Dive Brief:
A Commodity Futures Trading Commission (CFTC) subcommittee recommended as a “market best practice” that interdealer brokers switch trading of linear interest rate swaps from the London Interbank Offered Rate (LIBOR) to the Secured Overnight Financing Rate (SOFR) beginning July 26.
The recommendation by the CFTC’s Interest Rate Benchmark Reform Subcommittee is aimed at speeding the adoption of SOFR, which has yet to gain widespread acceptance as a replacement for LIBOR, the reference rate for trillions of dollars in business loans, derivatives and other financial contracts worldwide. U.S. regulators have called on banks to stop using LIBOR in new contracts by the end of this year.
The Financial Services Agency said Bybit is allowing Japanese residents to register and leverage the exchange, despite not having the proper registration to offer such services in the country.
The FCA said Thursday that it had pushed back the deadline for the so-called Temporary Registration Regime from July 9, 2021, to March 31, 2022. A significantly high number of businesses are not meeting the required standards under the Money Laundering Regulations resulting in an unprecedented number of businesses withdrawing their applications, the FCA said in a statement. The extended date allows cryptoasset firms to continue to carry on business whilst the FCA continues with the robust assessment being undertaken.
Just five crypto companies are currently registered with the FCA. Those include Tyler and Cameron Winklevoss Gemini and British start-up Ziglu. There are dozens of applicants sitting on the Temporary Registration Regime list.
CIO of Amundi, Europe s Second Largest Asset Manager, Calls Bitcoin a Farce
On 6/3/21 at 10:19 AM EDT
According to Reuters, Amundi CIO Pascal Blanque made his comments about Bitcoin during a recent news conference. Bitcoin will be remembered for pushing central banks to adopt digital money, Blanque said during the news conference, according to Reuters.
Reuters also reported that Blanque added that regulators and governments will ultimately stop the music, with Bitcoin and other cryptocurrencies.
In response to a comment request, a spokesperson for Amundi directed
Newsweek to the asset manager s research report on cryptocurrencies, which said, As of today cryptocurrencies (CCs) cannot be considered a form of money as they are neither a proven store of value, nor a recognized unit of account and even less a universal means of payment.