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IOTA NEARS MAINNET SMART CONTRACTS RELEASE, PAVING PATH FOR POTENTIAL ATH IN 2024

▪️IOTA is set to launch smart contracts on its Layer 1 network this year, with the transition from testnet to the mainnet expected to be swift.

▪️This would enable the L1 network to anchor decentralized applications and support tokenization, which founder Dominik Schiener says is the network’s key target market.

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BIS PROJECT DEMONSTRATES AUTOMATED CROSS-BORDER TRANSACTION COMPLIANCE',.

Project Mandala uses zero-knowledge proofs to complete compliance checks across different jurisdictions.

The Bank for International Settlements (BIS) and its central bank partners have shown through Project Mandala that regulatory compliance can be embedded into cross-border transaction protocols.

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INDO-PACIFIC NATIONS OUTPACING THE US IN CRYPTO REGULATION, SEC COMMISSIONER SAYS

A U.S. Securities and Exchange Commission (SEC) commissioner has urged the U.S. to adopt a more proactive approach to crypto regulation, pointing to the leadership of Indo-Pacific nations like Japan, Singapore, and Hong Kong. He emphasized that these countries have crafted clear frameworks that foster innovation while protecting investors, in contrast to the U.S., where unclear guidelines leave market participants struggling with uncertainty.

SEC Commissioner Urges US to Learn from Indo-Pacific’s Crypto Leadership

U.S. Securities and Exchange Commission (SEC) Commissioner Mark T. Uyeda compared the U.S. SEC’s regulatory approach to those of other countries, especially in the Indo-Pacific, regarding crypto and fintech, at the AIMA APAC Annual Forum in Hong Kong on Wednesday.

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BLOCKCHAIN LIFE 2024 GATHERED THE LEADERS OF THE CRYPTO COMMUNITY FROM 120 COUNTRIES IN DUBAI

Dubai, UAE, October 26th, 2024, Chainwire

The 13th edition of the Blockchain Life Forum, the premier gathering for cryptocurrency leaders worldwide, recently concluded with an astounding attendance of over 12119 participants.

The forum showcased over 200 esteemed speakers, featuring industry pioneers and executives from top companies, including OKX, CoinMarketCap, Bitmain, Bybit, Binance, Animoca Brands, Circle, BingX, ICP, Kraken, TON, Sandbox, Polygon, Litecoin, Sui, BNB Chain, Cardano, DYDX, VeChain, Osmosis, Chiliz, Algorand, Ether Fi, Manta, Mantle, Delysium, and many more.

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FED RATE CUT TO HAPPEN 2 DAYS AFTER US ELECTION, POSSIBLE MARKET IMPACT?

▪️The US Fed rate cut is imminent in November with 0.25% cut in view

▪️FOMC policy meeting will hold on Nov 7, two days after coming US election

▪️Bitcoin might benefit from this potential market rattling ahead

Beyond Bitcoin trend, one of the most important conversations on Wall Street now is the potential Fed rate cut in November. With the US economic data coming in below expectations, there is a higher level of certainty of a rate cut next month. The timing, however, has created a new conversation on what this might mean for the broader market.

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CROSS BORDER PAYMENTS: CITI SPOTLIGHTS DLT. FSB REPORTS ON G20 PROGRESS

During the past week Citi and the Financial Stability Board (FSB) have published separate reports on cross border payments. 

Both papers explore G20 targets for improving cross border payments. Unfortunately, 2024 speed figures were worse than 2023 for wholesale, retail and remittance payments, largely reflecting more accurate data.

Citi’s report highlights that fintechs expect to gain 10% in market share from banks in the next two to five years. Its survey shows that DLT is one tool to address the pain points, but more in the medium term.

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BRICS+ EXPANDS PLANS FROM DLT PAYMENTS TO DLT CLEARING AND DEPOSITARY

Following this week’s BRICS+ meetings in Kazan, Russia, the group published a 136-page statement, with a small part of it touching on payments (see below). Plans for a new cross border payment system, BRICS Bridge, have been discussed for some time. Additionally, Russia is now pushing for a BRICS-based securities system to provide clearing and a depositary, reportedly also DLT-based.

In January BRICS expanded its membership from the original five members — Brazil, Russia, India, China, and South Africa — with the addition of Iran, the UAE, Ethiopia and Egypt. While Saudi Arabia was expected to be one of the new joiners, it has not officially signed up. Instead, it is a BRICS ‘partner’.

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RIPPLE SUBMITS FORM C IN SEC CASE, HIGHLIGHTING 4 KEY ISSUES: DETAILS

The appeal focuses on specific legal questions rather than a sweeping examination of the regulatory classification of cryptocurrencies.

Ripple Labs has stepped up its legal battle with the U.S. Securities and Exchange Commission (SEC) after filing its Civil Appeal Pre-Argument Statement, also known as Form C.

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SEC OUTLINES CRITERIA FOR SAB 121 DIGITAL ASSET CUSTODY EXEMPTIONS

More than two years ago, the SEC published accounting guidance, SAB 121, regarding how listed companies should disclose crypto-assets held on behalf of clients, requiring the assets to be counted on the balance sheet. This particularly affects banks because regulations on capital requirements are based on the contents of the balance sheet.

After both the House and Senate voted to overturn SAB 121, President Biden used his veto so that SAB 121 still stands. However, there has been some softening in the SEC’s stance, with the world’s largest custodian BNY receiving a specific exemption to custody assets for a crypto ETF. However, BNY and other banks have to apply for exemptions on a case by case basis.

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INTERVIEW WITH CARDANO’S CHARLES HOSKINSON: FOUNDER DISCUSSES RECENT ETHEREUM REMARKS AND INVOLVEMENT WITH ARGENTINA

▪️Cardano co-founder Charles Hoskinson has clarified his earlier remark on Ethereum and Vitalik Buterin as he projects Bitcoin to reach between $200k and $300k by next year.

▪️According to him, Argentina’s attraction to several crypto projects stems from the desire to find an alternative to the local currency. 

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TOKENIZATION: BIS INNOVATION HEAD SAYS PRIVATE SECTOR NEEDS TO EMBRACE CHANGE

The BIS Innovation Hub lead, Cecilia Skingsley spoke about the need for the current financial industry to embrace change. It’s one thing if there’s a department exploring the possibilities of tokenization, but if the C-suite is happy with the way things currently work because they’re making money, that inhibits progress.

“Because the financial infrastructures of today, they are not going to be fit for tomorrow,” she said, talking during the Institute of International Finance (IIF) annual meeting.