🎨 SEC vs OpenSea - Art On Notice?

NFT platform OpenSea has officially received a Wells Notice from the SEC, claiming multiple securities law violations. 😬

It’s not on-chain art’s first rodeo, either. NFT projects Stoner Cat and Impact Theory had to fight off regulators last year. 🤺

🎯🔥 Rapid Fire Takeaways:

🌊 OpenSea Wells Notice from SEC

🤨 Fed Governor Waller questions need for speed in cross-border payments

💰 Former Square, Coinbase execs raise $58M for Bridge stablecoin network

📜 Siemens Leads Innovation in Digital Finance with €300 Million Blockchain Bond Issuance

💻 KfW Tests Digital Bond Processing in Central Bank Money

⚖️ Telegram: a crypto firm with a sideline in messaging

🔐 World’s 2nd safest bank, Zürcher Kantonalbank launches crypto offering

Law professor and Plaintiff Brian Frye claims that this “exposes the incoherence of the SEC’s understanding of what it’s authorized to regulate” in a piece titled Art is Not a Security. ✍️

It’s a great read – check it out. 👀

⭐ Chat with the Best

We work hard to bring you the best candid conversations across the tokenization landscape.

This week, we sat down with Courtyard and Segmint, two of the most prestigious and extensive tokenized asset marketplaces, to talk markets and the future of RWAs. 🔊

We’ll do much more on October 8 in Salt Lake City, Utah, for RWA Day!  Come secure a $500 value for free – we’re almost out of seats! 🪑

Curious what the event is all about? Check out our media partner Block Fuel’s killer podcast on the event! 🎥

Oh, and write down: Friday at 9:30 am EDT - RWA World Roundup! You’ll be glad you did. 🤠

🏢 Tokenization Meets Institutional Adoption

Bonds are on the menu this week, with Siemens issuing €300 million of on-chain bonds and Natixis Pfandbriefbank using the SWIAT chain for €100 million. Small ticket tokenization is firmly in the rearview – KfW is blazing ahead with tests for digital bonds for CBDCs. All the while, Brevan Howard-backed Libre has made its way to the NEAR blockchain. 🔥

It’s not just trailblazers, either – the world’s second-safest bank, Zürcher Kantonalbank, now offers crypto. We’re seeing watershed moments for tokenized assets everywhere. The trio of HSBC, StanChart, and Bank of China HK are assembling to play in the Ensemble sandbox in Hong Kong, while Rakkar Digital has partnered with Kiln to offer digital asset staking to institutional clients. 🏖️

And it’s more than just financial instruments – Retokens is working with One Hope of Colorado to tokenize the historic Old Stone Church in Fort Collins. There’s a clear demand for non-financial tokenzied assets, too. Blocksquare’s tokenized tequila sold out in under 48 hours, and Dinari’s co-founder Gabriel Otte says blockchain will soon become synonymous with FinTech. 🧬

🧑‍⚖️ Regulatory Developments Shaping the Landscape

Industries can’t reach mass adoption without clear regulatory frameworks. Whether we need new ones is up for debate. Law professor Steven Lance Schwarcz opines that industries with the same risks entail the same rules. His recent paper outlines how existing frameworks in the US can fit emerging technologies. 🔍

Meanwhile, Fed Governor Wallet is questioning if we need faster settlement to begin with. He raises some interesting points… and potentially confuses cross-border payments and bank transfers, but we’ll cut him some slack given the velocity of innovation we’re experiencing. 😉

On the multinational scene, the BIS is exploring how to mitigate the unique risks of blockchain, while the IMF is digging into how to protect user data and privacy while using it. Regionally, Qatar introduced the QFC Digital Assets Framework 2024 for crypto and digital assets, which it hopes will help define regional policy. 🐪

🌉 Infrastructure On The Rise 

You can’t regulate what doesn’t exist, meaning infrastructure is key to tokenization’s success. OKX CCO Lennix Lai sees more infrastructure on the horizon, as “digital assets as inevitable, as…securities, bonds, and central bank digital currencies are tokenized.”  Lucas Schweiger of Sygnum Bank seems to agree, arguing that crypto is now a non-negotiable for traditional banks. ⌚

The friction emerging from these inevitabilities is becoming more pronounced. Recall that the Fed ordered Customers Bank to trim down its digital asset activities, and SAB121 still looms large over the digital asset custody landscape in the US. 💥

Nevertheless, progress marches on, with NCR Atleos now offering Bitcoin cashout options and Bridge closing its $58 million round to launch a new stablecoin. The biggest winner might be trade finance. A new paper from the Digital Standard Initiative highlights 22 case studies, concluding that electronic bills of lading (eBLs) could result in $6.5 billion in direct cost savings, which doesn’t even factor in additional downstream savings.

🛣️ Take Us Home, Tokenized Roads 

We keep bringing you the best of the best… including live events! 

Don’t forget to sign up for RWA Day and secure your spot before room runs out. 

And make sure to have a great week – we’ll see you next week for more tokenized goodness.