Web3 Diaries-IMF And FSB Call For Central Bank Empowerment
In a crucial step toward maintaining financial stability, the Financial Stability Board (FSB) and the International Monetary Fund (IMF) have jointly issued a thorough research outlining clear rules to mitigate the dangers posed by cryptocurrencies.
This important report will have a huge influence on how cryptocurrencies are governed internationally in the future. It was commissioned by India, the current G20 economic leader.
The report’s main point is that cryptocurrencies may pose risks to a country’s macroeconomic security and financial stability. The IMF and FSB stress the urgent need for governments to provide their central banks the authority they need to properly mitigate these risks.
CFTC Chases Opyn, Other DeFi Operations in Enforcement Sweep
The U.S. commodities markets regulator – Commodity Futures Trading Commission (CFTC) has charged three decentralized finance (DeFi) operations – Opyn, Inc., ZeroEx (0x), Inc. and Deridex, Inc. – with offering illegal derivatives trading.
According to a Thursday statement from the agency, the three firms face a number of accusations based on their use of blockchain-based protocols and smart contracts to function as trading platforms.
The U.S. derivatives regulator is ordering Opyn, ZeroEx, and Deridex to cease those violations and pay penalties of $250,000, $200,000, and $100,000, respectively. The companies agreed to these terms to settle the charges.
CFTC Commissioner Pitches Pilot Program for U.S. Crypto Regulation
The U.S. watchdog for derivatives markets should create a limited pilot program for regulating cryptocurrencies, said Caroline Pham, one of the members of the Commodity Futures Trading Commission (CFTC).
“I’m recommending a time-limited CFTC pilot program to support the development of compliant digital asset markets and tokenization,” said Caroline Pham, who holds one of the Republican seats on the five-person commission, in remarks prepared for a Cato Institute event on Thursday.
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