Wednesday, May 17, 2023
The weird market lull, crypto vs SEC, blockchain settlement savings and more...
“Gratitude is not only the greatest of virtues, but the parent of all others.” – Cicero ||
Hi everyone! The only issue I have with short weeks is that it throws off internal calendars - I had to actually look up what day of the week it was. Not complaining, though, a small price to pay. 😊
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WHAT I’M WATCHING
The lull before the… ? Markets are just too calm. This is weird. More on this below.
SEC disclosure. A judge in the ongoing court case between the SEC and Ripple has ruled that the SEC cannot seal documents relating to a 2018 speech by then-Commissioner Hinman in which he stated that, in his view, ETH was not a security. This is significant in that it suggests that the mood of the court continues to be not exactly favourable toward the regulator, and in that it could shed light on how SEC thinking toward digital assets has changed over the years. More on this below.
Capital markets plumbing. On the blockchain, of course. The Global Financial Markets Association has published a report that claims that distributed ledgers could deliver over $100 billion in savings annually to global capital markets, through better collateral use and more efficient back-office procedures. Blockchain-not-bitcoin, but with some big support, and very much in line with my focus on how “crypto” will influence “macro”. More on this below.
Custody governance. Anchorage Digital is adding support for “Snapshot voting” which allows institutional clients to participate in governance decisions using tokens held in custody. While the concept is similar to shareholders being able to vote according to the number of shares held digitally at their chosen custodian bank, it opens up the field to possible decentralized proposal decisions on a more
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