#digital asset

The Department of the Treasury in the United States is pressing for expanded authority to levy sanctions against crypto exchanges and digital asset providers involved in illicit transactions.

Michael Busella and Steve Lee, with storied careers at Goldman Sachs and BlockTower, introduce Neoclassic Capital, an investment company targeting the digital asset landscape. Their strategic focus spans tokenization to gaming and social networks, covering a broad spectrum from emerging startups to established public firms.

Financial powerhouses including Goldman Sachs, BNY Mellon, Paxos, and others have concluded their testing phase of the blockchain Canton Network, engineered by Bluechip Digital Asset. The initiative brought together 15 asset management companies, 13 banks, four depositary institutions, and three exchanges in its pilot phase.

Hack VC, a U.S.-based venture capital firm, has successfully amassed $150 million for investments in digital asset-related projects. The company is setting its sights on early-stage startups, with a portion of its team already operating from its New York base.

U.S., U.K., and European investment firms are increasingly appointing senior executives for digital asset strategies. Amberdata's recent report reveals that 24% of asset management firms have embraced a digital assets strategy, with another 13% aiming to do so within two years. The study, which surveyed 60 investment professionals, found that nearly half (48%) incorporate digital assets in their portfolios. Despite regulatory challenges, Amberdata anticipates a positive shift in the coming years, especially with Ripple's recent legal win against the SEC.

US House Financial Services Committee members, led by Chair Patrick McHenry, are seeking clarity from the SEC and FINRA about how Prometheum secured a special purpose broker-dealer (SPBD) license. They're probing if the SEC used Prometheum as a model firm to support Gary Gensler's stance that existing laws suffice for crypto regulation in the U.S. Despite Prometheum's claims of being pivotal for regulated digital asset offerings, the lawmakers pointed out that the firm hasn't served any customers yet. Also they raised concerns about potential ties between Prometheum and the Chinese Communist Party. The committee has requested related documents and communication records by Aug. 22.

Chainalysis, a blockchain analytics company, has entered into a partnership with the consulting group Huron to bolster its offerings in the digital asset sector. The collaboration primarily targets in-depth consultancy for legal investigations and financial matters for both businesses and individuals.

The Central Bank of South Korea is embarking on a significant trial of a Central Bank Digital Currency (CBDC), incorporating basic features. The research is designed to assess the practicality and effectiveness of introducing such a digital asset.

The purpose of this program is to impose restrictions on certain cryptocurrency-related activities and create a more level playing field for banks involved in serving the digital asset industry. It which aims to ensure consistency in crypto-related regulations for all banks under Federal Reserve supervision. The activities that fall under the purview include custody, lending, trading, issuance, and distribution of crypto, including stablecoins.

The decision is driven by the challenging regulatory situation. American clients will be able to purchase cryptocurrency until September 2nd, with a selling prohibition coming into force from October 2nd. Following this, the crypto platform will become completely inaccessible to American users, putting a stop to all digital asset operations, including holding.