Seeds of Wisdom RV and Economic Updates Wednesday Afternoon 11-6-24
Good Afternoon Dinar Recaps,
JP MORGAN REBRANDS BLOCKCHAIN UNIT TO KINEXYS
JP Morgan has rebranded its Onyx blockchain unit to Kinexys by JP Morgan. The move was announced today by Umar Farooq, the global co-head of JP Morgan payments during the Singapore Fintech Festival.
As we previously reported, the blockchain platform has executed more than $1.5 trillion in notional value since launch, with current volumes exceeding $2 billion daily. That’s still tiny compared to the $10 trillion in conventional payments that the bank processes daily.
The new name combines the concepts of “kinetic” and “connection”, to reflect the worldwide movement of money, assets and financial information using the efficiencies of DLT.
The highest profile Onyx solution is the blockchain based bank account system, JPM Coin Systems, which enables corporates to move money between JP Morgan accounts in different countries, in real time and 24/7. That is now rebranded to Kinexys Digital Payments. Brevan Howard Digital Assets is a new client of the solution.
Onyx Digital Assets, now Kinexys Digital Assets, is an umbrella for multiple solutions that include intraday repo, tokenized collateral and bond issuance. Singapore’s OCBC is the latest bank to start using the repo solution.
Onyx’s first product was Liink, the blockchain based payments messaging network that enables sharing of data about conventional payments to reduce delays because of compliance of other queries. It is renamed to Kinexys Liink.
One of the most logical moves is the rebranding of the slightly awkward sounding Blockchain Launch to Kinexys Labs.
In other news, the unit is planning to support foreign exchange as part of Kinexys Digital Payments. JP Morgan was previously involved in DeFi-style FX trials using automated market makers as part of one of the first Singapore Project Guardian tests.
Additionally, Kinexys Digital Assets and Kinexys Labs is running a proof of concept for on-chain privacy, identity and composability.
Why rebrand?
The bank is spinning the rebrand as a positive step, as one would expect. However, the trigger is likely trademark issues. Given Onyx is a generic word, it would encounter potential challenges.
A company that was already using the name might have objected to trademark applications or even alleged infringement.
Last June the bank applied for trademarks for Onyx Digital Payments and Onyx Digital Assets.
The records show the U.S. Patent and Trademark Office (USPTO) examiner sent initial refusals for the trademarks on various grounds, including partial overlaps with existing trademarks for similar use cases and other applications that pre-dated these applications. Given JP Morgan’s lawyers didn’t respond, the applications were treated as abandoned.
There’s also an OnyxCoin, as in a cryptocurrency, something the bank would likely not want to be confused with.
@ Newshounds News™
Source: Ledger Insights
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REPUBLICAN SENATE MAJORITY SIGNALS MORE ‘PRO-CRYPTO CONGRESS’
A Republican-led Senate is poised to pass clearer crypto regulations, signaling a shift toward industry-friendly policies in the US.
The Republican Party has secured majority control of the United States Senate, offering a promising outlook for cryptocurrency regulations in the world’s largest economy.
Republicans took control after securing key Senate seats in Ohio and West Virginia, according to the Associated Press.
Over 240 pro-crypto candidates were elected to the House of Representatives and Senate in a “historic achievement” for clear crypto regulations in the US, according to Anastasija Plotnikova, the CEO and co-founder of Fideum, a regulatory and blockchain infrastructure firm focused on institutions.
Plotnikova told Cointelegraph:
“It paves the way for harmonized crypto regulations that will drive innovation, boost competition and incentivize talent to return. The US crypto industry worked for years to make this happen, and I eagerly await seeing the deliverables implemented.”
A Republican-led Senate, paired with a presidential administration that supports crypto, could lead to innovation-friendly regulations. This could help the US regain ground as a global leader, particularly as Europe moves closer to implementing its comprehensive regulatory framework, the Markets in Crypto-Assets Regulation (MiCA) bill, by the end of 2024.
Lighter regulations and more oversight for CFTC
A Republican Senate may finally bring clarity to US crypto regulations, according to Anndy Lian, author and intergovernmental blockchain expert.
He told Cointelegraph:
“The Republican focus on reducing government oversight could lead to a lighter regulatory touch, which would be a win for the industry […] A Republican Senate could mean fewer aggressive anti-crypto moves and more opportunities for open discussions about how to support innovation.”
The new Senate may review delayed business-friendly bills like the Digital Commodities Consumer Protection Act, which would grant the Commodity Futures Trading Commission (CFTC) exclusive jurisdiction over digital asset trading, Lian added.
The crypto industry is also hoping to see the approval of the Bitcoin Act, championed by Wyoming Republican Senator Cynthia Lummis. The bill proposes the creation of a strategic Bitcoin reserve for the US, making it the first nation to use it as a “savings technology.”
The bill cited the US’ “soaring inflation rates” and the national debt reaching “unprecedented heights” as reasons for the adoption of Bitcoin reserves to bolster the country’s balance sheet.
Republican Senate to change SEC oversight over crypto industry?
Controlling the Senate is at least as important for the future of crypto regulations as the president, according to James Davies, CEO of Crypto Valley Exchange.
This could significantly change the Securities and Exchange Commission’s oversight of the crypto space, Davies told Cointelegraph:
“This shift changes SEC oversight, which has proven to be as impactful as, if not more than, the SEC chair […] Now we await public announcements from Trump on SEC nominations to fulfill his promises to the US crypto community that supported him.”
Davies said he hopes that Chris Giancarlo, former CFTC chair, will be nominated for Gensler’s seat at the SEC.
The crypto industry sees the 2024 presidential elections as a net positive. Coinbase co-founder and CEO Brian Armstrong said it was “America’s most pro-crypto Congress ever,” which will facilitate more explicit crypto regulations.
@ Newshounds News™
Source: CoinTelegraph
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Source: Seeds of Wisdom Team RV Currency Facts
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