Crypto News and Info Tracker - Daily

By: Quiet. Please
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  • Summary

  • Stay ahead in the world of cryptocurrencies with "Crypto News Tracker," your go-to podcast for the latest updates, insights, and analysis on Bitcoin, Ethereum, and the entire crypto market. Whether you're a seasoned investor or new to the crypto space, our daily episodes provide you with the essential news and trends to keep you informed and make smart investment decisions. Join us as we explore the rapidly evolving landscape of digital currencies, blockchain technology, and decentralized finance (DeFi). Subscribe now and never miss an episode of "Crypto News Tracker" – your trusted source for all things crypto.
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Politics & Government
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Episodes
  • JP Morgan Rebrands Onyx to Kinexys Blockchain Platform for Seamless Global Payments and Asset Tokenization

    JP Morgan Rebrands Onyx to Kinexys Blockchain Platform for Seamless Global Payments and Asset Tokenization
    Nov 9 2024
    In a significant move to bolster its presence in the blockchain and cryptocurrency landscape, J.P. Morgan has announced the rebranding of its pioneering blockchain platform, Onyx, to Kinexys. This strategic shift was unveiled at the Singapore Fintech Festival, marking a new era in wholesale payments and financial services.

    Kinexys, a name derived from "kinetic" and "connection," reflects the platform's mission to facilitate seamless and efficient movement of money, assets, and financial information globally through blockchain technology. Since its inception, Onyx has processed over $1.5 trillion in notional value, with an average daily transaction volume exceeding $2 billion. This rebranding builds on the remarkable achievements of Onyx, which has seen payments transactions grow tenfold year-over-year and has facilitated some of the largest repo transactions ever executed on a blockchain worldwide.

    The Kinexys platform is designed to empower businesses across five continents, enabling them to leverage the speed and efficiency of blockchain technology. It allows for the tokenization of assets, facilitates the seamless exchange and validation of financial data, and enables corporates to move money between J.P. Morgan accounts in different countries in real-time and 24/7 through Kinexys Digital Payments, formerly known as JPM Coin Systems.

    One of the key enhancements planned for Kinexys is the integration of foreign exchange (FX) capabilities. Starting in the first quarter of 2025, Kinexys Digital Payments will facilitate on-chain FX conversions, initially between the U.S. dollar and the euro, with plans to expand to other currencies. This innovation aims to reduce FX settlement risk and speed up trade settlements, laying the groundwork for future automation of 24/7 near real-time multicurrency clearing and settlement[2][4].

    Additionally, Kinexys is working on a proof-of-concept for on-chain privacy, identity, and composability, further highlighting J.P. Morgan's commitment to addressing key challenges in the blockchain space. The rebranding also includes the renaming of other key business units, such as Onyx Digital Assets to Kinexys Digital Assets and Blockchain Launch to Kinexys Labs, to align with the new brand identity[1][5].

    This rebranding is not just a cosmetic change but a strategic move to accelerate the adoption of blockchain technology and tokenization into mainstream financial services. As Umar Farooq, co-head of J.P. Morgan Payments, noted, the goal is to move beyond the limitations of legacy technology and foster a more connected ecosystem, enabling greater interoperability and reducing the limitations of today’s financial infrastructure[2][5].

    With its impressive track record, global reach, and ambitious roadmap, Kinexys is poised to shape the future of finance, driving greater efficiency and connectivity in the financial world. This move underscores J.P. Morgan's leadership in innovation and its dedication to revolutionizing wholesale payments through cutting-edge blockchain solutions.
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    3 mins
  • "Trump's Pro-Crypto Agenda: Reshaping the U.S. Digital Asset Landscape"

    "Trump's Pro-Crypto Agenda: Reshaping the U.S. Digital Asset Landscape"
    Nov 8 2024
    The recent election of Donald Trump has sent ripples of excitement through the cryptocurrency and blockchain communities, as his campaign promises suggest a significant shift in favor of digital assets. Here’s what Trump’s election could mean for crypto:

    ### A Pro-Crypto Stance

    Trump, who once expressed skepticism about cryptocurrencies, has dramatically changed his tune. In his 2024 campaign, he positioned himself as a strong advocate for the crypto industry. At the Bitcoin 2024 conference in Nashville, Tennessee, Trump declared his ambition for the U.S. to become the "crypto capital of the planet" and the "Bitcoin superpower of the world".

    ### Strategic Bitcoin Reserve

    One of Trump's key promises is the establishment of a strategic Bitcoin reserve. He plans to instruct law enforcement to retain seized Bitcoin rather than auctioning it, creating a national Bitcoin reserve aimed at supporting the U.S. economy and reducing national debt. As of October 2023, the U.S. government held over $5 billion in Bitcoin, primarily seized from criminal investigations.

    ### Regulatory Reform

    Trump has vowed to end the current administration's "anti-crypto crusade" and to replace SEC Chair Gary Gensler, who has been criticized by crypto backers for his strict regulatory stance. Trump's plan to form a Bitcoin and crypto advisory council, composed of industry experts, aims to create a more favorable and transparent regulatory framework for digital assets.

    ### Opposition to Central Bank Digital Currencies (CBDCs)

    Trump has consistently opposed the creation of a central bank digital currency (CBDC), viewing it as a threat to personal financial freedom. He has supported legislation to prevent the Federal Reserve from developing a CBDC, aligning with privacy advocates who see government-controlled digital currencies as dangerous.

    ### Support for Bitcoin Mining and Startups

    Trump wants to see "all remaining Bitcoin" mined in the U.S., signaling strong support for domestic Bitcoin mining. He also aims to reduce regulatory burdens on crypto startups, fostering an environment where innovative companies can flourish in the U.S. rather than moving overseas.

    ### Commuting Ross Ulbricht’s Sentence

    Trump has promised to commute the sentence of Ross Ulbricht, the founder of the Silk Road marketplace, who is currently serving a life sentence. This move is seen as a pro-crypto statement and could resonate positively within the industry.

    ### Ethical Concerns

    Despite the optimism, Trump’s recent involvement in a crypto project, World Liberty Financial, raises ethical concerns. This decentralized finance (DeFi) platform includes a new cryptocurrency, $WLFI, and Trump's association with it could lead to conflicts of interest and potential market manipulation.

    In summary, Trump's election is seen as a positive development for the crypto industry, with promises of a more favorable regulatory environment, support for domestic mining, and opposition to CBDCs. However, ethical concerns surrounding his personal involvement in crypto projects will need to be closely monitored. As the crypto world watches Trump’s presidency unfold, it remains to be seen whether these ambitious promises will translate into tangible policies that reshape the U.S. crypto landscape.
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    4 mins
  • Crypto Industry Poised for Regulatory Shift as SEC Chair Gensler Likely to Depart

    Crypto Industry Poised for Regulatory Shift as SEC Chair Gensler Likely to Depart
    Nov 7 2024
    The recent U.S. presidential and congressional elections have ushered in a significant shift that could profoundly impact the cryptocurrency and blockchain industry. One of the most notable outcomes is the likely departure of Gary Gensler, the current Chairman of the U.S. Securities and Exchange Commission (SEC).

    Gensler, a former Goldman Sachs banker, has been at the helm of the SEC since April 2021 and has overseen a stringent regulatory crackdown on the cryptocurrency sector. During his tenure, the SEC has launched numerous cases against both major and minor crypto companies and traders, including giants like Coinbase Global and DRW Holdings. This aggressive enforcement has led to substantial penalties, such as the $4.5 billion fine imposed on Terraform Labs and its founder, Do Kwon.

    President-elect Donald Trump has been vocal about his intentions to fire Gensler on his first day in office, a promise that resonated strongly with the crypto community. Trump's campaign strategy included courting the crypto vote, speaking at the Bitcoin 2024 conference, and pledging to make the U.S. the "crypto capital of the planet".

    The crypto industry's significant investment in the recent elections appears to be yielding its most substantial victory yet – the potential exit of Gensler. This development is set against the backdrop of a newly elected, pro-crypto Congress. Over 219 pro-crypto candidates were elected to the House and Senate, marking what Coinbase CEO Brian Armstrong described as "America's most pro-crypto Congress ever".

    The anticipated change in SEC leadership and the shift in congressional sentiment could lead to a more constructive and accommodating regulatory environment for digital assets. Industry leaders are hopeful that the new administration will prioritize policies that support innovation while providing much-needed regulatory clarity. Hester Peirce, a current SEC commissioner and potential replacement for Gensler, has criticized the SEC's current approach, advocating for clearer rules rather than regulation through enforcement.

    The potential successors to Gensler include figures like Dan Gallagher, who has served as the Chief Legal Officer at Robinhood, and Hester Peirce, both of whom have expressed dissatisfaction with the current regulatory approach. If Trump's Democratic counterpart, Kamala Harris, were to win, she might consider candidates like Chris Brummer or Erica Williams, who also support a more balanced regulatory framework for digital assets.

    As the crypto community awaits the formal transition, there is a palpable sense of optimism. The combination of a pro-crypto Congress and a potentially more favorable SEC leadership could integrate crypto more seamlessly into the broader financial services framework, acknowledging its technological differences and innovative potential. Whether Gensler steps down or is formally removed, his departure is likely to mark a significant turning point in the regulatory landscape for cryptocurrencies and blockchain technology in the United States.
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    3 mins

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