You are reading Crypto Bit Bybit, this article summarizes the important views and trends of the recent crypto market, which you should not miss.
There is growing evidence that the number of institutions entering the digital asset market, previously dominated by crypto enthusiasts, is on the rise. The participation of large players in turn increases market depth and raises general awareness of emerging markets powered by nascent technologies. Legislative departments around the world are also paying more attention to crypto-related companies and innovative activities.
The Direction of Encryption Supervision—Can “Encryption Moms” Be the Masters of the House?
Last week, U.S. President Donald Trump announced his intention to nominate Jay Clayton, chairman of the Security and Exchange Commission, to the post of U.S. Attorney for the Southern District of New York. If the nomination goes through, one of the SEC commissioners is expected to serve as acting chairman until Claytons successor is confirmed. Based on seniority, the acting chair is likely to be Hester Peirce, nicknamed Crypto Mom for her liberal stance on tech innovation and crypto regulation. She has spoken out against the SEC’s rejection of the Winklevoss twins’ Bitcoin ETF application. If the top U.S. financial watchdog is headed by another industry-friendly face (which currently looks highly likely), it would be a major turning point in crypto regulation - CFTC Chairman Heath Tarbert takes steps to The development of a clear regulatory regime, as evidenced by Acting Comptroller Brian Brooks’ proposal for a federal payments charter for crypto exchanges.
New York Department of Financial Services (NYDFS) to issue conditional licenses
In another sign of enlightenment, the New York Department of Financial Services is considering a lighter approach to financial regulation. The conditional license will allow start-ups to partner with existing licensed entities to operate in New York. Five years after setting the bar for fintech startups, New Yorks Department of Financial Services is finally cutting the time-consuming and red tape of the BitLicense system, making it easier for companies to obtain licenses. This could spur another wave of innovation in crypto products and services from the worlds most powerful financial center.
The new regulatory regime in the EU
In contrast, the European Union has taken a strict stance on crypto innovation. The EUs chief economist suggested in a speech that the EU should seize the opportunity to become a key rule-maker for digital finance, with cryptocurrencies set to be the first test case. The new regulatory regime provides greater legal clarity and stricter requirements for global stablecoin projects such as Libra. The new regime is due to be unveiled later this year, but the attention it has drawn shows that cryptocurrencies are gaining traction at the highest levels of legislation in one of the worlds major economies.
Fed Report - Stablecoins Backed by Currency Pairs
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