As the US federal government, acting through its Securities and Exchange Commission, continues protect bravely Investors and the public interest of the grave dangers of a Bitcoin exchange-traded fund, one major American city after another is beginning to embrace or at least explore the potential of crypto and blockchain technology to enhance various aspects of city finances. , the administration and the monetary of the residents. wellness. Following the example of Miami, New York, Tampa and Jackson, Tennessee, now Philadelphia is looking for ways to implement blockchain solutions in the city government.
The hope is that a number of successful city government ventures in the crypto space will eventually cause the federal government to take a more โmunicipalโ perspective.
Below is the concise version of the latest "Law Decoded" newsletter. For the full breakdown of policy developments over the last week, sign up for the full newsletter below.
Spot Bitcoin ETF Denied
Last Friday, after two deadline extensions, the SEC formally disapproved of Asset Manager VanEck's application for Bitcoin exchange-traded funds that was first filed in March 2021. The regulator maintained that the applicant was unable to prove the claim. existence of a โcomprehensive shared surveillance agreement with a regulated market of significant size related to the underlying or reference Bitcoin assetsโ, which is essential to prevent manipulation and fraud.
In the SEC's view, shared vigilance is sufficient in the case of the Chicago Mercantile Exchange BTC futures market, but it falls short when it comes to spot markets that underlie most of the prices of CME Bitcoin futures. A recent letter from representatives Emmer and Soto it highlights well the limitations of the agency's argument.
Commissioner Crenshaw on DeFi
In an article published in the International Journal of Blockchain Law, SEC Commissioner Caroline Crenshaw has shared her thoughts on some of the regulatory issues surrounding the domain of decentralized finance. At the most fundamental level, you believe DeFi products can be securities and should be viewed in accordance with applicable securities laws.
The commissioner's key thesis boils down to the need for DeFi market participants to voluntarily come forward and comply with securities laws, specifically those related to risk disclosure. He also warned that those who fail to comply could be subject to SEC enforcement action and incur heavy penalties.
CBDC Clock
People's Bank of China Governor Yi Gang discussed plans for the digital yuan cross-border expansion, while the managing director of the Monetary Authority of Singapore revealed a strong retail focus of the nation's possible CBDC. In Russia, a updated timeline for the launch of the digital ruble test was revealed, and a prototype platform is expected to be ready to be tested in early 2022. At the same time, Russian lawmakers have begun to prepare the legislative basis for the adoption of the digital currency. in all the country. In the meantime, the Bank of England gave itself ample time to consider all the pros and cons of implementing the digital pound, marking "the second half of the decadeAs the earliest time for the possible launch.
Post navigation
