Ripple sits on the sidelines as ConsenSys and R3 help Asian countries adopt blockchain

Rick Steves

ConsenSys is a blockchain giant and a member of the Enterprise Ethereum Alliance which is going under increased scrutiny as the SEC v. Ripple lawsuit goes forward.


The Asian Development Bank (ADB) has launched a project to develop blockchain-based cross-border securities transactions.

To that effect, ADB together with blockchain specialists will seek to develop ways to directly connect central banks and securities depositories in the ASEAN+3 region within a blockchain network, which includes Japan, China, and South Korea.

Asian Development Bank partners with ConsenSys and R3

ConsenSys, Fujitsu, R3, and Soramitsu are the blockchain companies involved in the project and they will examine systems interoperability and the viability of central bank digital currencies (CBDCs) in the region.

The project is supported by ADB’s Digital Innovation Sandbox program, a platform for partners across the public and private sectors to collaborate on digital solutions.

The reasoning for the project is that connecting institutions within a blockchain network could reduce both transaction costs and settlement risks.

Cross-border securities transactions in the region are currently processed through a global network of custodians and correspondent banks, which go through global centers in either the United States or Europe.

Intraregional transaction settlements in ASEAN+3 take at least two days, due to time differences as well as varying operating hours for markets within the same time zone.

The project will be carried out in 2 phases: a designing phase, to be completed by the end of March 2022, and a prototyping phase, scheduled for the second quarter of 2022.

The results will be discussed with ASEAN+3 government officials and members of the Cross-Border Settlement Infrastructure Forum of the Asian Bond Markets Initiative, made up of central banks and securities depositories from across the region.

ConsenSys under increased scrutiny over SEC v. Ripple

ConsenSys is a blockchain giant and a member of the Enterprise Ethereum Alliance which is going under increased scrutiny as the SEC v. Ripple lawsuit goes forward. The court is expected to soon confirm the order for the SEC to produce certain email threads, drafts, and notes regarding Hinman’s 2018 speech on Ether.

The former SEC Director may have exchanged thoughts with executives at ConsenSys and the Ethereum Foundation before going on record saying Ether is not a security.

Not only the SEC prompted overall confusion regarding the nature of Ether, Bitcoin, XRP, and other digital assets – opening the door to Ripple’s fair notice defense – but it also raised suspicions that a few SEC officials may have had conflict of interests as the regulator filed the complaint against Ripple.

Empower Oversight, a Washington D.C.-based watchdog, filed a Freedom of Information Act (FOIA) request as it seeks communications between SEC officials and their current and former employers amid the turbulent lawsuit against Ripple and its individual defendants.

Empower Oversight filed the FOIA request in August 2021. This led to a denial of a fee waiver, which was quickly appealed and overturned.

The SEC ignored the request and the organization filed a lawsuit to compel the SEC to comply with its FOIA requests. The litigation remains pending and the SEC’s response is due February 11, 2022.

Read this next

Digital Assets

Point72 invests $77.5 million in Bitcoin, Morgan Stanley holds $269.9 million

Point72, the $34 billion hedge fund owned by billionaire and New York Mets owner Steven Cohen, held $77.5 million in the Fidelity Wise Origin Bitcoin Fund (FBTC) at the end of the first quarter, according to a recent filing.

Digital Assets

Binance claims Nigerian officials sought $150 million bribe

A Nigerian court has ruled that Tigran Gambaryan, a Binance executive detained on charges of tax evasion and money laundering, can stand trial on behalf of the world’s largest cryptocurrency exchange.

Digital Assets

Kraken reviews Tether listing in Europe ahead of MiCA adoption

Cryptocurrency exchange Kraken is “actively reviewing” whether to delist the stablecoin Tether (USDT) from its European platform, according to a report by Bloomberg.


Discover How MoonBag Coin Presale Stacks Up Against Dogecoin & Litecoin

Discover how the MoonBag Coin presale compares to Dogecoin and Litecoin, with unique features, a robust presale structure, and new opportunities in 2024.

Fundamental Analysis, Market News, Tech and Fundamental

Global FX Market Summary: Federal Reserve Policy, USD, May 17 ,2024

Overall, both the Federal Reserve’s policy and the US dollar’s outlook are shrouded in some degree of uncertainty.

Market News, Tech and Fundamental, Technical Analysis

Ethereum Technical Analysis Report 17 May, 2024

Ethereum cryptocurrency can be expected to rise further toward the next resistance level 3200.00, which is the top of the previous impulse wave i.

Digital Assets

Hong Kong adopts digital yuan payments through Chinese banks

Hong Kong has launched a pilot program enabling digital yuan payments through major Chinese banks, marking the first instance of China’s digital currency project being deployed outside the mainland.

Retail FX

Saxo Bank increases client assets five-fold to $116 billion

Copenhagen-based broker Saxo Bank has achieved a major milestone, surpassing $116 billion (DKK 800 billion) in client assets.

Inside View

ISDA says US Basel III “endgame” to heighten market risk capital

ISDA further explained that, by requiring banks to hold additional capital that is misaligned with levels of risk, the proposal would significantly reduce capital market access for US end users and businesses, restrict the ability of businesses to hedge exposures to changes in commodity prices, and increase the cost of everyday consumer goods, including food and gasoline.