5 May

The U.S. Securities and Exchange Commission (SEC) has been ordered by a U.S. court to respond to cryptocurrency exchange Coinbase’s (COIN) complaint over how it applies securities laws to digital assets.

The crypto exchange referred to a 2022 petition asking for formal rulemaking within the digital assets sector, to which the SEC is yet to respond. The Third Circuit Court of Appeals said in a Wednesday filing that the SEC must file its response within 10 days.

Coinbase has been attempting to launch a pre-emptive strike against the SEC, which said in March it expected to sue the exchange over allegations of offering unregistered securities products.”

“The cabinet, known as the Federal Executive Council, directed regulators including the Central Bank of Nigeria and the Securities and Exchange Commission (SEC) ‘to develop regulatory instruments for the deployment‘ of blockchain tech across various sectors of the economy.

The vision of the Policy is to create a Blockchain-powered economy that supports secure transactions, data sharing, and value exchange between people, businesses, and Government, thereby enhancing innovation, trust, growth and prosperity for all.”

“Optimism, an Ethereum-based layer 2, will be using Ethereum Attestation Service (EAS), an on-chain attestation protocol to enable users to assess the trustworthiness of the platform’s users and vouch for whether something actually happened on the blockchain.

Any Optimism user can use the technology to attest to information that they believe is accurate, such as whether a person built, or contributed to, a particular project, whether an individual makes profitable trades or not, and more. The team said the technology will allow developers to create innovative identity products across Optimism, and other networks such as Base, Polygon and Ethereum.

We’re trying to be a base layer where identity platforms can exist, where supply chain companies can attest to supply movements, and provenance, where governments can attest to land registries and entities can vote.”

See Also: Arbitrum-Based Exchange Chronos Attracts $170M to Yield Pools in a Single Day

Hamilton Lane (HLNE), an investment-management firm with $824 billion in assets under management and supervision, is offering tokenized access to a second fund. The access is provided through a feeder fund from Securitize on the Polygon blockchain. The feeder is the second of three tokenized funds Hamilton Lane announced last year.

Tokenization is a growing field that claims to widen access to traditional finance products by making private market investment available to investors who don’t fall into the institutional or ultra-high-net worth net bracket. In this case, the minimum investment is lowered to $10,000 from $2 million.”

See Also: Coinbase Ventures Backs $10M ZkLink Raise Ahead of Mainnet Launch

“Stocks of several regional banks tanked, including those of Los Angeles-based PacWest Bancorp (PACW) dropping 50% Thursday afternoon and Phoenix-based Western Alliance Bancorporation (WAL) falling 38%. PacWest is weighing its options, including a possible sale. Western Alliance denied a report that it’s for sale.

The financial crisis that we seem to be sleepwalking into will almost certainly become real.

Banks will struggle even more now given that the yield curves are so incredibly inverted. And, ultimately, this will likely force the [U.S. Federal Reserve] into urgent rate cuts and a return to something akin to quantitative easing – or else the economy and the banking itself will be in deep, deep trouble.”

See Also: Bitcoin drops with stocks as analyst warns of banking crisis ‘endgame’