SEC Poised to Unveil Major Crypto Plans as Clarity Act Stalls
Regulation
“The Securities and Exchange Commission is poised to roll out a pair of major initiatives in the coming days that could further turbocharge the US crypto industry as a landmark digital asset bill stalls in Congress. The regulator announced it will hold an open meeting Friday 'to create a tailored offering regime for certain investment contracts involving crypto assets.' The agency is also planning to soon unveil its so-called innovation exemption for trading digital versions of securities, a move that could reshape the landscape of the American stock market and pave the way for 24/7 trading of stock tokens on blockchains. Those details of the exemption for tokenized stocks could be released as soon as Friday, according to people familiar with the agency’s plans. SEC officials are still working on the proposal and details could change before it is released, said the people, who requested anonymity to discuss matters that haven’t been made public.”
Source: Bloomberg
Coinbase Rolls Out Derivatives for UK Professional Investors
Derivatives
“Coinbase announced the launch of a suite of derivatives products for professional investors in the UK, expanding its derivatives offering as it advances its broader 'Everything Exchange' strategy. The exchange is rolling out perpetuals, dated futures, and crypto options to eligible UK professional clients, with access beginning progressively over the coming weeks, it said in a statement shared with The Block Tuesday. According to the statement, the offering covers more than 170 contracts across crypto, commodities, equities, and foreign exchange, with perpetuals available around the clock and leverage of up to 50x. Dated futures will offer fixed settlement dates and leverage of up to 20x, while the options offering will be limited to crypto and include calls, puts, and multi-leg strategies, the exchange said.”
Source: The Block
Bitwise Cuts 14% of Jobs With Crypto Industry Under Pressure
Personnel
“Crypto firm Bitwise Asset Management Inc. has let go about 14% of its workforce during a prolonged slump in digital-asset prices. The San Francisco-based firm reduced its staff to around 155 from approximately 180, it confirmed in an emailed statement to Bloomberg News. Even after the reductions, Bitwise’s workforce is the largest it has been in its eight-year history, Chief Executive Hunter Horsley said, adding that the firm expects growth to continue as crypto becomes more integrated into the global economy. Bitwise’s suite of crypto products encompasses exchange-traded funds — including a $2.3 billion Bitcoin ETF — a lineup of private funds, as well as separately managed accounts, among other offerings. The firm oversees more than 70 products and commands some $9 billion in assets, according to its website.”
Source: Bloomberg
CFTC Orders Kalshi to Continue Offering Prediction Markets in New York After State Lawsuit
Prediction Markets
“The U.S. Commodity Futures Trading Commission announced it had ordered prediction market operator Kalshi to continue operating in New York after the state filed a lawsuit seeking to shutter the platform. The CFTC used its 'emergency authority' to require Kalshi to continue operating after Kalshi asked for help following New York State Attorney General Letitia James' lawsuit against the company at the end of July, the federal regulator said in a Tuesday press release. The action sets up the latest clash between the federal commodities regulator and state regulators over prediction markets. States have argued that prediction markets - at least sports-related markets - are gambling platforms that infringe on state regulations, while the CFTC has maintained it has authority over all prediction markets because they offer federally regulated swaps.”
Source: CoinDesk
Russia Approves Trading of Bitcoin, Ethereum and USDT—But No XRP
Policy
“Russia's central bank has proposed its first framework for letting ordinary investors trade crypto on public markets. The Bank of Russia published a draft directive on Aug. 11 that would let non-qualified investors buy digital assets through brokers, crypto exchanges or managers - within a strict annual ceiling. 'We're setting a limit on the purchase of cryptocurrencies for non-qualified investors,' the central bank said in a separate notice. 'Through each intermediary - a broker, crypto exchanger, or manager - they will be able to acquire such assets in the amount of 300 thousand rubles per year.'”
Source: Decrypt
