Seeds of Wisdom RV and Economic Updates Tuesday Afternoon 10-8-24
Good Afternoon Dinar Recaps,
CRYPTO.COM FILES SUIT AGAINST SEC AFTER GETTING WELLS NOTICE
▪️Firm warned about operating as an unregistered broker-dealer
▪️Notice is the latest in a string of enforcement actions
Crypto.com filed a lawsuit against the US Securities and Exchange Commission after receiving a Wells Notice indicating the regulator’s intention to sue the digital-asset exchange for operating as an unregistered broker-dealer and securities clearing agency.
The lawsuit contends that the regulator has “unilaterally expanded its jurisdiction beyond statutory limits and separately that the SEC has established an unlawful rule that trades in nearly all crypto assets are securities transactions no matter how they are sold,” according to a statement Tuesday.
The SEC does not comment on the existence or nonexistence of a possible investigation, an agency spokesperson said.
The notice represents the latest in a string of enforcement actions brought by the SEC against the crypto industry in recent years. Companies including Kraken, Coinbase, Consensys and Uniswap have all been targets of such notices or lawsuits in the past, with some still engaged in legal proceedings.
“The SEC’s unauthorized overreach and unlawful rulemaking regarding crypto must stop,” Crypto.com Chief Executive Officer Kris Marszalek wrote on social media platform X.
Crypto.com, which is formally named Foris DAX Inc., declined to comment further on the lawsuit. Crypto.com was founded in 2016 in Hong Kong and rebranded to Crypto.com in 2018 after a purchase of the domain. Marszalek said in an interview with Bloomberg earlier this year that its platform has more than 80 million registered users. CRYPTO.COM
The lawsuit seeks to prevent the SEC from “unlawfully expanding its jurisdiction to cover secondary-market sales of certain network tokens sold on Crypto.com’s platform.” CRO, Crypto.com’s token, fell 7.6%, according to data from tracker CoinGecko.
The firm’s Crypto.com Derivatives North America unit also filed a petition with the Commodities Futures Trading Commission and SEC seeking to confirm by joint interpretation that certain crypto derivative products are solely regulated by the CFTC.
“It’s not surprising to see many crypto businesses turning the tables and preemptively suing the SEC,” Michael Selig, partner at Willkie Farr & Gallagher LLP, wrote on X, commenting on Crypto.com’s lawsuit.
@ Newshounds News™
Source: Bloomberg
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IN AN EU FIRST, TOKENIZATION FIRM MIDAS OPENS MTBILL AND MBASIS TOKENS TO RETAIL TRADERS
▪️Midas’ onchain mTBILL and mBASIS tokens will be the first such real-world asset trading vehicles available to non-accredited investors.
▪️The tokenization firm received regulatory approval from Liechtenstein’s Financial Market Authority to open these funds to retail traders.
Tokenization protocol Midas is launching what it calls the “first suite of internet-native investment products” after opening access to its onchain mTBILL and mBASIS tokens to non-accredited investors.
In short, this makes Midas’ real-world asset (RWA) tokens the only regulated crypto vehicles in Europe not subject to a minimum investment of $100,000.
“After a year-long process involving audits, a registration and notification with various European regulations, we received approval for our product offerings,” Midas co-founder Dennis Dinkelmeyer told The Block in an interview. “Today, these are the only regulatory-compliant stablecoin yield products for retail investors across Europe.”
Midas, a startup that raised $8.75 million in a round led by Framework Ventures, BlockTower and HV Capital earlier this year, runs two tokenization projects: 1. involving U.S. Treasury bills (i.e. mTBILL) and 2. a yield-bearing carry trade (mBASIS). Both received regulatory approval from Liechtenstein's Financial Market Authority.
The tokenization space, projected to grow into a multi-trillion dollar industry in the coming years, is currently dominated by products offering exposure to U.S. government debt. Some $2.3 billion worth of onchain T-bills has been issued to date.
Dinkelmeyer says the startup works directly with BlackRock on its mTBILL product, which has so far attracted $5 million in deposits and currently yields around 5%. The vehicle uses BlackRock’s BUIDL fund as collateral but only supports stablecoins like USDC for issuance and redemption today.
“BlackRock itself is limited to institutional investors with a min of $5 million in assets. We can target retail with our regulatory approval,” Dinkelmeyer said. “In essence, we've just digitized the same old barriers that exist in traditional finance which defeat the point of tokenization.”
The same is true for Midas’ mBASIS token, which deploys an actively managed, market-neutral trading strategy using bitcoin, ether and “top altcoins” called a basis trade. Also called a carry trade, as seen in Ethena's USDe "synthetic dollar," the strategy capitalizes on the arbitrage opportunity that opens up when futures prices exceed spot prices.
@ Newshounds News™
Source: The Block
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XSGD, SINGAPORE’S FIRST DOLLAR-BACKED STABLECOIN, LAUNCHES ON BITSTAMP TO POWER GLOBAL CROSS-BORDER PAYMENTS
▪️Bitstamp has listed a Singapore Dollar-pegged stablecoin, XSGD, for the first time
▪️The partnership between StraitsX and Bitstamp means users can now seamlessly send and receive the SGD-backed stablecoin across borders with confidence
StraitsX, the pioneering payments infrastructure for the digital assets space in Southeast Asia, has today announced the listing of XSGD, its Singapore dollar-pegged stablecoin, on Bitstamp, the world’s longest-running cryptocurrency exchange.
This strategic partnership marks a significant step forward in enabling the mass adoption of XSGD across global markets, and sets a new benchmark for stable, efficient, and secure digital currency transactions. XSGD, backed 1:1 to the Singapore dollar (SGD) and fully backed by reserve assets, offers unparalleled transparency and stability for users in global markets.
Unlocking Global Cross-Border Payment Flows
Stablecoins like XSGD are rapidly emerging as the preferred solution for on-chain cross-border payments, providing a secure and efficient alternative to traditional financial systems.
With the listing of XSGD on Bitstamp, users can now seamlessly send and receive SGD-backed stablecoins across borders with confidence. This development addresses the demand for faster, more cost-effective global transactions, reducing the complexities of conventional financial systems.
XSGD will drive digital asset adoption and accelerate innovation in cross-border payments.
XSGD will be available via Bitstamp globally, except in US and EU countries.
“The listing of XSGD on Bitstamp is a pivotal moment in our mission to bring StraitsX’s stablecoins to the global stage. By improving liquidity and accessibility, we are enabling faster, more transparent, efficient, and cost-effective on-chain cross-border payment flows. This will transform how individuals and businesses transact internationally, unlocking new opportunities for financial inclusion and global trade,” said Jason Tay, Head of Commercial at StraitsX.
“We are excited to list XSGD, a stablecoin with immense utility across the APAC region, to our Bitstamp platform. As demand for stable, reliable digital assets continues to grow, the addition of XSGD enhances our platform’s liquidity and provides our global users with a trusted SGD-backed asset.
This further supports the widespread adoption of stablecoins for cross-border payments and other financial transactions worldwide,” said Leonard Hoh, General Manager for APAC at Bitstamp.
Driving Adoption of Stablecoins
The listing of XSGD on Bitstamp highlights StraitsX’s commitment to advancing the digital assets and payments landscape across Southeast Asia and beyond. By combining the speed, transparency, and decentralisation of digital assets with the stability of a fiat-backed asset, XSGD is positioned to drive mass adoption. This trusted and secure stablecoin offers users a reliable solution for global cross-border payments, making it a pivotal tool for the future of digital transactions.
About StraitsX
StraitsX is the pioneering payments infrastructure for the digital assets space in Southeast Asia. StraitsX is a Major Payment Institution licensed by the Monetary Authority of Singapore and offers personal and business account holders to mint and redeem StraitsX stablecoins, manage payments as well as connect their accounts to digital asset platforms. Business accounts can also access B2B API-enabled payment rails for digital asset platforms.
About Bitstamp
Bitstamp is the world’s longest-standing cryptocurrency exchange, continuously providing safe and open access to crypto since 2011. Bitstamp provides a secure and transparent trading venue to over five million individuals and is the preferred choice for a range of institutional clients seeking a trusted partner to participate in crypto markets. Bitstamp is a sector leader in both security and compliance.
@ Newshounds News™
Source: Crypto News Flash
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🌍 TRUMP VS HARRIS: WHAT’S AT STAKE FOR CRYPTO’S FUTURE? | Youtube
@ Newshounds News™
Source: Seeds of Wisdom Team RV Currency Facts
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Seeds of Wisdom Team RV Currency Facts Youtube and Rumble
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