WEEKLY CRYPTO POLICY ROUNDUP December 3, 2021

Crypto CEOs to testify to House Banking Panel

On 8 December 2021, the CEOs of eight major crypto firms (including Coinbase, Bitfury, FTX Trading, and the Stellar Development Foundation) will testify to the U.S. House Financial Services Committee; see more here.

Crypto.com to access US with purchase of two IG Group Companies

Singapore-based crypto.com has bought two US-based trading companies (Nadex and the Small Exchange) belonging to the IG Group, a UK-regulated online derivatives trading provider.

The proposed purchase is expected to give crypto.com access to offer derivatives and futures to US customers, despite the regulatory uncertainty that currently abounds in the US.

Read about the deal here.

Algofi raises over $2.8M for December launch

Ahead of its projected launch in December 2021. Algofi, a crypto lending and stablecoin platform that runs on the Algorand blockchain, has raised nearly 3 million USD with the help of Y Combinator. In time Algofi hopes to become the first first “crypto-native bank” by offering fiat currency payment “rails” so that users can transfer their funds seamlessly.

“Over the next decade, we look forward to playing a significant role in helping millions of people around the world take part in the growing DeFi ecosystem.” John Clarke, co-founder at Algofi.

Algofi currently enables customers to lend and borrow cryptocurrency and earn interest on their deposits. See more here.

The news follows the announcement that Hivemind also has partnered with Algorand.

Read our summary of Algorand here.

Leonteq launches crypto basket

Expanding its current tracker offer, Swiss-based fintech Leonteq AG announced, on 2 December, the launch of its thematic crypto basket tracker certificates in the German, Austrian and Swiss markets, giving investors in these markets easy, convenient and secure access to growing trends in the crypto asset space such as Decentralized Finance (DeFi), Smart Contract Platforms and Data Analytics.

See Also

Quant Network Secures Patent for Blockchain Communications and Ordering Method

Read more here.

ECB Occasional Paper Series, December 2021 – CDDC:
functional scope, pricing & controls

The paper notes the complexity of the technical design challenges ahead for Central Bank Digital Currencies (CBDCs). The ECB’s paper ponders whether the central bank should set a target for CBDC use, and suggests there may be benefits to using open architecture, so additional functionalities can be added as they become clear. Read the paper here.

BIS CBDCs Speech: Words to Works

In this speech, General Manager Bank of International Settlements, Agustín Carstens says that CBDCs should embody three guiding principles; first, coexist with other types of money. Second, do no harm to financial or monetary stability. And third, promote innovation and efficiency. See the speech and video here.