Latest news with #SEC
Crypto Insight
4 minutes ago
- Business
- Crypto Insight
US SEC rolls out ‘Project Crypto' to rewrite rules for digital assets
US Securities and Exchange Commission Chair Paul Atkins has announced 'Project Crypto,' an initiative to modernize the agency for the digital finance age and establish clear regulations for digital assets in the United States. Atkins said Project Crypto was in direct response to recommendations in a recent report by the President's Working Group on Digital Assets. Atkins proposed easing licensing rules to allow for multiple asset classes or instruments to be offered by brokerages under a single license, while also creating a clear market structure separating commodities, which most cryptocurrencies fall under, from securities. Regulatory exemptions or grace periods should be afforded to early-stage crypto projects, initial coin offerings, and decentralized software to allow these projects enough room to innovate, without crushing them under the weight of litigation or fear of reprisal by the SEC, Atkins said. Additionally, the SEC chair said crypto business shouldn't be forced to establish decentralized autonomous organizations (DAOs) to avoid regulation. He also said the right to self-custody must be protected by law. Atkins wrote: Many of the Commission's legacy rules and regulations do not make sense in the twenty-first century — let alone for on-chain markets. The Commission must revamp its rulebook so that regulatory moats do not hinder progress and competition, from both new entrants and incumbents, to the detriment of Main Street.' Outfitting the SEC for internet capital markets and onchain finance has been a stated goal of the new SEC chair and a way to cement US leadership in crypto. SEC fully embraces regulatory shift with Atkins at the helm Since Atkins became head of the SEC, the commission has shifted its posture toward the crypto industry by ending so-called regulation by enforcement, making pro-crypto regulations a priority and approving several crypto exchange-traded fund (ETF) applications. In May, the SEC released guidance clarifying that income earned from staking on proof-of-stake blockchains does not qualify as a securities transaction because the income is through providing validation services. The agency also approved in-kind creations and redemptions for crypto ETFs in July. This long-sought feature primarily affects how large institutions move assets in and out of the funds. The recommendations outlined in the recent White House report, titled 'Strengthening American Leadership in Digital Financial Technology,' included establishing a clear market structure, interdepartmental coordination between agencies, stablecoin policy, countering illicit finance, banking regulations and taxation. Per the recommendations made in the report, the SEC and the Commodity Futures Trading Commission (CFTC) will share joint oversight of the crypto industry, with the CFTC having sole authority over spot crypto markets. Source:
The Herald Scotland
2 hours ago
- Sport
- The Herald Scotland
College football season improvement plan has Alabama's help
My lasting thought: Byrne suggested a worthwhile idea for how to improve the college football season. This came after I asked Byrne, one of the nation's most prominent athletic directors, last spring how he'd address the playoff. He shared a few thoughts, but he emphasized he felt most passionately about the selection process needing to place additional merit on non-conference strength of schedule. "I am 100% convinced that (would be) good for the game and everybody around it," Byrne told me. He's right. Weighting non-conference strength of schedule would encourage Power Four teams to schedule more games fans want to see and media partners want to televise. That's good for the game. The playoff is not broken. Neither is the selection process, subjective and controversial though it is. But, playoff ideas that would boost the season interest me. This idea would do that, by incentivizing schools to schedule better non-conference games. I'd add an addendum to Byrne's suggestion. Don't just value non-conference schedule strength. Value teams that win key interleague games. The March Madness selection process has figured this out better than college football. Consider last basketball season, when the SEC dominated non-conference play, including a 14-2 record in the ACC-SEC challenge. The SEC's NET ranking topped all conferences, and it appropriately qualified 14 of its 16 teams for the tournament. Throughout the postseason, the SEC lived up to the reputation it built during the season. ON CAMPUS: What is the best college football stadium? Our top 25 ranking BAD IDEA: Big Ten's playoff plan a recipe to make season worse, not better Byrne, who serves on the NCAA men's tournament selection committee, says he pays particular attention to non-conference metrics as he partakes in the selection process. "One of the first things I look at is non-conference strength of schedule in men's basketball," Byrne said, "because I think that's good for men's basketball to have it not be just a January to March sport." Again, he's right. Likewise, wouldn't it be better if college football's September docket featured more non-conference blockbusters like Texas-Ohio State or LSU-Clemson, while reducing the number of games like Houstin Christian-Nebraska and Austin Peay-Georgia? The abundance of lopsided, lackluster non-conference games creates a drag on the regular season. Too many coaches and their bosses gravitate toward the path of least resistance, after seeing that strategy rewarded. The past two national champions, Ohio State and Michigan, finished on top after neither played a Power Four non-conference opponent. Penn State crafted a similar road map for this year. The Nittany Lions will begin the season by chowing down on Nevada, Florida International and Villanova. Indiana wriggled into the playoff last season after rolling through a non-conference feast of Florida International, Western Illinois and Charlotte. The Hoosiers recently doubled down on this strategy, adjusting their future non-conference schedules to make them as easy as possible. Washington coach Jedd Fisch called Indiana's strategy of playing three non-conference nobodies "dead-on right." It's doggone pathetic, too, and it doesn't stop with Indiana. Big Ten, SEC teams among those seeking out cupcakes Big Ten teams will play four times as many MAC foes as they will SEC opponents. SEC teams will square off against the Ohio Valley as often as they'll face the Big 12. Six Big Ten teams won't play a single non-conference game against either a Power Four opponent or Notre Dame. Alabama, Florida and South Carolina are the only SEC teams that will play two Power Four non-conference games, for a total of 10 games against Power Four competition. The rest of the conference opted for additional patsies. Teams might lose their appetite for cupcakes if the playoff committee more heavily weighted non-conference metrics. And, if teams stiffened their non-league schedules, that would assist the committee's task of evaluating at-large playoff contenders. How might this idea affect playoff selection? If non-conference metrics had been more heavily weighted last season, that might have exposed Indiana, one of the last at-large teams admitted into the field. The Hoosiers didn't bother to play a Power Four non-conference opponent. The committee admitted Indiana thanks to its 11-1 record and its avoidance of a bad loss. If non-conference results had been more greatly valued, a 10-2 BYU team that beat SMU, a playoff qualifier, might have appealed more to the committee. Two-loss Miami, which beat Florida at The Swamp, also would have merited a stronger look. Three-loss South Carolina could have gained more of a boost from winning at Clemson, the ACC's champion. Now, let's revisit my original thought: Would adding weight to non-conference schedule strength be self-serving for Alabama? Perhaps. Starting this year, through 2034, Alabama has two games scheduled per season against either Power Four non-conference opponents or Notre Dame. Adding playoff selection value specific to non-conference metrics might therefore accelerate Alabama in bubble situations. But, shouldn't we want teams to follow Alabama's lead of seeking out challenging non-conference opponents, rather than ducking Power Four opponents in favor of Austin Peay? To Byrne, the answer seems obvious. "Good non-conference games are really good for college football," Byrne said. Rewarding teams that play good non-conference games would help ensure those games remain part of college football's future. Blake Toppmeyer is the USA TODAY Network's national college football columnist. Email him at BToppmeyer@ and follow him on X @btoppmeyer.
Yahoo
3 hours ago
- Business
- Yahoo
Coinbase Increases Bitcoin Holdings, Plans Tokenized Stocks In U.S.
Coinbase (COIN) said it is increasing its bitcoin (BTC) holdings and that it plans to launch tokenized U.S. stocks and prediction markets in the coming months, marking a significant expansion of its business as it seeks to diversify its revenue stream. In a post on X on Thursday, Coinbase CEO Brian Armstrong said, 'Coinbase is long bitcoin. Our holding increased by 2,509 BTC in Q2, and we keep buying more." The news about Coinbase buying bitcoin isn't new, but it is definitely on trend, as many bitcoin treasuries have popped up recently to mimic Michael Saylor's Strategy (MSTR). However, the crypto exchange's CFO, Alesia Haas, previously made it clear that Coinbase isn't a BTC treasury company but rather a crypto operating company that invests in the Coinbase confirmed to CNBC that it is preparing to offer tokenized versions of U.S. equities — digital representations of shares that can be traded on blockchain infrastructure. The products will allow users to buy and sell fractions of stocks around the clock, with faster settlement and lower costs than traditional equity markets. The company's chief legal officer, Paul Grewal, announced in June that the company was seeking approval from the U.S. Securities and Exchange Commission (SEC) for the product. The announcement comes amid a broader push by financial institutions to explore tokenization — the process of putting real-world assets on blockchain — as a way to improve efficiency and accessibility in capital markets. BlackRock, Franklin Templeton, and JPMorgan have all made forays into the space in recent months. Coinbase's top competitors, Robinhood and Kraken, have both recently launched tokenized stocks outside of the U.S. The exchange also plans to launch prediction markets, which would enable users to bet on future events' outcomes using crypto assets. These features are expected to roll out within months, pending regulatory clarity, Coinbase's vice president of product, Max Branzburg, told CNBC on Thursday. 'We're building an exchange for everything,' he told CNBC. 'Everything you want to trade, in a one-stop shop, on-chain. … We're bringing all assets onchain — stocks, prediction markets, and more. We're building the foundations for a faster, more accessible, more global economy.' Coinbase reported second-quarter earnings Thursday, missing estimates, as retail trading volume fell during the last quarter. Shares of the company are down about 6% in post-market trading.
Zawya
4 hours ago
- Business
- Zawya
ACWA consortium wins $3.4bln funding for Saudi power projects
Saudi utility major Acwa Power has announced that its consortium with Saudi Electricity Company (SEC) and Korea Electric Power Corporation (Kepco), has secured SAR12.8 billion ($3.4 billion) in senior debt financing for the 3,600MW Rumah 1 and Nairyah 1 independent power producer (IPP) projects in Saudi Arabia. The financing for these projects was secured from institutions including Export Import Bank of Korea (Kexim), Saudi National Bank, Saudi Investment Bank, Banque Saudi Fransi, Standard Chartered Bank, Bank of China, Agricultural Bank of China, Industrial and Commercial Bank of China, and Arab Petroleum Investments Corporation. Both projects - each with a capacity of 1,800 MW - will support Saudi Arabia's energy diversification strategy under Vision 2030 and contribute to national net-zero emissions goals. The Rumah 1 plant will be built in Riyadh Province and operated by Remal Energy Company, while Nairyah 1 will be located in the Eastern Province and managed by Naseem Energy Company. Saudi Power Procurement Company (SPPC) is the principal buyer for both projects. Ownership of the project companies is split among Acwa Power (35%), SEC (35%), and Kepco (30%). These projects are designed to allow future integration of carbon capture technologies, aligning with Saudi Arabia's target of net-zero emissions by 2060 and ACWA Power's goal of net-zero by 2050. The inherent design of these plants allows for the future integration of carbon capture facilities, further solidifying the commitment to flexibility and innovation in the Kingdom's energy sector, it stated. On the funding, Thomas Brostrom, Chief Investment & Development Officer at Acwa Power, said: "The successful dry financial closure of the Rumah 1 and Nairyah 1 IPP projects underscores the investor confidence in Acwa Power's strategic vision and our proven track record in delivering sustainable power solutions. Securing financing from such a diverse group of lenders demonstrates the bankability of these projects and their alignment with global sustainability objectives." "We are particularly pleased with the inclusion of export credit financing, which further validates the international significance of these projects. This financial achievement reinforces our commitment to providing reliable and cost-effective power while actively pursuing innovative solutions for a cleaner energy future," he stated. Manish Manchandya, Executive Vice President, Strategic Planning & Chief Investment Officer at Saudi Electricity Company (SEC) and Acting CEO of Energy Infrastructure Consortium Company (EICC), said: "The successful dry financial closure of the Rumah 1 and Nairyah 1 IPP projects is a testament to the strength of our partnerships and the kingdom's credibility in attracting strategic investments in the energy sector." "These projects represent more than just additional capacity; they embody SEC's strategic vision to deliver reliable, efficient, and environmentally responsible power solutions to support national development. By leveraging advanced technologies and fostering international collaboration, we are contributing to Saudi Arabia's energy transition goals while enhancing the resilience and sustainability of our power system," he noted. "We are proud to be at the forefront of delivering on Vision 2030's priorities and creating long-term value for our stakeholders," stated Manchandya. The Rumah 1 IPP Project includes the construction of a combined cycle gas turbine (CCGT) power plant with a capacity of 1,800MW in Saudi's Riyadh Province. The plant will be operated by Remal Energy Company as the project company, with a combined financing of SAR6.4 billion ($1.7 billion). In addition, Nairyah 1 IPP Project includes the construction of Naryah 1 CCGT Power Plant with a capacity of 1,800MW in the Eastern Province of Saudi Arabia. Naseem Energy Company will serve as the project company, with combined financing of SAR6.4 billion ($1.7 billion). -TradeArabia News Service Copyright 2025 Al Hilal Publishing and Marketing Group Provided by SyndiGate Media Inc. (
Hans India
5 hours ago
- Politics
- Hans India
YSRCP delegation meets SEC
Guntur: YSRCP urged the State Election Commission to ensure that the upcoming local body by-elections are conducted in a transparent and impartial manner. A delegation of YSRCP leaders, including former chief whip Gadikota Srikanth Reddy, former MLA Malladi Vishnu, MLC Mondithoka Arun Kumar, and NTR District YSRCP president Devineni Avinash met SEC Neelam Sawhney here on Thursday and submitted a memorandum outlining their concerns. The delegation emphasised the need for a free and fair electoral process, citing a deteriorating law-and-order situation and intimidation tactics by the ruling coalition that threaten the democratic rights of voters and candidates. The YSRCP leaders expressed alarm over the prevailing atmosphere of fear, which they claim prevents voters from exercising their franchise freely. They highlighted specific instances of intimidation, including a reported threat by a leader named B Tech Ravi in Pulivendula, YSR Kadapa district, who warned candidates against filing nominations. 'The ruling coalition is resorting to threats and violence to suppress opposition voices,' said Gadikota Srikanth Reddy. 'We have urged the SEC to appoint honest and competent officials to oversee the elections,' he said. The commissioner responded positively, noting that software for online nominations is ready and can be implemented upon government approval. The delegation demanded robust security measures, including police protection for candidates filing nominations and comprehensive CCTV surveillance from the nomination stage to vote counting. Former MLA Malladi Vishnu criticised the coalition government for undermining democracy through what he described as a 'Red Book Constitution' that enables attacks on political opponents. 'The law-and-order situation has collapsed, and the ruling party is conspiring to manipulate elections through police complicity and coercion,' he stated. Vishnu pointed to recent municipal and corporation elections where abductions and inducements were used to sway outcomes, underscoring the need for stringent action. MLC Mondithoka Arun Kumar accused the coalition government of orchestrating efforts to silence the opposition and prevent fair elections.
