Coinbase receives approval to offer crypto futures
Cryptocurrency exchange Coinbase has been granted approval by the United States National Futures Association to offer investments in crypto futures to eligible customers. This approval allows Coinbase to introduce Bitcoin (BTC) and Ether (ETH) futures contracts through its Commodity Futures Trading Commission-regulated derivatives exchange.
The key points of this news are:
- Coinbase has received approval to offer crypto futures to eligible customers.
- The exchange can now introduce Bitcoin (BTC) and Ether (ETH) futures contracts.
- The approval is from the United States National Futures Association.
- Coinbase’s futures contracts will be available through its regulated derivatives exchange.
- This move indicates further expansion and diversification of Coinbase’s services.
SEC likely to approve Ether futures ETFs
The U.S. Securities and Exchange Commission (SEC) is expected to approve multiple applications for Ether futures exchange-traded funds (ETFs) simultaneously, according to sources familiar with the matter. Unlike in 2021, the SEC has not instructed firms to withdraw their applications, indicating that the regulator won’t block the fund’s launch within a few weeks.
The main takeaways from this development are:
- The SEC is likely to approve multiple applications for Ether futures ETFs.
- This suggests a more positive stance from the SEC towards cryptocurrency products.
- It is expected that the fund’s launch will happen in the coming weeks.
- The decision on Bitcoin ETFs from the SEC could also come in early 2024.
- Asset management firm Valkyrie has filed for crypto ETFs, focusing on Ether futures contracts.
SEC allowed to appeal in the Ripple case
U.S. Judge Analisa Torres has granted a request from the SEC to file a motion for leave to file an interlocutory appeal in its case against Ripple Labs. This allows the SEC to appeal a ruling by a trial court while other aspects of the case are still proceeding.
The key details of this development are:
- The SEC has been granted permission to file an interlocutory appeal in the Ripple case.
- Ripple Labs opposed the potential appeal, arguing that it raises no new legal issues.
- Ripple’s lawyers claim an immediate appeal will not advance the termination litigation proceedings.
- This decision allows the SEC to challenge the court ruling in the ongoing case.
- The appeal process could introduce new legal considerations to the Ripple case.
Singapore releases regulatory framework for stablecoins
Singapore’s central bank, the Monetary Authority of Singapore, has released a revised regulatory framework for single-currency stablecoins regulated in the city-state. The framework outlines requirements for stablecoin issuers regarding redemption timelines, disclosures, reserve management, and capital requirement.
The main takeaways from this regulatory update are:
- Singapore has introduced a regulatory framework to ensure stability for single-currency stablecoins.
- The framework sets requirements for stablecoin issuers in areas such as redemption and reserve management.
- Issuers that fulfill the framework’s requirements can apply to become MAS-regulated.
- MAS-regulated stablecoins can be distinguished from non-regulated stablecoins by users.
- This framework aims to enhance the stability and trustworthiness of stablecoin offerings in Singapore.
U.S. House Democratic coalition forms AI working group
The New Democrat Coalition, consisting of Democrats from the U.S. House of Representatives, has created a working group on artificial intelligence (AI). The group’s purpose is to develop legislation around the emerging AI tech sector, with a focus on addressing misinformation and concerns about deepfakes.
The key points of this development are:
- The New Democrat Coalition has formed a working group on artificial intelligence.
- The group aims to introduce legislation around the nascent AI tech sector.
- The primary focus of the working group is to address misinformation and deepfake concerns.
- The group will work with stakeholders, lawmakers, and the Biden administration to develop bipartisan policies.
- This initiative reflects the growing importance of AI regulation in the political landscape.
Hot Take:
The approval of Coinbase to offer crypto futures and the potential approval of Ether futures ETFs by the SEC demonstrate a growing acceptance and integration of cryptocurrencies into traditional financial markets. The regulatory framework for stablecoins in Singapore further enhances the credibility and stability of the digital asset space. The formation of an AI working group by House Democrats highlights the need to address emerging technology challenges and regulate AI applications responsibly. These developments indicate a positive trend towards increased adoption, regulation, and innovation in the cryptocurrency and technology sectors.
By
By
By
By
By
By