Author: Forkast
The CFTC is asserting greater regulatory powers over the crypto industry than ever before. But does the agency have the statutory backing to do so? Amid explosive growth in digital currency markets and a corresponding rise in misconduct plaguing the industry, the chairman of the Commodity Futures Trading Commission, Rostin Behnam, recently requested that Congress expand the CFTC’s enforcement powers and professed the agency’s readiness to serve as the “primary cop on the beat” for cryptocurrency markets. Implicit in this request is the recognition that the CFTC presently lacks the authority to lead the way in policing misconduct in digital currency markets…
Nothing indicates the ascendance of an asset in the financial system more than a pension fund investing in it. It is the ultimate signal of arrival. The Houston Firefighters’ Relief and Retirement Fund (HFRRF) announced in 2021 that it was investing $25 million in bitcoin, the first time a U.S. pension fund invested in cryptocurrencies. The HFRRF investment is in collaboration with NYDIG through a customized private fund managed by NYDIG, the cryptoasset manager that just completed a $1 billion funding round, one of the largest in history. In 2018, Fairfax County’s Virginia’s Police Officers Retirement System invested in Morgan Creek Digital funds which invests…
Cryptocurrency exchange Binance might withdraw its license application in Singapore and look elsewhere in its search for a global headquarters, reported the Business Times in Singapore today, citing unnamed sources familiar with the matter. The cryptocurrency exchange currently operates in Singapore as Binance.sg or Binance Asia Services (BAS), with an exemption from holding a license while its license application for the provision of digital payment token services is under review by the Monetary Authority of Singapore (MAS). The exemption allows companies to provide services while their license applications are being processed, and will cease when an entity’s license application is approved, rejected…