Uphold May Become Regulated Broker-Dealer

Uphold purchased the JNK Securities Corp, a member of the New York Stock Exchange
28 June 2018   629

The provider of mobile payment solutions Uphold announced the purchase of JNK Securities Corp, a member of the New York Stock Exchange, as well as the filing of an application to replace the owner of the organization in the Agency for Regulation of Financial Institutions (FINRA). This is stated in the official blog of Uphold.

If the application is approved, Uphold will be able to legally provide its users with the opportunity to trade shares and security-tokens. JNK Securities clients will also have access to all trading pairs of crypto currency / Fiat, supported by the platform.

This agreement furthers Uphold’s mission to enable people all over the world to hold any form of money, commodity, or utility tokens securely, and to be able to transact seamlessly. I’m excited to welcome JNK to the Uphold team and continue to create a trusted digital currency platform that gives our members secure and compliant access to digital and traditional currencies. 

Adrian Steckel

CEO, Uphold

The company is convinced that the activities under the supervision of the Securities and Exchange Commission (SEC) and FINRA will provide customers with reliable, transparent and secure access to digital assets. 

US Federal Reserve to Consider Digital USD Issue

If a some country or company issues digital money that is widely recognized, this could lead to the loss its status by the USD, fed official believes
17 October 2019   66

The US Federal Reserve is actively considering the possibility of issuing digital currency, fearing the dollar will lose its leading position in the global financial system. This was stated by President of the Federal Reserve Bank of Dallas Rob Kaplan, reports CoinDesk.

In his opinion, if a foreign government or company issues digital money that is widely recognized, this could lead to the loss of the status of the world's reserve currency by the dollar.

On the eve of the previous chairman of the Commodity Futures Trading Commission (CFTC), Christopher Giancarlo also expressed concern that the re-issuance by other countries of national currencies in digital form could lead to the dollar losing its dominant role in the world. He called for the release of a digital dollar on the blockchain.

Bank of England Governor Mark Carney said earlier that a digital currency like Facebook’s Libra can replace the dollar as a global reserve currency.

The emergence of an attractive and viable alternative to the dollar will reduce demand for US government securities, Kaplan said. This will lead to an increase in interest rates by 100 basis points (1%), which will increase the cost of servicing public debt by $ 200 billion per year.

I still think for the foreseeable future, the dollar will be the world reserve currency, we’re able to refinance our debt at relatively low rates, but I don’t think we should take that for granted.

Rob Kaplan

President, Federal Reserve Bank of Dallas

Kaplan noted that countries subjected to sanctions or increased trade tariffs by the United States are working most actively on the digital alternative to the dollar.