Global securities exchange giant Nasdaq has halted the launch of its own cryptocurrency custody service, which was initially scheduled to go live by the end of the second quarter of this year.

Robert F. Kennedy Jr., the Democratic contender for the U.S. presidency, has proposed a noteworthy plan to invigorate the American economy, including exempting Bitcoin conversions to U.S. dollars from capital gains tax and supporting the dollar with “real finite assets” like gold, silver, platinum, and Bitcoin.

Societe Generale's blockchain unit, Societe Generale Forge, has become the inaugural recipient of a license under France's new cryptocurrency regulations, propelling the investment bank's ventures into the realm of digital assets.

Top stories in the Crypto Roundup today:

• Nasdaq Puts Crypto Custody Project on Hold Amid Regulatory Uncertainty
• RFK Jr.’s Economic Plan Includes Bitcoin Tax Exemption and Dollar Backing
• Societe Generale Gets First Crypto License in France
• XRP Liquidity Remains Resilient YTD

Nasdaq Puts Crypto Custody Project on Hold Amid Regulatory Uncertainty

Global securities exchange giant Nasdaq has halted the launch of its own cryptocurrency custody service, which was initially scheduled to go live by the end of the second quarter of this year.

The firm’s Chief Executive Officer, Adena Friedman, revealed the launch was suspended during the company’s second-quarter earnings call, attributing the move to the regulatory uncertainties in the United States.

Despite this temporary setback, Friedman reinforced Nasdaq's dedication to the progression of its digital asset sector, maintaining the firm is committed to shaping its technological capabilities to establish itself as “a leading digital assets software solutions provider to the broader global industry.”

Looking ahead, Friedman pointed out Nasdaq will keep monitoring the market for potential regulatory events. The firm first announced its cryptocurrency custody project back in September 2022, with plans to launch an official division allowing customers to safely store both Bitcoin and Ether.

RFK Jr.’s Economic Plan Includes Bitcoin Tax Exemption and Dollar Backing

Robert F. Kennedy Jr., the Democratic contender for the U.S. presidency, has proposed a noteworthy plan to invigorate the American economy, including exempting Bitcoin conversions to U.S. dollars from capital gains tax and supporting the dollar with “real finite assets” like gold, silver, platinum, and Bitcoin.

Kennedy said that backing dollars and U.S. debt obligations with these assets could “ help restore strength back to the dollar, rein in inflation and usher in a new era of American financial stability, peace and prosperity.”

The U.S. presidential candidate noted that the process would start cautiously, with “perhaps 1% of issues T-bills” being backed by commodities like gold or by Bitcoin. Kennedy also reaffirmed the commitments he made during a conference in May in favor of Bitcoin self-custody rights, the ability to operate blockchain nodes from personal residences, and advocating for impartial energy regulation.

Currently, the Internal Revenue Service (IRS) considers Bitcoin to be property and investment rather than a currency, subjecting it to capital gains tax. Crypto firms have been calling for more regulatory clarity for months, at a time in which the U.S. Securities and Exchange Commission (SEC) cracks down on the industry.

Kennedy, criticizing the government's restrictions on the crypto industry, said it was a mistake for the government to “hobble the industry and drive innovation elsewhere.”

Societe Generale Gets First Crypto License in France

Societe Generale's blockchain unit, Societe Generale Forge, has become the inaugural recipient of a license under France's new cryptocurrency regulations, propelling the investment bank's ventures into the realm of digital assets.

France's financial regulator, the Autorité des Marchés Financiers (AMF), designated Societe Generale Forge as a digital asset service provider (DASP) on Tuesday, as shown on the regulator’s website.

The license is set to bolster Forge's capacity to cater to institutional clients' growing demand for digital assets, Forge's CEO, Jean-Marc Stenger, stated.

The issued license empowers Forge to offer a variety of digital asset services including custodianship, arranging the purchase and sale of digital assets using legal tender, trading digital assets for other digital assets, and receiving and transmitting third-party orders for digital assets

The DASP licensing process in France represents a more intricate procedure than the registration process for cryptocurrency companies, which is restricted to the requirement for firms to comply with the country's anti-money laundering regulations.

XRP Liquidity Remains Resilient YTD

In spite of the challenging environment XRP has encountered due to the ongoing lawsuit, its market liquidity at the 1% level has demonstrated remarkable resilience year to date (YTD).

At the beginning of the year, the bid/ask side depth for XRP at the 1% level stood at 26.5 million XRP, experiencing a modest fluctuation of 0.41% over the course of the year, maintaining robustness at 25.1 million XRP as of July 12.

The overall stability and minimal variance have been positive signs, indicating potential perceived risks associated with market-making on the XRP pair are manageable.

Read CCData’s latest Market Spotlight to dig deeper into the details and response surrounding the landmark ruling in the legal battle between Ripple and the U.S. Securities and Exchange Commission (SEC).

State of the Crypto by Top Tier Exchange Volume

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