Date
03/05/2021
The Digital Dollar Project (DDP) will launch at least five pilot programs over the next 12 months with interested stakeholders and DDP participants to measure the value of and inform the future design of a U.S. central bank digital currency (CBDC), or “digital dollar.”
A non-profit partnership between Accenture (NYSE: ACN) and the Digital Dollar Foundation, the DDP was created last year to encourage research and public discussion on the potential advantages of a U.S. CBDC a new form of money designed specifically for the digital world that complements the existing forms of physical and electronic monies.
The pilots, for which Accenture is providing the first phase of funding, will explore, analyze and identify technical and functional requirements; assess benefits and outstanding challenges; test applications and approaches; and consider potential use cases for both retail and wholesale commercial utilization. The DDP will release to the publi
Coinbase now allows U.S. users to use PayPal to purchase cryptocurrencies
Coinbase is one of the largest cryptocurrency exchange platforms in the U.S. According to a recent report, the company will now allow American users to use PayPal accounts to purchase cryptocurrencies. This integration will allow users with a PayPal account to “purchase encryption instantly,” without the need to add bank account information or credit cards. Users can purchase cryptocurrency with a daily limit of $25,000 through PayPal’s payment method. However, a 3.99% PayPal fee will be paid for this.
Regarding this high fee standard, Coinbase project manager Eddie Lo said: “These fees cover the cost of payment processing”. According to Coinbase, this new financing feature is currently only available to US users. However, the exchange claims that it plans to expand PayPal’s purchasing capabilities to “more countries” in the next few months.
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In an effort to pursue unlawful trading in the derivatives markets, the U.S. Commodity Futures Trading Commission ( CFTC ) and U.S. Department of Justice ( DOJ ) have in recent years engaged in unprecedented levels of cooperation. Jones Day partners Josh Sterling and Brian Rabbitt discuss the ongoing cooperation between the DOJ and CFTC in bringing and settling cases, the role of data analytics in identifying cases, recent notable cases, and what market participants should know about successfully resolving an investigation.
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On April 14, 2021, the U.S. Senate confirmed Gary Gensler as the new Chair of the U.S. Securities and Exchange Commission. Over the last few years the SEC has taken an assertive position in considering many digital assets to be securities and has been conservative in approving offerings of digital assets, leaving the industry in a continued state of uncertainty. On the other hand, the SEC made strides to embrace innovation as exemplified by their establishing FinHub and maintaining an open door policy to practitioners in this space.
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With Bitcoin’s latest bull run resulting in its price surge by almost 6x over the last year, taking hundreds of other digital currencies along for the ride, it is becoming increasingly clear that crypto-related merger activity is poised to skyrocket in 2021. According to a PwC report on the crypto M&A fundraising landscape, the global deal value associated with the crypto industry was $597 million in just the first half of 2020, surpassing a total of $491 million for the entire year in 2019. The recent IPO of Coinbase, the largest U.S. based cryptocurrency exchange, represents yet another milestone for the exploding sector, marking the intersection of cryptocurrency and traditional finance. As more companies integrate cryptocurrency into their business models to favorable results and new crypto-based platforms emerge, many private equity sponsors are beginning to explore it as a viable means of increasing the value of th