Arch Lending’s Himanshu Sahay said on Cointelegraph’s Chain Reaction podcast that the lender plans to move into tokenized equities as onchain stocks gain traction as collateral. Crypto lender Arch Lending plans to expand into loans backed by tokenized equities as the market for onchain stocks expands and lenders begin exploring new uses for the assets as collateral. Read more
Many Democrats have previously called for investigations into the Trump family’s crypto ventures, but now a Republican is asking for an inquiry based on ties to the presidency. Senator John Curtis, a Republican representing Utah, sent a letter to leaders of the Senate Judiciary Committee calling for an investigation into US President Donald Trump’s and former President Joe Biden’s sons, citing the former’s involvement in the crypto industry. In a Monday letter to Senate Judiciary Committee Chair Chuck Grassley and ranking member Dick Durbin, Curtis said that the body should probe “the use of presidential family relationships for private financial benefit, preferential treatment, or access by domestic and foreign interest.” He also asked for subpoenas for Donald Trump Jr. and Hunter Biden, Joe Biden’s son. The Utah lawmaker specifically called out Donald Trump Jr. for accepting gifts from Russian oligarch Umar Kremlev as part of his wedding, his “active promotion of family-backed cryptocurrency ventures” and a...
The country’s largest financial institutions are exploring tokenized deposits for interbank payments, just weeks after regulators clarified how they should be treated. Canada’s six largest banks are jointly exploring a system for tokenized Canadian dollar deposits that would allow digital representations of bank deposits to move between financial institutions. The initiative involves Bank of Montreal, CIBC, National Bank of Canada, Royal Bank of Canada, Scotiabank and TD Bank Group, according to a joint announcement from the banks on Tuesday. The first phase will focus on moving tokenized deposits between Canadian financial institutions before potentially connecting with other digital asset systems. The project comes less than two weeks after Canada’s banking regulator provided additional clarity on the legal permissibility of tokenized deposits for financial institutions. Read more