Goldilocks’ Comments and Global Economic News Tuesday Evening 5-14-24
Good Evening Dinar Recaps,
Prudential treatment of cryptoasset exposures | BIS
“The Group of Central Bank Governors and Heads of Supervision (GHOS), the oversight body of the Basel Committee on Banking Supervision, met on 13 May 2024.”
During this meeting, they set up a new Basel 3 standard timeline for crypto asset implementation.
The new timeline was moved from January 1st, 2025 to January 1st, 2026. It is expected that 2/3s of our crypto assets will be done by the end of this year.
The committee wanted to reiterate that the expectation is for these crypto assets to be implemented into Basel 3 “as soon as possible.”
It is important to know that the bank’s exposure to tokenized traditional assets, stablecoins, and unbacked cryptoassets is still set for January 1st, 2025.
It is the crypto assets standards that will continue on until January 1st, 2026. BIS
© Goldilocks
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“UAE: Liv Digital Bank enters tokenization deal targeting Gen Zs” | CoinGeek
We are moving at a rapid pace at this point in the tokenization of our assets around the world.
You are going to notice the word digital added to many banking titles and companies going forward. Old traditional assets have been reformed into digital assets.
Hong Kong is leading the way in the digital asset transformation, and the innovation of our new banking system on a global scale is in its final stages there.
Hong Kong is presently finishing up many of their pilot programs, and their movement forward will lead our way into the new digital age.
© Goldilocks
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Franklin Templeton CEO: All Investment Funds Going Blockchain | Crypto Times
“Jenny Johnson, CEO of the $1.6 trillion asset management giant Franklin Templeton, stated that all exchange-traded funds (ETFs) and mutual funds will eventually migrate to blockchain technology.”
I know we have gone over this several times, but this gives you an idea of how much money is transferred into blockchain technology.
This is just one of many companies that are doing the same as we speak.
Institutional money and institutional integration are beginning to take place on the blockchain at larger magnitudes indicating that the new digital economy is moving towards mass adoption.
© Goldilocks
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U.S. banks undertake blockchain experiment | Investment Executive
“The U.S. financial sector is exploring the idea of tokenizing various financial instruments, including U.S. Treasuries, wholesale central bank money, and commercial bank money, which would enable transactions in these instruments to settle on a single shared ledger.
Currently, transactions in various components of the wholesale financial system all take place on separate systems. A new project will examine the concept of tokenizing these instruments to facilitate settlement on a single platform, under existing legal frameworks.
SIFMA is serving as project manager, with participation from several large financial institutions including Citi, J.P. Morgan, Mastercard, Swift, TD Bank N.A., U.S. Bank, USDF, Wells Fargo, Visa, and Zions Bancorp.
Other project contributors include the Bank of New York Mellon, Broadridge, DTCC, the International Swaps and Derivatives Association, Tassat Group, and the MITRE Corp”
I want to point out that this article is sharing with us how this new experiment is being conducted on the Swift System and the new Digital Ledger Transmission System (DLT) Ledger.
This indicates that the movement of foreign currency exchange services is transitioning from wire services that can take days for transmissions to occur to electronic exchange services that are done in a matter of seconds and far more cost-efficient.
This is what my banker friend was referring to yesterday as to why her friend was going through foreign exchange services training.
© Goldilocks
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Tokenizing assets on a scalable blockchain | Naeem Aslam, Antonino Sardegno, Stas Trock | Youtube
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Swarm Markets (SMT) Price Today, News & Live Chart | Forbes Crypto Market Data
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…by the Securities and Exchange Commission
H.J. Res. 109 would invalidate SEC Staff Accounting Bulletin 121 (SAB 121), which reflects considered SEC staff views regarding the accounting obligations of certain firms that safeguard crypto-assets. 6 days ago
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SEC issues SAB 121 on digital asset custodial obligations | KPMG
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👆The US is still working on who has governing power over these digital assets. This is why many Governments are moving ahead of the United States in the mobilization of the new digital economy.
This is why the MICA regulations are so important for us to finish. It will give more clarity and government power to authentic leaders in government to facilitate the movement of our new digital economy. House Financial Services
© Goldilocks
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US Department of Treasury, Pacific Northwest National Laboratory, and Cloudflare Partner to Share Early Warning Threat | CoudFlare
San Francisco, CA, May 9, 2024 – Cloudflare, Inc (NYSE: NET), the leading connectivity cloud company, today announced a partnership with the United States Department of Treasury and Pacific Northwest National Laboratory (PNNL) under the Department of Energy to improve the cyber resilience of the financial services industry by sharing an advanced threat intelligence feed through Cloudflare. With this new offering, financial services institutions that are using Cloudflare Gateway now have privileged access to Custom Indicator Feeds that share threat indicators and enable direct action to be taken, to better defend against ransomware, phishing, and other threats.
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Ranking Member Waters Statement on Resolution to Overturn SEC’s Guidance on Crypto Assets: H.J. Res. 109 “Would Have Broad and Negative Consequences for All Public Companies and Their Investors, with Implications for the Entire Securities Market, Not Just Crypto.” | U.S. House Committee on Financial Services Democrats
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May 9, 2024
Tokenized Real-World Assets: Pathways to SEC Registration
By: Ryan Mitteness, Ryan M. McRobert, Andrew T. Albertson
What You Need to Know
Global demand for Tokenized Real-World Assets (RWAs) is growing rapidly in the decentralized finance (DeFi) community and traditional finance industry.
Tokenized RWAs allow legal ownership or rights to traditionally illiquid assets to be digitalized and traded on digital platforms, leading to expedited settlements and potentially reduced operating costs.
Regulatory hurdles have slowed adoption in U.S. markets where companies have to navigate existing securities laws and often lengthy review processes by the Securities Exchange Commission (SEC).
While a clear preferred registration pathway through the SEC for tokenized RWAs has yet to emerge, there are various potential approaches issuers of RWAs may explore for broadly marketed offerings in the United States. Fenwick
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ETFs and mutual funds are all going to be on blockchain, says Franklin Templeton CEO – Ledger Insights – blockchain for enterprise | LedgerInsights
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Thank you everyone for your participation in this room. I thought I would give you an idea of the statistics that actually take place in this room. This is the current total.
It is important to note that almost 50% of the people in this room actually come to it every day. This is very rare due to the fact that most people join rooms and then move on to others.
What you are looking at above is an active room where people realize and know that the information being shared is important, and I take this room and the lives of the people within it as an important piece instilled within my heart of prayer each and every day as I write to support and encourage all of us to move forward in faith, hope, and love.
© Goldilocks
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ECB conducts first DLT trials for wholesale central bank money settlement | FinExtra
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Report on OTC derivatives data reporting and aggregation requirements
The final regulations come into operation on 21 October 2024, introducing the UPI, UTI, CDE and ISO 20022 in reporting.10 hours ago
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Miami Federal Court Orders Multiple Individuals and Entities to Pay Over $225 Million for Foreign Currency Fraud and Misappropriation Scheme | CFTC
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May 14, 2024
Washington, D.C. — The Commodity Futures Trading Commission today announced the Honorable Darrin P. Gayles of the U.S. District Court for the Southern District of Florida issued an order of default judgment against four individuals and five companies (nine defendants): Jase Davis of Brandon, Mississippi; Borys Konovalenko of Ukraine; Anna Shymko of Duluth, Georgia; Alla Skala of Grand Island, New York and/or Fort Erie, Canada; Easy Com LLC d/b/a ROFX, a New Hampshire LLC; Global E-Advantages LLC a/k/a Kickmagic LLC d/b/a ROFX, a Delaware LLC and New York foreign LLC; Grovee LLC d/b/a ROFX, a Delaware LLC; Notus LLC d/b/a ROFX, a dissolved Colorado LLC; and Shopostar LLC d/b/a ROFX, a Colorado LLC.
The default judgment order stems from the CFTC’s August 31, 2022 amended complaint charging the nine defendants and defendant Timothy F. Stubbs with fraud, misappropriation, and registration violations in connection with a fraudulent foreign currency (forex) scheme. [See CFTC Press Release Nos. 8486-22 and 8790-23]
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DTCC Comments on Industry’s Affirmation Progress | DTCC
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H.R.4766 – 118th Congress (2023-2024): Clarity for Payment Stablecoins Act of 2023 | Congress Gov
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Using MRI, engineers have found a way to detect light deep in the brain | MIT News | Massachusetts Institute of Technology
