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new york CNN — The cryptocurrency industry took a decisive step in its battle with regulators on Thursday, with a judge ruling that Ripple Labs did not violate federal securities laws by offering its XRP tokens to public exchanges. Although it was a victory, it undermined an important debate by the Securities and Exchange Commission. The news sent the price of XRP, a token designed for cross-border payments, up about 70% to about 92 cents. The opinion by Judge Annalisa Torres of the Southern District of New York, which said that XRP is “not necessarily a security on its face,”…
On Thursday, a federal judge ruled that the sale of a digital asset called XRP on public exchanges complies with securities laws, giving the cryptocurrency industry an early victory in its legal battle with U.S. regulators. I got it.The Securities and Exchange Commission has long argued that digital assets constitute securities in the same way as stocks and bonds traded on Wall Street and should be subject to the same strict regulations. Last month, the SEC charged two of the largest cryptocurrency exchanges, Coinbase and Binance, with selling unregistered securities to the public.But Thursday's ruling in a case involving cryptocurrency…
In an extremely unfavorable scenario, the complex system of interconnections between real activities, banks and sovereigns means that initial corporate necrosis can spread rapidly, triggering a fundamental re-pricing of risk in a new 'ruin loop'. (Figure 17). Just a few defaults in some important and highly connected sectors can quickly grow into a torrent, with sudden loss realizations shaking capital markets and reverberating through corporate-financial-sovereign feedback loops. It may cause a system crisis. Assuming conservative default rates seen in past crises, we can expect a cumulative default rate of 10% over the next two years in this extreme scenario.. This…
The UK is to introduce a “digital securities sandbox” in an effort to identify legal adjustments potentially needed to address the rise of cryptographic technologies. The UK Treasury said in a report on Tuesday that the uncertainty surrounding the future composition of financial markets and the key risks associated with it made it difficult to put the right framework in place in advance. “Rather than this leading to inertia in the legislative and regulatory arena, it is important to recognize that reviewing financial services legislation is an ongoing process that can take many years.” says the report. The UK has…
The number of cryptoassets that can be used as a means of payment has exploded to more than 10,000 types since the introduction of the first and still largest cryptocurrency, Bitcoin, in 2009. It has developed with incredible speed, and due to its anonymity, tax systems are catching up. New paper explores how governments address the new challenge of taxing crypto assets while their use is still restricted to prevent tax revenue leakage and protect the integrity of the tax system We will discuss whether it is possible. Classification of cryptocurrencies We have diverse perspectives on crypto assets and are…
BlackRock (BLK) CEO Larry Fink said in an interview with Fox Business on Wednesday that cryptocurrencies, specifically Bitcoin (BTC), have the potential to revolutionize the financial system. .“We believe that the further tokenization of assets and securities, which Bitcoin is, has the potential to revolutionize finance,” he said. Fink, who was previously known to be skeptical of cryptocurrencies, suggested several years ago that crypto enthusiasts frequently use them for “illicit activities.”Mr. Fink continued: “Rather than investing in gold as a hedge against inflation, a hedge against a country’s troubles, or a hedge against the devaluation of its currency in any…
After a rollercoaster 18 months, Bitcoin (and not necessarily the entire U.S. crypto market) will be on the upswing in the second half of 2023, according to analysts at Adamant Research and Standard Chartered Bank. It is said that there is a possibility. A key factor is likely to be increased adoption by traditional financial companies. Important points New efforts by traditional financial companies into Bitcoin Spot ETFs could push Bitcoin prices higher.Analysts say the worst of the Bitcoin bear market is over and the price could exceed $100,000 in the next few years.Regulatory developments and the outcome of a…
Cryptocurrency markets ended the quarter on a strong note despite news that the Securities and Exchange Commission may prompt many financial giants to reconsider their Bitcoin ETF applications.Bitcoin fell less than 1% to around $30,300 and has been trading relatively flat since passing the $30,000 milestone on June 23. Meanwhile, Ether rose 4% to $1,923.BTC + ETH priceThe stock market continued its recent bullish momentum, with the S&P 500 rising more than 1% to close at its highest since April 2022.TradFi Giants Refile ETF ApplicationMarkets were roiled earlier in the day after it was reported that BlackRock and Fidelity may…
Chairman Miller, Ranking Member McCarthy, and members of the subcommittee, thank you for having me here today. My name is Douglas Elliott. I'm an economics research fellow at the Brookings Institution, but I'm here in a personal capacity and not representing the institute, which has no policy positions. The euro crisis is of great concern, in part because the path it takes is likely to be a key determinant of whether the United States slips into another recession. I am convinced that if a series of countries default on their government debts and Europe is shaken, the continent will fall…
Please join us telegram Channels where you can get the latest information on breaking news The Bank for International Settlements (BIS) has unveiled a pioneering CBDC blueprint that demonstrates the use of managed cryptography. With this breakthrough blueprint, BIS is redefining the central bank digital currency landscape and shaping the future. Pioneer of the Future: BIS Reveals Strategic Plan for Central Bank Digital Currency (CBDC) BIS, which oversees central banks around the world, has shared its plans for central bank digital currencies (CBDCs). Different countries can use the blueprint to develop and implement his CBDC. BIS believes that CBDCs can…