Today in Crypto: The London Stock Exchange launched a novel Digital Settlement House that uses tokenized bank deposits for instant, 24/7 settlements on blockchain and time-honored payment networks, the US Senate Banking Committee canceled Thursday’s cryptocurrency bill margins, and the Zcash Foundation said the regulatory investigation into its privacy-focused token has been closed.
LSEG moves cash onto blockchain rails using DISH
The London Stock Exchange Group has launched a novel digital settlement service aimed at moving commercial banks’ money onto blockchain rails.
The service, called Digital Settlement House (DiSH), enables instant settlements across both blockchain-based and time-honored payment networks, operating 24/7 in multiple currencies and jurisdictions. According to until Thursday’s announcement.
At the heart of the platform is DISH Cash, a ledger-based representation of commercial bank deposits. Instead of relying on stablecoins, the system uses tokenized claims on real bank deposits, providing what LSEG describes as a “real cash component” for currency, securities and digital asset transactions.
“With LSEG DISH, market participants will be able to conduct PvP [payment-versus-payment] or DvP [delivery-versus-payment] and settlement across any asset, arranging payments across any connected network, digital and traditional,” LSEG said.
LSEG says the platform is designed to solve long-standing post-trade settlement issues, where cash and assets are often tied up for hours or even days due to sluggish processes and disconnected systems.
“The service also enables users to reduce settlement risk through shortened settlement timelines, synchronized settlements and increased collateral availability,” said the provider of infrastructure and data for global financial markets.
Senate Banking cancels Thursday cryptocurrency account tags
The U.S. Senate Banking Committee on Wednesday canceled the amendment to the Cryptocurrency Market Structure Act scheduled for Thursday, and its chairman Tim Scott said that bilateral negotiations must continue to gain support.
“I have spoken to leaders in the crypto industry, the financial sector, and my colleagues in the Democratic and Republican parties, and everyone remains at the table working in good faith,” Scott said. “This bill reflects months of serious bipartisan negotiations and real contributions from innovators, investors and law enforcement.”
Scott did not disclose when or if the margin would be postponed. The delay comes after the Senate Agriculture Committee on Monday postponed the markup of a cryptocurrency bill, also originally scheduled for Thursday, to Jan. 27, citing the need to gain more support.
The bill would outline how the Securities and Exchange Commission and the Commodity Futures Trading Commission would oversee the cryptocurrency market, and both the Banking and Agriculture Committees must draft the bill because they oversee the SEC and CFTC, respectively.
Several major crypto companies and lobbying groups, including Coin Center, a16z, The Digital Chamber, Kraken, and Ripple, supported the Senate bill, but Coinbase’s chief lobbyist withdrew support, with CEO Brian Armstrong stating that “it would be much worse than the current status quo.”
The Zcash Foundation says the SEC has concluded its investigation into the privacy coin
The Zcash Foundation (ZEC) has stated that the US Securities and Exchange Commission (SEC) will not take enforcement action against the privacy coin following the conclusion of an investigation that began in 2023.
In Wednesday’s announcement, the Zcash Foundation he said The SEC has “completed its review” of “certain crypto asset offerings” and would not recommend enforcement actions or changes. According to the foundation, the regulatory investigation began in August 2023 after receiving a subpoena from the SEC.
“This result reflects our commitment to transparency and compliance with applicable regulatory requirements,” the foundation said. “The Zcash Foundation remains focused on advancing a privacy-preserving financial infrastructure for the public good.”
Over the past year under U.S. President Donald Trump, the SEC has dropped several investigations and lawsuits into several high-profile cryptocurrency companies, signaling that the regulator will ease regulation and enforcement under the current administration.
Cointelegraph reached out to the foundation for additional details about the subpoena and investigation, but had not received a response at the time of publication.