Latest news with #GeniusAct
South China Morning Post
3 hours ago
- Business
- South China Morning Post
The crypto frenzy and the legal response in Hong Kong
Much has been written about cryptocurrencies in the past few weeks as a result of the Genius Act and the market trend. Share prices of listed companies in related businesses have appreciated very significantly in both the US and Hong Kong. The trend appears unstoppable. US Treasury Secretary Scott Bessent expects the stablecoin market alone to grow tenfold over the next few years from US$200 billion to US$2 trillion. While cryptocurrencies present new opportunities for investors, it is generally recognised that they also present increased risks. Cryptocurrencies have attracted scrutiny due to the association of virtual assets with fraud, security breaches and market manipulation. Bitcoin has been nearly four times as volatile as major indices since 2020. The virtual asset market in Hong Kong is expected to continue to develop, and proper regulation is important.
Yahoo
5 hours ago
- Business
- Yahoo
EToro Plans to Tokenize U.S. Stocks on Ethereum in Blockchain Push
Digital trading platform eToro (ETOR) shared plans on Tuesday to tokenized U.S-listed equities on the Ethereum blockchain, joining rivals to move towards blockchain-based marketplaces. The ERC-20 tokens will represent the underlying shares held on eToro and can be redeemed back into traditional stock holdings, according to the press release. The company said the aim is to make equities tradable on-chain and compatible with decentralized finance (DeFi) applications, opening the door to around-the-clock market access. "Our goal is to tokenize every asset on eToro – starting with stocks – enabling our users to move tokenized assets onto the blockchain and from there integrate them into the broader DeFi ecosystem," CEO Yoni Assia said in a statement. "" He said that new crypto regulations like MiCA in Europe and the stablecoin-focused Genius Act in the U.S. "makes the tokenization of real-world assets a new opportunity to create digital assets that are legally backed and regulated." The move will put eToro alongside a growing roster of trading venues that recently introduced tokenized equities. Competitor Robinhood announced its stock token trading for European users last month, while several crypto exchanges including Kraken, Gemini, Bybit also debuted similar features. EToro said its tokenized stock offering build on past experiences in tokenization, acquiring Danish token startup Firmo in 2019 and launching tokenized gold and in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
6 hours ago
- Business
- Yahoo
White House crypto report hails achievements, but offers no details on digital asset reserve
Just three days after his January inauguration, President Trump signed an executive order that he had promised on the campaign trail, establishing a digital assets working group comprised of top administration figures that would usher in a new era for crypto in the U.S. On Wednesday, the group—which includes Treasury Secretary Scott Bessent, AI and Crypto Czar David Sacks, and other leading officials—released a 166-page report detailing the administration's new approach, which Trump pledged would be a departure from his predecessor, President Biden, who cracked down on the blockchain industry. The report outlines different priority areas for the White House moving forward, from enacting rulemaking laid out in the Genius Act, a bill establishing regulation for stablecoins passed by Congress earlier in July, to modernizing anti-money laundering rules. In a press briefing call on Wednesday, senior administration figures touted the report as the 'most comprehensive product that's ever been produced in regards to digital assets.' But as Congress debates an ambitious bill to create guardrails around cryptocurrencies and exchanges, and federal agencies deliberate on how to police the sector, the White House's work is just beginning. Search for clarity While Trump has fully embraced the role of the crypto president, Wednesday's report is not the first from the White House. The Biden administration released its own back in September 2022, just weeks before the collapse of Sam Bankman-Fried's crypto exchange FTX. The Biden report presaged a period of enforcement actions from agencies including the Justice Department, Securities and Exchange Commission, and Commodity Futures Trading Commission against top crypto companies, including Coinbase. In response, the blockchain industry mounted a campaign to elect pro-crypto politicians, replete with hundreds of millions of dollars in campaign donations. It proved to be a success, with Trump promising a raft of crypto policies, including a strategic Bitcoin reserve, the pardon of Silk Road founder Ross Ulbricht, and crypto legislation. He has already fulfilled many of the pledges, with Wednesday's report capping off a flurry of executive orders that he signed right after taking office. The composition of the working group, filled with pro-crypto officials, reflects the massive sea change from the Biden administration. While a major win for the crypto industry, the report leaves still leaves open certain questions, including ones related to the future scope of the federal government's crypto reserve. In the press call, one official said that the report is focused on a regulatory framework rather than the reserve, and said that more information should be coming soon. The report also acknowledges the limitations posed by the reality that Congress has yet to pass a market structure bill, which would establish more comprehensive regulation for the issuance of cryptocurrencies, as well as the operation of exchanges like Coinbase. While the report encourages the SEC and CFTC to provide more clarity on key functions like registration, custody, and trading, many market participants will remain in limbo while Congress continues to debate legislation. Though the Senate and House of Representatives were able to agree on a stablecoin bill, the looming market structure bill will likely remain more of a challenge. The senior Trump administration officials argued that the House version—the Clarity Act—has received bipartisan support, with the report pointing to the bill as a 'guiding star' for market structure. 'They've built the proper foundation for getting this home,' the official added. This story was originally featured on Melden Sie sich an, um Ihr Portfolio aufzurufen.
Bloomberg
7 hours ago
- Business
- Bloomberg
The Promise of Stablecoins: A Cryptocurrency Meant to Be Boring
Never miss an episode. Follow The Big Take daily podcast today. President Trump signed the Genius Act, the US's first major federal cryptocurrency legislation, earlier this month. The law focuses on one type of cryptocurrency: stablecoins. So, what exactly is a stablecoin? On today's Big Take podcast, Bloomberg's Emily Mason joins host Sarah Holder to break down what stablecoins are, how they work and what their wider adoption could mean for the crypto industry, banks and consumers. Listen and follow The Big Take on Apple Podcasts, Spotify or wherever you get your podcasts. Terminal clients: click here to subscribe. Here is a lightly edited transcript of the conversation:
Bloomberg
7 hours ago
- Business
- Bloomberg
Big Take: Stablecoins Explained
President Trump signed the Genius Act, the US's first major federal cryptocurrency legislation, earlier this month. The law focuses on one type of cryptocurrency: stablecoins. So, what exactly is a stablecoin? On today's Big Take podcast, Bloomberg's Emily Mason joins host Sarah Holder to break down what stablecoins are, how they work and what their wider adoption could mean for the crypto industry, banks and consumers.
