Digital Financial News

Delphi Digital fueled quite the stir recently after it revealed that Solana hit a new ATH of sorts. According to its tweet, Solana recorded NFT volumes of 344k – An ATH that well surpassed its previous all-time high set in May. This big surge may be attributable to the y00ts NFTs.

Disclaimer: The datasets shared in the following article have been compiled from a set of online resources and do not reflect AMBCrypto’s own research on the subject. 

The Merge has been a success for Ethereum [ETH]. Wait… but that’s not it as ETH has continued to dip despite this release.

Quant [QNT] is among the blockchain networks that have flown under the radar for the most part. Perhaps overshadowed by more popular networks, such as Ethereum [ETH]. However, the Quant popularity count seemed to have drastically changed overnight.

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New data from intelligence firm CoinGlass showed that >$280 million worth of digital assets liquidation in the last 24 hours. Surprisingly, the star of the show- Ethereum [ETH] led the rally. This further led to the overall market experiencing increased volatility. Despite such scary scenes, there might come a small indication of relief…

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The United States Department of Justice (DOJ) published its latest report in response to President Joe Biden’s March executive order (EO) on the development of digital assets on Sept. 16. At the same time, it announced the formation of a new Digital Asset Coordinator Network (DAC) “in furtherance of the department’s efforts to combat the growing threat posed by the illicit use of digital assets to the American public.”

The Biden administration is moving closer to developing a digital currency for the U.S., saying it will help strengthen the nation's role as a global financial leader. Today, it released a framework outlining the regulation of digital assets, including cryptocurrency and other items of value that exist only in digital form. The framework includes ways to make the handling of these assets easier and to ensure the digital asset space is resistant to fraud.

The United States Treasury Department released three publications related to digital assets Friday, in response to U.S. President Joe Biden’s executive order “Ensuring Responsible Development of Digital Assets.” One of them focuses specifically on crypto assets, and a shorter action plan looks at countering illicit finance risks. 

The framework comes six months after President Biden issued a sweeping executive order on the oversight of cryptocurrencies and is based on reports with recommendations on protecting consumers, investors, businesses financial stability, national security and the environment.The reports call for the SEC and CFTC to "aggressively pursue investigations and enforcement actions against unlawful practices in the digital assets space", and also asks the CFPB and FTC to "redouble their efforts to monitor consumer complaints".Meanwhile, the president will consider asking Congress to amend the Bank Secrecy Act to explicitly apply to digital asset service providers.The Treasury will complete an illicit finance risk assessment on decentralised finance by the end of February 2023 and an assessment on non-fungible tokens by July 2023.While signalling a crackdown on fraud, the White House insists it also wants to "foster responsible digital asset innovation".To this end, the Office of Science and Technology Policy and NSF will develop a Digital Assets Research and Development Agenda, while regulators are being encouraged to provide firms in the space with guidance and best-practice information.On a potential digital dollar, the administration says it encourages the Federal Reserve's research and will support this with a Treasury-led interagency working group to consider the potential implications of a CBDC.The White House also wants to push efforts to improve the efficiency of cross-border payments by working to align global payments practices, regulations, and supervision protocols, while exploring new multilateral platforms that integrate instant payment systems.Secretary of the Treasury Janet Yellen says: "The reports clearly

According to Wave Financial, securing a minority stake is the first step towards a full acquisition of the company, which it hopes to complete by the end of 2022, pending regulatory approval. 

The update is in conflict with guidance released in March of this year, which states that US listed companies which hold cryptocurrencies on behalf of users should account for those assets as a liability on their balance sheet and inform users of the risks.

The sandbox programme will begin in October, with an inaugural cohort of participants focused on cross-border payments. Further cohorts will follow, each of which will carry out an education phase followed by a pilot phase.The project is designed to provide the federal government, policymakers, and private sector organisations with a stronger, clearer picture of what implementing a CBDC in the US would look like, and to answer questions of what a roll-out might entail across retail, wholesale, and international use cases.Jennifer Lassiter, executive director, Digital Dollar Project, says: "The Digital Dollar Project is excited to bring a broad array of industries and technical experts together to define desired outcomes and explore a wide range of technical design choices in relation to a US CBDC."In January, the Federal Reserve published its long-anticipated discussion paper on the risks and benefits of a digital dollar and invited public comment - but studiously avoided giving any hints on its plans.Fed chair Jerome Powell has remained noncommittal on the chances of a digital dollar, but others at the central bank have been less circumspect.Supervision chief Randal Quarles has suggested that CBDCs could be an embarrassing fad, comparable to the parachute pants made famous in the 1980s by rapper MC Hammer.

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Gary Gensler, the United States Securities and Exchange Commission (SEC) Chairman, on 15 September, stated that cryptocurrencies that allow holders to stake their tokens might be considered a security, as per a Washington Post report. 

FTX CEO Sam Bankman-Fried has been shopping for bargains amid the industry's recent carnage and said he still has cash to spend if opportunity knocks.

For its part, CaixaBank will focus on producing a prototype for P2P online payments using the digital euro.

Russia’s Central Bank has announced that it wants to hire a “cryptocurrency” expert – a massive turnaround for the bank, which earlier this year proposed a blanket ban on all things crypto-related.

The ongoing crypto market downturn has squeezed out various investors from the sector, but numerous institutional investors are determined to continue their investments in crypto, according to David Mercer, CEO of global financial technology company LMAX Group.

Banks' cryptocurrency projects have been upended by U.S. Securities and Exchange Commission (SEC) accounting guidance that would make it too capital-intensive for lenders to hold crypto tokens on behalf of clients, according to more than half a dozen people with knowledge of the matter.