CFTC Chair Mike Selig described the proposal as a “frolic into merit regulation” by the Biden administration. The US Commodity Futures Trading Commission has withdrawn a Biden administration-era proposal that would have banned sports and political prediction markets, some of the most popular event contracts today. The recently confirmed CFTC chair, Mike Selig, said on Wednesday that the agency has withdrawn a 2024 notice of proposed rulemaking that sought to ban event contracts for sports, politics and war, among other topics, classifying them as “contrary to the public interest.” Selig said the proposal “reflected the prior administration’s frolic into merit regulation with an outright prohibition on political contracts ahead of the 2024 presidential election,” adding that CFTC doesn’t plan to issue final rules on the proposal. Read more
Strium will begin with synthetic US and Japanese stocks and commodities before expanding to real tokenized shares and asset-backed products with identity verification. Startale Group and Japan’s financial conglomerate SBI Holdings have launched Strium, a layer-1 blockchain designed to support exchange-layer and settlement infrastructure for institutional trading of foreign exchange, tokenized equities and real-world assets (RWAs). The platform is designed as an exchange-layer network, according to an announcement shared with Cointelegraph. “Tokenization is an inevitable trend, and equities tokenization is clearly the next big market,” said Sota Watanabe, CEO of Startale Group. He added that Strium aims to bridge the gap between traditional offchain finance and the onchain ecosystem by enabling compliant dividend and royalty payments. Read more
Solana became one of Samani’s favorite crypto projects at Multicoin in 2018 after he initially favored Ethereum but grew dissatisfied with how its developers addressed scaling. Multicoin Capital’s co-founder, Kyle Samani, said he is stepping down as managing partner of the crypto investment firm after 10 years in the industry. Samani called it a “bittersweet moment” in a post on Wednesday, adding, “I am excited to take some time off and explore new areas of technology,” which he later revealed would include AI and robotics. He added that he is “more confident than ever that crypto is going to fundamentally rewire the circuitry of finance.” Read more
Bitcoin’s 12-day ETF outflows, derivatives data and the crypto market in tandem trading with tech stocks suggest traders will continue to cut exposure to risk assets. Key takeaways: Heavy outflows from Bitcoin exchange-traded funds and massive liquidations show that the market is purging highly leveraged buyers. Bitcoin options metrics reveal that pro traders are hedging for further price drops amid a tech stock sell-off. Read more
Speaking on the company's earnings call, CEO Terry Duffy said the exchange is exploring a CME-issued token and is also piloting tokenized cash infrastructure with Google. Chicago-based derivatives exchange CME Group is weighing the launch of its own digital token as it explores how tokenized assets could be used as collateral across financial markets, according to comments from CEO Terry Duffy. Speaking on a company earnings call, Duffy said CME is reviewing different forms of margin, including tokenized cash and a CME-issued token that could operate on a decentralized network. He said: He added that collateral issued by a “systemically important financial institution” may offer greater comfort to market participants than tokens issued by a “third or fourth-tier bank trying to issue a token for margin.” Read more
The proposed laws are meant to create a mass-surveillance state and are not about protecting children, Pavel Durov warned on Wednesday. Pavel Durov, the co-founder of the Telegram messaging platform, sounded the alarm about the Spanish government’s plan to usher in online age verification and restrict social media platforms for individuals under the age of 16. The proposed law will lead to increased government-led censorship of online content, breaches of privacy through de-anonymizing users and mass-surveillance, Durov said on Wednesday. Spain’s Prime Minister Pedro Sánchez announced on Tuesday that the country will enact online age verification policies seen in other parts of Europe, including the United Kingdom. Read more