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BitDigest March 25 · Issue #622

Mar 25, 2020
Author
Gregory Landegger
Gregory Landegger
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  • Pricing for the REBEL coins inched downward overnight but the total market cap of all digital assets inched up
  • The CFTC issued final interpretive guidance on delivery (from the seller to the customer) of digital assets
  • A US Court has ruled against Telegram issuing an injunction on their delivery of Gram tokens to early investors
BitDigest March 25 · Issue #622
BitDigest March 25 · Issue #622

The Headlines

BitDigest March 25 · Issue #622

CFTC Issues Guidance on Actual Delivery for Digital Assets

www.cftc.gov
The Commodity Futures Training Commission (CFTC) has issued the final interpretive guidance on actual delivery for digital assets. The final guidance discusses two primary factors demonstrating “actual delivery” of the virtual currency: securing of the assets by the customer and the complete legal and physical transfer and release of the asset from the seller
BitDigest March 25 · Issue #622

ASX Delays Blockchain Implementation Due to Coronavirus

www.asx.com.au
The Australian Securities Exchange (ASX) has announced plans to delay the previously scheduled April go-live date of its blockchain-backed settlement and shareholder registration system due to the uncertainty created by the unfolding COVID-19 pandemic.
BitDigest March 25 · Issue #622

China Completes Development of Digital Yuan and Focusing on Legislation

www.globaltimes.cn
Chinese media is reporting that the PBoC has completed development of the sovereign digital currency’s basic function and is now drafting relevant laws to pave the way for its circulation. Based on new patent filings by Alipay, it is believed the PBoC will maintain its plan to partner with private companies to facilitate the release of the digital sovereign.
BitDigest March 25 · Issue #622

Russia Looking to Develop Fintech Sandboxes

www.coindesk.com
Russia is working to develop a regulatory sandbox regime allowing for development of distributed ledger technology. Under a Bill introduced last week, the Bank of Russia would have supervisory purview over the sandboxes related to fintech which would be subject to lighter regulation regarding cash reserves, financial reporting and foreign currency controls.
BitDigest March 25 · Issue #622

US Court Prohibits Delivery of Telegram Tokens

www.s3.cointelegraph.com
A US District Court has sided with the Securities and Exchange Commission and granted a preliminary injunction against Telegram’s delivery of tokens. Adhering to the Howey Test, the Court found that the resale of Grams into the secondary public market was an integral part of Telegrams offering and therefore would not be exempt from requiring a registration statement; the court also disagreed with Telegrams argument that the tokens were commodities thereby moving the authority over their issuance from the SEC to CFTC.
BitDigest March 25 · Issue #622

Mt. Gox Trustee Holding Meeting Today

www.mtgox.com
The Trustee managing the Mt. Gox civil rehabilitation has called a creditor meeting for today and plans to distribute new documents, leading some to believe a final settlement and distribution may be coming soon. March 31st was the updated deadline for all unknown creditors to file claims with the Trustee. It is being reported that the Trustee will inform creditors of a plan to sell all forked digital assets except for bitcoin (BTC) and bitcoin cash (BCH) and then return the fiat portion held in trust as well as distribute the two remaining digital currencies.
BitDigest March 25 · Issue #622

Brave to Offer Trading Directly in Browser

www.binance.com
Brave has announced a new feature enabling users to seamlessly trade digital assets through its browser. The new partnership with Binance will create a widget that will offer integrated functionality for buying and trading cryptocurrency through across Binance.com and Binance.US (US-based customers). An early version of this feature is already available to users of Brave’s Nightly testing browser and will be released for general use next month.
BitDigest March 25 · Issue #622

Sygnum Bank Launches Swiss Franc Stablecoin

www.cryptoninjas.net
Sygnum Bank, the purported first digital asset bank, has launched a digital token of the swiss franc (CHF).

Exchange, Custody and Product News

BitDigest March 25 · Issue #622

Bitfinex Releases Proprietary Exchange Monitoring Tool

www.twitter.com
Bitfinex CTO Paolo Ardoino tweeted that the company as released a new proprietary surveillance tool designed to combat market abuse in order to promote legitimate trading. Called Shimmer, the proactive reporting tool will identify possible manipulative behavior and suspicious trading activities on the exchange.

Thoughts on the Ecosystem

BitDigest March 25 · Issue #622

Bitcoin Should Rally Now

www.bloomberg.com
Galaxy Digital’s Mike Novogratz believes now is the time bitcoin should rally. “If there was ever a time – debasement of fiat currencies, monetization of trillions of dollars of debt, this is the time for bitcoin,” he said adding some hesitation by saying, “it needs to rally this year…If at the end of the year bitcoin’s not a lot higher, I’m going to scratch my head and say, ‘Look, what the heck is going on?”’

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CRYPTO MARKET COMMENTARYAPRIL PPI CAME IN MIXED THIS MORNING, WITH A LARGE UPSIDE SURPRISE IN MOM READINGS (0.5% VS. 0.3% EXP.) AND YOY METRICS LARGELY IN LINE WITH EXPECTATIONS. The upside in the MoM reading was offset by March figures being revised downwards. Yields initially spiked upon the data release but have turned negative across the curve. Equities are showing mild gains as attention shifts towards tomorrow’s CPI data release. The SPY 0.31%  has gained 0.17% and the QQQ 0.54%  has gained 0.31%. Crypto assets are...

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