The UK's Financial Services and Markets Act 2023, which implements a new regulatory framework for financial markets, recognises the trading of cryptocurrencies and stablecoins as means of payment in the country. This and more news in this handy daily summary so that you are always informed with the most recent events that occur within the crypto world.
Financial Services and Markets Act in the United Kingdom
📍‌The UK will regulate cryptocurrency trading activity through the Financial Services and Markets Act 2023. The bill, which had been discussed and passed in the House of Lords, received royal assent this week. As legislation, this bill will oversee cryptocurrency activity in financial markets. It also recognises and regulates stablecoins as legal means of payment in the country.
The United Kingdom wants to move towards building new, more open, sustainable and technologically advanced financial services to meet the demands and needs of the new era of digital services.
In a Press release As published by the Treasury, the UK government explained that the Financial Services and Markets Act 2023 will allow for the regulation of cryptocurrencies to support their use and adoption in a safe and responsible manner. In addition to this, the legislation also establishes a sandbox to facilitate the use and implementation of new technologies, such as blockchain, within the financial markets in the country.
CME Group to launch new Ether-Bitcoin futures
📍‌US derivatives exchange CME Group is launching futures that will allow access to ether and bitcoin in a single transaction. That's how Giovanni Vicioso, global head of cryptocurrency products at CME Group, described it. The new futures contracts that the company will launch at the end of July will expand investors' exposure to ether and bitcoin, currently the two most capitalized cryptocurrencies in the industry.
According to Vicioso, the contracts of ether/bitcoin ratio futures will be settled in cash at the value of the final settlement price of the ether futures divided by the final settlement price of the corresponding bitcoin futures.
This is a new crypto investment vehicle that the company is seeking to help create opportunities for a broader range of clients. However, CME Group is awaiting regulatory approval for its launch.
Blockchain Association criticizes Gary Gensler's management at the head of the SEC
📍‌According to the Blockchain Association, Gary Gensler has led the SEC into failure. In an open letter, the international organization that promotes the advancement of blockchain technology criticized the management and enforcement actions that Gary Gensler has taken as SEC Chairman against the crypto industry. The Blockchain Association noted that Gesler has strongly and personally prejudged all digital assets and has created a bias against the crypto industry by considering all cryptocurrencies, except Bitcoin, as securities.
Like other crypto industry participants, the Blockchain Association believes that Gensler should be restricted from participating in further enforcement actions and legal proceedings against crypto-related companies and projects.
Blockchain Association policy director Jake Chervinsky said that because of Gensler's personal and erroneous judgment against cryptocurrencies, a fair evaluation of him as SEC chairman cannot be expected.
Also, former SEC Chairman Jay Clayton has led criticism toward Gary Gensler's tenure, saying the current securities regulator has overstepped its powers in enforcement. Likewise, Jim Jordan, chairman of the Judiciary Committee; James Comer, chairman of the House Oversight Committee; and Patrick McHenry, chairman of the House Financial Services Committee, have all lashed out at Gensler's actions.
Sotheby's Gen Art Program
📍‌Gen Art Program is a new art program created by the auction house Sotheby's to support artistic talent through new technologies. Sotheby's new art program is powered by blockchain technology. Through Gen Art Program, the auction house will feature the work of two or three generative artists each year.
The first phase of this program begins next month, with the presentation and sale of the “Themes and Variations” collection, composed of 500 works created by French-born generative artist Vera Molnár.
Sotheby's has held several auctions of blockchain-based digital works and NFTs, with its head of digital art, Michael Bouhanna, commenting that generative art has been taking center stage in its auctions in recent years. Last year, Sotheby's auctioned off NFT works by Molnár.
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