Investment Learning

  • September 23, 2024

Telegram Updates Privacy Terms to Share User Data with Authorities

According to CoinDesk, Telegram has made significant changes to its privacy terms, now allowing the app to share user information such as IP addresses and phone numbers with judicial authorities in cases of potential criminal conduct. This update was announced by CEO Pavel Durov in a post on the app on Monday.The changes follow Durov's arrest in France last month, where authorities accused Telegram of enabling illegal activities, including drug trafficking, distribution of child sexual abuse material (CSAM), and fraud. In response to these allegations, Durov promised to make changes and emphasized the difficulty of balancing privacy and security. Earlier this month, Telegram took steps to block users from uploading new media to combat bots and scammers.Previously, Telegram's privacy policy stated that user information would only be shared if the user was suspected of terrorism. The new terms mark a significant shift from this stance. Telegram, known for its encrypted messaging services, has faced pressure from various authorities, including an attempted ban by Russian authorities in 2018, which led Durov to relocate to Europe.Durov, who denies the charges against him, has been ordered to remain in France until the investigation concludes. He is currently out on bail.

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  • September 23, 2024

Digital Asset And DTCC Complete U.S. Treasury Collateral Network Pilot

According to Cointelegraph, blockchain solutions provider Digital Asset and the Depository Trust & Clearing Corporation (DTCC) have successfully completed their US Treasury Collateral Network pilot project on the Canton Network. The initiative involved 26 market participants and facilitated 100 transactions using tokenized 'digital twins' of Treasury bonds (USTs) across four use cases. The project aimed to demonstrate transaction flows and scenarios, including cases of default, using the Canton Network Global Synchronization and DTCC LedgerScan features.In the first use case, a digital twin of real-world assets (USTs) was created for an investor and registered with the central security depository. This digital twin could be used for trading, lending, or collateral purposes. The second use case involved encumbering the tokenized UST assets in response to a margin call, with the collateral transferred in an atomic transaction visible in real-time. The third scenario saw the investor calling for the return of their margin, which was settled instantly, a process that typically takes a day or longer. In the final case, the investor defaulted, and the counterparties informed the custodian to seize the encumbered USTs. The margin app operator computed the quantities to transfer, ensuring the transfer of ownership was fully traceable and auditable on the Canton Network.The pilot project utilized sovereign blockchains on the Canton Network, launched in June 2023 by Digital Asset and several large financial institutions. The network ensured instantaneous transactions while allowing each party to maintain control over their data and privacy. DTCC tracked and reconciled changes to tokenized and underlying holdings across the market. The concept of digital twins was adopted by the Commodity Futures Trading Commission’s Global Markets Advisory Council for Digital Asset Markets Subcommittee earlier in 2024. The project report highlighted that fulfilling claims on an asset is governed by the Uniform Commercial Code (UCC) and can vary depending on blockchain technology. In this pilot, securing such claims was integrated into the app code, workflow, and legal contract.

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  • September 23, 2024

Goldman Sachs Predicts Weaker Dollar Following Federal Reserve Rate Cut

According to Odaily, Goldman Sachs has forecasted a gradual weakening of the U.S. dollar following a significant interest rate cut by the Federal Reserve. The investment bank has revised its predictions for several major currencies, including the euro, the British pound, and the Japanese yen, in light of the reduced attractiveness of U.S. yields. Goldman Sachs strategists, including Kamakshya Trivedi, noted in a report that while they still believe the dollar's overvaluation will not be quickly or easily eroded, the threshold for such a change has been lowered somewhat.Based on the latest dollar forecast, Goldman Sachs, which has been bullish on the British pound since the beginning of the year, now expects the pound to reach 1.40 against the dollar within 12 months, up from the previous estimate of 1.32. This marks the first time since 2021 that the outlook has reached this level, placing it among the highest forecasts on Wall Street.

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  • September 23, 2024

Dollar Index Rises Following U.S. September Services PMI Data

According to Odaily, the dollar index (DXY) experienced a short-term increase of nearly 20 points, currently standing at 100.93. This rise follows the release of the preliminary US September S&P Global Services PMI, which recorded a value of 55.4. The expected value was 55.3, while the previous value was 55.7.

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  • September 23, 2024

U.S. September Manufacturing PMI Hits 15-Month Low

According to Odaily, the preliminary reading for the U.S. September S&P Global Manufacturing PMI has dropped to 47, marking a 15-month low. This figure falls short of the expected 48.5 and is lower than the previous value of 47.9.In contrast, the preliminary reading for the U.S. September S&P Global Services PMI stands at 55.4, slightly above the anticipated 55.3 but slightly below the previous value of 55.7.

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  • September 23, 2024

Federal Reserve's Bostic Predicts Smaller Rate Adjustments Ahead

According to BlockBeats, on September 23, Federal Reserve official Raphael Bostic indicated that the central bank is likely to implement smaller interest rate adjustments in the future. This statement reflects a potential shift in the Federal Reserve's approach to managing economic conditions.

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  • September 23, 2024

Canada Shifts Focus Away From Retail CBDC Development

According to CoinDesk, Canada has announced a shift in its focus away from developing a retail central bank digital currency (CBDC). The Bank of Canada stated that while it is scaling down its work on a retail CBDC, it remains prepared to revisit the idea if there is future demand from the public. This decision follows years of research into the feasibility of a digital Canadian dollar.CBC News, Canada's public broadcaster, reported that the Bank of Canada confirmed it is now shelving the idea of a digital Canadian dollar. The central bank's official statement indicated that it is redirecting its efforts towards broader payment system research and policy development. Despite this shift, the Bank of Canada will continue to monitor global developments in retail CBDCs and publish related research. Additionally, there will be opportunities for Canadians to provide input on the potential for a digital dollar.The Bank of Canada's latest position comes amid ongoing debates over CBDCs, including in the United States, where it has become a topic of discussion in the presidential election. Federal Reserve Chair Jerome Powell has stated that the U.S. is not close to recommending or adopting a CBDC, suggesting that the public need not worry about its immediate implementation.The update from the Bank of Canada follows a staff discussion paper released less than three months ago, which highlighted the potential decline in the relevance of cash and suggested that a properly designed CBDC could help maintain the relevance of retail public money in the economy. At the end of 2023, the Bank received nearly 90,000 responses to a public consultation paper, with many respondents expressing privacy concerns.

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  • September 23, 2024

OpenSea Faces Class-Action Lawsuit Over Alleged Unregistered Securities Sales

According to Cointelegraph, two OpenSea users have filed a class-action lawsuit in the United States against the NFT marketplace, alleging it sells unregistered securities contracts. Anthony Shnayderman and Itai Bronshtein filed the suit on September 19 in a Florida federal court, claiming that NFTs they purchased on OpenSea, including those from the Bored Ape Yacht Club collection, are worthless due to their illegal nature.The plaintiffs pointed to OpenSea’s recent disclosure of a Wells notice from the Securities and Exchange Commission (SEC), which they argue indicates that OpenSea may be liable for facilitating the exchange of unregistered securities. A Wells notice is a warning that the SEC has conducted an investigation and may bring an enforcement action against the recipient. The lawsuit also references successful SEC actions against NFT projects Stoner Cats 2 and Impact Theory, where the regulator deemed the NFTs as unregistered securities sales.Shnayderman and Bronshtein argue that the Howey test, which defines securities, shows that the NFTs they bought on OpenSea were investment contracts under US securities laws. They allege that these NFTs represented an investment in a common enterprise with a reasonable expectation of profits derived from the efforts of others. The suit claims that OpenSea’s NFT listings were deceptive and misled the plaintiffs into purchasing worthless and unlawful unregistered securities. It also alleges that OpenSea breached a user warranty by failing to moderate its exchange for unregistered securities.Additionally, the plaintiffs accuse OpenSea of unjust enrichment by charging fees and accepting funds from the sale of unregistered securities. In a statement, Adam Moskowitz, managing partner of The Moskowitz Law Firm and counsel for Shnayderman and Bronshtein, emphasized the need for a well-regulated environment for selling NFTs. He expressed a willingness to work with OpenSea to develop a better process for both consumers and the crypto industry. OpenSea has not yet responded to a request for comment.

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  • September 23, 2024

U.S. Vice President Harris Supports Digital Assets, Uniswap CEO Responds Positively

According to Odaily, U.S. Vice President Kamala Harris recently expressed support for digital assets. Uniswap Labs CEO Hayden Adams took to X to voice his approval, calling it a positive signal. Adams noted, 'Kamala has indicated that she will encourage innovative technologies like digital assets. I believe this is her first public mention of cryptocurrency in a positive light.' Industry experts remain skeptical, pointing out that the Biden administration's policies over the past four years have not been favorable towards cryptocurrencies. In response, Adams stated, 'I agree that Biden's approach to the crypto and tech sectors has been poor. Harris is hinting that her administration will handle it differently, with more support for innovation. Personally, I see the Vice President's positive statement as progress.' Earlier today, Harris made her first comments on the crypto industry during a recent Wall Street fundraising event, incorporating artificial intelligence and crypto technology into her vision for an 'opportunity economy.'

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