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Latest company news about JPMorgan Expects Major Changes Coming to Crypto Industry and Regulation Post FTX Collapse
JPMorgan Expects Major Changes Coming to Crypto Industry and Regulation Post FTX Collapse JPMorgan has outlined key changes it expects in the crypto industry and its regulation following the collapse of crypto exchange FTX. The global investment bank envisages several new regulatory initiatives, including those focusing on custody, customer asset protection, and transparency. JPMorgan Expects Major Changes in Crypto Industry Post FTX Meltdown Global investment bank JPMorgan published a report Thursday outlining major changes it expects to happen in the crypto industry following the collapse of cryptocurrency exchange FTX. Global strategist Nikolaos Panigirtzoglou explained that “Not only has the collapse of FTX and its sister company Alameda Research created a cascade of crypto entity collapse and suspension of withdrawals,” but it is also “likely to increase investor and regulatory pressure on crypto entities to disclose more information about their balance sheets.” Panigirtzoglou proceeded to list the main changes JPMorgan expects after the FTX meltdown. Firstly, he wrote: Existing regulatory initiatives already underway are likely to be brought forward. The JPMorgan strategist expects the European Union’s Markets in Crypto Assets (MiCA) bill to receive final approval before year-end and the regulation to take effect at some point in 2024. As for the U.S., he explained that “regulatory initiatives attracted more interest following Terra’s collapse,” adding: Our guess is that there would be even more urgency following the FTX collapse. “A key debate among U.S. regulators centers around the classification of cryptocurrencies as either securities or commodities,” Panigirtzoglou continued. The chairman of the U.S. Securities and Exchange Commission (SEC), Gary Gensler, has said that bitcoin is a commodity whereas most other crypto tokens are securities. However, several bills have been introduced in Congress to make the Commodity Futures Trading Commission (CFTC) the primary regulator of crypto assets. JPMorgan also envisages: New regulatory initiatives are likely to emerge focusing on custody and protection of customers’ digital assets as in the traditional financial system. Noting that many retail crypto investors have already moved to self-custody their cryptocurrencies using hardware wallets, the strategist described: “The main beneficiaries post FTX collapse are institutional crypto custodians … Over time these trusted custodians will likely dominate over relatively smaller crypto-native custodians or crypto exchanges.” Next, “New regulatory initiatives are likely to emerge focusing on unbundling of broker, trading, lending, clearing, and custody activities as in the traditional financial system,” the JPMorgan report adds, noting: This unbundling will have most implications for exchanges which like FTX combined all these activities raising issues about customers’ asset protection, market manipulation, and conflicts of interest. Furthermore, “New regulatory initiatives are likely to emerge focusing on transparency mandating regular reporting and auditing of reserves, assets, and liabilities across major crypto entities,” the JPMorgan strategist detailed. Another major change identified by the investment bank is that “Crypto derivative markets will likely see a shift into regulated venues with CME emerging as a winner.” Panigirtzoglou also discussed decentralized exchanges (DEX), noting that they face several hurdles until decentralized finance (defi) becomes mainstream. “For larger institutions, DEXs typically would not suffice for their larger orders due to slower transaction speed or their trading strategies and order size to be traceable on the blockchain,” the JPMorgan strategist opined. More >
Latest company news about Amid Civil Unrest in China, Gold and Silver Prices Hold Steady — Equity, Crypto Markets Flounder
Amid Civil Unrest in China, Gold and Silver Prices Hold Steady — Equity, Crypto Markets Flounder Reports on Monday detail that the zero-Covid policy protests in China have lowered market sentiment as U.S. equity markets show the top four Wall Street indexes are struggling. The global crypto market cap is down 3.5% and getting awfully close to dropping below the $800 billion mark. Precious metal prices, on the other hand, like gold and silver have remained steady and since Nov. 3, an ounce of gold has jumped 7.06% higher in value against the U.S. dollar. Gold and Silver Hold Steady Amid Turbulent Global Economy, Precious Metals Outpace Stocks and Crypto Assets Financial markets on Monday have been shaky as far as stocks and cryptocurrencies are concerned. Precious metals like gold and silver, however, are holding steady amid the craziness in the world. Some reports are citing Monday’s market shake-up to the civil unrest in China over the country’s zero-Covid policies. Indexes like the Dow Jones, Nasdaq, S&P 500, and NYSE have all opened the day in the red. Additionally, the crypto economy is close to dropping below the $800 billion zone as bitcoin (BTC) is down over 2% during the last 24 hours. Ethereum (ETH) has shed 3.82% during the last day and the entire crypto economy has lost 3.5% against the greenback. An ounce of gold is trading for $1,744 per ounce, which is up more than 7% against the U.S. dollar since Nov. 3. On that day, a troy ounce of fine gold was exchanging hands for 1,629 nominal U.S. dollars per unit.   Silver too has gained in USD value since that day as an ounce of fine silver was under $20 per unit on Nov. 3. Today, silver is exchanging hands for 20.99 nominal U.S. dollars per unit.   Silver’s rise since that day outpaced gold’s jump in value as silver increased by 7.91% during the last 25 days. While the world watches the events in China unravel, the U.S. employment report is due this Friday. Additionally, the U.S. Federal Reserve’s chief Jerome Powell plans to discuss the U.S. economy this Wednesday. Reports indicate that some believe Powell will reveal plans to slow down interest rate hikes. With gold doing so well amid the macroeconomic backdrop, some believe a ‘Santa rally’ could be in the cards. So far, during the last 25 days, both precious metals (Ag, Au) are doing better than stocks and crypto assets. More >
Latest company case about Stablecoin Economy Continues to Shrink Shedding Close to 5% in 2 Months
Stablecoin Economy Continues to Shrink Shedding Close to 5% in 2 Months During the last month, the market capitalization of all the stablecoins in existence dropped by more than 2%, shedding roughly $2.98 billion since the end of October. Statistics show that tether, the largest stablecoin by market valuation, saw its market cap lose more than 5% during the last 30 days. Tether’s market cap slipped from last month’s $69.13 billion to today’s $65.48 billion. Stablecoin Economy Drops Lower, Tether Market Cap Sheds 5% Statistics show that the stablecoin economy’s market valuation has reduced during the last 30 days by roughly 2.02%. On Oct. 31, 2022, the stablecoin economy was valued at $147.03 billion and today, it’s down to $144.05 billion. Furthermore, the market capitalization of all the stablecoins in existence is much lower than it was two months ago, as the market cap dropped by 4.83% from $151.37 billion to today’s $144 billion total. Data indicates that this past month, tether (USDT) has seen its market capitalization drop more than 5% lower from $69.13 billion to the current $65.48 billion. However, the second-largest stablecoin by market cap, usd coin (USDC) has seen its market valuation increase during the past 30 days, jumping roughly 1.5% higher. The stablecoin BUSD’s valuation continues to grow month after month, and over the last 30 days, it’s up 4.8%. Out of the top five stablecoins today, BUSD’s market cap grew the most over the last month. Makerdao’s DAI stablecoin has shed 9.7% this past month and the stablecoin’s market capitalization was the biggest loser out of the top ten dollar-pegged crypto tokens. On Oct. 31, DAI’s market cap was around $5.77 billion and today, it’s coasting along at $5.20 billion. With tether and DAI leading the losses over the last month out of the top ten stablecoins, frax (FRAX) followed behind the two tokens shedding around 3.1% last month. Stablecoin trade volume has dropped a great deal over the last two months but the tokens still represent a majority of today’s trades. For instance, on Sept. 27, 2022, stablecoins captured $205 billion out of the $225 billion in global trades. On Oct. 31, stablecoins recorded $55.91 billion in trades out of the total worldwide crypto trade volume ($71 billion). During the past 24 hours stablecoins have captured $37.73 billion and the aggregate trade volume among all the crypto coins in existence today is roughly $46.56 billion. This means out of the $46 billion in trades among all the crypto assets, stablecoins equate to 81.04% of those trades. More >
Latest company case about Putin Calls for International Settlements Based on Blockchain and Digital Currencies
Putin Calls for International Settlements Based on Blockchain and Digital Currencies Russian President Vladimir Putin believes a new system for international money transfers is needed to reduce dependence on big banks and third parties. He is convinced that cross-border payments relying on digital currency and distributed ledger technology will be “much more convenient.” Russia’s Head of State Urges for Blockchain-Powered International Payments President of Russia Vladimir Putin has called for the establishment of a new system for international settlements, independent from banks and third-party interference. It can be created using digital currency technologies and distributed ledgers, the Russian leader said, quoted by local media. Putin was speaking during a conference devoted to artificial intelligence and organized by Russia’s largest lender, Sberbank. During his address, he emphasized that financial flows and payments between nations are currently under threat amid tense relations between Russia and the West. “We all know very well that under today’s illegitimate restrictions, one of the lines of attack is through settlements. And our financial institutions know this better than anyone because they are exposed to these practices,” the president elaborated. Vladimir Putin was referring to the sanctions imposed on the Russian Federation over its invasion of neighboring Ukraine which have severely limited its access to global finances and markets. According to a report by the Prime news agency, he also pointed out: Today, the system of international payments is expensive, with correspondent accounts and regulation controlled by a small club of states and financial groups. “Based on the technologies of digital currencies and distributed ledgers, it is possible to create a new system for international payments, and much more convenient, but at the same time completely safe for participants and completely independent of banks and interference from third countries,” Putin explained, also quoted by the crypto news outlets RBC Crypto and Russia has been mulling over comprehensive crypto regulations in the past months, with increasing support for the legalization of cross-border crypto payments. In September, the financial authorities in Moscow started developing a mechanism for international cryptocurrency settlements. A report recently revealed that Russia and Cuba, both under sanctions, are already discussing the matter. More >
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