tl;dr
• Members of the House of Representatives Committee on Financial Services asks the DOJ for legal framework on a US CBDC• Former SEC Attorney, Teresa Goody Guillén, says the best way to launch your project is to solicit legal advice so you can limit your exposure SEC action• Luxury retailer, Bucherer...
• Members of the House of Representatives Committee on Financial Services asks the DOJ for legal framework on a US CBDC
• Former SEC Attorney, Teresa Goody Guillén, says the best way to launch your project is to solicit legal advice so you can limit your exposure SEC action
• Luxury retailer, Bucherer (formerly Tourneau) buys Adresta, digital authentication startup, taking "certified pre-owned" to the next level
• Following Ark Investments, Valkyrie Funds launched their separately managed account platform
• Lugano, Switzerland is making headway in making Bitcoin and Tether legal currency with McDonald's now accepting the digital assets as payment there
• With $832 AUM, Hamilton Lane partners with Securitize Markets to tokenize assets from 3 funds
• You can now short Jim Cramer with Tuttle Capital's Inverse Cramer ETF
News about Long term moves keep coming. Here is what is on my mind today.
1. Congress is interested in what the legalities would be in creating a US CBDC. Members of the House of Representatives Committee on Financial Services have asked the Department of Justice for a legal framework for a US digital currency. At first the United States was simply moving too slow. Now I think this is a sign of a more pragmatic approach developing.
2. With a very litigious SEC it is more than difficult to launch a project in the United States that isn't considered a security in their eyes. Former SEC Attorney, Teresa Goody Guillén, says the best way to launch your project is to solicit legal advice so you can limit your exposure. Right now, I don't think there is a foolproof process to nail compliance. This is evident by the SEC's regulation by enforcement approach. I would also be interested to learn from a former CFTC attorney how to ensure they consider you a commodity.
3. Luxury retailer, Bucherer (formerly Tourneau) has gone crypto in a major way with its purchase of digital authentication startup Adresta. I think they are another piece that is going to add to the growing certified pre-owned market. Car company Alfa Romeo is using NFT tech called Tonale NFT to track vehicle service and can be pushed out to a certificate. Moves like these are going to take a lot of guessing out of the market.
4. Following in Ark Investments footsteps, Valkyrie Funds, a US-based alternative asset management firm, launched their separately managed account platform allowing financial advisors, fund managers, and other financial services providers to deliver digital asset investments to their clients.
5. Way back in March I told you how the Swiss city of Lugano was moving to make Bitcoin and Tether legal currency. Well, in what I call a pilot, McDonald's is accepting bitcoin and Tether in the city of about 63K population. Adoption of digital assets around the world may be moving slowly, but it is still moving.
6. In a major move, Hamilton Lane, with $832M in assets under management, partners with Securitize Markets, a fully regulated and SEC-registered blockchain tokenization platform, to tokenize 3 of its funds. This move follows in the footsteps of firms like BlackRock and JPMorgan who are doing the same. This is going to open up what has been a virtually untapped pool of investment capital.
7. Everyone knows I am not a fan of Jim Cramer. It would seem I am not the only one. You can now short his advice with Tuttle Capital's Inverse Cramer ETF. I think it has been a long time coming that someone recognizes there are a lot of people that can't stand his advice.