US company acquires Crypto Co., Swiss Digital Asset Exchange obtains license

Through Kayley B. Sullivan

In a recent press release, a major U.S. financial services firm announced its acquisition of CipherTrace, a provider of blockchain analysis and cryptocurrency intelligence software. According to the press release, this will allow the financial services company to “drive continuous innovation with a wide range of partners” and provide an “integrated offering” that “will provide businesses with greater transparency to help them identify and understand their risks and help manage their regulatory and compliance obligations for digital assets. The deal is expected to be finalized by the end of the year.

In international developments, SIX Digital Exchange has received approval from the Federal Financial Market Supervisory Authority “to put into operation a fully regulated and integrated trading, settlement and custody infrastructure based on distributed ledger technology for digital titles ”. And in Argentina, an owner of luxury villas in the Mendoza wine region recently announced that he would accept payment in the form of bitcoin for the purchase of his luxury homes.

Finally, according to a recent report, the energy consumption of the Bitcoin network in 2021 has already exceeded last year’s figures. The report cites the Bitcoin network as having consumed around 67 TWh of electricity in 2020, and it predicts that if current numbers continue, mining the Bitcoin network will use around 91 TWh of energy in 2021 – as much as it does. is used annually in Pakistan.

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Corporate Businesses Announce Polygon and Shipping Data Integration Solution

Through Robert A. Musiala Jr.

This week, a Big Four accounting and consulting firm announced that it is “using the Polygon protocol and framework to deploy … blockchain solutions on the public Ethereum blockchain ecosystem.” The press release notes the recent increase in transaction costs on the Ethereum blockchain and that integration with the Polygon protocol will allow the company “to offer enterprise users increased transaction volumes with costs and delays of predictable settlement and the ability to transfer transactions over the Ethereum public network. . The press release also notes that the company “is working with Polygon to create licensed private industry chains leveraging new models of transaction verification management” and to “provide businesses with the convenience and security of an all-closed system. maintaining close alignment with public Ethereum. main network.

In other corporate developments, the Global Shipping Business Network (GSBN) recently announced the launch of a new blockchain-enabled operating system for shipping industry data management. According to reports, the new system includes a feature that “the data is encrypted before being sent to the GSBN platform and therefore the GSBN cannot view the data without the permission of the members.” In another recent development, a Singapore-based company announced a partnership with VeChain to deploy a blockchain traceability solution in the shrimp farming industry.

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NFT Sells Record $ 1.1 Million, NFT Marketplace Director Charged With Insider Trading

Through Veronique reynolds

A Degenerate Ape Academy non-fungible token (NFT) sold this week for $ 1.1 million, making it the most expensive Solana-based NFT sold to date. The NFT, said to be the 13th rarest in existence, was bought by a European blockchain investment and advisory firm. Solana, a rival of Ethereum, is an open-source, proof-of-stake, and unauthorized blockchain that facilitates transactions of the SOL token and digital assets, such as NFTs.

An executive at one of the world’s largest NFT markets was charged with insider trading this week. The market issued a statement acknowledging that “one of the [its] employees purchased items that they knew needed to be displayed on our home page before appearing publicly there. The executive reportedly took advantage of this insider knowledge by selling the NFTs after the first page and the corresponding price hike. According to the marketplace statement, the platform requested and accepted the resignation of the executive and is conducting an internal investigation into the incident.

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SEC Chairman Comments on Crypto Market in Senate Committee Speech

Through Keith R. Murphy

In testimony this week before the US Senate Committee on Banking, Housing, and Urban Affairs, US Securities and Exchange Commission (SEC) Chairman Gary Gensler commented on crypto assets -cash. Speaking to the cryptocurrency market, Gensler said the following:

“Right now we just don’t have enough investor protection in funding, issuing, trading or crypto lending. Frankly, right now it’s more like the Wild West or the old world. The “buyer beware” that existed before securities laws were enacted.This asset class is rife with frauds, scams and abuse in some applications.

Speaking to cryptocurrency exchange platforms, Gensler said the following:

“Many platforms contain dozens or hundreds of tokens. Although the legal status of each token depends on its own facts and circumstances, the probability is quite low that with 50, 100, or 1,000 tokens, a platform is given form has no title. error: As long as there are securities on these trading platforms, under our laws they must register with the Commission, unless they can benefit from ‘an exemption. “

Gensler also noted that the SEC is working with several government entities, including the Commodity Futures Trading Commission (CFTC), Federal Reserve and Department of the Treasury, on investor protection and policy frameworks relating to cryptocurrencies.

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US crypto exchange files with NFA, UK FCA warns of celebrity crypto ads

Through Keith R. Murphy

This week, a major U.S. cryptocurrency exchange applied to become a member of the National Futures Association and register as a futures trader, according to a report. The company is looking to offer futures and derivatives contracts relating to cryptocurrency assets on its platform, according to a statement by a representative of the company. The report notes that further licenses from the CFTC may be required as part of this effort.

The Financial Conduct Authority (FCA), a financial regulator in the UK, is warning people against indiscriminate buying of cryptocurrency assets for fear of missing out, according to a recent report. The report notes that the FCA is concerned that people with little knowledge of risk could be influenced by celebrities to buy unregulated and potentially fake cryptocurrencies, for example. The FCA president is said to be seeking greater powers to govern the online promotion of cryptocurrencies in a bid to tackle “problematic content”.

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