallets. Cryptocurrency as an emerging issue The emerging issues section of the report shares that although their office doesn’t handle crypto currency, other programs like unclaimed property may consider abandoned crypto currency accounts . The section clarifies their current statutes leave the office without clear authority to recover crypto assets, but it is likely they “may want to do so in the future.” You might also like: Wyoming Legislators Propose a Bill Seeking to Issue a State-Backed Stablecoin The government website states that at present, they are holding $328,383,120 in unclaimed assets, although the amount that woul...

Michael Barr, vice chair for Supervision at the Federal Reserve, called for stronger stablecoin policies in the U.S. to protect investors and set up guardrails designed to address pressing issues. Speaking at the 7th Annual D.C. Fintech Week, Barr pointed to strong interest from stakeholders regarding a framework to regulate stablecoin s which are digital assets pegged to fiat currencies like the U.S. dollar. These assets “borrow the trust of the Fed,” said Barr, adding that private money needs to be well regulated in a way that allows the Federal Reserve to sufficiently enforce policies and approve compliant issuers.  Per Barr’s remarks, the onus falls on Congress to provide this framework and develop concise rules to be adopted by individual financial watchdogs. The House Financial Services Committee reportedly made headway with a stablecoin bill, however, policymakers like Maxine Waters expressed skepticism regarding some aspects of the draft. You might also like: U...

A panel of industry experts indicated growing, albeit cautious, adoption of crypto currencies and blockchain technology by mainstream financial institutions at the European Blockchain Convention on Wednesday. The panel consisted of Nikou Asgari, digital markets correspondent at Financial Times, Manuel Nordeste of Fidelity Digital Assets, Christopher Siedentopf of Uphold, Eliezer Ndinga of 21Shares and Anya Nova of GKS. Nordeste said the firm has seen increased interest from traditional financial institutions despite the volatility. We certainly continue to invest in this business with the view that, you know, perhaps even though we have very volatile and very sort of extreme cycles in this asset class, that there’s an upwards trajectory in terms of adoption . Manuel Nordeste However, the panelists agreed that lack of clear regulations remains a significant hurdle for wider adoption . We can’t get around regulation. So for me, that’s key. Christopher Sieden...

The National Tax Service (NTS) of South Korea has revealed that 70% of the country’s overseas assets are in cryptocurrency. According to an official statement, the country holds $98 million worth of crypto abroad, as reported by nearly 1,400 individuals and corporations. The NTS said that out of the 186.4 trillion won ($140 million) in assets held by 5,419 entities in foreign financial accounts . The types of holdings included stocks, crypto, deposits, and savings. Of the reported funds, 130.8 trillion won ($98 million) were in crypto. You might also like: South Korean regulators focus on OTC crypto market South Korea’s crypto journey The relationship between South Korea and cryptocurrency has been challenging. The country has experienced ups and downs in its crypto market, with tightening government regulations threatening a potential shutdown at one point. The government’s presidential committee has called for robust crypto regulations to encourage...

Tether’s reported new partnership with Britannia Bank makes it the third Bahamas-based bank to join forces with the stablecoin issuer. Tether, the stablecoin issuer behind USDT, has reportedly added Britannia Bank & Trust, a private bank based in The Bahamas to process dollar transfers on its platform. It is understood Tether has instructed clients to send money to Britannia’s bank account over the last few months, according to an Aug. 29 report by Bloomberg, citing people familiar with the matter. However, it isn’t clear when Tether’s banking relationship with Britannia Bank started, but its other reported banking partners include Deltec Bank and Capital Union Bank. In recent months, United States- based cryptocurrency firms have had to increasingly look offshore for banking partners amid increased scrutiny by U.S. regulators following the shock collapse of FTX in November. Tether’s unwillingness to publicly disclose the full extent of its balance sheet and banking relationsh...

Robinhood has been planning expansion into the United Kingdom since 2019 but the project has faced multiple delays. Cryptocurrency-friendly trading platform Robinhood is moving forward with plans to launch services in the United Kingdom with a new major local appointment . Robinhood has appointed former Barclays executive Jordan Sinclair as the new CEO to run its United Kingdom entity, according to data from the Financial Conduct Authority. According to FCA, Sinclair was approved by the authority to perform the CEO role at Robinhood’s U.K. arm on July 18. Prior to joining Robinhood, Sinclair was a managing director at the European fintech Freetrade for 13 months, according to his LinkedIn profile. The new Robinhood’s executive also worked as director of group strategy at the financial firm Barclays and corporate banker at Wells Fargo. The latest hiring comes in line with Robinhood’s long-running plans to launch a platform in the United Kingdom. Robinhood’s U.K. expansion has been rum...

Senator Kennedy Jr. questioned SEC Chairman Gary Gensler’s authority and the SEC’s competency in handling crypto fraud at a Senate Committee hearing on July 19. The focus of the debate was FTX, a crypto exchange founded by Sam Bankman-Fried. Senator Robert F. Kennedy Jr. described him as over-haired and underdressed. The senator expressed disbelief that the SEC had not taken proactive steps to investigate FTX, considering its founder’s high-profile activities and ambitions. Kennedy Jr. argued that the SEC’s regulatory machinery was designed to ensure transparency and combat fraud. However, it appeared to have fallen short in this disruptive new industry. He criticized the agency for not sending investigators to probe FTX and halting its operations until essential questions were answered. During the exchange, senator Kennedy Jr. further questioned why the SEC hadn’t been curious about the source of Bankman-Fried’s wealth. He humorously stated...

The group sent a detailed letter to the U.S. House Financial Services Committee accusing the crypto market of seeking favorable legislation under the guise of crypto innovation. An alliance of industry watchdogs based in the United States has united to express opposition to a proposed draft bill on the crypto market structure by the United States House Financial Services Committee. In detailed correspondence addressed to the committee, groups, including Americans for Financial Reform and the Center for Responsible Lending, claimed that stakeholders in the crypto industry had actively lobbied in support of the committee’s draft proposal, known as the Digital Asset Market Structure Discussion Draft bill. The watchdogs asserted that the crypto industry failed to demonstrate any practical use cases beyond speculative investment. The letter accused the crypto market of seeking favorable legislation under the guise of crypto innovation: “Of particular concern is the proposed bill’s provi...

Exploring the conflict between the SEC and major cryptocurrency corporations and the fight for investor protection in digital currency markets. Bitcoin, Coinbase, Binance and more are all fighting for their lives as the United States Securities and Exchange Commission does everything in its power to eradicate the current cryptocurrency system in the United States and replace it with one it deems more “fair” to the American public. Since its start in 2009, cryptocurrency, or digital currency, has taken the world by storm and caught the attention of millions of investors who have an interest in digitizing their assets. At first glance, this seems convenient to many, but as SEC chairman Gary Gensler has been arguing, the system is so deeply flawed that the American public doesn’t even realize the risks it is taking. This argument is not to say that the burden of responsibility is largely on the public and their ability to understand and invest their money wisely, but more so to point ou...

According to the European Commission, 20 projects have been selected in the first cohort to receive legal advice and regulatory guidance. The first batch of blockchain use cases to debut in Europe's regulatory sandbox was formally introduced on July 3, following a long wait and nearly 90 applications received in April. First disclosed in 2020, the initiative aims to bridge the regulatory gap between European nations and crypto companies. According to the European Commission, 20 projects have been selected in the first cohort, with companies in finance and capital markets, telecoms and IT, global trade, transportation, and cross-sectoral projects leading the group. The projects are spread across five European regions, including Western Europe with 14 use cases , Southern Europe with 10 projects, Nordics and Central Europe both with eight projects each, and Eastern Europe with seven projects. Blockchain projects selected for the first cohort of the EU regulatory sandbox. Source...

Simon Callaghan said that efforts need to start on social media and telecommunication channels where most cryptocurrency scams originate. Blockchain Australia’s new CEO, Simon Callaghan, is urging Australia’s banks, the government and the crypto industry to come together to combat rising cryptocurrency scams. Speaking on the final day of Australian Block chain Week in Melbourne on June 30, Callaghan announced the association will now be focused on helping prevent scams that involve crypto , among its other efforts . Simon Callaghan speaking at Australian Blockchain Week on June 30. Source: Cointelegraph “We're going to have to work with the banking sector. We're going to have to work with the government,” the CEO said, stressing the need to protect consumers. Callaghan however noted that scams often originate on social media or through telecommunication channels — noting that policing efforts need to start from the point of first contact: “Crypto is either an exit point or m...

Host: Colin Wu from Wu Blockchain Guests: DiscusFish, founder of Cobo, John Ge, CEO of Matrixport, and Li Peicai, a senior miner Colin Wu: I would like to invite the three of you to share your current thoughts or research on the bull-bear cycle. Has anything changed? How long do you think the bear market will continue and when will the next bull market arrive? DiscusFish : Regarding the judgment and cycle of the bull and bear markets, I see no significant changes from my perspective. There are several major factors to consider. One is the halving cycle of Bitcoin that the industry has been following every four years. Next year around April or May, we will enter another normal Bitcoin halving cycle. Typically, as history has shown, a new market cycle will commence around six months after the halving. This is a previously established narrative. However, the halving this time will involve a smaller amount of reduction, so its impact might not be as dramatic. The second aspect to consider ...