Chainlink launches price feeds on Solana to provide data to DeFi developers.
Solana co-founder Anatoly Yakovenko noted that the integration will be beneficial to DeFi developers building on the platform.
Blockchain oracle platform Chainlink has announced the launch of its price feeds on the Solana blockchain. The integration allows decentralized finance (DeFi) developers to use the feeds within their decentralized applications (DApps).
In an announcement sent to Cointelegraph, the blockchain oracle platform notes that upon launch, seven price feeds will be available to Solana developers, including BTC/USD, ETH/USD and USDC/USD. At the later stages of the integration, more Chainlink oracle services and price feeds will be made available.
Anatoly Yakovenko, co-founder of Solana, believes the Chainlink integration will help developers building DeFi-based DApps on Solana. “Chainlink’s launch on Solana will give DeFi developers access to the most widely used oracles in blockchain,” he said.
Chainlink co-founder Sergey Nazarov also expressed his excitement over the integration. Nazarov noted that Chainlink has a comprehensive oracle network and that its team is anticipating its role in the Solana ecosystem. He described the integration as “a major leap forward” for DeFi.
As soon as Chainlink gets integrated, Solana-based projects have committed to using the price feeds for their products. Yield aggregators Francium and Tulip and lending protocol Apricot Finance are among those that will use them.
Earlier in May, LaProp integrated Chainlink to power its real-estate platform, which lets investors purchase tokenized shares of rental properties. Through Chainlink’s functions, rental payments will be automated and distributed to tokenholders within the platform.
Meanwhile, amid the Terra market fiasco, DeFi protocols reported losses from exploits resulting from a price feed discrepancy within the Luna Classic (LUNC) oracle as Chainlink paused the LUNA price feed. However, a community member believes that the losses are due to negligence from the protocols’ side.
Solana co-founder Anatoly Yakovenko noted that the integration will be beneficial to DeFi developers building on the platform.
Blockchain oracle platform Chainlink has announced the launch of its price feeds on the Solana blockchain. The integration allows decentralized finance (DeFi) developers to use the feeds within their decentralized applications (DApps).
In an announcement sent to Cointelegraph, the blockchain oracle platform notes that upon launch, seven price feeds will be available to Solana developers, including BTC/USD, ETH/USD and USDC/USD. At the later stages of the integration, more Chainlink oracle services and price feeds will be made available.
Anatoly Yakovenko, co-founder of Solana, believes the Chainlink integration will help developers building DeFi-based DApps on Solana. “Chainlink’s launch on Solana will give DeFi developers access to the most widely used oracles in blockchain,” he said.
Chainlink co-founder Sergey Nazarov also expressed his excitement over the integration. Nazarov noted that Chainlink has a comprehensive oracle network and that its team is anticipating its role in the Solana ecosystem. He described the integration as “a major leap forward” for DeFi.
As soon as Chainlink gets integrated, Solana-based projects have committed to using the price feeds for their products. Yield aggregators Francium and Tulip and lending protocol Apricot Finance are among those that will use them.
Earlier in May, LaProp integrated Chainlink to power its real-estate platform, which lets investors purchase tokenized shares of rental properties. Through Chainlink’s functions, rental payments will be automated and distributed to tokenholders within the platform.
Meanwhile, amid the Terra market fiasco, DeFi protocols reported losses from exploits resulting from a price feed discrepancy within the Luna Classic (LUNC) oracle as Chainlink paused the LUNA price feed. However, a community member believes that the losses are due to negligence from the protocols’ side.
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New Japanese law may allow seizure of stolen crypto.
Under the current variation of the law, there is no explicit procedure outlined for law enforcement officers to seize illegally obtained crypto from crime organizations.
Japan’s Justice Ministry is reportedly considering a revision of an asset seizure law relating to organized crime to include a stipulation that crypto can be commandeered in such instances.
If the reports are found to be true, a potential revision of the Act on Punishment of Organized Crimes and Control of Proceeds of Crime (1999) would enable law enforcement officers and courts to take control of crypto assets used in criminal activity such as money laundering.
According to reports from local media outlets such as the Yomiuri Shimbun on June 4, the Justice Ministry will first need to engage in talks with the Legislative Council on the issue before proceeding forward. While it will also need to iron out important details such as how officers can go about obtaining a criminal's private keys.
The talks with the legislative Council could go ahead as soon as next month according to the Jiji Press.
As the specific law focused on the seizure of funds/assets from organized crime does not explicitly outline any procedure concerning illegally acquired cryptocurrencies, there is a concern that criminals may be able to continue illicit behavior via their unseized digital asset holdings.
As it stands, the law only outlines that the type of assets that can be seized are physical property, monetary claims, and movable assets such as machinery, vehicles, tools, and supplies, with crypto falling under none of those categories.
Once the finer details have been set, the amendment to the law would need to be approved by the cabinet and then signed off by parliament, and may not meet much resistance given the nature of such a proposal.
The report comes just days after Japan’s parliament passed a bill to ban stablecoin issuance by non-banking institutions as part of a push to reduce system risk and provide greater consumer protections.
Under the bill, only licensed banks, registered money transfer agents, and local trust companies can develop and issue stablecoins.
Under the current variation of the law, there is no explicit procedure outlined for law enforcement officers to seize illegally obtained crypto from crime organizations.
Japan’s Justice Ministry is reportedly considering a revision of an asset seizure law relating to organized crime to include a stipulation that crypto can be commandeered in such instances.
If the reports are found to be true, a potential revision of the Act on Punishment of Organized Crimes and Control of Proceeds of Crime (1999) would enable law enforcement officers and courts to take control of crypto assets used in criminal activity such as money laundering.
According to reports from local media outlets such as the Yomiuri Shimbun on June 4, the Justice Ministry will first need to engage in talks with the Legislative Council on the issue before proceeding forward. While it will also need to iron out important details such as how officers can go about obtaining a criminal's private keys.
The talks with the legislative Council could go ahead as soon as next month according to the Jiji Press.
As the specific law focused on the seizure of funds/assets from organized crime does not explicitly outline any procedure concerning illegally acquired cryptocurrencies, there is a concern that criminals may be able to continue illicit behavior via their unseized digital asset holdings.
As it stands, the law only outlines that the type of assets that can be seized are physical property, monetary claims, and movable assets such as machinery, vehicles, tools, and supplies, with crypto falling under none of those categories.
Once the finer details have been set, the amendment to the law would need to be approved by the cabinet and then signed off by parliament, and may not meet much resistance given the nature of such a proposal.
The report comes just days after Japan’s parliament passed a bill to ban stablecoin issuance by non-banking institutions as part of a push to reduce system risk and provide greater consumer protections.
Under the bill, only licensed banks, registered money transfer agents, and local trust companies can develop and issue stablecoins.
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New Law Would Ban Crypto Pay in Russia (Again) as Miners Struggle to Convince Central Bank to Legalize Industry.
Crypto advocates are still facing an uphill struggle in Russia – where MPs are expected to vote in favor of a proposal that would ban the use of “monetary surrogates” as a form of payment. And it appears that crypto miners are yet to persuade the influential Central Bank Governor Elvira Nabiullina that their industry should not be banned.
A measure tabled by Anatoly Aksakov, the State Duma’s Chairman of the Financial Markets Committee, will be debated in parliament in the coming days – and is expected to pass unhindered. The bill effectively seeks to clarify existing legislation from 2020 that forbids the use of crypto in payments and settlements.
An explanatory document provided with the new draft law reads:
“The ruble is the official [currency] of the Russian Federation. [This measure] introduces a prohibition against the introduction of other monetary [items] or monetary surrogates on Russian territory. […]. The draft law introduces changes aimed at eliminating the indicated risks of using [cryptoassets] as a monetary surrogate by establishing a direct ban on the transfer or acceptance of [cryptoassets] as a counter provision for goods transferred, work performed and/or services rendered.”
Crypto advocates are still facing an uphill struggle in Russia – where MPs are expected to vote in favor of a proposal that would ban the use of “monetary surrogates” as a form of payment. And it appears that crypto miners are yet to persuade the influential Central Bank Governor Elvira Nabiullina that their industry should not be banned.
A measure tabled by Anatoly Aksakov, the State Duma’s Chairman of the Financial Markets Committee, will be debated in parliament in the coming days – and is expected to pass unhindered. The bill effectively seeks to clarify existing legislation from 2020 that forbids the use of crypto in payments and settlements.
An explanatory document provided with the new draft law reads:
“The ruble is the official [currency] of the Russian Federation. [This measure] introduces a prohibition against the introduction of other monetary [items] or monetary surrogates on Russian territory. […]. The draft law introduces changes aimed at eliminating the indicated risks of using [cryptoassets] as a monetary surrogate by establishing a direct ban on the transfer or acceptance of [cryptoassets] as a counter provision for goods transferred, work performed and/or services rendered.”
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Bitcoin's real energy use questioned as Ethereum founder criticizes BTC.
A founding member of Ethereum has claimed that Bitcoin uses nearly 1% of the world’s electricity, but different sources put it substantially lower.
The ever-raging debate around Bitcoin’s energy consumption has been re-ignited, with founding member of Ethereum Anthony Donofrio claiming that Bitcoin is using “way too much” energy.
According to figures from Digiconomist, Bitcoin (BTC) currently uses 0.82% of the world’s power while Ethereum (ETH) uses 0.34%. Ethereum researcher Justin Drake posted the figures to his 56,000 followers that Donofrio retweeted, stating:
Ethereum proponents are attempting to take shots at Bitcoin while simultaneously promoting Ethereum’s upcoming transition to proof-of-stake. Drake added another tweet moments later that read: “Ethereum post-merge: 0.000% of world.”
However, the validity of the figures are in doubt.
Even Drake was forced to acknowledge alternative sources of data in a later tweet, which estimated energy consumption figures at nearly 60% lower.
Data sourced from Digiconomist, which markets itself as a platform that “exposes the unintended consequences of digital trends,” has drawn criticism from blockchain industry professionals in the past. The most notable of these is fellow Ethereum developer Josh Stark, who called out the publication for frequently presenting the worst-case scenario when it comes to blockchain technology.
In November last year, Stark published a Twitter thread that questioned the accuracy of Digiconimist’s research methodology. Stark pointed out that almost all of the figures concerning blockchain power consumption were at the “very high end” of any theoretical outcome, especially when compared to more rigorous sources like the University of Cambridge.
Where Digiconomist claims that Bitcoin currently consumes 204 terawatt hours (TWh) worth of electricity per year, the University of Cambridge’s Bitcoin Electricity Consumption Index estimates that Bitcoin’s real consumption is much closer to 125 TWh, a 39% difference.
While it may be a well-known fact that Bitcoin’s proof-of-work consensus mechanism is an energy-consuming process, the discussion around just how much power the Bitcoin network actually uses remains a hot-button issue.
A founding member of Ethereum has claimed that Bitcoin uses nearly 1% of the world’s electricity, but different sources put it substantially lower.
The ever-raging debate around Bitcoin’s energy consumption has been re-ignited, with founding member of Ethereum Anthony Donofrio claiming that Bitcoin is using “way too much” energy.
According to figures from Digiconomist, Bitcoin (BTC) currently uses 0.82% of the world’s power while Ethereum (ETH) uses 0.34%. Ethereum researcher Justin Drake posted the figures to his 56,000 followers that Donofrio retweeted, stating:
Ethereum proponents are attempting to take shots at Bitcoin while simultaneously promoting Ethereum’s upcoming transition to proof-of-stake. Drake added another tweet moments later that read: “Ethereum post-merge: 0.000% of world.”
However, the validity of the figures are in doubt.
Even Drake was forced to acknowledge alternative sources of data in a later tweet, which estimated energy consumption figures at nearly 60% lower.
Data sourced from Digiconomist, which markets itself as a platform that “exposes the unintended consequences of digital trends,” has drawn criticism from blockchain industry professionals in the past. The most notable of these is fellow Ethereum developer Josh Stark, who called out the publication for frequently presenting the worst-case scenario when it comes to blockchain technology.
In November last year, Stark published a Twitter thread that questioned the accuracy of Digiconimist’s research methodology. Stark pointed out that almost all of the figures concerning blockchain power consumption were at the “very high end” of any theoretical outcome, especially when compared to more rigorous sources like the University of Cambridge.
Where Digiconomist claims that Bitcoin currently consumes 204 terawatt hours (TWh) worth of electricity per year, the University of Cambridge’s Bitcoin Electricity Consumption Index estimates that Bitcoin’s real consumption is much closer to 125 TWh, a 39% difference.
While it may be a well-known fact that Bitcoin’s proof-of-work consensus mechanism is an energy-consuming process, the discussion around just how much power the Bitcoin network actually uses remains a hot-button issue.
Almost $100M exits US crypto funds in anticipation of hawkish monetary policy.
“What has pushed Bitcoin into a ‘crypto winter’ over the last six months can by and large be explained as a direct result of an increasingly hawkish rhetoric from the US Federal Reserve,” CoinShares wrote.
Institutional investors offloaded $101.5 million worth of digital asset products last week in “anticipation of hawkish monetary policy” from the United States Federal Reserve, according to CoinShares.
U.S. inflation rates hit 8.6% year-on-year at the end of May, marking a return to levels not seen since 1981. As a result, the market is expecting the Fed to take considerable action to reel in inflation, with some traders pricing in three more 0.5% rate hikes by October.
According to the latest edition of CoinShares’ weekly “Digital Asset Fund Flows” report, the outflows between June 6 and June 10 were primarily led by investors from the Americas at $98 million, while Europe accounted for just $2 million.
Products offering exposure to crypto’s top two assets, Bitcoin (BTC) and Ether (ETH), accounted for nearly all outflows at $56.8 million and $40.7 million a piece. The month-to-date figures also paint a grim figure at $91.1 million worth of outflows for BTC products and $72.3 million in total outflows for ETH products:
“What has pushed Bitcoin into a ‘crypto winter’ over the last six months can by and large be explained as a direct result of an increasingly hawkish rhetoric from the US Federal Reserve.”
While CoinShares suggested that Bitcoin has been pushed into a crypto winter, the year-to-date (YTD) inflows for BTC investment products still stand at $450.8 million. In comparison, funds offering exposure to ETH have seen hefty year-to-date outflows of $386.5 million, suggesting the sentiment amongst institutional investors still heavily favors digital gold.
The report also highlighted that the total assets under management (AUM) for Ether funds have “fallen from its peak of US$23bn in November 2021 to US$8.7bn” as of last week.
Notably, it appears that the institutional investors offloaded their BTC and ETH products before most of the latest price carnage happened to both assets.
According to data from CoinGecko, between June 6 and June 10, the price of BTC and ETH dropped 4.7% and 5.9% each. However, since June 11, BTC and ETH have plunged around 25.7% and 33.2%, respectively.
“What has pushed Bitcoin into a ‘crypto winter’ over the last six months can by and large be explained as a direct result of an increasingly hawkish rhetoric from the US Federal Reserve,” CoinShares wrote.
Institutional investors offloaded $101.5 million worth of digital asset products last week in “anticipation of hawkish monetary policy” from the United States Federal Reserve, according to CoinShares.
U.S. inflation rates hit 8.6% year-on-year at the end of May, marking a return to levels not seen since 1981. As a result, the market is expecting the Fed to take considerable action to reel in inflation, with some traders pricing in three more 0.5% rate hikes by October.
According to the latest edition of CoinShares’ weekly “Digital Asset Fund Flows” report, the outflows between June 6 and June 10 were primarily led by investors from the Americas at $98 million, while Europe accounted for just $2 million.
Products offering exposure to crypto’s top two assets, Bitcoin (BTC) and Ether (ETH), accounted for nearly all outflows at $56.8 million and $40.7 million a piece. The month-to-date figures also paint a grim figure at $91.1 million worth of outflows for BTC products and $72.3 million in total outflows for ETH products:
“What has pushed Bitcoin into a ‘crypto winter’ over the last six months can by and large be explained as a direct result of an increasingly hawkish rhetoric from the US Federal Reserve.”
While CoinShares suggested that Bitcoin has been pushed into a crypto winter, the year-to-date (YTD) inflows for BTC investment products still stand at $450.8 million. In comparison, funds offering exposure to ETH have seen hefty year-to-date outflows of $386.5 million, suggesting the sentiment amongst institutional investors still heavily favors digital gold.
The report also highlighted that the total assets under management (AUM) for Ether funds have “fallen from its peak of US$23bn in November 2021 to US$8.7bn” as of last week.
Notably, it appears that the institutional investors offloaded their BTC and ETH products before most of the latest price carnage happened to both assets.
According to data from CoinGecko, between June 6 and June 10, the price of BTC and ETH dropped 4.7% and 5.9% each. However, since June 11, BTC and ETH have plunged around 25.7% and 33.2%, respectively.
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Sweeping layoffs, hiring and firing as crypto prices take a massive downturn.
Brutal economic conditions coupled with dramatically falling crypto prices have led to massive layoffs within the blockchain industry.
Many in the crypto world have been glued to their screens with eyes dead set on financial conditions this week. That isn’t the case for everyone though, as thousands are suddenly experiencing thewoes of sudden unemployment.
Words of encouragement and sympathy also poured out across Twitter and LinkedIn consoling individuals released from their responsibilities. Some expressed frustration, confusion and anger while others expressed gratitude, renewed vision and reflections.
As recently laid-off talent takes to social media to let the world know, multiple companies have stood up to offer job interviews to those in distress.
Binance has been vocal across social media, offering two thousand jobs to replace the thousands that were recently dissolved. The company's CEO and president Changpeng Zhao, or CZ, provided additional support to the freshly made available talent pool.
CZ went on to say, “While lots of projects and exchanges are going to struggle through the bear market, many will come back stronger than before. Those that fail honestly, will start new projects and bring critical learnings from this experience. This is how an industry grows.”
Ripple (XRP) also offered opportunities via a tweet sent from their CEO, Brad Garlinghouse.
Crypto exchange Kraken stepped in offering somewhat conditional employment opportunities. A thirty-two-page manifesto outlining the company's culture was released for interested parties looking to join the company.
Several other companies sent out tweets offering fresh employment opportunities as well.
Rob Behnke, CEO of Halborn Security, tweeted with fully remote opportunities in marketing, sales, security engineering and HR.
In recent days, token prices have taken a dive, investment firms and exchanges are facing insolvency, and Bitcoin’s support at $23,000 continues to waiver with some even eyeing $8,000 as the incoming low. Many portfolios are deep red as scores of investors look to hedge their tax losses as a means to aid in numbing their financial pain.
Brutal economic conditions coupled with dramatically falling crypto prices have led to massive layoffs within the blockchain industry.
Many in the crypto world have been glued to their screens with eyes dead set on financial conditions this week. That isn’t the case for everyone though, as thousands are suddenly experiencing thewoes of sudden unemployment.
Words of encouragement and sympathy also poured out across Twitter and LinkedIn consoling individuals released from their responsibilities. Some expressed frustration, confusion and anger while others expressed gratitude, renewed vision and reflections.
As recently laid-off talent takes to social media to let the world know, multiple companies have stood up to offer job interviews to those in distress.
Binance has been vocal across social media, offering two thousand jobs to replace the thousands that were recently dissolved. The company's CEO and president Changpeng Zhao, or CZ, provided additional support to the freshly made available talent pool.
CZ went on to say, “While lots of projects and exchanges are going to struggle through the bear market, many will come back stronger than before. Those that fail honestly, will start new projects and bring critical learnings from this experience. This is how an industry grows.”
Ripple (XRP) also offered opportunities via a tweet sent from their CEO, Brad Garlinghouse.
Crypto exchange Kraken stepped in offering somewhat conditional employment opportunities. A thirty-two-page manifesto outlining the company's culture was released for interested parties looking to join the company.
Several other companies sent out tweets offering fresh employment opportunities as well.
Rob Behnke, CEO of Halborn Security, tweeted with fully remote opportunities in marketing, sales, security engineering and HR.
In recent days, token prices have taken a dive, investment firms and exchanges are facing insolvency, and Bitcoin’s support at $23,000 continues to waiver with some even eyeing $8,000 as the incoming low. Many portfolios are deep red as scores of investors look to hedge their tax losses as a means to aid in numbing their financial pain.
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Deloitte and NYDIG set up alliance to help businesses adopt Bitcoin.
Deloitte wants to enable blockchain and digital asset-based services across many areas involving Bitcoin products like banking, rewards programs and others.
Professional services giant Deloitte is getting increasingly serious about Bitcoin (BTC) amid the ongoing market downturn, setting up a major initiative to promote BTC adoption.
Deloitte has partnered with the Bitcoin-focused financial services firm, New York Digital Investment Group (NYDIG), to help companies of all sizes implement digital assets.
According to a joint announcement on Monday, NYDIG and Deloitte are launching a strategic alliance to create a centralized approach for clients seeking advice to adopt Bitcoin products and services.
The companies will work together to enable blockchain and digital asset-based services across multiple areas involving Bitcoin-related products, including banking, loyalty and rewards programs, employee benefits and others.
According to the announcement, global financial institutions and banks have been facing an increasing demand to provide trusted exposure to Bitcoin. The alliance between Deloitte and NYDIG aims to help accelerate adoption while ensuring compliance, Deloitte's digital assets banking regulatory practice lead Richard Rosenthal said, adding:
"The future of financial services will center around the use of digital assets, and we are focused on advising our clients on ways to engage in a regulated and compliant way.”
Rosenthal told Cointelegraph that the partnership became active on June 21. The launch comes amid a major drop in cryptocurrency prices, with Bitcoin losing about 50% of its value since the beginning of 2022. "We take a longer view and expect that many companies will continue to build out their own digital asset infrastructure and products," the executive noted.
The news comes months after NYDIG launched a benefits program allowing employees to convert a portion of their paychecks into Bitcoin in February 2022. The company previously raised $1 billion in equity investment in late 2021, bringing NYDIG’s valuation to roughly $7 billion.
Deloitte wants to enable blockchain and digital asset-based services across many areas involving Bitcoin products like banking, rewards programs and others.
Professional services giant Deloitte is getting increasingly serious about Bitcoin (BTC) amid the ongoing market downturn, setting up a major initiative to promote BTC adoption.
Deloitte has partnered with the Bitcoin-focused financial services firm, New York Digital Investment Group (NYDIG), to help companies of all sizes implement digital assets.
According to a joint announcement on Monday, NYDIG and Deloitte are launching a strategic alliance to create a centralized approach for clients seeking advice to adopt Bitcoin products and services.
The companies will work together to enable blockchain and digital asset-based services across multiple areas involving Bitcoin-related products, including banking, loyalty and rewards programs, employee benefits and others.
According to the announcement, global financial institutions and banks have been facing an increasing demand to provide trusted exposure to Bitcoin. The alliance between Deloitte and NYDIG aims to help accelerate adoption while ensuring compliance, Deloitte's digital assets banking regulatory practice lead Richard Rosenthal said, adding:
"The future of financial services will center around the use of digital assets, and we are focused on advising our clients on ways to engage in a regulated and compliant way.”
Rosenthal told Cointelegraph that the partnership became active on June 21. The launch comes amid a major drop in cryptocurrency prices, with Bitcoin losing about 50% of its value since the beginning of 2022. "We take a longer view and expect that many companies will continue to build out their own digital asset infrastructure and products," the executive noted.
The news comes months after NYDIG launched a benefits program allowing employees to convert a portion of their paychecks into Bitcoin in February 2022. The company previously raised $1 billion in equity investment in late 2021, bringing NYDIG’s valuation to roughly $7 billion.
Hoskinson pitches software-enabled crypto self-regulation to Congress.
Hoskinson feels regulations for the crypto industry should be defined better, but that compliance should come from the industry itself, not from regulatory authorities.
Cardano co-founder Charles Hoskinson has told Congress it should make regulations for crypto but leave compliance up to the software developers.
Hoskinson likened the ideal arrangement for crypto regulation to the way banking self-regulation works during a Thursday congressional hearing, telling legislators, “it’s not the SEC or the CFTC going out there doing KYC-AML, it’s banks:”
“It’s a public-private partnership. What needs to be done is to establish those boundaries, then what we can do as innovators is write software to help make that happen.”
The United States Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) are two of the financial regulators battling over jurisdiction of the crypto industry.
Representative Austin Scott from Georgia posed that neither the SEC nor the CFTC have the manpower to oversee the thousands of cryptocurrencies on the market, saying “it’s not possible to regulate all these currencies.”
Hoskinson replied that the ability of cryptocurrencies to store and transfer data meant they could carry out much of this regulatory work automatically. He also used it as justification for allowing the crypto industry to create self-regulating organizations (SRO) to guide regulatory compliance like the private banking industry does.
Hoskinson suggested that the industry could create a “self-certification system” that could automatically monitor compliance until an anomaly is encountered, at which point a financial authority would review it.
Further illustrating why manpower should not be a concern for crypto regulation, Hoskinson hypothesized that even quadrupling the size of the Internal Revenue Service (IRS) would not be enough to audit every American.
Rather, Hoskinson told Scott that cryptocurrencies can be programmed to prevent transaction settlements until legally-mandated checks are performed.
Hoskinson feels regulations for the crypto industry should be defined better, but that compliance should come from the industry itself, not from regulatory authorities.
Cardano co-founder Charles Hoskinson has told Congress it should make regulations for crypto but leave compliance up to the software developers.
Hoskinson likened the ideal arrangement for crypto regulation to the way banking self-regulation works during a Thursday congressional hearing, telling legislators, “it’s not the SEC or the CFTC going out there doing KYC-AML, it’s banks:”
“It’s a public-private partnership. What needs to be done is to establish those boundaries, then what we can do as innovators is write software to help make that happen.”
The United States Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) are two of the financial regulators battling over jurisdiction of the crypto industry.
Representative Austin Scott from Georgia posed that neither the SEC nor the CFTC have the manpower to oversee the thousands of cryptocurrencies on the market, saying “it’s not possible to regulate all these currencies.”
Hoskinson replied that the ability of cryptocurrencies to store and transfer data meant they could carry out much of this regulatory work automatically. He also used it as justification for allowing the crypto industry to create self-regulating organizations (SRO) to guide regulatory compliance like the private banking industry does.
Hoskinson suggested that the industry could create a “self-certification system” that could automatically monitor compliance until an anomaly is encountered, at which point a financial authority would review it.
Further illustrating why manpower should not be a concern for crypto regulation, Hoskinson hypothesized that even quadrupling the size of the Internal Revenue Service (IRS) would not be enough to audit every American.
Rather, Hoskinson told Scott that cryptocurrencies can be programmed to prevent transaction settlements until legally-mandated checks are performed.
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Catalonia is building its own metaverse, says innovation minister.
The government is hoping to make Barcelona a digital hub by offering various skills programs to university students and boot camps to cultivate talent.
Catalonian director-general of innovation Daniel Macro discussed some of the key efforts that the government has taken and worked on to make the region a digital hub in an exclusive interview with Cointelegraph’s managing editor Alex Cohen. Macro’s comments came during the European Blockchain Convention (EBC) 2022.
Macro said the COVID-19 pandemic over the past two years has really helped in propagating the idea of the digital economy, which is a part of the main economy. He went on to cite the example of Europe which has moved to digitize the energy deal and several other digital deals.
Macro took the charge as the director of the SmartCatalonia Government Strategy in 2014, overseeing the initiative to make Catalonia a "Smart Country" of note on the global stage. And with the advent of blockchain technology and metaverse, the minister is working towards creating a fully digital economy inspired by the physical world.
He revealed that the government is working towards building a Catalonian metaverse called Cataverse. He explained:
“Cataverse will be linked to the Catalan language and the Catalan culture. That is what we want to have in this metaverse, that Catalan entities that are doing things for the culture can do that in the metaverse .”
The Catalonian Innovation minister went on to shed light on the government's plans to make Barcelona the digital hub. He said a lot would depend on the talent and the government has passed several policies and university programs to cultivate that talent among the young. He said:
“We have very strong policies to generate talent that are from university but also we are skilling programs like boot camps and other activities a lot because we need different profiles.”
He added that the government is trying to get the mix of both i.e. cultivate new talent and attract more business with a friendly working environment.
The minister when asked about blockchain projects that tourists can interact with in Barcelona, cited the example of a project focused on personal healthcare and a few others based on public transport.
The government is hoping to make Barcelona a digital hub by offering various skills programs to university students and boot camps to cultivate talent.
Catalonian director-general of innovation Daniel Macro discussed some of the key efforts that the government has taken and worked on to make the region a digital hub in an exclusive interview with Cointelegraph’s managing editor Alex Cohen. Macro’s comments came during the European Blockchain Convention (EBC) 2022.
Macro said the COVID-19 pandemic over the past two years has really helped in propagating the idea of the digital economy, which is a part of the main economy. He went on to cite the example of Europe which has moved to digitize the energy deal and several other digital deals.
Macro took the charge as the director of the SmartCatalonia Government Strategy in 2014, overseeing the initiative to make Catalonia a "Smart Country" of note on the global stage. And with the advent of blockchain technology and metaverse, the minister is working towards creating a fully digital economy inspired by the physical world.
He revealed that the government is working towards building a Catalonian metaverse called Cataverse. He explained:
“Cataverse will be linked to the Catalan language and the Catalan culture. That is what we want to have in this metaverse, that Catalan entities that are doing things for the culture can do that in the metaverse .”
The Catalonian Innovation minister went on to shed light on the government's plans to make Barcelona the digital hub. He said a lot would depend on the talent and the government has passed several policies and university programs to cultivate that talent among the young. He said:
“We have very strong policies to generate talent that are from university but also we are skilling programs like boot camps and other activities a lot because we need different profiles.”
He added that the government is trying to get the mix of both i.e. cultivate new talent and attract more business with a friendly working environment.
The minister when asked about blockchain projects that tourists can interact with in Barcelona, cited the example of a project focused on personal healthcare and a few others based on public transport.
Basel Committee wants to limit banks' digital asset exposure to just 1% of equity.
Volatile cryptocurrencies such as Bitcoin would also be subjected to a 1,250% risk premium.
On Thursday, the Basel Committee on Banking Supervision suggested during its second consultation on the prudential treatment of crypto-asset exposures that banks limit their exposure to so-called Group 2 crypto assets to just 1% of their Tier 1 capital.
Group 1 digital assets consist of tokenized traditional assets, such as synthetic stocks, or those with effective stabilization mechanisms, such as regulated stablecoins. Under the new proposal, Group 1 digital assets would be subject to at least equivalent risk-based capital requirements as traditional capital assets within the current capital framework, Basel III.
However, cryptocurrencies that do not meet the above requirements will be classified as Group 2 digital assets, which would theoretically include major non-stablecoin, non-tokenized cryptocurrencies like Bitcoin (BTC) and most altcoins. Therefore, banks would only be able to commit 1% of their total equity or net asset value in either long or short positions toward Group 2 digital assets.
Moreover, the Basel Committee is considering banks adopting a 1,250% risk premium for Group 2 digital assets. In comparison, stocks typically have a 20% to 150% risk premium attached to their nominal values, depending on the company's credit rating. Under Basel III, a bank's risk-weighted assets must not surpass 10.5% of its Tier 1 capital for prudent leverage.
The move would likely severely constrain banks' ability to purchase volatile cryptocurrency in the future as, for the sake of argument, a bank would need to add $125 million worth of risk-weighted assets to its portfolio for every $10 million in Bitcoin purchased, making them far less lucrative than assets with less risk-weighting premiums. Basel III is an international regulatory accord that nearly all financial institutions in developed countries must abide by and is enforced by law.
Volatile cryptocurrencies such as Bitcoin would also be subjected to a 1,250% risk premium.
On Thursday, the Basel Committee on Banking Supervision suggested during its second consultation on the prudential treatment of crypto-asset exposures that banks limit their exposure to so-called Group 2 crypto assets to just 1% of their Tier 1 capital.
Group 1 digital assets consist of tokenized traditional assets, such as synthetic stocks, or those with effective stabilization mechanisms, such as regulated stablecoins. Under the new proposal, Group 1 digital assets would be subject to at least equivalent risk-based capital requirements as traditional capital assets within the current capital framework, Basel III.
However, cryptocurrencies that do not meet the above requirements will be classified as Group 2 digital assets, which would theoretically include major non-stablecoin, non-tokenized cryptocurrencies like Bitcoin (BTC) and most altcoins. Therefore, banks would only be able to commit 1% of their total equity or net asset value in either long or short positions toward Group 2 digital assets.
Moreover, the Basel Committee is considering banks adopting a 1,250% risk premium for Group 2 digital assets. In comparison, stocks typically have a 20% to 150% risk premium attached to their nominal values, depending on the company's credit rating. Under Basel III, a bank's risk-weighted assets must not surpass 10.5% of its Tier 1 capital for prudent leverage.
The move would likely severely constrain banks' ability to purchase volatile cryptocurrency in the future as, for the sake of argument, a bank would need to add $125 million worth of risk-weighted assets to its portfolio for every $10 million in Bitcoin purchased, making them far less lucrative than assets with less risk-weighting premiums. Basel III is an international regulatory accord that nearly all financial institutions in developed countries must abide by and is enforced by law.
BlockFi announces deal with FTX US, including 'option to acquire' for $240M.
According to CEO Zac Prince, BlockFi signed agreements with FTX US totaling $680 million — for a company that had a $5 billion valuation in June 2021.
FTX US has inked a deal with BlockFi that will give the crypto derivatives exchange the option to purchase the lending firm.
In a Friday Twitter thread, BlockFi CEO Zac Prince said the crypto lending firm had signed agreements with FTX US for a $400-million revolving credit facility as well as the option to acquire BlockFi “at a variable price of up to $240 million based on performance triggers.” According to the CEO, the deal was reached as part of an effort “to bolster liquidity and protect client funds” at BlockFi.
The agreements are still subject to shareholder approval. Prince said volatility in the crypto market, “particularly market events related to Celsius and 3AC,” which had a negative impact on BlockFi, led to the decision. The crypto lending platform suffered roughly $80 million in losses the week following Celsius pausing withdrawals, and, after considering “various unattractive options” for recovery, partnered with FTX US.
“All of our products and services — including funding and withdrawals, our trading platform, credit card and global institutional services — continue to operate normally, with incremental capital strength behind them,” said Prince.
In a Friday blog post, BlockFi criticized reports from Thursday claiming FTX intended to purchase the firm for $25 million. According to the CEO, the $400 million credit facility, $240 million acquisition price and “other potential consideration” totaled $680 million — for a company that had a $5 billion valuation in June 2021. Prince hinted the report was due to “an inappropriately leaked call” and “purely personal conjecture by a single party.”
BlockFi was one of the first firms to liquidate some of Three Arrows Capital's positions in June after the company reportedly failed to meet margin calls from its lenders. Amid the market downturn and extreme price volatility, the crypto lending firm announced that it would be laying off 20% of its 850-strong staff, retaining roughly 600 people. It’s unclear if a FTX US acquisition would change this decision.
According to CEO Zac Prince, BlockFi signed agreements with FTX US totaling $680 million — for a company that had a $5 billion valuation in June 2021.
FTX US has inked a deal with BlockFi that will give the crypto derivatives exchange the option to purchase the lending firm.
In a Friday Twitter thread, BlockFi CEO Zac Prince said the crypto lending firm had signed agreements with FTX US for a $400-million revolving credit facility as well as the option to acquire BlockFi “at a variable price of up to $240 million based on performance triggers.” According to the CEO, the deal was reached as part of an effort “to bolster liquidity and protect client funds” at BlockFi.
The agreements are still subject to shareholder approval. Prince said volatility in the crypto market, “particularly market events related to Celsius and 3AC,” which had a negative impact on BlockFi, led to the decision. The crypto lending platform suffered roughly $80 million in losses the week following Celsius pausing withdrawals, and, after considering “various unattractive options” for recovery, partnered with FTX US.
“All of our products and services — including funding and withdrawals, our trading platform, credit card and global institutional services — continue to operate normally, with incremental capital strength behind them,” said Prince.
In a Friday blog post, BlockFi criticized reports from Thursday claiming FTX intended to purchase the firm for $25 million. According to the CEO, the $400 million credit facility, $240 million acquisition price and “other potential consideration” totaled $680 million — for a company that had a $5 billion valuation in June 2021. Prince hinted the report was due to “an inappropriately leaked call” and “purely personal conjecture by a single party.”
BlockFi was one of the first firms to liquidate some of Three Arrows Capital's positions in June after the company reportedly failed to meet margin calls from its lenders. Amid the market downturn and extreme price volatility, the crypto lending firm announced that it would be laying off 20% of its 850-strong staff, retaining roughly 600 people. It’s unclear if a FTX US acquisition would change this decision.
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British investment managers call for the blockchain-traded funds' approval.
The Investment Association believes the new technology will bring significant cost savings for end investors.
The Investment Association, a trade body representing British investment managers, is speeding up the approval of blockchain-traded funds with digital tokens substituting traditional shares by local government and financial regulators.
As the Financial Times reported on Thursday, the trade body is pushing the government to establish a new class of funds employing blockchain technology and create a new task force to examine how distributed ledger technology could accelerate the creation of new products and services.
The reasons behind such a push, according to the Investment Association, are the possible significant cost savings for end investors and the simplification of the existing procedures of buying and selling mutual funds.
Investment Association chief executive Chris Cummings urged boosting the competitiveness of the national financial services:
“Greater innovation will boost the overall competitiveness of the UK funds industry and improve the cost, efficiency and quality of the investment experience.”
According to FT, blockchain-traded funds could become available by the end of the second quarter of 2023 if the Financial Conduct Authority (FCA) gives its regulatory approval. As the newspaper adds, a financial technology group, FundAdminChain, is currently collaborating with the London Stock Exchange and four global asset managers to develop live tokenized funds for the British market.
Brian McNulty, CEO at FundAdminChain, revealed that asset managers have realized the potential to generate market-beating returns via tokenization of funds:
“Tokenised funds can deliver more transparency, instant settlement, improvements in data and analytics, which will contribute to a more efficient system for investors but we need regulatory support to ensure that the UK remains competitive with other jurisdictions.”
The Investment Association also lobbies the FCA to regard the possibility of allowing traditional mutual funds to own cryptocurrencies and other digital assets.
The Investment Association believes the new technology will bring significant cost savings for end investors.
The Investment Association, a trade body representing British investment managers, is speeding up the approval of blockchain-traded funds with digital tokens substituting traditional shares by local government and financial regulators.
As the Financial Times reported on Thursday, the trade body is pushing the government to establish a new class of funds employing blockchain technology and create a new task force to examine how distributed ledger technology could accelerate the creation of new products and services.
The reasons behind such a push, according to the Investment Association, are the possible significant cost savings for end investors and the simplification of the existing procedures of buying and selling mutual funds.
Investment Association chief executive Chris Cummings urged boosting the competitiveness of the national financial services:
“Greater innovation will boost the overall competitiveness of the UK funds industry and improve the cost, efficiency and quality of the investment experience.”
According to FT, blockchain-traded funds could become available by the end of the second quarter of 2023 if the Financial Conduct Authority (FCA) gives its regulatory approval. As the newspaper adds, a financial technology group, FundAdminChain, is currently collaborating with the London Stock Exchange and four global asset managers to develop live tokenized funds for the British market.
Brian McNulty, CEO at FundAdminChain, revealed that asset managers have realized the potential to generate market-beating returns via tokenization of funds:
“Tokenised funds can deliver more transparency, instant settlement, improvements in data and analytics, which will contribute to a more efficient system for investors but we need regulatory support to ensure that the UK remains competitive with other jurisdictions.”
The Investment Association also lobbies the FCA to regard the possibility of allowing traditional mutual funds to own cryptocurrencies and other digital assets.
