(Note: If you’re looking for more news regarding cryptocurrency, please visit our website Bitcoin Commando. All crypto news will be posted there. ~ Dinar Chronicles)
Seeds of Wisdom
Kenya to introduce digital asset ETPs
Kenyan investors will soon access digital asset exchange-traded products (ETPs) on the country’s main equities exchange.
DeFi Technologies, a Canada-based company, has struck a new partnership with the Nairobi Stock Exchange (NSE) to facilitate the issuance and trading of digital asset ETPs in the East African country.
NSE signed the Memorandum of Understanding (MoU) with Valour, a subsidiary of DeFi Technologies, this week. Established in 2019, Valour offers 33 ETPs in Europe, including in Börse Frankfurt, Euronext Paris, Euronext Amsterdam, and the Nordic Growth Market.
The MoU, which also includes market liquidity provider SovFi, allows Valour to deploy its ETPs on the Kenyan stock exchange, develop market infrastructure for digital assets, and eventually expand to tokenizing real-world assets.
@ Newshounds News™
Source: CoinGeek
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Dragonfly, Crypto.com Weigh in on CFTC’s Proposed Prediction Market Rules
Both parties argue the CFTC’s move to regulate prediction markets is an overreach, with Dragonfly arguing that the recent ‘Chevron’ court ruling limits its power.
▪️ The CFTC’s notice of proposed rulemaking for prediction markets drew various comments from the public, including the crypto industry.
▪️ Crypto industry stakeholders say the rules are too broad and would constitute an overreach, considering the recent ‘Chevron court decision.
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Dragonfly Digital Management and Crypto.com have joined crypto exchange Coinbase (COIN) in criticizing the Commodities Futures Trading Commission’s (CFTC) proposed rules on prediction markets.
Critics say that the CFTC’s proposed rules broadly categorize and ban certain event contracts, including those related to gaming – with Coinbase calling the CFTC’s proposed definition of gaming too ambiguous – and e-------s, raising concerns that this overreach exceeds statutory authority, stifles innovation, and neglects the economic benefits these contracts provide.
“Political event contracts should not be equated with gambling on games of chance like the Super Bowl. Rather, e-------s have significant economic implications,” Dragonfly’s Jessica Furr and Bryan Edelman, its counsel, wrote in a letter to CFTC.
“These contracts were designed to serve crucial risk hedging functions, aligning with the requirements of the Commodity Exchange Act (CEA), and offer valuable predictive data to the public.”
Dragonfly also argues that the CFTC’s proposed rule overreaches by broadly banning prediction markets without proper evaluation, especially given the Supreme Court’s recent ‘Chevron’ decision, which limits the agency’s interpretive authority without a Congressional mandate.
Crypto.com‘s Steve Humenik, its Special Vice President in charge of Capital Markets, argues that the CFTC’s attempt to ban prediction markets violates a rulemaking process dictated by the CEA, which involves a three-step approach.
According to the CEA, the three-step process requires the CFTC to assess whether a contract involves an excluded commodity, whether it engages in specified activities, and whether it’s contrary to the public interest before banning it.
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“The CFTC must articulate its justification for determining that a given contract has an underlying excluded commodity. This should not be a foregone conclusion,” Humenik wrote.
“We urge the CFTC not to sidestep its obligations to undergo a three-step review process with respect to these types of event contracts, and to eliminate this aspect of the Event Contracts NOPR [notice of proposed rulemaking].”
@ Newshounds News™
Source: CoinDesk
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Source: Dinar Recaps
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