[BeyondCC Daily Update] - 24 March 2020
The bill, introduced by Ranking Member Sen. Sherrod Brown (D-Ohio), is not proposing a crypto dollar but a digitized version of the existing dollar, a process advocates including former Commodity Futures Trading Commission (CFTC) Chairman Chris Giancarlo have called for to maintain U.S. financial hegemony.Silvergate Bank Resolves Wire Transfer Issue That Kept Transactions in Limbo
Early Friday morning, the bank was unable to process wire transfers for clients because of an outage at bank payments processor Finastra. Silvergate, like many community banks, uses Finastra’s cloud data centers as opposed to hosting those centers on the bank’s premises. When Finastra detected anomalies in its systems as a potential cyberattack, the service provider shut down its system, cutting off wire transfers for Silvergate’s customers.The CFTC Just Defined What ‘Actual Delivery’ of Crypto Should Look Like
The CFTC shared a 35-page document stating that in its view, "actual delivery" occurs when a customer has complete control over the asset and the offeror no longer has any control over the asset by the end of 28 days after the transaction. The publication comes following several years of public input from exchanges and other stakeholders.