Today in Crypto

In today’s crypto updates, Ondo Finance is asking the U.S. SEC to reconsider its stance on Nasdaq’s tokenized securities proposal, criticizing its lack of clarity and potential bias toward larger firms.

Ondo Finance Appeals to SEC
Ondo Finance has officially requested the SEC to postpone or dismiss Nasdaq’s tokenized securities proposal. They argue that without transparency regarding the Depository Trust Company’s (DTC) blockchain settlement processes, proper evaluations of the proposal are impossible. Ondo emphasizes that Nasdaq’s mention of private information indicates unfair access for some market players, which undermines equal opportunity for all. They suggest that collaboration and clearer standards should precede any approvals.

Japan’s Major Banks to Collaborate on Stablecoin
Reports have emerged that three of Japan’s leading banks are collaborating to create a yen-pegged stablecoin. They are set to introduce this innovative stablecoin by year-end, aiming to streamline corporate transactions and reduce operational expenses. The consortium includes Mitsubishi UFJ Financial Group, Bank Sumitomo Mitsui Banking Corp., and Mizuho Bank, each servicing vast corporate clients, thus enhancing adoption of crypto solutions.

A Surge in Crypto ETF Filings
This week has seen over five new cryptocurrency exchange-traded fund (ETF) applications filed with the SEC, notably despite the government’s current operational interruptions. VanEck has made a notable submission for the VanEck Lido Staked Ethereum ETF, which aims to follow the performance of Lido’s staked Ethereum token.

Stay informed on developments as they unfold, especially in a landscape that is rapidly evolving.