Digital Assets Download: The world comes together… in New York and on the blockchain!
For the next two weeks, leaders from around the world will converge on New York for the annual meeting of the United Nations General Assembly. This can be an exciting and slightly overwhelming time in New York City, and we’re here to be your guides.
- For the best way to navigate the city during this time, take the subway (and whatever you do, do not attempt to go crosstown aboveground!).
- For the best way to navigate the latest in blockchain and digital assets developments, read the Digital Assets Download.
In this edition, we highlight a jam-packed agenda of speakers at the GBBC’s Blockchain Central program on September 23. Our latest edition also describes the latest US regulatory pronouncements on crypto assets by FINRA, and more.
For the Uninitiated: Digital Assets Download is a curated mix of insights and headlines that provide a Layer 3 Legal Perspective™ on the digital assets multiverse—created by Mayer Brown’s global Digital Assets, Blockchain & Cryptocurrency group.
The Lead Block
News Node
SEC ‘Dug In’ on Bank Crypto Custody Rule [SAB 121] as Agency’s Stance ‘Unchanged’
Fed Issues Cease and Desist Order to Texas Bank Over Crypto-Related Concerns
NFT Marketplace Gets 'Wells Notice' From SEC, Calling NFTs Sold on Platform 'Securities'
Japan Megabanks to Tap Blockchain and SWIFT for Instant Trade Payments
Qatar Introduces Regulatory Framework for Digital Assets
Banks Share Plans for HK Tokenized Deposit Sandbox
EU Unified Ledger for Tokenization Proposed by Banque de France Governor
Digital Money, Including Tokenized Deposits, on the Uptick as Traditional and Digital Assets Converge, Bank Survey Shows
Tech Conglomerate Issues $330M Digital Bond on Private Blockchain with Major German Banks
Financial Services Companies Launch Crypto-Linked ETFs Even as Outflows Build
FinTech Company Partners With Blockchain Platform to Tokenize Maritime Finance
Second US Financial Tech Firm to Become Crypto Broker Dealer Under SEC Oversight
Digital Assets Company Gets Approval for Rare Bitcoin-Based Bankruptcy Loan
Nasdaq Seeks SEC Approval for Bitcoin Index Options
US House Committee Plans for Heap of Crypto, SEC Hearings in September
Select Events
Elections Have Consequences… for Crypto? Hear more from Mayer Brown’s Joe Castelluccio on Fintech.TV
Joe Castelluccio, Mayer Brown partner and co-leader of the firm’s fintech and digital assets groups, spoke to Remy Blaire and Fintech.TV from the floor of the New York Stock Exchange on what the US elections could mean for crypto policy and regulation in the United States, and the outlook for crypto in 2025.
Global Blockchain Business Council Hosts Blockchain Central at the UN General Assembly
On Monday, September 23, the Global Blockchain Business Council will host its annual Blockchain Central UNGA alongside the 79th Session of the United Nations General Assembly (UNGA) at the offices of the UN Joint Staff Pension Fund (UNJSPF) in New York City. Blockchain Central UNGA will take place in-person, bringing together thought leaders and changemakers across blockchain, government, technology, and business industries to examine how blockchain-powered solutions can accelerate progress toward the United Nations Sustainable Development Goals (SDGs). Joe Castelluccio, Mayer Brown partner and co-leader of the firm’s fintech and digital assets groups, will moderate a Blockchain Central UNGA panel on the role of blockchain in global finance.
Election Connection – Financial Services and Digital Assets
On Tuesday, October 8, Mayer Brown partners will host a discussion on what the election could mean for financial services and digital assets. Watch this space for an updated agenda and roster of speakers. This session is one in a series of election-related panels on the most significant topics facing candidates and voters in the upcoming US elections.
Decoding DeFi: Breaking Down the Future of Decentralized Finance
On September 10, the Subcommittee on Digital Assets, Financial Technology and Inclusion of the House Committee on Financial Services held a hearing titled “Decoding DeFi: Breaking Down the Future of Decentralized Finance.” The following witnesses testified:
- Brian Avello, Chief Legal Officer, UDHC
- Rebecca Rettig, Chief Legal and Policy Officer, Polygon Labs
- Amanda Tuminelli, Chief Legal Officer, DeFi Education Fund
- Peter Van Valkenburgh, Director of Research, Coin Center
- Mark Allen Hays, Senior Policy Analyst, Americans for Financial Reform
LEARN THE LINGO
For those new to the digital assets and DeFi world, each edition of the Digital Assets Download will highlight a different term to help you be a part of the conversation.
Atomic Settlement
An atomic settlement is the instant and simultaneous completion of a series of transactions. Often used in the context of cross-currency payments or transfers of assets such as securities, a key feature of an atomic settlement is that no transaction in the series can be completed unless each is completed at the same time. In other words, either all transactions occur or none do. The purpose of making a transaction settlement “atomic” is to prevent different transactions from interfering with one another.
The ability to use atomic settlements is one of the key potential benefits to using distributed ledger technology to execute transactions with costs and in time periods that are significantly lower and shorter than currently required. As one example, the New York Federal Reserve’s “Project Cedar” tested the viability of atomic settlements of cross-border payments in illiquid currency corridors. In those tests, the settlement time for these payments was reduced from two days to ten seconds. Read the New York Fed’s full Report on Project Cedar.
Writing on the Wall, Translating ‘Crypto’ Terms with Mayer Brown
From Airdrop to Wrapped Token, our illustrated glossary, “Writing on the Wall, Translating Securities with Mayer Brown,” has been updated with additional digital assets and cryptocurrency terms. Check out our “featured” list for the crypto terms and the full list of terms.
