15 Aug: Singapore Stablecoin Regulation

By theinspired | Inspiration | 15 Aug 2023

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Happy Tuesday Folks! Yesterday, found out that Donald Trump holds $500K in Ethereum and I wonder how much more in Bitcoin that he is not talking about. Today the most covered news is about Singapore unveiling its framework for regulating stablecoins; seems the focus is on stablecoins globally. According to CapHillCrypto, the Federal Reserve just announced the creation of a new program to supervise crypto related activites and said that state member banks need Fed approval before they can engage in Stablecoin-related activities. The price of Bitcoin is currently trading at $29,332.25 after spiking as high as $29.6K continues to remain above the 200 Weekly Moving Average. Let's dive into the news...

Crypto market cycles align closely with broader business cycles, offering predictive insights, according to Delphi Digital co-founder Kevin Kelly and the upcoming Bitcoin halving event in 2024 could signal a new all-time high for BTC by the end of that year.

Bitcoin lacks major volatility catalysts, but a classic support bounce could spark the return of the highest BTC prices in over a year, analysis predicts. A dormant Bitcoin address from the era of its mysterious creator, Satoshi Nakamoto, was reactivated after nearly 13 years of inactivity. Bitcoin has exhibited a notable correlation with U.S. equities and investment-grade bond prices this August. Bitcoin’s future price surge and mainstream adoption could happen independently of institutional adoption of the digital currency and Longtime Bitcoin (BTC) bull Raoul Pal believes that the crypto markets will suck liquidity out of other asset classes.

With a maximum 240-day window available to the SEC to delay crypto ETF applications, some firms could wait until March 2024 to hear decisions on filings made in July 2023. As Ark Invest and 21Shares remain in pursuit of a spot bitcoin ETF, they’re also looking to bring three other crypto funds to market. Meanwhile, Jacobi Asset Management has listed Europe’s first spot Bitcoin ETF on Euronext Amsterdam and the ETF has a focus on decarbonization; Fidelity Digital Assets will provide custody services. However, note Gabor Gurbacs comments on X:

"No such thing as a 'spot Bitcoin ETF' in Europe. Anything that's called an ETF must be diversified. As far as ETPs go, Europe has spot ETPs (physically backed) for a long time. My team launched one of those physical Bitcoin ETPs."

A former high-ranking official of the U.S. Securities and Exchange Commission (SEC) says that a Republican Presidency could result in the likely approval of a spot-based Bitcoin (BTC) exchange-traded fund (ETF). Grayscale Investments, which has been seeking to convert its Bitcoin trust into a spot Bitcoin exchange-traded fund, could be getting a decision on its lawsuit against the federal securities regulator before the week’s end. But instead, Eric Balchunas, a prominent industry commentator, noted that the decision did not come as expected, pushing past the typical 160-day norm.

Former U.S. President Donald Trump owns up to $5 million worth of ether and has earned $4.9 million from NFT licensing fees, according to recent financial disclosures. Now that Ripple has prevailed over the SEC in court, major players are eager to get their hands on XRP. According to recent data, institutions have been getting their hands on the cryptocurrency at a steady rate, as reflected in the digital asset fund flows report.

The Monetary Authority of Singapore (MAS) has unveiled its framework for regulating Stablecoins following a public consultation in October last year.

Coinbase launched the “Stand with Crypto Alliance” on Monday, which it says is “crypto’s first true grassroots movement that will be organized onchain.” Crypto exchange Binance to shut down its buy-and-sell service Binance Connect, formerly known as Bifinity, just one year after its launch, the company said in a statement.

The Federal Bureau of Investigations (FBI) seized nearly $400,000 worth of cryptocurrencies from Binance accounts linked to people residing in America in May, according to public notices filed this month. Crypto custodian Prime Trust has filed for Chapter 11 Bankruptcy in Delaware after it faced a shortfall in customer funds.

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theinspired

I've been aware of Bitcoin since 2011 and my desire is that you will be better informed about the digital asset industry by reading my daily post.

Inspiration

I've been exposed to the world of crypto since 2011. Now I use my knowledge to curate the most relevant news articles, podcast, videos, blogs and social media information to help you be in the know in Crypto!