Ex-Sen. Toomey Who Once Shepherded Crypto Legislation Sees No Path in Current Congress


Though the digital assets industry is desperate for regulatory clarity in the U.S., and is fighting legal skirmishes with the Securities and Exchange Commission (SEC) while it waits for answers, the long-awaited congressional solution isn’t coming any time soon, Toomey predicted at a Georgetown Law seminar Thursday on national security and digital assets. And the fact that the House Financial Services Committee has cleared multiple crypto bills for floor votes probably won’t make a difference, he said, even if they’re approved by the overall House.

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Polygon Emerges as Suitor for Celo’s New Layer-2 Blockchain, Competing With OP Stack


Celo may be inclined to consider the Polygon proposal as well as potentially other project teams that might float their own competing offers: “Frankly, would not be surprised to see other stacks chime in too,” a person close to the Celo ecosystem told CoinDesk.

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Derivatives DEX Substance Exchange Announces Completion of Testnet Activity, Official Mainnet Launch Imminent


In recent days, Substance Exchange (SubstanceX), the decentralized derivatives exchange, is excited to announce the successful completion of its inaugural testnet event. Over the course of this event on the Arbitrum Goerli testnet, SubstanceX attracted more than 35,000 active addresses, which accounted for more than 30% of the total network interactions during the same period. Moreover, the official Discord community membership has exceeded 23,000, laying a solid foundation for the eagerly awaited mainnet launch, characterized by robust product technology and strong market enthusiasm.

The testnet event provided users with the opportunity to experience the platform's features firsthand, including a wide array of trading pairs and a diverse selection of derivatives. Substance Exchange's dedication to delivering a user experience akin to centralized exchanges has been met with enthusiasm, drawing in users who value a smooth and intuitive trading environment.


A standout feature of Substance Exchange is its implementation of a combined margin pool design, which optimizes the utilization of liquidity and enhances overall trading efficiency. This innovative approach guarantees users access to ample liquidity while upholding competitive trade execution capabilities.


The triumph of the testnet event underscores Substance Exchange's robust infrastructure and dedication to customer satisfaction. The platform's well-established Customer Relationship Management (CRM) system has facilitated the delivery of top-notch customer service to traders and VIP clients, further elevating the overall user experience.


Looking forward, Substance Exchange is gearing up for the much-anticipated launch of its mainnet. The release of the mainnet will represent a significant milestone in the platform's development, granting users access to enhanced functionalities and a wider array of trading opportunities.


Upon the mainnet launch, Substance Exchange will unveil additional features, such as referral rewards, flexible opening leverage adjustments, and multi-level trading fee tiers. These enhancements are designed to empower users, stimulate trading activity, and encourage liquidity providers to play a pivotal role in the platform's expansion.


Substance Exchange's vision is to revolutionize the decentralized derivatives trading landscape. By addressing the production relationship challenges encountered by competing products and nurturing a transparent and equitable ecosystem, Substance Exchange is positioned to become the preferred platform for traders in search of a dependable, efficient, and user-friendly trading experience.


For more information about Substance Exchange and its forthcoming mainnet launch, kindly visit [substancex.io].


About Substance Exchange:

Substance Exchange is a decentralized derivatives exchange dedicated to delivering a user experience similar to centralized exchanges. Through its innovative features, combined margin pool design, and top-tier customer service, Substance Exchange seeks to redefine decentralized trading. The platform places a premium on transparency, fairness, and user satisfaction, enabling traders to attain their financial objectives.


Contact: John McLaughlin

Company Name: Substance Technologies Limited

Website: https://test.substancex.io

Email: [email protected]

Top 3 Crypto Myths Tackled for Advisors


Christopher Jensen from Franklin Templeton tackles myths about crypto in the Crypto for Advisors newsletter.

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Is Crypto-AI Really a Match Made in Heaven?


There’s lots of talk these days about how blockchains can make AI safe for human consumption. But is the idea, widely touted in the crypto community, workable in practice? Jeff Wilser takes a critical look.

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U.S. Treasury yields surge to multi-year highs


Treasury bills, commonly referred to as T-bills, are short-term securities issued by the U.S. government. They are essentially IOUs, with the government promising to pay back the face value of the bill upon its maturity. The yield on a Treasury bill represents the return an investor will receive by holding the bill until maturity. Yields move inversely to bond prices; when bond demand increases, prices rise, yields fall, and vice versa.

The yield curve, a graphical representation of yields across different maturities, is a crucial market indicator. A normal yield curve slopes upward, indicating higher yields for longer-term bonds compared to shorter-term ones. This reflects the additional risk investors take when lending money over an extended period.

Graph showing the U.S. Treasuries yield curve on Sep. 20, 2023 (Source: U.S. Treasury Yield Curve)

The Federal Reserve’s stance plays a pivotal role in influencing Treasury yields. Recent decisions and announcements from the Fed have indicated a hawkish tilt, with potential interest rate hikes on the horizon. Economic indicators, such as inflation rates, unemployment figures, and GDP growth, also play a part in determining yields. On the global front, geopolitical tensions, trade dynamics, and global economic health can sway U.S. Treasury yields.

Recent data indicates that yields on nearly all Treasury bills have surged to multi-year highs:

  • 3-Month Treasury Bill: The current yield stands at 5.47%, which has seen an increase of 4 basis points in the past month and a significant rise of 221 basis points over the past year.
  • 6-Month Treasury Bill: The yield is currently at 5.52%. Over the last month, it has risen by 3 basis points and has surged by 164 basis points year-over-year.
  • 12-Month Treasury Bill: It has a yield of 5.47%, with an increase of 10 basis points in the last month and a rise of 142 basis points from the previous year.
  • 2-Year Treasury: The yield is at 5.15%. It has seen an increase of 17 basis points in the past month and has grown by 113 basis points over the last year.
  • 5-Year Treasury: Currently, the yield is 4.62%, with a month-over-month increase of 16 basis points and a year-over-year rise of 86 basis points.
  • 10-Year Treasury: The yield stands at 4.48%. It has grown by 14 basis points in the last month and has seen a rise of 95 basis points from the previous year.
  • 30-Year Treasury: The current yield is 4.53%, with an 8 basis point increase in the past month and a significant growth of 102 basis points year-over-year.
3 Month 5.47% +4 +221
6 Month 5.53% +3 +164
12 Month 5.46% +9 +142
2 Year 5.14% +15 +110
5 Year 4.62% +16 +86
10 Year 4.48% +15 +96
30 Year 4.55% +10 +104


The 2-year Treasury note is uniquely positioned in the financial landscape, often serving as a barometer for short-to-medium-term economic expectations. Its shorter duration makes it more sensitive to changes in the Federal Reserve’s monetary policy and anticipated shifts in interest rates. When the Federal Reserve signals potential rate hikes or adopts a hawkish stance, the 2-year yield can react more swiftly than longer-dated bonds.

us 2-year treasury yields historical
Graph showing the yield on U.S. Treasury securities at 2-year constant maturity from 2000 to 2023 (Source: Federal Reserve)

This sensitivity makes the 2-year Treasury a critical indicator for investors trying to gauge the economy’s direction and the central bank’s next moves. The recent significant increase in the 2-year Treasury yield underscores its role as a bellwether for imminent economic and policy shifts.

Rising Treasury yields can be a double-edged sword for the crypto market, particularly Bitcoin. On one hand, as traditional investments like bonds become more attractive due to higher yields, investors might pivot away from riskier assets like cryptocurrencies. On the other hand, some view Bitcoin as a hedge against inflation, and if rising yields indicate inflationary pressures, it could bolster Bitcoin’s appeal.

The post U.S. Treasury yields surge to multi-year highs appeared first on CryptoSlate.

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UK’s Financial Conduct Authority issues ‘final warning’ about upcoming marketing and disclosure rules


U.K.’s Financial Conduct Authority (FCA) has issued its final warning to cryptocurrency firms about the upcoming financial promotions regime slated to begin in October.

In a Sept. 21 letter, the financial regulator stated that all firms marketing crypto assets to U.K. consumers, including overseas firms, must comply with these regulations.

The financial promotions regime outlines several guidelines for crypto firms before promoting their products within the region. The FCA had promised to enforce this regulation strictly and threatened that violators could be punished with two years imprisonment, an unlimited fine, or both.

The regulator said:

“This regime is important for reducing and preventing harm to consumers from investing in cryptoassets that do not match their risk appetite. It is up to consumers to decide whether they buy crypto, but they should do so on the basis of fair and accurate information that helps them make effective investment decisions.”

The FCA explained that crypto was added to the regime because it is an inherently “high-risk investment.”

CryptoSlate reported that cryptocurrency firms might struggle to comply with the financial promotions regulations. Delphi Labs general counsel Gabriel Shapiro stated that a crypto project could spend more than $500,000 to ensure it complies with the laws.

Poor engagement from foreign companies

Meanwhile, the FCA decried the poor engagement it got from unregistered, overseas cryptocurrency firms about the upcoming regulation.

According to the letter, many foreign firms refused to engage with the financial watchdog despite its best efforts to ensure compliance with the forthcoming regulations. Per FCA, only 24 firms responded to a survey sent to more than 150 companies.

The FCA wrote:

“This lack of engagement gives us serious concerns about unregistered firms’ readiness to comply with the new regime.”

Warns social media platforms

The FCA warned that intermediaries, including social media platforms and search engines, must ensure unregistered crypto asset firms do not communicate illegal financial promotions to U.K. consumers through their platforms.

According to the regulator, the newly passed Online Safety Bill (OSB) places a duty on these companies to mitigate the risks posed by the presence and dissemination of illegal content on their sites, including illicit financial promotions.

On Sept. 19, OSB passed its last parliamentary reading and is ready to become law despite opposition from several technological companies.

The post UK’s Financial Conduct Authority issues ‘final warning’ about upcoming marketing and disclosure rules appeared first on CryptoSlate.

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Stablecoin Issuer Tether Ventures Into AI With Northern Data in $427M Nvidia Chip Splurge


Damoon, a Tether subsidiary in which Northern Group acquired a stake earlier this year, has purchased $427 million of Nvidia chips for generative AI cloud computing.

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Ethereum And Cosmos Compatible With A City, South Korea Wants To Make It Happen


A local report confirmed that Busan, the second most populous city in South Korea, plans to use the Ethereum and Cosmos for its project “Blockchain City.” The Asian city has been developing its blockchain capabilities for a while and plans to double down on its efforts.

South Korea’s Blockchain City To Operate On Ethereum And Cosmos

The report claims the project is expected to be completed by 2026 as part of the Busan Digital Asset Exchange (BDAE) and Future Schedule Plan. The South Korean city has been experimenting with different implementations of blockchain technology.

Busan is looking for ways to offer services, such as digital vouchers and others, and for ways businesses can operate on the blockchain. However, the experiments hit an obstacle due to the difference between the networks and “uncomfortable user experience (UX).”

As crypto users know, operating on Ethereum and its many sidechains differs greatly from applications running on Cosmos, Cardano, Tezos, Solana, and other networks. These blockchains have transaction costs and speed and require tools many are unwilling to master.

Therefore, Busan decided to concentrate on Ethereum and Cosmos to standardize its blockchain initiatives. Implementing this “Blockchain City” will cost around 100 billion Korean won or $74 million US dollars. The project will operate around the BDAE.

Busan City’s Efforts To Contribute With Blockchain Technology

According to the report, the BDAE was launched in November 2022 but is yet to roll out operations. The company will disclose its business plans in an upcoming event this November.

The trading venues will provide users access to commodities, raw materials, and other assets via tokenized products. In the long term, the BDAE plans also to offer access to other assets, including tokenized global intellectual property (IP) rights.

Tokenized assets and related financial products have been gaining attention from different sectors. Banks, exchanges, and financial service providers have noted the potential benefits of implementing these products.

In a paper published on September 8, the US Federal Reserve (Fed) stated the following regarding the potential benefits of tokenization:

the programmability of crypto tokens and the ability to leverage smart contracts, allows for additional features that can be embedded into the tokenized asset which might also benefit markets for the underlying reference assets. For example, liquidity saving mechanisms could be implemented in the settlement of the tokenized asset even if they are not implementable for its real-world counterpart.26 These attributes might lower barriers to entry for a wider set of investors, resulting in more competitive and liquid markets, and better price discovery.

In addition to the “Blockchain City” and the BDAE, Busan will launch a blockchain innovation fund. The initiative will support the development of blockchain technology and related infrastructure.

As of this writing, Ethereum (ETH) trades at around $1,600 and faces considerable selling pressure on short timeframes.

ETH’s moving sideways with some losses on the daily chart. Source: ETHUSDT on Tradingview

Cover image from Unsplash, chart from Tradingview

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NEAR Foundation’s Marieke Flament Steps Down as CEO


“When I joined two years ago, NEAR had around 50,000 users, and now we have over 2.5 million daily active users,” Flament said in an interview with CoinDesk. She added that Donovan is well-suited to the CEO role now given “the current regulatory landscape.” She added: “We are not the only ecosystem making a move like that.”

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