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Cryptocurrency exchange Coinbase has received approval from the United States National Futures Association to offer investments in crypto futures to eligible customers. The approval enables Coinbase to introduce Bitcoin (BTC) and Ether (ETH) futures contracts through its Commodity Futures Trading Commission-regulated derivatives exchange. 

Meanwhile, citing sources familiar with the matter, The Wall Street Journal reported that the U.S. Securities and Exchange Commission (SEC) is likely to approve multiple applications for Ether futures exchange-traded funds (ETFs) simultaneously. So far, the SEC has not instructed the firms to withdraw their applications, unlike in 2021. This suggests the regulator won’t block the fund’s launch within a few weeks. The SEC’s decision on Bitcoin ETFs could also come in early 2024.

This could be why asset management firm Valkyrie has joined the list of companies filing for crypto ETFs. As per its application, the fund will not directly invest in Ether but will seek to purchase several ETH futures contracts. The ETF investment in Ether futures contracts will be limited to 8,000 contracts per month in compliance with position limits established by the Chicago Mercantile Exchange.

SEC is allowed to appeal in the Ripple case

U.S. Judge Analisa Torres has granted a request from the SEC to file a motion for leave to file an interlocutory appeal in its case against Ripple Labs. According to U.S. law, an interlocutory appeal occurs when a ruling by a trial court is appealed while other aspects of the case are still proceeding.

The decision came just a few hours after Ripple Labs voiced opposition to a potential appeal in the case. Ripple’s lawyers argued that an appeal requires a pure question of law and that the SEC’s request raises no new legal issues needing review. They also insisted that the regulator’s claim of an incorrect court ruling is insufficient and that an immediate appeal will not advance the termination litigation proceedings.

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Singapore gets its regulatory framework for stablecoins

Singapore’s central bank has released a revised regulatory framework to ensure stability for single-currency stablecoins regulated in the city-state. The framework outlines several requirements for stablecoin issuers, including redemption timelines, disclosures, reserve management and capital requirement. The Monetary Authority of Singapore noted only stablecoin issuers that fulfill the new framework’s requirements could apply to become MAS-regulated — a label the central banks says ensures they can be distinguished from non-regulated stablecoins by users.

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U.S. House Democratic coalition creates AI working group

Democrats from the U.S. House of Representatives have formed a working group on artificial intelligence to introduce new legislation around the nascent artificial intelligence (AI) tech sector. The 97-member New Democrat Coalition promises its unit to work with President Joe Biden’s administration, stakeholders and lawmakers from both sides of the political arena to develop “sensible, bipartisan policies to address this emerging technology.” According to Representative Derek Kilmer, who will serve as chair of the working group, its primary focus will be to crack down on the spread of misinformation and air concerns about advanced AI-generated deepfakes becoming increasingly prevalent online.

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Politics

Specialist teams and online investigators deployed across England and Wales to tackle ‘national emergency’ of violence against women and girls

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Specialist teams and online investigators deployed across England and Wales to tackle 'national emergency' of violence against women and girls

Specialist investigation teams for rape and sexual offences are to be created across England and Wales as the home secretary declares violence against women and girls a “national emergency”.

Shabana Mahmood said the dedicated units will be in place across every force by 2029 as part of Labour’s violence against women and girls (VAWG) strategy due to be launched later this week.

The use of Domestic Abuse Protection Orders (DAPOs), which had been trialled in several areas, will also be rolled out across England and Wales. They are designed to target abusers by imposing curfews, electronic tags and exclusion zones.

The orders cover all forms of domestic abuse, including economic abuse, coercive and controlling behaviour, stalking and ‘honour’-based abuse. Breaching the terms can carry a prison term of up to five years.

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Govt ‘thinking again’ on abuse strategy

Nearly £2m will also be spent funding a network of officers to target offenders operating within the online space.

Teams will use covert and intelligence techniques to tackle violence against women and girls via apps and websites.

A similar undercover network funded by the Home Office to examine child sexual abuse has arrested over 1,700 perpetrators.

More on Domestic Abuse

Abuse is ‘national emergency’

Ms Mahmood said in a statement: “This government has declared violence against women and girls a national emergency.

“For too long, these crimes have been considered a fact of life. That’s not good enough. We will halve it in a decade.

“Today, we announce a range of measures to bear down on abusers, stopping them in their tracks. Rapists, sex offenders and abusers will have nowhere to hide.”

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Angiolini Inquiry: Recommendations are ‘not difficult’

The target to halve violence against women and girls in a decade is a Labour manifesto pledge.

The government said the measures build on existing policy, including facial recognition technology to identify offenders, improving protections for stalking victims, making strangulation a criminal offence and establishing domestic abuse specialists in 999 control rooms.

Read more from Sky News:
Demands for violence and abuse reforms
Women still feel unsafe on streets
Minister ‘clarifies’ violence strategy

Labour has ‘failed women’

But the Conservatives said Labour had “failed women” and “broken its promises” by delaying the publication of the violence against women and girls strategy.

Shadow home secretary Chris Philp said that Labour “shrinks from uncomfortable truths, voting against tougher sentences and presiding over falling sex-offender convictions. At every turn, Labour has failed women”.

Home Secretary Shabana Mahmood will be on Sunday Morning with Trevor Phillips on Sky News this morning from 8.30am.

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The Securities and Exchange Commission publishes crypto custody guide

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The Securities and Exchange Commission publishes crypto custody guide

The United States Securities and Exchange Commission (SEC) published a crypto wallet and custody guide investor bulletin on Friday, outlining best practices and common risks of different forms of crypto storage for the investing public.

The SEC’s bulletin lists the benefits and risks of different methods of crypto custody, including self-custody versus allowing a third-party to hold digital assets on behalf of the investor.

If investors choose third-party custody, they should understand the custodian’s policies, including whether it “rehypothecates” the assets held in custody by lending them out or if the service provider is commingling client assets in a single pool instead of holding the crypto in segregated customer accounts.

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The Bitcoin supply broken down by the type of custodial arrangement. Source: River

Crypto wallet types were also outlined in the SEC guide, which broke down the pros and cons of hot wallets, which are connected to the internet, and offline storage in cold wallets.

Hot wallets carry the risk of hacking and other cybersecurity threats, according to the SEC, while cold wallets carry the risk of permanent loss if the offline storage fails, a storage device is stolen, or the private keys are compromised. 

The SEC’s crypto custody guide highlights the sweeping regulatory change at the agency, which was hostile to digital assets and the crypto industry under former SEC Chairman Gary Gensler’s leadership.