Kiffmeister’s #Fintech Daily Digest (08/04/2021)*

U.S. SEC Chair Gensler calls on Congress to help rein in crypto ‘Wild West

U.S. Securities and Exchange Commission (SEC) Chair Gary Gensler called on Congress to give the agency more authority to better police crypto-asset trading, lending and platforms, a “Wild West” he said is riddled with fraud and investor risk. He said the crypto market involves many tokens which may be unregistered securities and leaves prices open to manipulation and millions of investors vulnerable to risks. He also focused on stablecoins and how they “may facilitate those seeking to sidestep a host of public policy goals connected to our traditional banking and financial system: anti-money laundering, tax compliance, sanctions, and… national security, too… Further, these stablecoins also may be securities and investment companies. To the extent they are, we will apply the full investor protections of the Investment Company Act and the other federal securities laws to these products.”  

Samsung confirms support for central bank digital currency

Samsung Electronics will reportedly participate in the Bank of Korea’s central bank digital currency (CBDC) proof-of-concept (PoC) work reportedly co-managed by Ground X, a blockchain affiliate of messenger platform, Kakao. Ground X has partnered with ConsenSys to create the Klaytn Ethereum-based public-permissioned blockchain that the PoC will be run on. Ground X will start work in August, with the first phase to be completed by December. 

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