“Tarbert said Tuesday the CFTC is still evaluating whether ether will remain a commodity under the new [PoS] model. The CFTC and its sister agency, the SEC, were both “thinking carefully” about the forthcoming Ethereum 2.0 upgrade.
Ethereum developers and proponents believe proof-of-stake may actually bolster the case that ether is “sufficiently decentralized” to be considered a commodity in the eyes of U.S. regulators.
What’s interesting about proof-of-stake is that it takes away miner centralization.”
“The central bank’s prognosis rests on a stablecoin worst case outcome: a run on the issuers, in which coin holders panic en-masse and demand the return of the fiat they staked.
[Notably], the report lists the steps required to prevent a stablecoin catastrophe:
- Issuers must disclose how their staking mechanism works
- Issuers must protect customer data privacy while maintaining KYC records to prevent illicit use
- Issuers must inform customers if they have any rights to the underlying asset”
“With an SPDI, crypto exchanges and other startups could operate in New York without going through the state’s licensing rigmarole, under the same legal principles that exempt banks from needing state money transmitter licenses, Wyoming advocates said.
We are fairly confident that the Wyoming SPDI will be able to operate in New York without a BitLicense.
In addition to addressing the BitLicense problem, an SPDI could ease a longstanding pain point for crypto businesses: the difficulty of obtaining banking services.”
“Financial regulators in China appear set to crack down on cryptocurrency trading again after President Xi Jinping’s praise for blockchain technology revived speculation in the sector.
Regulators in each district of Shanghai must search and inspect local crypto exchange-related services before Nov. 22 and report to the central bank for further actions. The move underscores China’s complicated relationship with emerging decentralized technologies.”
“Leshner said this recent round will help the San Francisco-based company further “decentralize” the protocol by setting it up so that crypto exchanges and custodians, like Coinbase, can maintain the protocol going forward.
We’re planning to integrate Compound into as many custodians, exchanges, wallets, and brokers as we can, to allow exchanges and custodians to be the interface of the protocol.”
“On Thursday, crypto startup Amun AG launched the Amun Tezos exchange-traded product (ETP), tracking the tezos cryptocurrency under the XTYZ ticker on the SIX Swiss Stock Exchange.
As a PoS chain product, Amun’s newest ETP will also issue staking rewards – termed “baking” in the Tezos system – by Coinbase, which will be automatically reinvested into the holder’s ETP shares.”
“A rogue chain has developed during a planned bitcoin cash hard fork, as an unknown mining pool failed to update to the new chain’s software.
Under the Nakamoto consensus mechanism the chain with the longest history would be considered to be the trusted ledger, invalidating the rogue chain.”