Japanese yen in freefall after BOJ talks dovish, expect more weakness
-- The Japanese yen weakened substantially against its peers on Tuesday and Wednesday, as an interest rate hike by the Bank of Japan was largely overshadowed by the...
-- The Japanese yen weakened substantially against its peers on Tuesday and Wednesday, as an interest rate hike by the Bank of Japan was largely overshadowed by the...
According to CoinDesk: Genesis Global Capital, the bankrupt crypto lender, has agreed to a final judgement to pay $21 million to settle charges with the U.S. Securities and Exchange Commission (SEC). This settlement emerges in response to Genesis and affiliates allegedly violating securities laws through their involvement with the discontinued Gemini Earn program. The agreement comes after a New York judge denied motions from Genesis and crypto exchange Gemini to halt the SEC case, leveled against them in January 2023. Genesis and its affiliates filed for bankruptcy shortly following the initiation of SEC charges. Genesis disclosed in court documents in February 2024 that it reached an agreement with the SEC to settle the charges for the sum of $21 million, a move which now appears to be finalized. Notably, the settlement stipulates that the SEC will not receive any portion of the penalty until all other claims approved by the bankruptcy court are paid. The SEC Chair, Gary Gensler, emphasized that the settlement underlines the necessity for crypto lending platforms and other intermediaries to comply with securities laws.
According to CoinDesk, EU lawmakers have adopted three key texts in a broad anti-money laundering legislative package that will also apply to crypto. In a joint meeting, the Committee on Civil Liberties, Justice and Home Affairs and the Committee on Economic and Monetary Affairs voted for the texts after a political agreement on the package was reached in January. The Anti-Money Laundering Regulation (AMLR) will require crypto service providers to comply with customer verification requirements and monitor cross-border transfers and transactions involving self-hosted wallets. The broader package also sets up an Anti-Money Laundering Authority (AMLA) based out of Frankfurt, Germany. The Joint Committee on Civil Liberties, Justice and Home Affairs and the Committee on Economic and Monetary Affairs voted 68 in favor (10 against) the establishment of the AMLA on Tuesday. Lawmakers voted 71 in favor (four abstentions, nine against) for the provisional agreement on the regulation for the prevention of the use of the financial system for the purposes of money laundering or terrorist financing. Proposed mechanisms to be put in place by the EU's 27 member states were agreed 74 with five votes against. The three files voted on Tuesday are fundamental to the EU's fight against money laundering and will establish a single rulebook to harmonize implementation across the bloc. Though the regulation seeks to level requirements for all players in the financial sector, the European crypto industry worries the agreed rules for crypto service providers are harsher than those for traditional financial institutions. Edited by Parikshit Mishra.
According to CoinDesk, Citi and the Brazilian Development Bank (BNDES) have joined the Hyperledger Foundation to collaborate on fostering enterprise-grade services and solutions using blockchain technology. The Hyperledger Foundation is a global ecosystem for enterprise blockchain technology, with 134 supporting members, including IBM and American Express. Members of the Foundation are building products and solutions on top of Hyperledger’s code bases. Biser Dimitrov, global head at Citi’s distributed ledger technology center of excellence, expressed excitement about joining the Hyperledger Foundation. The Foundation also announced the launch of a Besu Financial Services Working Group, a collaborative group for enterprise users and code contributors to Hyperledger’s Besu. Besu is an open-source Ethereum client designed for enterprises for both public and private network use cases. The working group includes Accenture, Mastercard, Santander, and Visa, and will be chaired by the Depository Trust and Clearing Corporation (DTCC), which is also a member of the Hyperledger Foundation. Daniela Barbosa, executive director at the Hyperledger Foundation, highlighted the importance of global financial organizations collaborating under the open working group to drive faster and better outcomes.
- The U.S. dollar gained in European trade Tuesday ahead of the start of the latest Federal Reserve meeting, while the Japanese yen slumped despite the Bank of Japan...
According to CoinDesk, the UK's Financial Conduct Authority (FCA) plans to deliver a market abuse regime for crypto assets this year. The regime would apply to anyone committing market abuse on a crypto asset trading on a UK exchange, regardless of their location. This move is part of the FCA's business strategy to protect consumers, ensure market integrity, and facilitate international competitiveness. Last year, the UK government issued a consultation that included plans for a market abuse regime for crypto assets. The proposed regime would require crypto exchanges to detect and disrupt market abuse behaviors. The FCA is the main crypto regulator in the country and has already implemented a promotions regime for crypto, which includes requirements like adding risk warnings and a 24-hour cooling-off period for first-time buyers. The FCA has also been consulting on a regime for stablecoins. In its strategy for 2024 to 2025, the FCA intends to recover £6.2 million ($7.9 million) of costs for the new regulation of stablecoins and wider regime, and £200,000 for extending the financial promotions perimeter. However, the FCA has not yet detailed how it plans to achieve this.
According to Foresight News, Japan's Government Pension Investment Fund (GPIF) has announced plans to gather information on diversifying investments, including cryptocurrencies such as Bitcoin, gold, forests, and farmland with lower liquidity. Currently, GPIF has diversified its investments in traditional stocks, bonds, and some alternative assets like infrastructure and real estate. As of December 2023, the fund's assets under management reached approximately JPY 225 trillion, making it one of the largest pension funds in the world.
In this article, we discuss the 15 best blockchain and bitcoin ETFs. If you want to skip our discussion on the cryptocurrency industry, head directly to 5 Best Blockchain and Bitcoin ETFs. The cryptocurrency market has experienced a significant turnaround from the losses of 2022 and 2023, with a notable rise driven by Bitcoin. Bitcoin’s […]
-- Most Asian currencies fell on Tuesday as traders remained on edge before a Federal Reserve meeting this week, while the Japanese yen (USDJPY) weakened sharply after...
According to Foresight News, US Federal Judge Robert Shelby has ruled that the US Securities and Exchange Commission (SEC) must pay legal fees for Utah-based crypto company DEBT Box, accusing the SEC of 'serious abuse of power' during the process of obtaining a temporary restraining order. The SEC had previously sued the crypto project last year, alleging fraudulent activities and obtaining a temporary asset freeze and restraining order against the company. According to the SEC, DEBT Box told customers it was selling licenses to mine cryptocurrencies, but in reality, it was only creating tokens using code. DEBT Box applied to lift the temporary restraining order, claiming that the SEC had misled the court regarding the company's transfer of funds and closure of bank accounts.