Weekly Update: 13 July 2023
1) Tokenized U.S. Treasurys surpass $600M as crypto investors capture TradFi yield [CoinDesk]
– According to a real-world asset data firm, these $614 million blockchain-based investment products wrapped assets such as U.S. Treasury bills, bonds, and money market funds.
2) Cboe reaches surveillance agreement with Coinbase for spot bitcoin ETFs [The Block]
– Cboe Global Markets amends its filings for five proposed spot bitcoin ETFs, stating it has reached an agreement with Coinbase for surveillance-sharing.
3) BOE governor criticized crypto, stablecoins in favor of ‘enhanced digital money’ [Cointelegraph]
– Andrew Bailey, the governor of the Bank of England, criticizes cryptocurrencies and stablecoins, advocating instead for an ‘enhanced digital money’ system underpinned by central banks and regulated financial institutions.
4) Coinbase was aware of securities law violations, SEC claims in letter [Cointelegraph]
– The SEC alleges that Coinbase was aware of potential securities law violations related to its lending product, which the company disputes. The SEC’s letter is part of an ongoing lawsuit against Coinbase.
5) Grayscale argues leveraged Bitcoin futures ETF approval shows spot ETF should be approved [Cointelegraph]
– Lawyers for Grayscale Investments argue that the SEC’s approval of Volatility Shares ETF contradicts its reasons for rejecting Grayscale’s Bitcoin ETF proposal, since the former was deemed an “even risker” product.
6) MetaMask developer ConsenSys brings Layer 2 blockchain Linea to Ethereum mainnet [CoinDesk]
– Linea uses zero-knowledge (ZK) cryptography to offer cheaper and faster blockchain transactions. Linea’s launch comes after zkSync and Polygon, the first two zkEVM networks to launch on Ethereum’s mainnet.
7) Multichain bridges experience unannounced token outflows of over $130M in crypto [CoinDesk]
– The outflows are suspected to be linked to a potential exploit in the bridges’ smart contracts. Users were recommended to suspend the use of Multichain services and revoke all related contract approvals.
8) Republican lawmakers ask Justice Department, SEC to investigate Prometheum [The Block]
– A group of Republican lawmakers, led by Sen. Tommy Tuberville, question Prometheum’s statements about Chinese investment and its compliance with securities laws.
9) Twenty-four central banks predicted to have digital currencies by 2030 – BIS survey [Reuters]
– The survey by the Bank for International Settlements (BIS) reflects the growing interest in central bank digital currencies (CBDCs) among global financial institutions.
10) UK Treasury starts consultations on five-year digital securities trial [CoinDesk]
– The proposed five-year trial for digital securities aims to explore the potential benefits and challenges of digital securities and their impact on the UK’s financial market infrastructure.
