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FameEX Morning Crypto News Recap | September 27, 2023
2023-09-27 12:42:10
Nomura's Laser Digital Granted Initial Approval for Operations in Abu Dhabi
The Abu Dhabi Global Market (ADGM) has granted in-principle approval to Laser Digital, the digital assets division of Japan's Nomura Bank, allowing it to offer broker-dealer and asset/fund management services for both digital and traditional assets. This approval marks a significant advancement in Nomura's expansion into the digital asset market, showcasing its commitment to providing diversified financial services.
US Legislators Urge Swift Approval of Spot Bitcoin ETFs by SEC Chair
On September 26, U.S. Representatives, including Mike Flood, Wiley Nickel, Tom Emmer, and Ritchie Torres, accused the SEC of bias against spot Bitcoin exchange-traded products. They referenced the Grayscale Investments case where the SEC's rationale for approving Bitcoin futures-related investment vehicles was deemed "arbitrary and capricious." The lawmakers urged the SEC's chair to stop denying spot crypto ETF applications based on this precedent.
Central Bank Digital Currencies (CBDCs) and Their Potential for Economic Stability with Bank Oversight
Central bank digital currencies (CBDCs) have garnered widespread attention in academia, geopolitics, and the cryptocurrency community. National leaders and global financial institutions, such as the World Bank and International Monetary Fund, largely agree that CBDCs offer substantial advantages, marking a consensus on their potential benefits in the financial landscape.
Former White House Official to Head Ripple's Policy and Government Division Former White House official Lauren Belive has become the head of U.S. public policy and government for Ripple, a crypto firm. In her announcement on LinkedIn on September 26, Belive highlighted her role in leading Ripple's engagement in Washington, DC, and nationwide, building on her previous experience with companies like Softbank Group, Zoom, and Lyft after her government service. US Federal Reserve Banks Express Concerns Over Stablecoins as Potential Financial Stability Risk A report titled "Runs and Flights to Safety: Are Stablecoins the New Money Market Funds?" compares investor behavior during stablecoin runs in 2022 and 2023 to money market fund runs in 2008 and 2020. The report finds that stablecoins and money market funds exhibit similar run patterns and suggests that stablecoins could introduce financial instability into the broader system. French Telecom Group Pours Millions into Domestic AI Sector On September 26, Iliad, the French telecom giant, unveiled a multimillion-euro investment plan to bolster France's artificial intelligence (AI) industry. The company has acquired one of Europe's most formidable supercomputers and is set to establish an AI research laboratory in Paris, underlining its substantial commitment to advancing AI technology in the country. Taiwan Prohibits Unregistered Foreign Crypto Exchanges from Operating Taiwan's Financial Supervisory Commission (FSC) aims to enhance cryptocurrency investor safeguards through new regulations. The FSC issued industry guidelines for virtual asset service providers (VASPs) within the country on September 26. Additionally, foreign VASPs must obtain regulatory approvals before offering services in Taiwan, as per the FSC's requirements. Disclaimer: The information provided in this section is for informational purposes only, doesn't represent any investment advice or FameEX's official view.
