News Centre

Deutsche Börse AG: US Court Grants Judgment To Plaintiffs’ Group Seeking Turnover Of Assets Attributed To Bank Markazi And Held By Clearstream

Date 22/03/2023

Clearstream Banking S.A., Luxembourg („Clearstream“), a 100 per cent subsidiary of Deutsche Börse AG, learned today that a US court in the so-called Peterson II case (see annual report of 2022, page 236 et seq.) awarded judgment to creditors of Iran who had brought a lawsuit seeking turnover of approximately USD 1.7 bn that are attributed to the Iranian central bank (”Bank Markazi“) and held in custody at Clearstream in Luxembourg in a client account. Clearstream is considering appealing the decision.

CFTC Chairman Behnam To Participate In A Fireside Chat At The North American Carbon World Conference

Date 22/03/2023

SEC Charges Crypto Entrepreneur Justin Sun And His Companies For Fraud And Other Securities Law Violations - Eight Celebrities Also Charged For Illegal Touting Of Sun’s Crypto Asset Securities

Date 22/03/2023

The Securities and Exchange Commission today announced charges against crypto asset entrepreneur Justin Sun and three of his wholly-owned companies, Tron Foundation Limited, BitTorrent Foundation Ltd., and Rainberry Inc. (formerly BitTorrent), for the unregistered offer and sale of crypto asset securities Tronix (TRX) and BitTorrent (BTT). The SEC also charged Sun and his companies with fraudulently manipulating the secondary market for TRX through extensive wash trading, which involves the simultaneous or near-simultaneous purchase and sale of a security to make it appear actively traded without an actual change in beneficial ownership, and for orchestrating a scheme to pay celebrities to tout TRX and BTT without disclosing their compensation.

SIFMA Welcomes Proposed Electronic Paperwork Submission Changes

Date 22/03/2023

SIFMA today issued the following statement from president and CEO Kenneth E. Bentsen, Jr. on the Securities and Exchange Commission’s (SEC) proposed changes to allow electronic filing, submission, or posting of certain forms, filings, and other materials that are required under the Securities Exchange Act of 1934:

British Columbians Urged To Learn The Signs Of A Crypto Scam As Losses Reach Historic Levels

Date 22/03/2023

The B.C. Securities Commission (BCSC), B.C. RCMP and the Canadian Anti-Fraud Centre (CAFC) are urging British Columbians to protect themselves from crypto investment fraud by learning how to spot the signs of a scam.

Testimony Of US Secretary Of The Treasury Janet L. Yellen Before The Financial Services And General Government Subcommittee, U.S. Senate

Date 22/03/2023

Chairman Van Hollen and Ranking Member Hagerty: thank you for inviting me to join you today. I would also like to thank you for your leadership of this subcommittee and support of the Treasury Department.

Federal Reserve Board And Federal Open Market Committee Release Economic Projections From The March 21-22 FOMC Meeting

Date 22/03/2023

The attached tables and charts released on Wednesday summarize the economic projections made by Federal Open Market Committee participants in conjunction with the March 21-22 meeting.

Federal Reserve Issues FOMC Statement

Date 22/03/2023

Recent indicators point to modest growth in spending and production. Job gains have picked up in recent months and are running at a robust pace; the unemployment rate has remained low. Inflation remains elevated.

Statement On The Proposed Expansion Of Electronic Filing, SEC Commissioner Caroline A. Crenshaw, March 22, 2023

Date 22/03/2023

Thank you, Chair Gensler. The proposal we are considering today consists of common-sense updates to the filing procedures for certain Commission forms. Specifically, as you’ve heard from my colleagues, certain forms currently required to be filed or submitted on paper would instead be filed or submitted electronically.

CoinShares Bi-Weekly Digest

Date 22/03/2023

Digital Asset Market Summary:

• Central Banks simply cannot have their cake and eat it. The FEDs tri-mandate is a bit like the blockchain trilemma - decentralization, security and scalability - where it is trying to optimize for market stability, low inflation and stable prices. But it can't have all three. The FED is also facing a trifecta of the 1940s debt problem (Govt Debt-to-GDP), the late 1990's speculative environment (S&P PE Ratios), and the inflationary issues of the 1970s (CPI). Never in history have we had all three issues happening at once.
• The future's market is pricing in a terminal rate of 4.7% with an 80% chance of a 25bps hike on Wednesday but this is contingent on calm markets before the meeting. Another meeting is scheduled for six weeks time. Our view is that no more hikes should occur, but it is likely we do see rates rise by 25bp, with the FED citing more nuanced "policy tools" to target specific weak spots in the economy. The fundamentals remain the same: Bitcoin is a hedge against monetary policy risk, traditional banking custodial risk and government policy risk.
• The long-awaited Shanghai upgrade on Ethereum is scheduled for April 12th which will allow Validators to withdraw their ETH. Our estimates predict it could take 2 weeks to clear the withdrawal queue and roughly three months for 25% to exit. This significantly slower and less dramatic than the mainstream media makes it out to be. The purposefully stringent process prioritises the safety and security of the Ethereum network above all else. We expect many complaints on social media when the withdrawal process begins from those who expected to be able to immediately withdraw, but it is likely there will be an equally large staking queue.