Provident Financial News

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Public companies whose financial statements contain errors would be forced to recoup their executives’ bonuses under a rule the Securities and Exchange Commission is set to consider on 26 October.

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Instead it is proposing stringent new requirements on providers of Digital Payment Token (DPT) services deisgned to discourage casual use of cryptocurrency trading by consumers. These include mandatory testing of customers to guage prior knowledge of crypto risks; a ban on retail users from borrowing or accepting credit card payments to purchase crypto; and the prohibition of crypto-related incentives, such as free tokens, gifts, or celebrity endorsements.Firms will also be mandated to separate customer assets from their own assets, introduce clear risk management controls, and disclose the policies and procedures for selection and listing of tokens.While the proposals are likely to dampen speculative growth in crypto trading, the central bank has taken a more nuanced approach to the use of stablecoins as a medium of exchange.In a bid to lend credibility to tthe emerging asset class, the current regulatory framework, which primarily addresses money laundering and terrorism financing risks, and technology and cyber risks, will be expanded to ensure that regulated stablecoins have a high degree of value stability.Non-bank issuers of stablecoins wil also be required to hold liquid assets which are valued at higher of 50% of annual operating expenses to achieve recovery or an orderly wind-down.

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MakerDAO (MKR), the decentralized organization that manages the stablecoin DAI, will move $1.6bn of its USD Coin (USDC) reserves to Coinbase to earn a yield of up to 1.5%.

Cardano continues to dominate headlines due to upgrades on its blockchain or its developer’s social media antics. However, can its native token, ADA, become the most valuable in the market? 

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Disclaimer: The Industry Talk section features insights by crypto industry players and is not a part of the editorial content of Cryptonews.com.

Health insurance has put upward pressure on the main measure of inflation, but is now swinging into reverse. This swing will act as a much-needed, albeit small, drag on inflation currently running at four-decade highs, economists say.

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The new appointee will be expected to lead Coinbase's expansion in the European crypto market. 

In a bid to comply with the European Union’s sanctions on Russia, major crypto exchange Kraken has unveiled its move to restrict and eventually shut down services for Russian accounts. The latest development follows the adoption of new Brussels-led penalties in response to Moscow’s continued aggression against Ukraine.

London, England, Monday 24 October – On the sixth day of its fundraising, trading intelligence project Dash 2 Trade has raised an astonishing $2 million.

Disclaimer: The Industry Talk section features insights by crypto industry players and is not a part of the editorial content of Cryptonews.com.

Disclaimer: The Industry Talk section features insights by crypto industry players and is not a part of the editorial content of Cryptonews.com.

Disclaimer: The Industry Talk section features insights by crypto industry players and is not a part of the editorial content of Cryptonews.com.

Providing context around the regulatory landscape today, Ramaswamy explained that crypto tends to come into contact with three main areas of regulation: illicit finance regulation, capital formation and market integrity, and financial stability factors. However, he warned that it is the development of an additional protocol layer “obviously has very profound implications for financial services which is built on the current backbone of the internet, and is going to have much broader implications globally.” These impacts will stretch across technology, technological diplomacy, foreign relations, as well as the shape of the US economy.

Then they investigated a retail e-wallet system in which the retail CBDC circulates among users - but with two types of tokens: an intermediated CBDC, or CBDC-tokens; and CBDC-backed stablecoins.The researchers used UTXO (Unspent Transaction Output) to enable the traceability of the tokens to the backing assets, providing safety to end-users even if a commercial bank goes bust.Listing the benefits of the set up, the paper says that the two-tier architecture provides additional privacy for the end-users as the interbank system does not record any personal data.

Disclaimer: The text below is an advertorial article that is not part of Cryptonews.com editorial content.Binance, the world's leading exchange ranked by volume, has just expanded its user base and global influence yet again. The Cyprus Securities and Exchange Commission (CySEC) awarded Binance a class three crypto asset services registration.