Last week, the European Union began crafting a new cryptocurrency regulatory framework that could impose stricter requirements on global stablecoin projects, such as Facebook's
Here is the rest of the week in review:
Vanguard completed another blockchain pilot that aims to change the risk profile of foreign exchange transactions. The Pennsylvania-based investment management giant ran the pilot on Symbiont's Assembly blockchain with participation from State Street
Telegram agreed to pay $18.5 million to the U.S. Securities and Exchange Commission (S.E.C.) and notify the regulator if it plans to issue a digital token or cryptocurrency in the next 3 years, according to a court filing revealed Thursday. In an approved settlement with the S.E.C., the communications firm has 30 days to pay the penalty and up to 4 years to pay back funds to investors. Also, Telegram must notify the S.E.C. if it wants to issue "cryptocurrencies," "digital coins," "digital tokens," or any similar digital asset issued or transferred using distributed ledger technology at any point over the next 3 years. The S.E.C. sued Telegram in October 2019 after the firm raised $1.7 billion to fund the development of its TON blockchain project. If fulfilled, the settlement would conclude a six-month court battle and officially terminate Telegram's blockchain ambitions.
Crypto prices slipped to $261 billion this week. For the majors, all coins but Tether (USDT) and Crypto.com Coin (CRO) dipped into the red, with Bitcoin SV (BSV), EOS, and Binance Coin (BNB), and Ripple (XRP) posting the worst losses. The biggest losers were SwissBorg (CHSB), down 32%, Compound (COMP), down 30%, and Flexacoin (FXC), down 22%. The biggest gainers were Celsius (CEL), up a whopping 56%, Quant (QNT), up 40%, and Ren (REN), up 30%. Next week traders will again be watching for more market volatility amid a calm summer so far.
The author does not hold any positions on any of the securities above.
- 1. https://www.coindesk.com/eu-bloc-wide-regulatory-regime-crypto-economic-chief
- 2. https://www.coindesk.com/vanguard-symbiont-blockchain-foreign-exchange-pilot-with-state-street-bny-mellon-franklin-templeton
- 3. https://www.coindesk.com/telegram-agrees-to-pay-18-5m-penalty-in-sec-settlement-over-failed-ton-offering