Last week was relatively quiet in terms of control measures news, but it brought with it some peculiar local regulatory developments. The representative of the United States tom emmer introduced a bill in the House of Representatives that could prevent the Federal Reserve from issuing a central bank digital currency (CBDC). According to the Minnesota legislator, the bill could prohibit the Federal Reserve from issuing a digital dollar “directly to anyone”, prohibit the central bank from applying a monetary policy based on a CBDC and require transparency for projects related to a digital dollar.
Canadian securities administrators have published a notice outlining the new commitments they expect from crypto asset trading platforms that apply to register in Canada. The new commitments refer to issues including asset segregation, leverage, capital determination and transparency, among others. But above all, it foresees the ban on algorithmic stablecoins.
In a joint statement from three US federal agencies, the government is advised banking sector that does not create new risk management principles to counter liquidity risks derived from vulnerabilities in the crypto-asset market. The Board of Governors of the Federal Reserve, the Federal Deposit Insurance Corporation, and the Office of the Comptroller of the Currency have released a statement reminding banks to apply existing risk management principles when addressing liquidity risks related to cryptocurrencies. .
Before July 2023, the Financial Stability Board, the International Monetary Fund (IMF) and the Bank for International Settlements will present documents and recommendations that set standards for a global regulatory framework for cryptocurrencies. The announcement was made by representatives of the world’s 20 largest economies, collectively known as the G20.
The IMF opposes cryptocurrencies as legal tender
The IMF Executive Board approved a policy framework for crypto assets that does not grant crypto assets official currency or legal tender status. The document “Elements of Effective Policies for Crypto Assets” develops a framework of nine policy principles that address macrofinancial, legal and regulatory issues, and international coordination. According to the first principle, to safeguard monetary sovereignty and stability, “do not grant crypto assets official currency or legal tender status.”
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Emojis count as financial advice and have legal consequences
The judge of the United States District Court for the Southern District of New York ruled that emojis such as the rocket ship, stock chart and money bags indicate a financial return on investment. In his decision on Dapper Labs’ motion to dismiss the amended lawsuit alleging his NBA Top Shot Moments violated security laws. here), federal judge Viktor Marreo wrote: “And while the literal word ‘profit’ is not included in any of the tweets, the rocket emoji, graph emoji, and money bag emoji objectively signify one thing: a financial return on investment.” “.
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SEC Opposes Binance.US Bid for Voyager Assets
The US Securities and Exchange Commission (SEC) has opposed Binance.US acquiring more than $1 billion of assets belonging to the defunct cryptocurrency lending company Voyager Digital. The SEC is formally investigating whether Binance.US and related debtors violated the anti-fraud, registration, and other provisions of federal securities financial laws. The agency noted particular concerns around the security of assets through the planned acquisition. According to the regulator, the information provided in the planned purchase of Voyager’s assets does not adequately describe whether Binance.US or affiliated third parties will have access to client wallet keys or control over anyone with access to such wallets.
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Nigeria negotiates with a New York company the renewal of the CBDC
After multiple attempts to create an efficient digital currency, the Central Bank of Nigeria is turning to a New York company to revamp the underlying technology. According to sources close to the matter, the Nigerian financial authority has discussed plans to develop a new and improved system with New York-based technology company R3. Despite being one of the first countries to have launched a CBDC, the Nigerian eNaira got off to a shaky start, with little adoption among the population. According to some reports, the ambitious project is “on standstill”, with only 0.5% of Nigerians using CBDC.
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