Tag: Proposal

BIS releases unified-ledger proposal for cross-border, tokenized asset transactions

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The Bank for International Settlements (BIS) has released a chapter of its annual report early. That chapter, on the future of the monetary system, discusses “a new type of financial market infrastructure — a unified ledger.” The chapter was published June 20, one day after the International Monetary Fund (IMF) released a paper describing its “single ledger” cross-border payments concept. The BIS proposal harnesses central bank digital currency and tokenized assets into “a new type of financial market infrastructure” — that is, the unified ledger, which would be powered by…

BlackRock’s Bitcoin ETF Proposal Gives Hope to Traders and Investors

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“An estimated 20% of Americans have now owned bitcoin at some point. BlackRock’s proposed ETF potentially offers the other 80% an option that is altogether more familiar and accessible,” said Sui Chung, CEO of CF Benchmarks, in an email to CoinDesk. “BlackRock’s increasing engagement shows Bitcoin continues to be an asset of interest for some of the world’s largest financial institutions.” Original

Aave proposal to freeze alleged Curve founder’s loans draws controversy

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A June 12 AAVE (AAVE) proposal aimed at preventing a particular account from accumulating more debt has led to controversy, with some participants arguing that the proposal violates the principle of censorship-resistance or “neutrality” in decentralized finance, or DeFi. Some participants believe that the account is owned by Curve (CRV) founder Michael Egorov. Cointelegraph was not able to independently confirm who the account’s owner is. Uhh seems like Curve’s founder has a $110m leverage position against his $CRV stack across all Defi. If not repaid at some point (spoil: it…

SEC hears from Blockchain Assoc., House Republicans on ‘exchange’ definition proposal

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The United States Securities and Exchange Commission (SEC) extended the comments period for its proposal to amend Rule 3b-16 of the Securities Exchange Act of 1934 ended June 13. The Blockchain Association and Republican members of the House of Representatives Committee on Financial Services filed last-minute comments. The amendments proposal, which runs for hundreds of pages, was released in January 2022. It did not mention digital assets. Another lengthy document was released when the comment period was reopened. It did address digital asset platforms. The amendments could profoundly impact the…

CFTC commissioner says proposal to reassess risk management could consider crypto

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Christy Goldsmith Romero, commissioner with the United States Commodity Futures Trading Commission (CFTC), has commented on a proposal amending the government body’s Risk Management Program with respect to digital assets. In a June 1 notice, the CFTC said it would be opening a proposed rule change for amendments to its risk management requirements applicable to swap dealers and futures commission merchants. Romero said in a public statement that the proposal could allow the commission to address risks associated with certain crypto investments, citing the failure of Silvergate Bank. “These technological…

Latest US Debt Ceiling Proposal Strikes Out Unpopular Crypto Tax Bill

The recent US debt ceiling deal has struck out the previous crypto tax bill proposed by the Biden administration.  Congressman Warren Davidson has confirmed that the recent US debt ceiling deal blocks a potentially pivotal crypto tax bill proposed by the Biden administration. Davidson’s confirmation came as a response to a tweet by Bitcoin advocate and Riot Platforms research executive Pierre Rochard asking for clarity. Following Sunday’s debt ceiling agreement between US President Joe Biden and House Speaker Kevin McCarthy, Rochard noted the absence of BTC mining in the proposed document. As a result, the VP of…

Tornado Cash governance control set to be restored as voters approve proposal

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The governance tokenholders of Tornado Cash will soon regain control over the protocol’s operations, thanks to an unexpected proposal put forward by the attacker. This development allows the community to regain authority and steer the protocol toward recovery and improved security measures. On May 26, the proposal to restore control to the original governance tokenholders of Tornado Cash passed successfully. A total of 517,000 token votes favored the proposal, with none opposing it. This resolution brings a swift conclusion to a governance takeover that, fortunately, did not impact the protocol…

MakerDAO’s new proposal to boost DAI savings rate to 3.33%

Share Share on Twitter Share on LinkedIn Share on Telegram Copy Link Link copied MakerDAO, an Ethereum-based DeFi protocol, is preparing for a crucial vote on a proposal to increase the Dai stablecoin (DAI) savings rate (DSR) to 3.33%. If implemented, this change would likely have far-reaching effects on borrowing rates across the DeFi sector. The Maker team recently tweeted that a new DAI Savings Rate (DSR) hike, from 1% to 3.33%, will be initiated by a future executive vote. The Maker Protocol ecosystem relies heavily on the DSR, which allows…

MakerDAO proposal seeks to hike DAI savings rate to 3.33%

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The community of Ethereum-based decentralized finance (DeFi) protocol MakerDAO will soon vote on a proposal seeking to increase the Dai stablecoin (DAI) savings rate (DSR) to 3.33%. If it all goes through, the move is tipped to have broader implications for rates across DeFi. In a May 26 tweet, the Maker team revealed that an “upcoming Executive Vote will deploy a new DSR raise, from 1% to 3.33%, if approved.” “The Dai Savings Rate (DSR) is a fundamental component within the Maker Protocol system, offering users the opportunity to deposit…

MicroStrategy endorses ‘fair value model’ proposal for reporting crypto holdings

MicroStrategy, the largest public holder of bitcoin, has joined the growing list of supporters backing proposed rule changes by the financial accounting standards board (FASB), which seeks to eliminate impairment charges for companies holding cryptocurrencies. As of March 31, MicroStrategy held approximately 140,000 BTC, giving it a significant position in the crypto market. Introducing the fair value model Under the current generally accepted accounting principles (GAAP), crypto assets are classified as “indefinite-lived intangible assets” and subject to impairment testing, which identifies a permanent decline in their value. When the carrying…