ECB’s Cipollone Not Worried About Delay of Digital Euro Vote
Policy
”European Central Bank Executive Board Piero Cipollone isn’t too worried about a potential delay of a key vote in the European Parliament on the digital euro project from early May to mid-June. In a virtual discussion with the Peterson Institute for International Economic on Wednesday, he cited the 'latest news' that lawmakers will probably decide on June 23, instead of May 5 as planned so far. 'We have been patient for three years, it doesn’t cost much to wait a couple more months,' he said. 'As long as we have a final legislation by the end of this year, we will be able to respect our timeline.'”
Source: Bloomberg
Crypto Exchanges Gear up to Launch US Perpetual Futures Ahead of Rule Change
Exchanges
“Global crypto exchanges are racing to capitalize on the U.S. Commodity Futures Trading Commission's expected move to allow trading in perpetual crypto futures, a popular but risky derivatives product that has so far largely remained offshore.
Kraken's parent company said on Friday it was acquiring crypto derivatives platform Bitnomial for up to $550 million, giving it access to Bitnomial's perpetual futures offering. Coinbase, meanwhile, has rolled out long-dated futures contracts designed to resemble perpetuals, while Robinhood has said it is exploring offering the products in the United States. Perpetual futures, commonly known as 'perps,' are a type of futures contract that does not have an expiration date, meaning investors can hold positions indefinitely rather than closing them out or rolling them over. Perps also allow traders to borrow heavily, sometimes as much as 50 times, to amplify their bet.”
Source: Reuters
Blockchain Capital Said to Seek $700 Million for New Funds
Fundraising
“Blockchain Capital, a venture-capital firm that invests in crypto, is in the process of raising $700 million for two new funds, according to a person familiar with the matter. The firm is simultaneously raising for its seventh early-stage fund and its second growth fund, and has already begun to deploy some of the new capital, said the person, who asked to remain anonymous because the information hasn’t been made public. The round is expected to be wrapped up in five to six months, the person said. Blockchain Capital didn’t immediately respond to a request for comment.”
Source: Bloomberg
Russia Passes Crypto Bill in First Reading; Permits Use in Foreign Trade Settlements
Policy
“Russia's State Duma, the lower house of the country's legislature, has passed a crypto bill on first reading, setting out a framework to regulate crypto market participants, according to state news agency TASS. The proposed legislation designates the Bank of Russia as the authority responsible for licensing market participants and overseeing crypto activity in the country, TASS reported Tuesday. It also outlines which entities — including exchanges, brokers, and other licensed financial institutions — are permitted to facilitate the circulation of cryptocurrencies. The legislation establishes a simplified access procedure for entities already operating under the Bank of Russia's experimental legal regime, as well as for banks and brokers seeking to expand into crypto.”
Source: The Block
Banks Seek to Slow Down Implementation of Crypto's GENIUS Act on Stablecoin Oversight
Stablecoins
“The crypto industry is frequently finding bankers involved in its top-priority regulatory efforts, and this time, a coalition of bank trade associations has asked the U.S. Department of the Treasury to extend the window in which the public can weigh in on implementation of last year's Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act. In a letter sent this week to the Treasury Department and the Federal Deposit Insurance Corp., bankers in the U.S. are asking that three different GENIUS Act rule proposals get extended comment periods, at least 60 days after another rule effort (at the Office of the Comptroller of the Currency) is finished. The OCC's push to implement its rule for policing stablecoin issuers is meaningful to the outcome of other rules being pursued at the Treasury's Office of Foreign Assets Control (OFAC) and the Financial Crimes Enforcement Network (FinCEN), plus a related rulemaking at the FDIC.”
Source: CoinDesk
