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Asia Morning Briefing: Hong Kong’s FinTech Week Belonged to Stablecoins, Not CBDCs

Central bank digital currencies (CBDCs) are losing ground as stablecoins gain prominence, as evidenced by this year's Hong Kong FinTech Week. The event shifted focus from state-issued digital currencies to market-driven stablecoins, like HKD-backed tokens and tokenized deposits. Brazil's delay on its CBDC project, Drex, further exemplifies this global trend. Despite 137 countries exploring CBDCs, only three have successfully launched them: the Bahamas, Jamaica, and Nigeria. The slow development of CBDCs, often born from a defensive stance against private digital currency initiatives like Facebook's failed cryptocurrency, has seen central banks struggling to define their purpose while the private sector innovates. The private market is seen as the future of money, with Standard Chartered’s CEO optimizing for blockchain-based transactions. As this shift occurs, Bitcoin and Ethereum's market movements reveal ongoing consolidation with a focus on regulatory developments, particularly affecting crypto liquidity, as traders respond to U.S. government shutdown negotiations.

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Bipartisan Senate Proposal Seeks to Extend CFTC’s Reach Into Crypto Spot Markets

A bipartisan draft by Senate Agriculture Chairman John Boozman and Senator Cory Booker proposes granting the Commodity Futures Trading Commission (CFTC) authority over crypto spot markets, specifically targeting digital commodities like Bitcoin. This plan builds on the earlier CLARITY Act, requiring exchanges, brokers, and dealers to register with the CFTC

Bipartisan Senate Proposal Seeks to Extend CFTC’s Reach Into Crypto Spot Markets

A bipartisan discussion draft from the Senate Agriculture Committee aims to grant the Commodity Futures Trading Commission (CFTC) authority to regulate spot market trading of digital commodities like Bitcoin. Proposed by Chairman John Boozman (R-AR) and Senator Cory Booker (D-NJ), the legislation requires exchanges, brokers, and dealers to register with

Bipartisan Senate Proposal Seeks to Extend CFTC’s Reach Into Crypto Spot Markets

A bipartisan discussion draft from the Senate Agriculture Committee aims to give the Commodity Futures Trading Commission (CFTC) authority over spot-market trading of digital commodities like Bitcoin and other non-security crypto tokens. Senators John Boozman and Cory Booker introduced the proposal, emphasizing the necessity for clear regulatory rules in the

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