Group items tagged

The creation of a vibrant market in SDR linked to commodity prices could create a powerful new monetary anchor, argues former IMF SDR chief Warren Coats.

This paper gathers various stablecoin price stabilization mechanisms, dividing the methods into four collateral types (fiat, crypto, commodity, and non-collateralized) and two layers (protocol and application) to show that non-collateralized stablecoin on the application layer is the simplest approach for implementation.

LedgerX executives claim the U.S. Commodity Futures Trading Commission (CFTC) is treating them unfairly - because of a blog post.

The ruling against Telegram's Gram token plans may be the death knell for SAFT-the "simple agreement for future tokens"-a once popular idea for launching an initial coin offering. That's according to what Gary Gensler, former Commodity Futures Trading Commission chairman.

"Throughout Venezuela's economic crisis, we saw images of ordinary Venezuelans tossing their useless bolivars in the streets. That is what happens when money has lost all meaning; it is in jeopardy of becoming a commodity when it is supposed to be a scarce resource. There are a million reasons why the U.S. will never meet the same fate as Venezuela, but you still don't want to tamper with people's perception of the value of money. After you throw a few trillion dollars around, people start to believe that it's all a big joke."

The bill, introduced by Ranking Member Sen. Sherrod Brown (D-Ohio), is not proposing a crypto dollar but a digitized version of the existing dollar, a process advocates including former Commodity Futures Trading Commission (CFTC) Chairman Chris Giancarlo have called for to maintain U.S. financial hegemony.

In a sentence that may deliver a blow to many issuers of tokens through the ICO model, the Court rejected Telegram's argument that the Gram would become a commodity once actualized and therefore fell outside the purview of the SEC.

Following a request by the New York Southern District Court, a division at the U.S. CFTC has filed a letter with the court expressing its views on the complicated case involving Telegram's digital currency Gram. According to the letter a "digital currency like Gram is a commodity" instead of a security. https://www.docdroid.net/okmUUBS/cftc-letter-in-telegram-case.pdf

There are now 75 members in Celo's "Alliance for Prosperity" stablecoin payments network ahead of its mid-May mainet launch. Celo is a mobile-first blockchain-based platform alongside a suite of financial tools accessible to anyone with a basic smartphone. The stability protocol can host an ecology of stable value currencies like the Celo Dollar, regional currencies, and commodity prices.

On Jan. 1, 2021, a petition was filed in Rhode Island seeking to halt the SEC's claims as to XRP owned by a group of purchases. John Deaton, an attorney with class action experience, claims in the petition that he and others like him did not buy XRP as an investment or consider it to be a security. Paragraph 45 of the complaint suggests that XRP is a currency, virtual currency or commodity, or utility token, and, therefore, not a security. In support of this conclusion, Deaton argues that XRP has a number of uses that essentially preclude it from being classified as a security.

"Bitcoin is vulnerable to government surveillance and prohibitions that could quash crypto exchanges and drive trades underground. But it arguably could survive underground better than could a banking system based on commodity redeemability that must be openly accessible to be trustworthy. If Bitcoin will continue to thrive as an investment and medium-of-exchange-in-waiting "until the authorities do better" at managing fiat money (and at allowing financial privacy), then Bitcoin may thrive for a long time to come."

Deutsche Borse's electronic trading platform, Xetra launched its first Ethereum-based exchange-traded products (ETPs), ETC Group's Ethereum exchange-traded commodity (ETC) product (ZETH) and 21Shares' Ethereum ETP (AETH). Alongside AETH, Xetra will be also listing 21Shares' Bitcoin Cash (BCH) ETP, after which 21Shares will have 4 ETPs centrally cleared on Xetra.

This is a great summary of the potential systemic risks around Tether by Timothy Massad, ex-Chairman of the US Commodity Futures Trading Commission. He calls for a strengthening of the regulation of crypto-assets generally and in particular stablecoins. He seems supportive of the Stablecoin Tethering and Bank Licensing Enforcement (STABLE) Act, introduced in Congress last December, that would require that stablecoins be issued by a bank and would impose certain standards.

This is a great summary of the potential systemic risks around Tether by Timothy Massad, ex-Chairman of the US Commodity Futures Trading Commission. He calls for a strengthening of the regulation of crypto-assets generally and in particular stablecoins. He seems supportive of the Stablecoin Tethering and Bank Licensing Enforcement (STABLE) Act, introduced in Congress last December, that would require that stablecoins be issued by a bank and would impose certain standards.

The price of bitcoin hit a three-week high on Monday, climbing back above $40,000 after Elon Musk said that Tesla would resume allowing transactions made in the digital currency once crypto mining becomes greener. "When there's confirmation of reasonable (~50%) clean energy usage by miners with positive future trend, Tesla will resume allowing bitcoin transactions," Musk said in a tweet on Sunday, June 13. Traders also reacted to hedge fund manager Paul Tudor Jones' assertion he could "go all in on the inflation trades," during an interview with CNBC on Monday. Jones said he "likes bitcoin" and wants a 5% allocation of it with the same percentage in gold, cash and commodities.

The acting chair of the Commodity Futures Trading Commission, Rostin Behnam, has called for federal regulators to oversee spot cryptocurrency markets, a move that would make the US the only Western country to regulate the exchanges where digital assets change hands.

The US Commodity Futures Trading Commission (CFTC) issued an order filing and settling charges against digital asset exchange operator Coinbase for reckless false, misleading, or inaccurate reporting as well as wash trading by a former employee on Coinbase's GDAX platform.

The United Arab Emirates Securities and Commodities Authority has drafted a resolution on regulating crypto-assets to provide greater clarity for crypto-related projects.

The U.S. Financial Crimes Enforcement Network views all stablecoins, whether backed by a currency, a commodity, or even an algorithm, as falling under their remit to protect "money transmission services, and all stablecoin administrators must register as a Money Services Business with FinCEN.

Here's a comprehensive list of all 235 stablecoin projects launched so far. "Launched" is an important distinction because the list includes closed projects (e.g., Basis). It also includes commodity-backed stablecoins (mostly gold) and private coins.