“It makes sense to moderate the pace of our rate increases as we approach the level of restraint that will be sufficient to bring inflation down. Time for moderating the pace of rate increases may come as soon as the December meeting.
Powell’s comments come after a report from payroll processing firm ADP on Wednesday showed that private hiring slowed to its lowest level since January 2021. A 50-basis point hike would lift short-term rates to a target range to 4.25 to 4.50%.
On Friday, the Labor Department will publish a fresh nonfarm payrolls report which, in addition to the consumer price index (CPI) next month, will be the last major economic data the Federal Open Market Committee (FOMC) sees before its meeting on Dec. 13-14.”
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“U.S. Sen. Sherrod Brown (D-Ohio), the chairman of the Senate Banking Committee, has widely been seen as the linchpin of legislation to set up oversight of the cryptocurrency industry. While his crypto suspicions have been clear in hearings, his plans for specific bills remained quiet until now.
Brown sent a letter Wednesday to U.S. Treasury Secretary Janet Yellen, for the first time outlining his willingness to work on legislation and the broad strokes of what that legislation should look like – including that the approach must be comprehensive and rope in all the relevant financial agencies.
Single regulatory agencies currently generally do not have a comprehensive view of crypto asset entities’ activities.
While the work on legislation is underway, he said U.S. financial agencies should keep up vigorous enforcement actions and ‘take on the significant noncompliance with current law among crypto-asset firms.'”
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“Brazilian lawmakers have approved a complete regulatory framework for the trading and use of cryptocurrencies in the country.
The new rules recognize “virtual assets” as a digital representation of value that can be used as a means of payment and as an investment asset in the South American nation. Other provisions include the regulation of service providers such as exchanges, who will need to abide by specific rules to operate in Brazil.
Home to a vibrant cryptocurrency economy, Brazil has at times seen more citizens trade coins such as bitcoin than invest in the stock market. Now, the country seeks to set the stage for that to translate into more day-to-day usage in financial transactions.”
“Uniswap will initially feature NFT collections for sale on platforms including OpenSea, X2Y2, LooksRare, Sudoswap, Larva Labs, X2Y2, Foundation, NFT20, and NFTX. Developers claim that users can save up to 15% on gas costs compared to other NFT aggregators when using Uniswap NFT.
The NFT aggregator is powered by the Universal Router smart contract and optimized by UX smart contract Permit2. Integrated with Permit2, users can swap multiple tokens and NFTs in one swap.
To bring users the first-rate experience they’ve come to expect with Uniswap, we built the aggregator to deliver better prices, faster indexing, more unassailable smart contracts, and efficient execution.”
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“RNS, a digital Web3 identity platform developed to support the application and issuance of sovereignty-backed IDs, announced on Nov. 30 that it is integrating with zkSync for on-chain Know Your Customer.
zkSync’s integration with RNS is intended to enable self-sovereignty-based solutions in the realm of digital identity, an emerging space in the digital world. The on-chain KYC solution is designed on a “privacy engine” to encrypt users’ identity attributes or properties into different “hashed slices” with multiple signature verifications.
At present, the company said RNS is supported by over 80% of crypto exchanges, including Binance and Coinbase. RNS has also partnered with Palau to make it the first sovereign country to issue digital residency IDs to global citizens. It is said to be the first national identification card issued on the blockchain as soulbound ID NFTs.“
“Officials in the European Union (EU) say their landmark new legislation, the Markets in Crypto Assets Regulation (MiCA), would have prevented FTX-style collapses – but there’s also a major loophole that could allow offshore companies to continue to operate within the bloc.
Companies like FTX, based in the Bahamas, would still be able to serve EU clients without extra regulation, thanks to a technique known as reverse solicitation. Reverse solicitation exists because, on a practical level, it’s hard for regulators to enforce financial rules on overseas firms.
One answer, favored by the European Commission, is to ensure other jurisdictions play ball using the same rulebook. ‘We have to be vigilant that our EU protections are not undermined by jurisdictions that ultimately fail to regulate and supervise their companies.’
The question is whether that logic applies in a sector where people are as likely to get advice from Reddit or YouTube as from a regulated financier, and where decentralized freedom from government control is part of the attraction. Jour-Schroder might be able to persuade the U.S. and U.K. to regulate crypto, but what about Bahamas, Dubai and Antigua, or those firms that deny they have any headquarters at all?
It’s that kind of question that leaves some lawmakers nonplussed, and concerned that EU registration confers an unfair disadvantage.”
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“Broker-dealer and crypto trading platform INX Digital has entered the bidding contest for the assets of bankrupt cryptocurrency lender Voyager Digital. The firm joins other suitors, including crypto exchange Binance.
INX unveiled its INX One platform in September, intended to allow trading of cryptocurrencies as well as security tokens that are registered with the U.S. Securities and Exchange Commission.”
“This week, TradeLens, a blockchain system built by software firm IBM and closely linked to shipping giant Maersk, announced it was shutting down, citing a lack of commercial traction. Some two weeks ago, the Australian Securities Exchange (ASX) said it was scrapping a much-delayed blockchain announced in 2016 that was meant to replace the clearing and settlement system that powers that equities market.
Back in the early days of 2015 to 2016, a groundswell of banks and large companies saw potential in taking blockchain technology – which, as originally designed for bitcoin and the rest of crypto, is a public platform open to basically anyone – into private, firewalled realms where groups of companies could use the tech to track assets and distribute an immutable record of their existence.
Paul Brody, head of blockchain at global consultancy firm Ernst & Young, believes the whole idea of private blockchains is fundamentally flawed. Brody and his team have been long-time adherents of promoting enterprise adoption of the public Ethereum blockchain, which has included using tech such as zero-knowledge proofs to make the tech palatable to big businesses.
All these private blockchain ventures have the same basic problem. It’s a Web2 business model, but a little bit of Web3 pixie dust sprinkled on. And once the pixie dust kind of wears off, the value proposition doesn’t look so hot.”