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  • 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.

  • Opening Statement Of CFTC Commissioner Summer K. Mersinger Before The Technology Advisory Committee

    Date 22/03/2023

    Good afternoon and thank you to everyone joining us today, both in person and virtually.  I am very much looking forward to today’s meeting, and I want to commend Commissioner Goldsmith-Romero not only for convening this meeting today of the Technology Advisory Committee (“TAC”), but also for putting together such an impressive group of presenters for what I expect to be a fascinating discussion.

  • Opening Statement Of CFTC Commissioner Caroline D. Pham Before The Technology Advisory Committee

    Date 22/03/2023

    Good afternoon.

    Thank you to Commissioner Goldsmith Romero, Tony Biagioli, the Designated Federal Officer, and all of the members for today’s meeting of the Technology Advisory Committee.

  • Opening Statement Of CFTC Commissioner Christy Goldsmith Romero At The Technology Advisory Committee On DeFi, Responsible Artificial Intelligence, Cloud Technology & Cyber Resilience

    Date 22/03/2023

    With our nation at the cusp of exciting and challenging technological innovations, it will take a broad representation of stakeholder perspectives to build a safe financial system that harnesses the best of emerging technology while protecting customers and financial stability.  As the Commission and others make policy decisions on next generation technology, it is critical that we have a foundational understanding of the technology, and the specific implications for finance and law.  For that reason, we have assembled Technology Advisory Committee members who are well-respected experts in the fields of cybersecurity, artificial intelligence, electronic trading, blockchain technology, and digital assets.