Crypto Garage to Issue Tokenized Yen

Crypto Garage will develop SETTLENET, allowing memnbers exchanges to issue tokenized yen
21 January 2019   813

Tokyo-based startup Crypto Garage, Inc., a division of the public company Digital Garage, received permission to launch a financial blockchain project in a regulatory sandbox supervised by the Cabinet of Ministers of Japan. It is known that a startup involves the Liquid sidechain.

Crypto Garage will develop SETTLENET, which will allow producing tokenized yen on the basis of the Liquid Network for the exchanges-members, as well as trading an asset against L-BTC, tied to the value of bitcoin.

Note that atomic swaps will be used in SETTLENET to instantly exchange L-BTC for tokenized yen.

Representatives of the startup are convinced that the underdeveloped infrastructure for exchanges and institutions is the cause of unstable liquidity and sharp price movements. At the same time, in a startup they point to the absence of a universal trading platform that pulls certain risks along.

While the project is at the concept stage. However, its ultimate goal is to create an OTC platform with transparent pricing.

It is also known that testing will last exactly one year, and only licensed exchanges in the country will be able to participate.

Earlier consulting company inacta AG has signed a cooperation agreement with the developer of Bitcoin and Blockchain solutions Blockstream. Inacta AG will provide Blockstream with services that “help financial institutions take advantage of Sidechain Liquid”.

US Crypto Companies to Support TON in Case With SEC

The Blockchain Association said Telegram taken sufficient measures to ensure that the Gram token offer met SEC requirements
23 January 2020   133

The Blockchain Association, which combines companies such as Coinbase, Circle, 0x and Ripple, issued an expert opinion as part of the ongoing proceedings of the US Securities and Exchange Commission (SEC) with Telegram.

Previously, the Digital Commerce Chamber launched a similar initiative. The blockchain association, however, was more straightforward and stated that Telegram had taken sufficient measures to ensure that the Gram token offer met SEC requirements. According to members of the organization, the actions of the SEC can damage not only Telegram, but the market as a whole.

The Court should not block a long-planned, highly anticipated product launch by interfering with a contract between sophisticated private parties. Doing so would needlessly harm the investors that securities laws were designed to protect.

 

The Blockchain Association

The Blockchain Association notes that for many years it has not been possible for SEC to obtain clear and unambiguous guidance for conducting activities in the cryptocurrency space, while the claims of the regulator make the current situation even more ambiguous. 

The SEC’s lawsuit also raises novel questions regarding whether companies are forbidden from raising funds from sophisticated U.S. investors, under well-established regulatory provisions, to build blockchain networks.

 

The Blockchain Association

They cite examples of startups TurnKey Jet and Pocketful of Quarters, in respect of which the regulator recommended not to apply legal measures, adding that such litigations inevitably involve high costs and do not guarantee industry participants that they will not be prosecuted in the future.

Telegram discussed its plans with SEC staff for a year and a half, provided copious information and responded to limited feedback by adjusting the design of its transaction. Yet, at the end, the SEC has sued, and the SEC’s briefs thus far say nothing about the substance of those discussions. 

 

The Blockchain Association

In conclusion, the group asks the court to “reject the SEC’s arguments that the not-yet-in-existence Grams were securities at the time of the Purchase Agreements.”