The Crypto Compass Issue #23

More regulations ahead for the crypto industry!? Read it in our weekly newsletter now! Brought to you by BitcoinWalletSG.

Hey Friends!

Welcome back to another edition of your trusted guide through the crypto universe. We have a lot to discuss this week, so let's dive right in!

Bank of China Issues Tokenized Securities on Ethereum

The first noteworthy development this week comes from the Bank of China (BOCI), which issued tokenized securities on the Ethereum blockchain. This is an interesting development, especially considering the previous concerns China had shown towards cryptocurrencies. However, the bank's use of Ethereum for this purpose suggests a growing acceptance of blockchain technology for institutional use. It's a strong endorsement for Ethereum, emphasizing its utility and robustness.

JPMorgan Urges Crypto Exchanges to Register with the SEC

JPMorgan's stance on crypto regulation made headlines this week as the bank urged crypto exchanges to register with the U.S. Securities and Exchange Commission (SEC). This call for greater regulation reflects a growing sentiment among traditional financial institutions that regulatory clarity could boost the crypto market's legitimacy and stability. It's a reminder for all of us that the path to mainstream adoption of cryptocurrencies is likely to involve more regulation, not less.

Robinhood Ends Support for Certain Tokens

Finally, we turn to Robinhood, the popular trading platform, which has announced the discontinuation of support for certain tokens named in a recent SEC lawsuit as securities. This move by Robinhood underscores the legal challenges faced by platforms dealing with tokens whose regulatory status is unclear or contested. As investors, it's crucial to understand the regulatory landscape and how changes can affect our investments.

That's all for this week's edition of our newsletter. As always, we're here to help you navigate the dynamic and evolving world of cryptocurrencies. If you have any questions or comments, feel free to reach out.

Stay curious and happy investing!

Best,
Punk5558 from BitcoinWalletSG

Podcast

In this episode, we discuss one of the most crucial issues facing the crypto world today - the potential impact of SEC regulations on the crypto industry. We delve into the complexities of regulatory frameworks, dissect the potential outcomes for DeFi platforms, and discuss how these rules might impact everyday users like you. Please like, comment and subscribe to our channel for more!

Notable News

BOCI issues first tokenized security in Hong Kong on Ethereum

Together with UBS, BOCI became the first Chinese financial institution to issue a tokenized security in Hong Kong.

www.theblock.co/post/234241/bank-of-china-boci-tokenized-security-ethereum

SEC comments on Hinman speech released in Ripple Labs filing

Certain documents related to former SEC director William Hinman have been released as part of the SEC's lawsuit against Ripple Labs.

www.theblock.co/post/234408/sec-comments-on-hinman-speech-released-in-ripple-labs-filing

Picking and Choosing Tokens to Prosecute Is 'Pretty Unfair,' Says Former SEC Cyber Chief

Robert Cohen says the SEC's selective enforcement is having a "real impact on real people and real businesses.”

finance.yahoo.com/news/picking-choosing-tokens-prosecute-pretty-214553868.html?guccounter=1

Regulatory News

Robinhood Ends Support for All Tokens Named in SEC Lawsuit as Securities

The trading platform will end support for Cardano (ADA), Polygon (MATIC) and Solana (SOL) on June 27th.

www.coindesk.com/markets/2023/06/09/robinhood-ends-support-for-some-tokens-named-in-sec-lawsuit-as-securities

JPMorgan says crypto exchanges may be forced to register with SEC

U.S.-based crypto exchanges, including Coinbase and Binance.US, could face regulatory pressure to register with the SEC, JPMorgan said.

www.theblock.co/post/234254/jpmorgan-crypto-exchanges-register-sec

Tech News

Uniswap Labs releases draft code for 'entirely new' version of Uniswap

Uniswap Labs CEO Hayden Adams claims Uniswap V4 will be cheaper, more efficient and "open up a world of possibilities."

www.theblock.co/post/234261/uniswap-labs-releases-draft-code-for-entirely-new-version-of-protocol?utm_source=twitter&utm_medium=social

Introducing Polygon 2.0: The Value Layer of the Internet

Polygon 2.0

polygon.technology/blog/introducing-polygon-2-0-the-value-layer-of-the-internet

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