SEC - Page 331

London, UK, 12th October, 2022, Chainwire

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MetaFi platform Choise.com has launched a new Price Prediction Challenge for its CHO token with a total prize fund of $1,500,000. The goal of the challenge is to correctly guess what the price of CHO is going to be on March 24, 2024. The prize for taking first place will be $1,000,000. The remaining $500,000 will be distributed between the other winners. 

Choise.com is an ecosystem that combines all the advantages of centralised (CeFi) and decentralised (DeFi) financial services into a simple-to-use, reliable one-stop shop. The platform is designed for everyone, from crypto novices to experts, and allows users to take advantage of farming, decentralised exchanges, liquidity pools, interest accounts, and other features to earn on their digital assets with just a tap of a button.  

The new Price Prediction Challenge is one of the many earning options that Choise.com offers to its users. It is the first challenge of its kind, as the $1M it offers is quite possibly the largest grand prize ever set up in such a competition in the history of the crypto market. 

To participate in the challenge, users will need to make a Twitter post about what they think the price of the CHO token will be on March 24, 2024, and write out the reason why they think it will be so. Additionally, the user will have to include the hashtag #CHOprediction, tag @ChoiseCom, and attach a link to the Choise.com/million4cho website. 

Up to 1000 winners can receive prizes for winning the challenge. The top prize is $1,000,000, while the remaining $500,000 will be divided among the other 999 participants, depending on how close their predictions are to the real CHO market price. 

To increase the chances of winning, users can also complete tasks that Choise.com offers in Gleam in exchange for special points. If the price prediction turns out to be correct for several users at once, then the winner is selected between them by the number of points they scored. The details for the tasks are explained on the challenge website page. 

“There have been plenty of crypto projects before that offered rewards to users for completing tasks. But what sets our Challenge apart is that we are the first to offer a prize pool as large as $1.5 million in a competition. At Choise.com we encourage people who seek new ways to earn, and the current CHO price prediction challenge is one such earning avenue. So keeping in line with our core mission we chose to offer our users a chance to compete for fairly large sums”, – states Anastasia Kor, Chief Marketing Officer at Choise.com. 

The competition will be concluded on January 1, 2024. Following its completion, the CHO market price will become available at 00:00 GMT on March 24, 2024, on the Gate.io one-minute graph. Choise.com will also post the final price of the CHO token on its website. Additionally, a feedback form will be provided for participants who guessed the price. Participants will need to use said form to send their contact details, a link to their tweet with the correct prediction, as well as their user nickname in Gleam. 

Once the final list of winners is compiled, Choise.com will publish it on the company’s social networks on June 1, 2024. 

Contact

Alyona Akimova
Choise.com
pr@choise.com

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World Blockchain Summit (WBS), the largest global series of blockchain, crypto and Web3 events, is coming back to Dubai on Oct. 17 and 18 at Atlantis the Palm.

Held under the patronage of Sheikh Juma Ahmed Juma Al Maktoum, member of the ruling family of Dubai, WBS Dubai is hosting the most influential thought leaders on blockchain, crypto, NFTs, Web3 and the Metaverse to explore the market’s effects on commerce, banking, gaming, culture and community development.

Dubai is known for its welcoming stance on crypto and blockchain technology. This is evident in its eased regulations for crypto and blockchain technologies, making the city a great location for foreign companies looking to set up shop. This is further backed by the recent approval of the Dubai Virtual Asset Regulation Law providing for a more crypto-friendly structure that fosters investment and growth in blockchain adoption. With over 6,000 millionaire residents, the country’s private wealth has risen to over $40 billion, making it a hotspot for investments too.

“Dubai is the right place for innovation in the blockchain space. We are happy to be working with WBS to achieve the vision set by the government of Dubai on its Blockchain and Metaverse Strategy,” commented Furqan Rassul, CEO of Elite Partner Investment.

WBS will bring enlightening sessions discussing the blockchain and crypto space in response to some of today’s most pressing questions in the current industry. It will also feature panel discussions, industry highlights, use-case-studies, fireside chats and more.

Mohammed Saleem, founder and CEO of WBS, noted: “Dubai has positioned itself perfectly as one of the most crypto and blockchain friendly destinations in the world. With all the recent announcements around new crypto licenses being issued, Dubai Metaverse Strategy and more, we are super excited to be bringing WBS back to Dubai this October as we host some of the world’s leading experts to share their insights and showcase the latest innovations in the space.”

Speakers in focus include:

• Furqan Rassul — CEO of Elite partner Investment
• Marwan Alzarouni — CEO of Dubai Blockchain Center
• Ralf Glabischnig — founder of Crypto Oasis and CV VC
• Talal Tabbaa — CEO of CoinMENA
• Paul Veradittakit — partner at Pantera Capital
• Jemma Green — co-founder and executive chairman of Powerledger
• Sabinije von Gaffke — founder of Impactfulness Ventures and head of sustainability at Nibiru Software AB
• Sheraz Ahmed — co-executive director and head of business development at Crypto Valley Association

“The landscape of trust is changing and blockchain is arriving to fill the gaps,” added Jemma Green, co-founder and chairman of Powerledger.

Luna PR is WBS’ official PR partner, while some of the global blockchain and Web3 experts sponsoring the event include DIG (Decentralized Investment Group) as headline sponsor, Coinstore and Aura Dogs as silver sponsors and Dreamster as exhibitor. Crypto Oasis is the ecosystem partner, while media partners at the event include Bitcoin World, BinBits, Coinspeaker, CoinTelegraph MENA, Cointelegraph, Coinveestasi, Crypto Academy, Regtech Times, Security Middle East, The Cryptonomist and The Jordan Times. 

About Elite Partner Investment

Elite Partner Investment is a UAE-based investment management company with interests in technology, mining, energy and real estate, chaired by Sheikh Juma Ahmed Juma Al Maktoum. Areas of the group’s interest include early-stage technology and creating value through innovation and synergies. Al Maktoum enables the company and its partners to access and work at the highest level with government and leading multinationals around the globe, enabling them to grow, expand and access new markets.

About World Blockchain Summit

World Blockchain Summit (WBS) is a global series of blockchain, crypto, Web3 and Metaverse-focused events that has brought together over 20,000 industry influencers, investors, enterprise decision makers and government stakeholders through physical events hosted in over 16 countries. 

WBS is dedicated to fostering the growth of the decentralized economy through community development, boosting technological innovation with access to capital, and enabling enterprise and government adoption of Web3 technologies through deal facilitation. Each summit features enterprise and government use cases, inspirational keynotes, panel discussions, tech-talks, a blockchain exhibition, startup pitch competitions and a host of networking opportunities.

Other upcoming platforms organized by WBS Events in 2022 include the World Metaverse Show taking place on Oct. 5 and 6 in Dubai, the World Blockchain Summit Toronto taking place in November, and the World Blockchain Summit Bangkok in December. 

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Kevin Kelly has been famous for his sense of the direction of all things technological since the 1980s. His books on the subject published over a span of decades are consistent best sellers. When something new comes over the technological horizon, such as artificial intelligence (AI) and blockchain, the world is eager for his opinions, and HistoryDAO has the privilege of having his opinions directly for the second time this year.

In the first interview, HistoryDAO spoke with Kelly on the subject of “what technology wants,” and a good deal of the conversation covered specifically “what blockchain technology wants,” and the role of nonfungible tokens (NFTs).

“The fact that you know London is the capital of England is just a consensus,” said Kelly in the earlier interview. “The very thing itself is a consensus. Not just the representation of it.” This part of Kelly’s discussion brought to light the role of consensus in truth, implying that the Platonic ideal for truth may have been consensus all along. NFTs and blockchain, of course, are founded on the codification of consensus. 

Taking these insights from Kelly to heart, the HistoryDAO team came to realize how important consensus has always been considered all the way back to the founding of Western philosophy by Plato, who believed that while objective truth existed, it could only be revealed through “dialectic,” which bears significant analogy to the modern concept of consensus.

In the coming weeks, HistoryDAO, represented by founder and CEO Sky Harris, and Kelly will add a favorite and increasingly critical topic to the dialectic: AI. Does AI have a role to play, or will it soon have a role to play, as a participant in dialectic itself? Do blockchain and NFTs have a unique touchpoint with truth? The conversation will pursue such questions with reference to lessons from history and technology’s role in the future. Kelly’s perspective on AI will be explored as well in the context of another passion of his art as a universal and uniquely human endeavor.

Look for the conversation on HistoryDAO’s YouTube channel in the coming weeks!

About HistoryDAO 

HistoryDAO is where the world records history in Web3. The Web3 community comes together on the HistoryDAO platform to mint historic and current events immutably on the blockchain to be preserved — unchanged and indelible — as HistoryNFTs. The decentralization and democratization of history with blockchain and NFT technology are governed by you, the decentralized autonomous organization (DAO), the people. Write, record, analyze, adjudicate and mint our world as it unfolds across the globe every day with HistoryDAO and HistoryNFTs.

• Twitter: https://twitter.com/History_DAO
• Discord: https://discord.com/invite/MFCxaEp2Zn 
• YouTube: https://www.youtube.com/c/HistoryDAO
• Website: https://historydao.io

About Kevin Kelly

Kevin Kelly is renowned for his seminal role in the history of the internet. It can be said that he “was there from the beginning.” Kelly co-sponsored the first Hackers Conference in 1984 under the auspices of the publisher of the Whole Earth Catalog, which also supported the oldest digitally based community bulletin board, The Well, founded in 1985, and still operating today. In the early 90s, he became the founding editor and “Senior Maverick” of Wired Magazine. In his career as a chronicler observing the relationship between human beings and technology, he became famous for making dependable predictions about what that relationship would produce in the future.

Kelly has published several best-selling philosophical books on technology over the past decades, and his most recent work is a labor of love from the time he first arrived in an Asian country with a camera in hand. It’s called “Vanishing Asia,” an anthology of more than 9,000 photographs he took while traveling through Asia since the 1970s.

The biggest international crypto, blockchain and Metaverse exhibition, ICBM Expo, is just around the corner. Events360 Group has announced the event to bring exhibitors, traders, specialists and fans out of the woodwork. The major tech exhibition will be held on March 3 and 4, 2023. Conferences will take place for two consecutive days of the exhibition at a constant pace at the Festival Arena, Festival City Dubai, UAE.

ICBM Expo is the only enormous meetup opportunity for tech companies to come up with all their pioneering offers. Moreover, people visiting it are expected to know about groundbreaking technologies, intelligent and safe business, and investment opportunities. They will discover what products or projects companies have to offer and in which direction they are heading. ICBM Expo will feature more than 100 tech companies, 50 speakers and expects more than 10,000 daily visitors. Moreover, entry passes for ICBM Expo are real NFTs. An extensive network of Metaverse, cryptocurrency and blockchain professionals from various exchanges, payment, liquidity solution providers, NFT, ICOs, play-to-earn projects, the Metaverse, influential industry experts and executives will come together for the two-day event.

Most importantly, doors are open to all the trendsetters and new startups in the fintech industry that are looking to discover fresh opportunities. It is all about innovation. ICBM Expo is avidly looking for emerging tech companies revolutionizing the cryptocurrency, blockchain and Metaverse industries. Moreover, there is a separate startup village in which founders will get an opportunity to pitch their innovative ideas to investors and close massive investments.

Dubai has enormous potential for regulating events regarding technology and adopting cutting-edge innovation. The UAE government is making strides in building a robust digital economy and utilizing the advantages and benefits that come with it. Visitors will know how to interact with one another digitally and develop a sense of community by using avatars in the Metaverse.

At ICBM Expo, attendees will be able to enjoyably and aimlessly traverse the Metaverse using a virtual reality headset and controllers. They’ll learn how participants can confirm transactions using blockchain technology without needing a centralized clearing house. It is a peer-to-peer network of decentralized ledgers for all trades. NFTs can be used to show ownership of unique items. Similarly, things like works of art, valuables and even real estate can be tokenized. No one can change the ownership record of an asset or copy/paste a new NFT into existence, which is how the Ethereum blockchain secures the ownership of an investment.

These virtual worlds are incredibly engaging and have significant economic and social potential. By utilizing blockchain structure, people may access the larger digital economy and make virtual goods exchangeable for actual economic value outside the Metaverse. As this interest in learning about and participating in digital asset investment and business opportunities has grown significantly in recent days, ICBM Expo guarantees to be an event of new talks and networking for the emergence of institutional interest and the expansion of crypto-focused venture capital, among other things.

There’s also some great news for kids: Parents can create a cryptocurrency wallet for their child and set up periodic donations via Crypto for Kids, which will accept presents from relatives and friends that are put immediately into their wallets. 

ICBM Expo is an essential thought-leadership event, with a new lineup of key influencers leading talks about the future of relevant industries. It’s not to be missed, particularly because of the insightful and exciting conversations expected on new game-changing technologies (including blockchain, Metaverse and virtual assets), GameFi, DeFi, investing in virtual real estate, the future of the Web3 internet, digital payment solutions and getaways, talks on ICOs and STOs, progress in the crypto space, the role of AI and VR in the Metaverse and much more. A stellar lineup of conference speakers is already in the works, with some of the world’s most powerful influencers and officials expected to participate. Attendees see networking opportunities with significant industry executives, investors and guided business contacts.

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Cudo Compute is revolutionizing the cloud industry by providing a democratic and sustainable alternative to the centralized cloud.

Why it matters: The cloud industry is growing rapidly as innovations in artificial intelligence, scientific computing, virtual reality and augmented reality tech continue to develop.

But the public cloud, as it exists today, is primarily owned by just three companies. This highly centralized cloud model faces several issues:

• Disruptive outages can take down key services for hours at a time due to a single point of failure.
• Sustainability issues result from energy consumption, water usage and electronic waste.
• Latency problems due to the distance between the data center and the end-user.

Through its distributed cloud marketplace, Cudo Compute is tackling these problems by providing an efficient, robust and cost-effective way to connect buyers and sellers of computing power.

Go deeper 

Cudo Compute allows companies and individuals to find and use available compute resources more efficiently, moving beyond the inherent constraints of on-premise and centralized cloud environments.

This radical new cloud model provides a host of benefits, including:

• Increased availability. Those seeking specific types of processing power — e.g., GPUs — can be easily matched with suppliers offering exactly what they need.
• Lower cost. Computing suppliers can improve their returns by reducing under-utilized capacity, with corresponding price reductions for buyers.
• Closer proximity. A geographically distributed cloud makes it far easier for those seeking computing power to find a location as close as possible to the point of delivery.
• Reduced waste. Building new infrastructure has an environmental cost. Just one data center can consume as much electricity as 50,000 homes. Instead, Cudo Compute will help to maximize existing resources and take advantage of the billions of dollars of under-utilized computing resources available across the globe.

At launch, Cudo Compute will offer a user-friendly cloud service allowing you to find and use virtual machines hosted by a wide range of data center providers around the globe. Key features include:

• A high-performance infrastructure offered at a fraction of the cost of existing cloud providers.
• Access to latest-generation processors, including Nvidia GPUs, Intel Xeon and AMD EPYC CPUs.
• Robust security through hosting in data centers with ISO 27001 security and ISO 9001 quality certifications.
• One-click solutions for businesses in a range of specialized applications, including data science, deep learning, rendering and more.

Solutions

At present, Cudo Compute focuses on the following use cases and applications:

• Artificial intelligence and machine learning — Use purpose-built images for machine learning with or without Docker using TensorFlow and PyTorch. 
• 3D rendering and motion graphics — Scale your video rendering to 100,000 GPUs and CPUs, which is faster and more cost-effective with Blender.
• High-performance computing (HPC) — Run all your HPC workloads without investing CAPEX on high-performance hardware sitting idle outside office hours using Parabricks and GROMACS. 
• GPU cloud — Access to on-demand GPU instances with per-second billing hosted in data centers with ISO 27001 security and ISO 9001 quality certifications.

The future

Cudo Compute will serve as the infrastructure backbone for Web3 by eventually integrating with its sister company Cudos. The 100% carbon-neutral layer-1 blockchain offers low-cost, fast transactions.

Since Cudos is interoperable, it will integrate with all other major layer-1 chains, bringing cloud and blockchain closer together. Think Filecoin but for the entire compute stack where developers can access resources on- and off-chain independent of the network where they launched. 

Enjoy the commercial and project acceleration benefits of expanding your access to scarce resources by contacting us or registering for an account at cudocompute.com.

About Cudo Compute

Cudo Compute is an ecosystem providing access to decentralized and sustainable cloud computing resources by leveraging under-utilized computing power on idle hardware globally. 

We are the Airbnb for sustainable computing. Like Airbnb’s marketplace, which allows owners to rent out their unused homes, we facilitate businesses and individuals to lend their hardware’s unused computing to users and organizations that might need it. Our platform allows organizations and developers to deploy, run and scale based on their cloud demands.

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A blockchain linked to Binance, the world’s largest crypto exchange, has been hit by a $570 million hack, a Binance spokesperson said on Friday, the latest in a series of hacks to hit the crypto sector this year.

Binance CEO Changpeng Zhao said in a tweet that tokens were stolen from a blockchain “bridge” used in the BNB Chain, known until February as Binance Smart Chain.

Blockchain bridges are tools used to transfer cryptocurrencies between different applications. Criminals have increasingly targeted them, with some $2 billion stolen in 13 different hacks, mostly this year, researcher Chainalysis said in August.

The hackers stole around $100 million worth of crypto, Zhao said in his tweet. BNB Chain later said in a blog post that a total of 2 million of the BNB cryptocurrency – worth around $570 million – was withdrawn by the hacker.

The majority of the BNB remained in the hacker’s digital wallet address, while about $100 million worth was “unrecovered,” the Binance spokesperson said by email.

BNB Chain supports BNB, formerly known as Binance Coin, which is the world’s fifth-largest token with a market value of over $45 billion, according to data site CoinGecko.

Elliptic, a London-based crypto blockchain researcher, told Reuters that the hacker had minted 2 million new BNB tokens before transferring most of the funds to other cryptocurrencies including Tether and USD Coin.

BNB Chain suspended its blockchain for several hours before resuming at around 0630 GMT, it said in a tweet.

BNB Chain was “able to stop the incident from spreading” by contacting the blockchain’s “validators,” – entities or individuals who verify blockchain transactions, it said in its blog post. There are 44 validators across several different time zones, it added without elaborating.

BNB Chain, described by Binance as a “community-driven, open-sourced and decentralized ecosystem,” said it would introduce a new “governance mechanism” to counter future hacks, as well as expand the number of validators.

In March, hackers stole around $615 million from a blockchain bridge called Ronin Bridge, in one of the largest crypto heists on record, linked by the United States to North Korean hackers.

The Middle East and North Africa are the world’s fastest-growing cryptocurrency markets, with the volume of crypto received in the region jumping 48% in the year to June, blockchain researcher Chainalysis said in a report on Wednesday.

While the MENA region is one of the smallest crypto markets, its growth to $566 billion received in cryptocurrency between July 2021 and June 2022 shows adoption is rising rapidly.

Latin America saw the second biggest growth in the same period, at 40%. North America was next at 36% growth, followed closely by Central and Southern Asia and Oceania at 35% growth, Chainalysis said.

Three MENA countries are among the top 30 in Chainalysis’ 2022 Global Crypto Adoption Index, with Turkey in 12th place, Egypt taking the 14th spot and Morocco 24th.

“In Turkey and Egypt, fluctuating cryptocurrency prices have coincided with rapid fiat (traditional) currency devaluations, strengthening the appeal of crypto for savings preservation,” Chainalysis said.

The Turkish lira has weakened nearly 30% this year to new record-lows, after losing 44% of its value last year amid a currency crisis triggered by rate cuts.

Turkey tops the MENA region in terms of value of crypto received by far, having received $192 billion worth of crypto in the year to end-June, though only saw 10.5% year-on-year growth.

Egypt’s currency has also lost about a quarter of its value against the dollar at the start of the year.

“Remittance payments account for about 8% of Egypt’s GDP, and the country’s national bank has already begun a project to build a crypto-based remittance corridor between Egypt and the UAE, where many Egyptian natives work,” Chainalysis said.

The six countries of the Gulf Cooperation Council “seldom make it to the top of our grassroots crypto adoption index, as it weighs countries by purchasing power parity per capita, which favours poorer nations,” Chainalysis said.

“Nevertheless, their role in the crypto ecosystem should not be underestimated. Saudi Arabia, for example, is the third-largest crypto market in all of MENA, and UAE is fifth.”

Afghanistan, which was 20th in Chainalysis’ adoption index last year, has tumbled to the bottom of the list as Taliban authorities have “equated crypto to gambling,” which is forbidden in Islam, Chainalysis said.

From November 2021 to now, Afghanistan-based users received less than $80,000 in crypto a month on average from $68 million a month on average before the Taliban’s takeover, Chainalysis said.

Dubai will transform into the ultimate digital epicenter of the world next month as the UAE hosts the world’s largest tech show, converging the most advanced companies and best minds to deep-dive into the making of the Web3 economy. 

From Oct. 10 to 14, 2022 at the Dubai World Trade Center, Gitex Global returns for its largest-ever edition, featuring 5,000 companies spanning 26 halls and 2 million square feet of exhibition space. The size difference is an extraordinary 25% year-on-year increase, pushing its capacity limit at the venue.

The Gitex 3.0 edition in its 42nd year presents the most empowering curation ever with seven multi-tech themes experimenting in the Metaverse, a decentralized future of the internet, and a sustainable global digital economy. Gitex sets to wow with the year’s biggest and most immersive Metaverse experience across multiple sectors, from music, fashion and sports to lifestyle and business

Gitex Global 2022’s scale reflects digital ambitions of UAE and the region 

The five-day event’s record size and continued expansion mirrors the ambitions of the UAE and region’s digital transformation movement, as government initiatives such as the National Program for Coders, the Dubai Metaverse Strategy and Next GenFDI propels the UAE to the forefront of the global digital economy.  

This is amplified by Gitex Global 2022’s new launches of X-Verse sponsored by TMRW Foundation in collaboration with Decentraland — one of the world’s most immersive Metaverse journeys featuring 28 experiential brands — and Global DevSlam, the Middle East’s largest-ever coder and developer meetup, both of which sold out to a global audience within two months.

UAE companies also held the lion’s share of a record-breaking $2.6 billion in startup funding across the Middle East and North Africa in 2021, figures that underscore an additional hall and 30% increase to 1,000 exhibitors at Gitex Global’s startup event, North Star. 

His Excellency Omar Al Olama, Minister of State for AI, Digital Economy and Remote Work Applications, who delivered the welcome note at the official Gitex Global 2022 press conference today, said: “Gitex this year is bigger than ever. It spans 2 million square feet with over 5,000 exhibitors from more than 90 countries, which makes this truly the biggest tech show in the world. This year, my office has partnered with Gitex to ensure that we’re not just showcasing technology, but actually inventing and developing technology.”

In his speech, Al Olama also highlighted that the Global DevSlam event is poised to be one of the biggest developer events in the world. He concluded by thanking each and every single person that has believed in the UAE’s mission and who has supported the UAE.

Global interest accelerates UAE and region as a rising tech hub of the world 

Gitex Global 2022 will welcome an unprecedented 52% new exhibitors this year choosing the show and the UAE as the first-choice partner in their market access strategies.

The influx of global interest will see North Star hosting the biggest Unicorn meetup of the year in Dubai, with 35 Unicorns from 15 countries looking to explore new opportunities and expand in one of the world’s fastest-growing markets.

Influential UAE entities inspire R&D in transformative technologies 

UAE companies are shaking up the global tech scene with their bold undertakings and commitments in tech R&D and inventions, including Technology Innovation Institute (TII) a leading global scientific institution and the applied research pillar of Abu Dhabi’s Advanced Technology Research Council. TII will have a significant presence at Gitex Global showcasing AI and Digital Science, Directed Energy and Autonomous Robotics Research. 

Gitex also unifies the participation of 250 government entities leading strategic digital projects and public-private partnerships, with Digital Dubai Authority and Abu Dhabi Digital Authority among the UAE government bodies advancing smart city and digital projects. 

More information is available on the website. 

About Dubai World Trade Center

With a vision to make Dubai the world’s leading destination for all major exhibitions, conferences and events, DWTC has evolved from being the regional forerunner of the fast-growing MICE industry into a multi-dimensional business catalyst, focusing on venues, events and real estate management. Complementary to the primary service offerings are a range of value-added services from media/advertising, engineering and technical consultation and wedding planning, security services and hospitality.

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The Financial Stability Oversight Council (FSOC), a U.S. regulatory panel comprising top financial regulators, on Monday recommended that Congress pass legislation addressing risks digital assets pose to the financial system, including bills to bolster oversight of crypto spot markets and stablecoins.

In a report following U.S. President Joe Biden’s executive order this year “on Ensuring Responsible Development of Digital Assets,” the panel identified three gaps in the regulation of cryptocurrencies: limited oversight of the spot market for tokens that are not securities; opportunities for regulatory arbitrage, or taking advantage of favorable rules; and whether crypto firms should be allowed to integrate multiple services traditionally provided by intermediaries, like broker-dealers and clearing houses.

The report was published after an FSOC meeting on Monday.

In a statement, Treasury Secretary Janet Yellen said the report “provides a strong foundation for policymakers as we work to mitigate the financial stability risks of digital assets while realizing the potential benefits of innovation.

Although FSOC has previously urged Congress to regulate issuers of stablecoins like banks, Monday’s report included several new recommendations for legislators, including that they create a federal framework for stablecoin issuers to address market integrity and consumer protection.

FSOC’s report follows a slate of others that were released last month in connection with the White House’s executive order. In September, the Biden administration published a series of reports recommending that U.S. government agencies double down on digital asset sector enforcement and identify holes in regulation.

It remains unclear when Congress might pass crypto-related legislation, although several bills have been introduced to address stablecoins and digital commodities regulation.

The FSOC report also suggested Congress pass a bill to provide rulemaking authority to federal financial regulators over the spot market for cryptocurrencies that are not securities, in order to address conflicts of interest and abusive trading practices.

Lawmakers should also consider legislation that gives regulators authority to supervise activities of crypto firms’ affiliates and subsidiaries, which FSOC said could address regulatory arbitrage, the report said.