Day: June 12, 2023

Lawmakers introduce bill to remove SEC chair — but do they have the authority?

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Members of the United States House of Representatives are pushing for ways to remove Securities and Exchange Commission (SEC) Chair Gary Gensler from his position, but the legality may be more complicated than a single piece of legislation. On June 12, Ohio Rep. Warren Davidson introduced the SEC Stabilization Act with the expressed intention of firing Gensler. The SEC chair has served as head of the commission since being sworn into office in April 2021, with a term expected to end in 2026.  While Davidson made serious allegations against Gensler…

Thailand launches retail CBDC pilot with 2 banks and Singapore payment service

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The Bank of Thailand will launch a retail central bank digital currency (CBDC) pilot project in a regulatory sandbox this month. Three payment providers will take part, according to local media. The project will involve up to 10,000 users and run through August. Bank of Ayudhya (Krungsri), Siam Commercial Bank and Singapore-based payments service provider 2C2P will partner with the Thai central bank on the project. Each of those organizations has made an app available to selected users that includes a wallet and a QR code scanner. Krungsri will enlist…

What the Reddit Boycott Has to Do With AI and Crypto

Crypto offers an alternative in that it requires buy-in from users, and makes the economic costs of online interactions explicit. This system may not fare any better, if it ever truly get going, but it might be nice to have the option of opting out. This is more than a boycott than a quiet revolution, which wants to empower users to pay their own way. And it may be more and more important, as even more of your data goes to AIs, which will, it’s almost inevitable, be trained to…

Bank of China issues $28M in digital structured notes on Ethereum blockchain

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On June 12, Bank of China’s investment bank subsidiary BOCI announced the issuance of 200 million Chinese yuan ($28 million) worth of digital structured notes minted on the Ethereum blockchain. The move makes BOCI the first Chinese financial institution to issue a tokenized security in Hong Kong. Investment banking company UBS helped originate the product for placement to its client in the Asia-Pacific region. Ying Wang, the deputy CEO of BOCI, commented: “Working together with UBS, we are driving the simplification of digital asset markets and products, for customers in…

Bitcoin, Cardano, and CryptoCurrency forums on Reddit limit access, protest API changes

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Share Share on Twitter Share on LinkedIn Share on Telegram Copy Link Link copied Bitcoin, Cardano, and CryptoCurrency, three of the largest crypto-centric subreddits, are joining other popular forums on Reddit to protest against planned API and tools policy changes that will prevent users from freely using the interface from July 1.  Reddit API changes As of June 12, users wishing to browse the three popular subreddits must request the moderator for access as the protesting subreddits are in “private” mode.  More than 3,500 subreddits reportedly have limited access, rejecting Reddit’s…

Decentralized Exchanges See Spike in Market Share Amid Regulatory Uncertainty in the US: IntoTheBlock

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New data from on-chain intelligence firm IntoTheBlock finds that decentralized exchanges (DEXs) are seeing a rise in market share while a regulatory offensive develops in the US. According to a new report from the firm, the U.S. Securities and Exchange Commission’s (SEC) charges against Binance and Coinbase for alleged securities violations last week are likely to have long-term effects on shaping the future of the industry. The regulatory agency’s lawsuit against the two biggest centralized crypto exchanges in the world also deemed three large-cap crypto assets – Cardano (ADA), Polygon…

​​Crypto fund outflows reach $417M over 8 weeks as investor caution persists

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On June 12, European cryptocurrency investment firm CoinShares published its latest weekly “Digital Asset Fund Flows Report,” revealing that cryptocurrency investment products experienced outflows of $88 million last week. The substantial drawdown added to the ongoing eight-week streak of outflows, which now total $417 million. Analysts at CoinShares have attributed this ongoing trend to monetary policy considerations, as interest rate hikes show no signs of slowing down, prompting investors to remain cautious. Digital asset investment products have seen a substantial drawdown over the past 2 months. Source: CoinShares In the past week, Ether…

The first-world debt crisis means you can expect more pain ahead

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The huge volume of sovereign debt in developed countries (particularly the United States) is often exploited to promote questionable theories about imminent financial collapse. However, the problem is real, and it has become much more acute due to interest rates rising in response to entrenched inflation. The United States paid $475 billion for debt service alone in fiscal year 2022. According to some forecasts, the U.S. will spend more on debt interest payments in 10 years than on the military — and it is not sparing any expense on the…

Ethereum Scaling Solution Polygon Unveils Version 2.0

Ethereum scaling solution Polygon (MATIC) will be revealing the blueprint for its 2.0 version over the coming weeks, addressing “topics like the future of the Polygon PoS chain, the utility and evolution of the Polygon token, and the transition to greater community governance of the protocol and treasury,” it said in a blog post Monday. Source