Deutsche Bank’s asset management arm, DWS, is forming a new venture with Michael Novogratz’s Galaxy Digital and Flow Traders to jointly issue a euro-denominated stablecoin.
DWS Group officially announced on Dec. 13 the plan to form AllUnity as part of a new partnership between DWS, Flow Traders and Galaxy to launch a “fully collateralized” euro stablecoin.
AllUnity’s operations will be regulated by the German Federal Financial Supervisory Authority, or BaFin, the announcement notes. AllUnity’s longer-term focus will be to promote the acceleration of mass adoption of digital assets and tokenization.
“Through the future creation of AllUnity, we will bridge the gap between the traditional and digital finance ecosystems to build a core infrastructure provider that facilitates secure on-chain settlement for institutional, corporate and private use,” DWS CEO Stefan Hoops said. He noted that corporations with internet-of-things businesses could use AllUnity’s stablecoin to make payments “securely and in fractions 24/7.”
Galaxy founder and CEO Novogratz also stated:
“Digital currencies are the natural evolution of the world’s payment system, and Europe — a region at the forefront of the exploration of safe, secure digital money — is paving the way for this inevitable shift.”
The planned euro stablecoin will combine DWS’ portfolio management and product-structuring expertise with Flow Traders’ liquidity services and connectivity in traditional and digital assets worldwide. Novogratz’s digital investment firm Galaxy will provide the technical infrastructure and a track record of delivering digital asset solutions, while its fully-owned subsidiary GK8 will license its tokenization and custodial services to support AllUnity.
AllUnity expects to incorporate its business in early 2024, while the stablecoin launch is expected to occur in 12 to 18 months after BaFin approval, a spokesperson for Flow Traders told Cointelegraph. “After it has been incorporated in Q1 2024, AllUnity will initiate the process for the E-money license,” the representative noted.
The issuers anticipate a period of improving regulatory clarity in the European digital asset industry, specifically expecting more clarity from the newly adopted Markets in Crypto Assets regulations (MiCA), which provide a legal framework for stablecoins and other digital assets.
DWS has been increasingly interested in exploring blockchain technology and digital assets and reportedly considered investing in two German crypto firms in early 2023. In June, the DWS CEO disclosed plans to launch “digital twin” funds accessible to clients with digital wallets and talked about “striving to issue” a euro stablecoin.
According to Flow Traders, AllUnity plans to issue the euro stablecoin on all major public permissionless L1s and L2s, including decentralized finance, or DeFi, use cases.
Wes Streeting “crossed the line” by opposing assisted dying in public and the argument shouldn’t “come down to resources”, a Labour peer has said.
Speaking on Sky News’ Electoral Dysfunctionpodcast, Baroness Harriet Harman criticised the health secretary for revealing how he is going to vote on the matter when it comes before parliament later this month.
MPs are being given a free vote, meaning they can side with their conscience and not party lines, so the government is supposed to be staying neutral.
But Mr Streeting has made clear he will vote against legalising assisted dying, citing concerns end-of-life care is not good enough for people to make an informed choice, and that some could feel pressured into the decision to save the NHS money.
Baroness Harman said Mr Streeting has “crossed the line in two ways”.
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“He should not have said how he was going to vote, because that breaches neutrality and sends a signal,” she said.
“And secondly… he’s said the problem is that it will cost money to bring in an assisted dying measure, and therefore he will have to cut other services.
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“But paradoxically, he also said it would be a slippery slope because people will be forced to bring about their own death in order to save the NHS money. Well, it can’t be doing both things.
“It can’t be both costing the NHS money and saving the NHS money.”
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2:09
Review into assisted dying costs
Baroness Harman said the argument “should not come down to resources” as it is a “huge moral issue” affecting “only a tiny number of people”.
She added that people should not mistake Mr Streeting for being “a kind of proxy for Keir Starmer”.
“The government is genuinely neutral and all of those backbenchers, they can vote whichever way they want,” she added.
Prime Minister Sir Keir Starmer has previously expressed support for assisted dying, but it is not clear how he intends to vote on the issue or if he will make his decision public ahead of time.
The cabinet has varying views on the topic, with the likes of Justice Secretary Shabana Mahmood siding with Mr Streeting in her opposition but Energy Secretary Ed Miliband being for it.
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The Terminally Ill Adults (End of Life) Bill is being championed by Labour backbencher Kim Leadbeater, who wants to give people with six months left to live the choice to end their lives.
Under her proposals, two independent doctors must confirm a patient is eligible for assisted dying and a High Court judge must give their approval.
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2:30
Labour MP Kim Leadbeater discusses End of Life Bill
The bill will also include punishments of up to 14 years in prison for those who break the law, including coercing someone into ending their own life.
MPs will debate and vote on the legislation on 29 November, in what will be the first Commons vote on assisted dying since 2015, when the proposal was defeated.
Former CFTC Acting Chair Chris Giancarlo said he’s “already cleaned up earlier Gary Gensler mess,” shooting down speculation he’d replace the SEC Chair.