Major U.S. cities embrace crypto as federal regulators Holds Strong stance

The Securities and Exchange Commission continues to valiantly shield traders and the public activity from the so called grave dangers of a spot Bitcoin exchange-traded fund, one main American city after any other start embracing or at least exploring the conceivable of crypto and blockchain science to improve a range of components of metropolis finance, administration and residents’ financial well-being.

Following the lead of Miami, New York, Tampa and Jackson, Tennessee, it is now Philadelphia that is looking into the approaches to implement blockchain options in metropolis government.

The hope is that a sequence of town governments’ profitable ventures into the crypto house will eventually make the federal government adopt a different perspective.

Spot Bitcoin ETF denied

Last Friday, following two deadline extensions, the SEC formally disapproved asset manager VanEck’s spot Bitcoin exchange-traded fund application that was first filed in March 2021. The regulator maintained that the applicant failed to demonstrate the existence of a “comprehensive surveillance-sharing settlement with a regulated market of good size associated with the underlying or reference Bitcoin assets,” which is integral for stopping manipulation and fraud.

In the SEC’s view, surveillance-sharing is sufficient in the case of the Chicago Mercantile Exchange’s BTC futures market however is not up to popular when it comes to spot markets that underlie the bulk of CME’s Bitcoin futures’ pricing.

Commissioner Crenshaw on DeFi

In an article published in the International Journal of Blockchain Law, SEC Commissioner Caroline Crenshaw has shared her take on some of the regulatory troubles around the area of decentralized finance. On the most integral level, she believes that DeFi products may additionally be securities and need to be considered in accordance with relevant securities laws.

The commissioner’s key thesis comes down to the want for DeFi market participants to come forward and voluntarily comply with securities laws, specifically those round risk disclosure. She additionally warned that those who fail to comply should come to the SEC enforcement motion and incur heavy penalties.

CBDC watch

People’s Bank of China governor Yi Gang mentioned the plans for the digital yuan’s cross-border expansion, while the managing director of the Monetary Authority of Singapore printed a strong retail center of attention of the nation’s potential CBDC. Over in Russia, an updated timeline for the release of the digital ruble trial was revealed, with a prototype platform expected to be equipped for trying out via early 2022. Concurrently, Russian lawmakers have begun making ready the legislative base for the digital currency’s nationwide adoption. Meanwhile, the Bank of England gave itself enough time to think about all the execs and cons of implementing the digital pound, marking “the 2d 1/2 of the decade” as the earliest time for the viable launch.

 

Disclaimer: These are the writer’s opinions and should not be considered investment advice. Readers should do their own research.

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