Over the next five years, hedge funds are on track for a greater embrace of crypto assets for their investments, and digital overhauls to manage cutting-edge securities operations, according to a survey released in late May by fund administration services provider Intertrust Group, based in Amsterdam, The Netherlands. The company surveyed 100 senior-level professionals at… Read More >>
‘State Street Digital’ to Offer Crypto Asset Services
Nadine Chakar Tapped to Head New Division The financing of digital assets will be a key focus for a new division of custodian State Street Corp. The just-launched State Street Digital is tasked with building upon the firm’s current digital capabilities, and then expanding into cryptocurrencies, central bank digital currency, blockchain, and tokenization, officials say…. Read More >>
FIX Group Helps Mold Digital Asset Trading Standards
FIX Trading Community Partners with Global DCA The FIX Trading Community, a standards body for transacting securities via the electronic Financial Information eXchange (FIX) protocol, will be working with the Global Digital Asset and Cryptocurrency Association (Global DCA) to create standards for trading digital assets, officials confirm. Both groups “recognize that their complementary efforts can… Read More >>
Coinbase Penalized $6.5M for Reporting & Trading Woes
Digital asset exchange operator Coinbase will pay a civil penalty of $6.5 million to settle a case with the CFTC involving wash trading by a former employee and inaccurate reporting of digital asset transaction volumes even though the CFTC does not regulate Coinbase. While it doesn’t oversee cryptocurrency trading venues, the commodities regulator stepped in… Read More >>
BNY Mellon Readies Platform for Digital Asset Custody
Digital Assets Platform Due Later This Year New school crypto-currency and other digital assets have gotten the blessings of the establishment with the news that BNY Mellon is creating a digital assets unit slated to create a secure infrastructure to facilitate the transfer, safekeeping, and issuance of digital assets. The new Digital Assets unit “will… Read More >>
Keep Hope Alive for 2021
It’s next to impossible to predict what the major trends in securities operations will be in 2021. The industry is still focused on what the new world will be after the fatal COVID-19 pandemic is defeated by vaccines and new behaviors. We may be in a holding pattern for at least the first six months… Read More >>
Bakkt Futures & Custody to Launch Next Month
The New York State Department of Financial Services (DFS) has given the green light to Bakkt Trust Co., which means that it can offer custody services for bitcoin in conjunction with the launch of physically delivered bitcoin futures contracts, officials say. “This now enables us to offer institutional-grade custody via the Bakkt Warehouse alongside the… Read More >>
SEC Alleges Firm Had a Crypto-Pyramid Scheme
The SEC has filed a civil injunctive action against the alleged perpetrator of a multimillion-dollar pyramid scheme. The SEC claims that, from January 2017 through March 2018, San Clemente, Calif., resident Daniel Pacheco enticed would-be cryptocurrency investors by selling so-called instructional packages that provided e-commerce “lessons,” raising more than $26 million in the process. In… Read More >>
CFTC & SEC Spotlight Crypto-Fraud Websites
Although crypto currencies may yield many surprising benefits, one of the oldest rules of commerce still applies to investing and trading in digital assets — if it seems to be too good to be true, it might be. That is the essence of a guidance, “Investor Alert: Watch Out for Fraudulent Digital Asset and ‘Crypto’… Read More >>
SEC Explores Impacts of Digital Assets at Forum
The SEC is shining more light on distributed ledger technology (DLT) and digital assets via a forum on May 31 hosted by the regulator’s Strategic Hub for Innovation and Financial Technology (FinHub), an effort to actively engage with innovators, developers, and entrepreneurs. The event is an acknowledgment of the importance of DLT and digital assets… Read More >>
