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JPMorgan is reportedly developing the infrastructure to run a new deposit token, allowing settlements between banks for corporate clients. Financial giant JPMorgan is making another move into the crypto space with a new blockchain-based solution for cross-border transactions, reveals a report by Bloomberg. The system, however, won't be available until the bank receives the green light from regulators in the United States.  JPMorgan has reportedly developed most of the infrastructure to run the new deposit token , which will be first launched for corporate clients to speed up payments and settlements . Deposit tokens are issued on a blockchain by a deposit ory institution to represent a deposit position. The solution contrasts with stablecoins, which are usually issued by a non-bank private entity. The product is also different from its JPM Coin, which already allows corporate clients to transfer dollars and euros across the financial institution. The new deposit token , meanw...

On August 16, US Department of Justice (DoJ) prosecutors filed a sealed order to freeze Alex Mashinsky’s business accounts and a Texas property co-owned by Kristine Mashinsky, the defendant’s spouse.. As a result, bank accounts and properties owned by Mashinsky have been frozen as part of a criminal investigation involving the former CEO of Celsius. The freeze affected four of Mashinsky’s accounts at Goldman Sachs, registered under the company name Koala LLC, and three accounts from SoFi Bank, SoFi Securities, and First Republic. Additionally, another account held under the name AM Ventures at Merrill Lynch was frozen, as stated in a court order signed by Judge Jed Rakoff of the Southern District of New York. You might also like: Ex-Celsius CEO must respond to NY lawsuit According to the DOJ’s indictment against Mashinsky on July 13, the former Celsius CEO orchestrated a defraud customers through false claims about the company’s financial health.  ...

Also Read: US SEC Commissioners Not Happy Over Impact Theory NFT Charges advertisement Strong Bitcoin Supporter Suarez has been very vocal about his support for Bitcoin , and it was evident as he accepted donations in Bitcoin for his Presidential Campaign, making him one of the first few to support the oldest cryptocurrency openly. He was also equally vocal about his dislike for CBDCs and publicly against the development of CBDCs. In 2021, he made news by stating he would receive his entire paycheck in Bitcoin . He positioned himself as a proponent of blockchain technology and its potential to bridge the wealth gap. According to him, cryptocurrencies offer democratizing opportunities for wealth creation; This aligned with his broader theme of inclusive prosperity aimed towards uplifting Hispanic communities. What Led To Francis Suarez Exit From Presidential Candidacy? Despite making a strong case for a competitive candidate, Suarez did not meet the qua...

Republican Representative French Hill of Arkansas has joined the growing list of policymakers opposing the idea of a Central Bank Digital Currency (CBDC). The Congressman has proposed legislation prohibiting the Federal Reserve from issuing a digital currency without explicit Congressional authorization. In an exclusive interview with Forbes on Aug. 23, Hill praised the Federal Reserve’s recent efforts to modernize the nation’s payment system through FedNow. However, he maintained that there should be a distinct separation between this system and the prospect of a CBDC. I sat down with @Steven_Ehrlich from @ForbesCrypto to discuss all things #crypto. Read more️https://t.co/kdiTuIABnf — French Hill (@RepFrenchHill) August 23, 2023 Despite his endorsement of FedNow, he is against the idea of the Fed introducing a CBDC for retail use saying he “don’t see the need for it in a developed market like the United States.” He further stressed the importance of priv...

Potential plaintiffs in the new lawsuit by ENF may need to opt out of other suits against Block.one to be eligible to participate. The EOS Network Foundation (ENF) is the latest entity to initiate legal action against major investor Block.one (B1) over failure to honor $1 billion investment commitment s. On July 25, ESN founder and CEO Yves La Rose took to Twitter to announce that the ESN is preparing a lawsuit against B1 for “ failure to follow through on its $1B commitment .” The CEO mentioned that Block.one is already working to settle another class action lawsuit for $22 million, after rejection of a proposed $27.5 million settlement with lead plaintiff Crypto Assets Opportunity. “You may need to opt out to be eligible to participate in the ENF’s lawsuit,” he noted. According to La Rose, the United States’ class action lawsuit is still in the process of settling after being initiated back in 2017. The CEO also mentioned that plaintiffs who want to opt out of the lawsuit can con...

The “ Financial Innovation and Technology for the 21st Century Act ” is introduced by US House of Representatives Republicans Glenn Thompson, French Hill, and Dusty Johnson. Others such as pro-crypto Congressmen Patrick McHenry, Tom Emmer, and Warren Davidson are also named as key contributors. The bill introduced today is the latest version that’s signed, has a bill number, and will be marked up next week. advertisement It will provide clarity on the digital asset ecosystem and oversight of the crypto industry. The bill offers both the Securities and Exchange Commission  (SEC) and the  Commodity Futures Trading Commission  (CFTC) jurisdiction over the crypto industry in separate areas. Patrick McHenry , Chairman of the House Financial Services Committee, said: “This is a pivotal moment for America’s standing as the global leader in innovation and technology adoption. Not only can digital assets revolutionize our finan...

Also Read: Binance Looks To Deregister As Crypto Service Provider In Cyprus advertisement Yet, market participants could likely look closely for hints on what lies ahead, as against the current interest rate hike decision, assuming there will be a Fed pause. Encouraging statements in Jerome Powell speech could lay a foundational rally for weeks ahead, as fears of global market concerns still remain. Powell speech will begin at 2.30 pm eastern standard time. Deutsche Bank Predicts Big Reaction From Powell press conference While the CME FedWatch Tool shows a 97.7% probability of a Fed pause, it is the forecast about conditions in the upcoming FOMC meetings that could have a big impact following the announcement, Deutsche Bank said. Although the bank did not specify Bitcoin price or Crypto Market s particularly, previous FOMC meetings showed an immediate ripple effect from financial markets to the Crypto Market . The bank noted, “Market pricing is curre...

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McHenry Remains Confident On Vote Addressing the upcoming vote on Wednesday, Representative Patrick McHenry, who represents North Carolina’s 10th congressional district and played a key role in the debt ceiling negotiations, expressed confidence in the bill’s passage. McHenry noted that enough votes have been secured to ensure the debt limit deal’s success, asserting, “I think the votes are there on both sides.” advertisement Read More: US Representative Unveils Bill To Block CBDC Pilot Program The proposed legislation, the result of extensive negotiations, imposes limits on discretionary spending over the next two fiscal years. It also establishes a set of funding checks and balances that will remain in effect until after the 2024 elections. Named the Fiscal Responsibility Act of 2023, this bipartisan agreement between the White House and House Republicans aims to address the pressing issue of the nation’s debt limit. B...

Popular entrepreneur and VeeFriends creator, Gary Vaynerchuck, shared his thoughts on NFT tickets, VeeCon 2024, cryptocurrency and blockchain adoption at VeeCon 2023. Famous entrepreneur Gary Vaynerchuck — also known as Gary Vee — is a long-time supporter and collector of nonfungible tokens (NFTs). In May 2021, Vaynerchuck announced the launch of his VeeFriends NFT collection, which consisted of 10,255 unique tokens to give holders access to exclusive events. Shortly after launching the VeeFriends collection, Vaynerchuck demonstrated the potential behind NFT tickets during VeeCon 2022 — a Web3-focused conference built around NFTs, pop culture, entrepreneurship and marketing. Attendees of VeeCon 2022 needed to hold at least one VeeFriend Series 1 NFT to access the event. Based on the success of this model, Vaynerchuck moved forward with NFT-based tickets for VeeCon 2023, which was held from May 18–20 in Indianapolis, Indiana. The event organizers told Cointelegraph that VeeCon 2023 att...