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SEC Chair Gary Gensler : I have Never Seen an Industry So Full of Crime

boengas86@newsletter.paragraph.com (boengas86) — Sat, 16 Sep 2023 00:00:00 GMT

Recently , SEC Chairman Gery Gensler made some interesting statements about the Cryptocurrency market in his speaking session before the Banking Committee. Touching on Grayscale's decision, Senator Bill Hagerty asked Gensler what they would need to see for the SEC to approve a BTC Spot ETF. Gensler responded: “We are still reviewing this decision. We have had many applications… We are reviewing them and awaiting further recommendations from the team.” Senator Sinema also asked what Gery Gensler's next strategy will be regarding regulating the Cryptocurrency industry, "We see you have legal issues related to Cryptocurrency. How do you assess the agency's legal risk in relation to the breadth of your regulatory strategy?" Then Gensler responded: "We are committed to acting within our authority and as interpreted by the court." Gensler was even seen “attacking” Cryptocurrencies again, “I have been in the world of finance for 44 years. I have never seen an industry so full of crime. This is scary.” he said.

JPMorgan is Exploring a Blockchain-Based Deposit Token for Payments and Settlements

boengas86@newsletter.paragraph.com (boengas86) — Fri, 08 Sep 2023 22:36:05 GMT

According to a report issued by Bloomberg, the giant financial company JPMorgan has again engaged in corporate development within the realm of the Crypto industry. They recently shared their ideas for creating a new blockchain-based solution that is claimed to simplify and speed up transactions between countries.

JPMorgan has reportedly developed most of the infrastructure to run a transaction system using token deposits, which will be rolled out first to corporate clients to accelerate payments and settlements between countries. The said deposit token will be issued on the blockchain network by the depository institution to represent the deposit position.

This new token settlement and deposit system is different from Stablecoins which are usually issued by private non-bank entities. This new deposit token will enable transactions to other banks and is suitable for various forms of settlement on any blockchain network, and is also claimed to simplify the process of buying and selling tokenized securities.

Crypto News

boengas86@newsletter.paragraph.com (boengas86) — Fri, 08 Sep 2023 00:51:56 GMT

Zodia Markets, a digital asset market platform directly backed by Standard Chartered, has secured approval in principle to operate as an Over-The-Counter (OTC) Crypto trading broker in Abu Dhabi. This approval was given directly by Abu Dhabi Global Market (ADGM), an international financial center in the United Arab Emirates which is currently known to be trying to attract Crypto-related businesses to operate in the UAE.

Based on guidance created directly by ADGM, approval in principle is the third step in the five-stage application process. “With leading international digital asset companies such as Zodia Markets backed by corporate giant Standard Chartered entering the Abu Dhabi market, it will certainly contribute greatly to further enhancing ADGM's attractiveness as a destination of choice for global entities. ,” explained Salem Mohammed Al Darei, CEO of ADGM Authority.