Nigeria’s foreign investment at risk due to Binance bribery allegations
SBM Intelligence emphasized that detaining foreign business officials could make it challenging for the country to attract investors.
SBM Intelligence emphasized that detaining foreign business officials could make it challenging for the country to attract investors.
According to Bloomberg, the Swiss National Bank (SNB) is exploring the use of tokenized central-bank money for transaction settlement. The institution's wholesale Central Bank Digital Currency (CBDC), which operates on the infrastructure of Swiss stock-market provider SIX, allows banks to use tokenized central-bank money to settle transactions such as bond purchases on the same platform. This method eliminates credit risk and enables users to leverage digital assets, potentially offering features like programmability. SNB's President, Thomas Jordan, spoke at a Bank for International Settlements conference in Basel on Monday. He outlined two other approaches to transaction settlement with tokenized assets that the SNB is considering. However, he noted that both methods have their pros and cons. The Real-Time Gross Settlement (RTGS) link might limit the potential to enhance the current system, while the backed private token money could pose regulatory challenges as it isn't a direct claim on the central bank but would be used as such. Jordan did not specify whether the SNB's pilot CBDC project would continue beyond its current end-date in June. He previously stated that the project has been successful so far.
According to PANews, Patrick McHenry, the Chairman of the House Financial Services Committee, has indicated that the US Congress may vote on the 'Financial Innovation and Technology Act of the 21st Century' (FIT21) before the end of May. FIT21 is set to grant the Commodity Futures Trading Commission (CFTC) jurisdiction over crypto commodities and the Securities and Exchange Commission (SEC) jurisdiction over cryptocurrencies provided in investment contracts. Furthermore, FIT21 has established rules for companies that must register with the SEC and CFTC. These rules include requirements related to customer disclosure, asset protection, and operations. The legislation aims to provide a clear regulatory framework for digital assets, addressing long-standing market regulation and consumer protection issues. It is reported that FIT21 is the most comprehensive cryptocurrency legislation passed by a congressional committee to date, marking a significant milestone in digital asset regulatory legislation.
According to PANews, Wells Fargo, the third-largest bank in the United States, has disclosed in a filing to the U.S. Securities and Exchange Commission (SEC) on May 10th that it holds 2,245 shares of Grayscale GBTC. In addition to this, Wells Fargo also holds a small amount of ProShares BITO and shares of Bitcoin ATM provider Bitcoin Depot. This information was initially reported by Bitcoin Magazine.
International consultancy firm Forensic Risk Alliance will reportedly closely oversee all compliance activities of cryptocurrency exchange Binance for the next three years.
The U.S. SEC argues that “having made the weather, Coinbase cannot complain that it is now raining.”
Billionaire investor Mark Cuban says that assigning all authority to the CFTC “could solve” the problem of vocal crypto voters for current United States president Joe Biden.
According to CryptoPotato, the legal dispute between Ripple and the US Securities and Exchange Commission (SEC) has escalated, with recent filings focusing on the nature of a key witness's declaration. Speculations are surfacing about a potential settlement this summer as both parties await a judicial ruling. The legal case between Ripple and the SEC, which began in December 2020, has seen increased activity in recent weeks. This is largely due to the trial process commencing on April 23. Shortly after this date, Judge Sarah Netburn issued a new scheduling order focused on the motion for remedies and entry of final judgment. On April 29, the SEC filed its opposition to Ripple's motion to strike new expert materials, centering on testimony from key witness Andrea Fox, known as the 'Fox Declaration'. Ripple had previously argued that the declaration was an unsolicited expert opinion, while the SEC described it as 'standard summary evidence in support of calculations for disgorgement'. The SEC insisted that the declaration was not an expert report and did not rely on specialized experience. It claimed that the 'Fox Declaration' consisted of data derived from Ripple's own documents, including tax returns and financial statements, which could be useful in determining the lawsuit's outcome. In response, Ripple filed a letter supporting its initial request, stating that the SEC failed to demonstrate that the declaration was summary evidence rather than expert testimony. Ripple further argued that even if Andrea Fox could be considered a summary witness, the SEC failed to disclose her before the end of the discovery process. Earlier this week, the SEC filed its remedies reply brief and supporting exhibits under seal. The redacted and public version of the information was presented a day later. American lawyer Jeremy Hogan stated that this marked the end of the briefs phase and that the legal battle has now entered a stage with fewer developments, with both parties awaiting the judge's ruling. Hogan previously predicted that the lawsuit might officially close this summer following a $100 million settlement, significantly less than the $2 billion penalty sought by the SEC and much more than the $10 million Ripple agreed to pay.
Opinion: From Brazil to Norway, there is plenty of evidence that governments are planning to use CBDCs to abuse their people.
The Financial Innovation and Technology for the 21st Century Act passed out of committee in July 2023 but could be headed for a full floor vote in the U.S. House of Representatives.