4C Newsflash of July 22

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Market Cap at 11:17 (UTC) – $287,698,430,511 billion 

Bitcoin dominance: 65.2% 

BTC $10,515.26 (– 0.83%

ETH $223.01 (-1.34%

XRP $0.326481 (-0.97%

FINRA pushing crypto regulations

FINRA recently published a new document, Regulatory Notice 19-24 reaffirms the requirements for crypto companies to update with FINRA before advancing deeper into crypto space. In the document, FINRA requests crypto companies to reveal their new and planned activities such as purchasing, sales, executions of digital assets, mining and ICO participations. Further reading

G7 reached agreement on Libra

In a recent preliminary report by Benoît Coeuré of the European Central Bank, it is stated that G7 could create various risks related to AML, terrorist financing, consumer and data protection, etc. Furthermore, the report also asserts that significant works and negotiation are needed for stablecoin developers before getting approval from relevant authorities. Additionally, the secretary of US Treasury, Steven Mnuchin said that G7 finance ministers and central bankers are very concerned about Libra and cryptocurrencies in total. He also expresses support for technological innovation and raises concern about Bitcoin’s misuse.

New York to seize abandoned crypto

New York recently created a new draft law allowing the state to seize abandoned crypto. According to the draft, to protect the interest of owners, unclaimed crypto will be transferred to the Abandoned Property Fund of the State Comptroller. Further reading

Bakkt to launch Bitcoin futures trading

Sam Doctor, quant strategies of Fundstrat recently tweeted a picture about the takeaways at Bakkt institutional summit. According to the picture, Bakkt is expected to launch in this quarter after the test launch on July 22nd. Additionally, CFTC commissioner, Dawm Stump said that at the moment, there isn’t a crypto that could threaten financial stability. Furthermore, CFTC have found that there is an increased demand and interest for Bitcoin futures. Moreover, it appears that there is a massive wave of adopters to come on board on the launch date of Bakkt.


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