As of 1:08 pm AST, this is how BTC and ETH are faring in the cryptocurrency markets

BTC/USD = 22,599.70 ETH/USD = 648.854

BTC/EUR = 18,463.40 ETH/EUR = 530.098

BTC/JPY = 2,331,500 ETH/JPY = 66,939.10

BTC/CNH = 147,150 ETH/CNH = 4,224.79

BTC/DKK= 137,367 ETH/DKK = 3,943.93

BTC/CHF =19,980.40 ETH/CHF = 573.653

Source: OANDA

Regulatory/Legal News Impacting Cryptocurrency Trade

December 18, 2020

Washington, D.C. —The Commodity Futures Trading Commission today announced that Jaime L. Klima, the CFTC’s Chief of Staff and Chief Operating Officer, will depart the agency for a role in the private sector next month. Ms. Klima has served in her executive leadership role since joining the agency in July 2019, where in addition to being the lead advisor to Chairman and Chief Executive Heath P. Tarbert on legal, policy, and administrative matters, she has been responsible for managing the daily operations of the agency and overseeing its nearly 1,000 personnel.

“Jaime is a Team Tarbert original, having been with my office from the very beginning of my tenure at the CFTC. From our historic rulemaking and enforcement agenda to our efforts to enhance the agency’s culture and operational effectiveness, she’s been instrumental to every one of our many successes,” said Chairman Tarbert. “I couldn’t have picked a better person, manager, or attorney to help me lead this agency, and I’m confident she’ll excel in her future endeavors.”

“My time at the CFTC has been more rewarding than I could have imagined,” said Ms. Klima. “The pandemic made this year challenging, to say the least, but I’m incredibly proud of how the agency has risen to the occasion. Notwithstanding those headwinds, Chairman Tarbert’s strategic leadership has led us to tremendous success, and I’m grateful to have been a member of the team. I also thank the Commissioners and the agency staff for being such exceptional colleagues.” 

Prior to joining the CFTC in 2019, Ms. Klima spent seven years serving in a variety of senior legal and policy roles at the U.S. Securities and Exchange Commission, most recently as Chief Counsel to SEC Chairman Jay Clayton. She also spent nearly a decade working in private practice on legal and regulatory compliance matters for clients in the financial services sector. Ms. Klima holds a bachelor’s degree from the University of Virginia and earned her master’s and juris doctor degrees from Duke University.

Source: Commodity Futures Trading Commission

In a 5G world, can an individual be their own bank?

A thought ….

That Covid-19 has sped up the exposure of workers to the possibility of automation replacing them is a saying that is becoming almost cliché. Television commercials remind us that we are “all in this together” and that we should wear masks and safely social distance. Meanwhile, telecommunications companies are promoting 5G technology that when fully deployed will help alleviate the downsides of working from home with a technology that moves data faster and can help connect all your devices and appliances so that you can better manage the data flowing through your home. But what if, in addition to connecting your mobile phone to your refrigerator which may allow you to determine whether to buy more milk, that 5G also helps to turn you into a micro bank by taking a real-time audit of the assets in your possession and using them as a basis for issuing your own coin?

The thought came to me today while conversing with two friends about the probability of Facebook becoming its own “nation.” Facebook, the world’s largest social media platform, is backing a group that plans to issue a cryptocurrency next month called Diem. Diem will hopefully help people send money around the world almost instantaneously. Unlike other cryptocurrencies, Diem will be a “stable coin” meaning it will be backed by reliable fiat currencies like the U.S. dollar or the euro.

But what if we could take the Facebook macro-model and make it micro to you? For example, with 5G-driven internet of things and block chain technology, why couldn’t a real time audit of a person’s possessions be taken and instead of the individual issuing digital fiat currency or even stable coin, the individual could issue their own personal currency. Tom Steyer, for example, could digitally tally up his cash, land, securities, and other holdings and issue a digital certificate that could be used in the digital marketplace. A man of his wealth could take a position in a number of different currencies but should he choose to engage exclusively in the digital world on his own dime, he could do so without any rules or regulations that come along with currency issued by a nation-state, a social media platform, or a corporation.

The advantages to such a scheme compound when more people with the material means decide to go digital and trade either the social media platform’s coin or, if affluent enough, their own coin. This would be true personal banking.

As of 11:30 am AST 10 December 2020, Foreign exchange rates between U.S., select countries in East Africa, West Africa, the Caribbean, and Asia, and BitCoin

As of  11:30 am AST, 10 December 2020:

How to read the chart:

CAD/USD: If you come to the United States with one Canadian dollar (CAD)and wish to sell it for a US dollar (USD), the market price is .78103 USD.

USD/CAD: If you take a US dollar (USD) to Canada and wish to sell it for a Canadian dollar (CAD), the market price is 1.28018 CAD

CAD/USD=0.78103   USD/CAD=1.28018

CNH/USD= 0.15339   USD/CNH=6.51820

EUR/USD= 1.21037   USD/EUR=0.82610

DKK/USD =0.16260   USD/DKK=6.14831

NGN/USD= 0.00260   USD/NGN=379.384

JPY/USD=0.00960   USD/JPY=104.19

INR/USD=0.01356      USD/INR=73.5975

JMD/USD=0.00683    USD/JMD=143.446

GYD/USD=0.00469       USD/GYD= 205.184

GHS/USD=0.17031     USD/GHS= 5.84142

XCD/USD=0.37037        USD/XCD= 2.70

KES/USD = 0.00889     USD/KES= 110.408

BBD/USD = 0.50000     USD/BBD = 2.0000

TTD/USD = .14459         USD/TTD= 6.66797

BTC/USD= 18252.40     USD/BTC= 0.00005

Source: OANDA

Major political/legal event impacting foreign exchange

BIS releases Basel III monitoring results on banks

Today, the Bank of International Settlements Basel III committee released results of its survey determining compliance with bank capital requirements developed in 2010 under the Basel III framework.  The framework was developed in response to the financial crisis of 2008.  The objective of Basel III was to modify bank capital requirements thus leading to less variability in a bank’s risk weighted assets.

The survey announced today found that banks were continuing to make progress toward meeting the Basel III requirements and that bank liquidity ratios pre-Covid have been improving.  

Source: Bank of International Settlements

As of 9:36 am AST 3 December 2020, Foreign exchange rates between U.S., select countries in East Africa, West Africa, the Caribbean, and Asia, and BitCoin; Federal Reserve sees increased bank delinquencies in 2021 …

As of 9:36 am AST, 3 December 2020:

How to read the chart:

CAD/USD: If you come to the United States with one Canadian dollar (CAD)and wish to sell it for a US dollar (USD), the market price is .77302 USD.

USD/CAD: If you take a US dollar (USD) to Canada and wish to sell it for a Canadian dollar (CAD), the market price is 1.29344 CAD

CAD/USD=0.77302   USD/CAD=1.29344

CNH/USD= 0.15265   USD/CNH=6.54972

EUR/USD= 1.20787   USD/EUR=0.82781

DKK/USD =0.16225   USD/DKK=6.16157

NGN/USD= 0.00262   USD/NGN=377.841

JPY/USD=0.00957   USD/JPY=104.50

INR/USD=0.01357      USD/INR=73.5849

JMD/USD=0.00678    USD/JMD=144.553

GYD/USD=0.00469       USD/GYD= 204.916

GHS/USD=0.17049     USD/GHS= 5.82649

XCD/USD=0.37037        USD/XCD= 2.70

KES/USD = 0.00897      USD/KES= 109.505

BBD/USD = 0.50000     USD/BBD = 2.0000

TTD/USD = .14488         USD/TTD= 6.65179

BTC/USD= 17444.40     USD/BTC= 0.00006

Source: OANDA

Major political/legal event impacting foreign exchange

Federal Reserve releases its Beige Book finding moderate, modest US expansion

Yesterday, the Board of Governors of the Federal Reserve System released its final Beige Book for 2020.  The Federal Reserve determined that US economic expansion is either moderate or modest at best.  A number of districts, including the Philadelphia district, have observed a slow down in growth with a spike in COVID-19 cases since early November.  Banks expect the number of borrower delinquencies to increase in 2021.  

Source: Board of Governors of the Federal Reserve System

Foreign exchange rates in light of Mnuchin, Powell testimony before the US Senate …

As of  11:23 am AST, 1 December 2020:

How to read the chart:

CAD/USD: If you come to the United States with one Canadian dollar (CAD)and wish to sell it for a US dollar (USD), the market price is .77051 USD.

USD/CAD: If you take a US dollar (USD) to Canada and wish to sell it for a Canadian dollar (CAD), the market price is 1.29766 CAD

CAD/USD=0.77051   USD/CAD=1.29766

CNH/USD= 0.15204   USD/CNH=6.57584

EUR/USD= 1.19642   USD/EUR=0.83573

DKK/USD =0.16075   USD/DKK=6.21944

NGN/USD= 0.00261    USD/NGN=378.336

JPY/USD=0.00960    USD/JPY=104.12

INR/USD=0.01351       USD/INR=73.8918

JMD/USD=0.00675     USD/JMD=145.028

GYD/USD=0.00469       USD/GYD= 205.043

GHS/USD=0.17028    USD/GHS= 5.82869

XCD/USD=0.37037        USD/XCD= 2.70

KES/USD = 0.00900       USD/KES= 109.047

BTC/USD= 16,987.20    USD/BTC= 0.00006

Source: OANDA

Major political/legal events impacting currencies

Today, Steven Mnuchin, Secretary of the U.S. Department of the Treasury, and Jerome Powell, Chairman of the Board of Governors of the Federal Reserve System, are testifying before the U.S. Senate Committee on Banking, Housing and Urban Affairs.  Questions are expected to seek clarification as to Secretary Mnuchin’s request that remaining funds from the CARES Act be sent back to the Congress’ general fund.  Chairman Powell will reiterate the need for fiscal policy in the face of increasing COVID-19 infections and an economy that is still on the rebound.  

Source: U.S. Senate Committee on Banking, Housing and Urban Affairs

As of 9:51 am AST 30 November 2020, Foreign exchange rates between U.S., select countries in East Africa, West Africa, the Caribbean, and Asia, and BitCoin

As of 9:51 am AST, 30 November 2020:

How to read the chart:

CAD/USD: If you come to the United States with one Canadian dollar (CAD)and wish to sell it for a US dollar (USD), the market price is .76954 USD.

USD/CAD: If you take a US dollar (USD) to Canada and wish to sell it for a Canadian dollar (CAD), the market price is 1.29852 CAD

CAD/USD=0.76954   USD/CAD=1.29852

CNH/USD= 0.15205   USD/CNH=6.57348

EUR/USD= 1.19622   USD/EUR=0.83576

DKK/USD =0.16071   USD/DKK=6.21851

NGN/USD= 0.00260    USD/NGN=377.445

JPY/USD=0.00960    USD/JPY=104.06

INR/USD=0.01351       USD/INR=73.7640

JMD/USD=0.00675    USD/JMD=145.165

GYD/USD=0.00468       USD/GYD= 205.117

GHS/USD=0.17037     USD/GHS= 5.82050

XCD/USD=0.37037        USD/XCD= 2.70

KES/USD = 0.00898       USD/KES= 108.719

BBD/USD = 0.50000     USD/BBD = 2.0000

TTD/USD = .14475         USD/TTD= 6.65695

BTC/USD= 16987.20     USD/BTC= 0.00006

Source: OANDA

Major political/legal event impacting foreign exchange

On 27 November 2020, President Donald J. Trump nominated Brian P. Brooks as Comptroller of the Currency for a term of five years.  As Comptroller, Mr Brooks would be responsible for administering the United States’ national banking system as well as the branches of foreign banks doing business in the United States.  Mr Brooks is currently serving as acting Comptroller.  His nomination must be confirmed by the U.S. Senate.

Source: Executive Office of the President

As of 12:53 pm AST 25 November 2020, Foreign exchange rates between U.S., select countries in East Africa, West Africa, the Caribbean, and Asia, and Bitcoin

As of  12:53 pm AST, 25 November 2020:

How to read the chart:

CAD/USD: If you come to the United States with one Canadian dollar (CAD)and wish to sell it for a US dollar (USD), the market price is .76700 USD.

USD/CAD: If you take a US dollar (USD) to Canada and wish to sell it for a Canadian dollar (CAD), the market price is 1.30361 CAD

CAD/USD=0.76700   USD/CAD=1.30361

CNH/USD= 0.15198   USD/CNH=6.57876

EUR/USD= 1.18665   USD/EUR=0.84261

DKK/USD =0.15941   USD/DKK=6.27148

NGN/USD= 0.00261    USD/NGN=379.186

JPY/USD=0.00957    USD/JPY=104.49

INR/USD=0.01350       USD/INR=73.9408

JMD/USD=0.00671     USD/JMD=145.984

GYD/USD=0.00468       USD/GYD= 205.237

GHS/USD=0.17068     USD/GHS= 5.82307

XCD/USD=0.37037        USD/XCD= 2.70

KES/USD = 0.00903       USD/KES= 108.669

BTC/USD= 18,846.90     USD/BTC= 0.00005

Source: OANDA

Major legal/political event:

First-time unemployment claims increase

The number of first time unemployment claimants is still high. This morning the U.S. Department of Labor reported that 778,000 Americans filed for unemployment insurance for the first time during the week of November 21st, an increase of some 30,000 claimants from last week. Since the peak of 5,790,250 in April 2020, the moving average of total insured claimants has been trending toward the moving average level pre-Covid-19 but is still more than three times its March 14, 2020 pre-Covid-19 moving average level of approximately 232,500. The labor market still has a way to go before getting back to that point.

Source: U.S. Department of Labor

As of 10:25 am AST 24 November 2020, Foreign exchange rates between U.S., select countries in East Africa, West Africa, the Caribbean, and Asia, and BitCoin

As of  10:25 am AST, 24 November 2020:

How to read the chart:

CAD/USD: If you come to the United States with one Canadian dollar (CAD)and wish to sell it for a US dollar (USD), the market price is .76486 USD.

USD/CAD: If you take a US dollar (USD) to Canada and wish to sell it for a Canadian dollar (CAD), the market price is 1.30725 CAD

CAD/USD=0.76486   USD/CAD=1.30725

CNH/USD= 0.15227   USD/CNH=6.56585

EUR/USD= 1.18633   USD/EUR=0.84284

DKK/USD =0.15930   USD/DKK=6.27554

NGN/USD= 0.00261    USD/NGN=378.884

JPY/USD=0.00961    USD/JPY=104.01

INR/USD=0.01348       USD/INR=74.0457

JMD/USD=0.00672     USD/JMD=145.825

GYD/USD=0.00469       USD/GYD= 204.934

GHS/USD=0.17100     USD/GHS= 5.81368

XCD/USD=0.37037        USD/XCD= 2.70

KES/USD = 0.00905       USD/KES= 108.605

BTC/USD= 18,431.20     USD/BTC= 0.00005

Source: OANDA

Major political/legal event in the United States

Biden to nominate Janet Yellen for Treasury secretary

Axios reports that presumptive U.S. president-elect, Joseph R. Biden, will announce later today his choice of Janet Yellen as U.S. Secretary of the Treasury.  Ms Yellen, 74, served as chairman of the Board of Governors of the Federal Reserve System from 2014 to 2018.

Source: Axios