Because the U.S. federal authorities — performing by way of its Securities and Change Fee — continues to valiantly protect traders and the general public curiosity from the grave risks of a spot Bitcoin exchange-traded fund, one main American metropolis after one other start embracing or at the least exploring the potential of crypto and blockchain expertise to enhance numerous facets of metropolis finance, administration and residents’ financial well-being. Following the lead of Miami, New York, Tampa and Jackson, Tennessee, it’s now Philadelphia that’s looking into the ways to implement blockchain solutions in metropolis authorities.

The hope is {that a} sequence of metropolis governments’ profitable ventures into the crypto area will finally make the federal authorities undertake a extra “municipal” perspective.


Under is the concise model of the most recent “Legislation Decoded” publication. For the complete breakdown of coverage developments during the last week, register for the complete publication beneath.

Spot Bitcoin ETF denied

Final Friday, following two deadline extensions, the SEC formally disapproved asset supervisor VanEck’s spot Bitcoin exchange-traded fund software that was first filed in March 2021. The regulator maintained that the applicant didn’t display the existence of a “complete surveillance-sharing settlement with a regulated market of great measurement associated to the underlying or reference Bitcoin belongings,” which is crucial for stopping manipulation and fraud.

Within the SEC’s view, surveillance-sharing is ample within the case of the Chicago Mercantile Change’s BTC futures market however is lower than customary on the subject of spot markets that underlie the majority of CME’s Bitcoin futures’ pricing. A current letter from Representatives Emmer and Soto highlights the restrictions of the company’s argument properly.

Commissioner Crenshaw on DeFi

In an article revealed within the Worldwide Journal of Blockchain Legislation, SEC Commissioner Caroline Crenshaw has shared her pondering on a number of the regulatory points across the area of decentralized finance. On essentially the most basic degree, she believes that DeFi merchandise could also be securities and must be considered in response to relevant securities legal guidelines.

The commissioner’s key thesis comes all the way down to the necessity for DeFi market members to return ahead and voluntarily adjust to securities legal guidelines, particularly these round threat disclosure. She additionally warned that those that fail to conform may change into topic to the SEC enforcement motion and incur heavy penalties.

CBDC watch

Folks’s Financial institution of China governor Yi Gang mentioned the plans for the digital yuan’s cross-border expansion, whereas the managing director of the Financial Authority of Singapore revealed a strong retail focus of the nation’s potential CBDC. Over in Russia, an updated timeline for the discharge of the digital ruble trial was revealed, with a prototype platform anticipated to be prepared for testing by early 2022. Concurrently, Russian lawmakers have begun making ready the legislative base for the digital foreign money’s nationwide adoption. In the meantime, the Financial institution of England gave itself ample time to think about all the professionals and cons of implementing the digital pound, marking “the second half of the decade” because the earliest time for the doable launch.