#CryptoCorner: SEC Issues Statement Outlining Digital Asset Framework, WEF Report Says 40 Central Banks Considering CBDCs
#CryptoCorner: SEC Issues
Statement Outlining Digital Asset Framework, WEF Report Says 40 Central Banks
Considering CBDCs
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April
4 Crypto Corner
The U.S. Securities
and Exchange Commission (SEC) has issued a statement outlining their framework for
investment contract analysis of digital assets. The document outlines the
conditions under which a digital currency may be subject to regulation and
oversight by the SEC. An excerpt reads:
As
financial technologies, methods of capital formation, and market structures
continue to evolve, market participants should be aware that they may be
conducting activities that fall within our jurisdiction. For example, market participants may engage
in activities that require registration of transactions and persons or entities
involved in those transactions. Even if
no registration is required, activities involving digital assets that are
securities may still be subject to the Commission's regulation and oversight.
According to a
recently published report from the World Economic Forum, over 40 central banks
are considering central bank digital currency (CBDC). The piece cites use cases
such as financial inclusion, payments efficiency, and payment system
operational and cyber resilience as reasons for the interest shown by so many
banks. The primary author of the report, Ashley Lannquist, who is a project
lead in blockchain and DLT with the WEF, told CoinDesk:
Pilot
and experimentation work thus far on this subject has yielded some mixed
results, some optimistic results, and the summary of where we are right now is
that central banks are proceeding with caution, yet highly involved in
research.”
but that:
“in the next couple years, speculating
towards the future and being a bit conservative, I would expect a couple
central banks to issue a central bank digital currency and that’s because we
know that at least a few are.”
The Jamaica Stock
Exchange (JSE) has announced an agreement with Canadian fintech firm
Blockstation, that allows it to enable live trading of digital assets and
security tokens. Following the agreement, the press release indicates that the
JSE will launch a pilot to trade Bitcoin (BTC) and Ether (ETH). Jai Waterman, Blockstation’s Co-Founder and Chief Enterprise
Architect commented:
“We are incredibly excited to reach this
milestone in our partnership with the JSE, bringing digital assets including
cryptocurrency and security tokens to mainstream investors. Digital assets are
the future of capital markets, and our turn-key solution paves the way for
traditional financial institutions to easily adopt this new, game-changing
asset class. We look forward to being part of the evolution of finance going
forward.”
An article from Bloomberg yesterday argues that algorithmic
hedge fund trading may have played a part in the crypto rally initiated on
Tuesday. “Algo trading” is executed using pre-programmed instructions using
computer-run strategies to detect trends and other variables determining when
to trade. Aaron Brown, an investor who writes for Bloomberg Opinion, said to
Bloomberg an email:
"Algo
trading is much easier in crypto than traditional financial assets. Most
exchanges have simple APIs -- that is, interfaces for automated trading --
while traditional exchanges require expensive connections and permissions and
have lots of rules. So crypto algo trading has always been an activity for
technically sophisticated financial amateurs."
Sam Mowers, Investorideas
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