LSEG debuts DiSH; Senate delays crypto bill; SEC ends Zcash probe
Developments in the crypto sector on Wednesday and Thursday included the London Stock Exchange Group’s launch of a tokenized bank deposit settlement service, the cancellation of a Senate Banking Committee markup on a crypto market structure bill, and confirmation from the Zcash Foundation that a regulatory inquiry has been closed.
LSEG unveils Digital Settlement House for tokenized bank deposits
The London Stock Exchange Group (LSEG) introduced a digital settlement platform designed to bring commercial bank money onto blockchain-based infrastructure, according to a Thursday announcement. The service, called Digital Settlement House (DiSH), supports instant, round-the-clock settlement across both blockchain and traditional payment networks and is available across multiple currencies and jurisdictions.
At the center of the platform is DiSH Cash, a ledger-based representation of commercial bank deposits. Rather than using stablecoins, DiSH employs tokenized claims on actual bank deposits, which LSEG describes as a “real cash leg” for foreign exchange, 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 settlements using any asset, orchestrating payments on any connected network, digital and traditional,” the LSEG said.
LSEG said the platform addresses persistent challenges in post-trade settlement, where cash and assets can remain immobilized for hours or days due to slow processes and disconnected systems.
The company added that the service is intended to reduce settlement risk through shorter timelines, synchronized settlement, and improved collateral availability.
Senate Banking Committee postpones Thursday crypto bill markup
The US Senate Banking Committee on Wednesday canceled a Thursday markup of a crypto market structure bill. Chair Tim Scott said bipartisan negotiations would continue to build support for the measure.
“I’ve spoken with leaders across the crypto industry, the financial sector, and my Democratic and Republican colleagues, and everyone remains at the table working in good faith,” said Scott. “This bill reflects months of serious bipartisan negotiations and real input from innovators, investors, and law enforcement.”
Source: Tim Scott
Scott did not indicate when, or if, the markup would be rescheduled. The delay follows the Senate Agriculture Committee’s decision on Monday to move its own markup, also originally slated for Thursday, to Jan. 27 to gather more support.
The bill seeks to delineate how the Securities and Exchange Commission and the Commodity Futures Trading Commission would oversee the crypto market. Both the Banking and Agriculture Committees must advance the legislation because they respectively oversee the SEC and CFTC.
Multiple crypto firms and industry groups — including Coin Center, a16z, The Digital Chamber, Kraken and Ripple — have backed the Senate proposal. Coinbase withdrew its support, with CEO Brian Armstrong saying it “would be materially worse than the current status quo.”
Zcash Foundation says SEC ends probe into privacy-focused token
The Zcash Foundation said the US Securities and Exchange Commission will not pursue an enforcement action concerning the privacy coin Zcash (ZEC), following an investigation initiated in 2023.
In a notice on Wednesday, the foundation said the SEC “concluded its review” of “a matter of certain crypto asset offerings” and would not recommend enforcement actions or changes. According to the foundation, the inquiry began in August 2023 after it received a subpoena from the SEC.
“This outcome reflects our commitment to transparency and compliance with applicable regulatory requirements,” the foundation said. “Zcash Foundation remains focused on advancing privacy-preserving financial infrastructure for the public good.”
Source: Zcash Foundation
Over the past year under US President Donald Trump, the SEC has dropped several investigations and lawsuits involving prominent crypto companies, signaling a softer approach to regulation and enforcement under the current administration.
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