Kiffmeister’s #Fintech Daily Digest (06/16/2021)*

Court Denies SEC’s Request For Documents Relating To Ripple’s Lobbying Efforts

Judge Sarah Netburn of the District Court of New York has denied the US Securities and Exchange Commission’s (SEC’s) request for documents related to Ripple’s lobbying efforts, stating that Ripple’s lobbying efforts are not relevant in the case. However, the Judge approved the SEC’s request to extend the pre-trial discovery phase by two months, to have more time to respond to Ripple’s earlier motion compelling the SEC to turn over the internal BTC, ETH, and XRP documents. In other words, if no settlement is reached soon, the case is likely to drag on to early 2022. The SEC launched its action against Ripple and two of its executives in December 2020, alleging that they raised over $1.3 billion through an unregistered, ongoing digital asset securities offering. 

Bank Indonesia Prohibits Cryptocurrency as Payment Tool

Bank Indonesia reportedly is banning Indonesian financial institutions from accommodating cryptocurrency as a means of payment or other financial services tools. The ban is based on existing laws “[Cryptocurrency] is not legitimate payment instruments under the Constitution, Bank Indonesia Law, and Currency Law,” Governor Perry Warjiyo reportedly said in the virtual seminar on Tuesday, June 15. He also explained that to ensure financial institutions conform to this policy, the central bank will mobilize field supervisors. 

Bank for International Settlements and Nordic central banks launch Innovation Hub Nordic Centre

The Bank for International Settlements (BIS), Danmarks Nationalbank, Central Bank of Iceland, Norges Bank and Sveriges Riksbank today launched the BIS Innovation Hub Nordic Centre in Stockholm. The BIS Innovation Hub’s work program is currently focused on six areas: suptech and regtech; next generation financial market infrastructures; central bank digital currencies; open finance; cyber security; and green finance. Work related to these themes is spread among the various Hub Centres, although specific projects have not yet been finalized for the Nordic Centre. 

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