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Standard Chartered's SC Ventures is reportedly developing a comprehensive cryptocurrency prime brokerage service, aiming to cater to institutional investors. The service will offer a range of solutions, including crypto asset custody, market access, and financing options. Zodia Custody and Zodia Markets, both part of Standard Chartered's digital asset arm, are playing a key role in the development of this new venture.
Strategic Move Amid Regulatory Pressures
The establishment of the prime brokerage service is seen as a strategic move by Standard Chartered to navigate the complex regulatory landscape surrounding cryptocurrencies. By setting up a separate entity for its crypto operations, the bank aims to comply with the stringent Basel III requirements, which impose a 1250% capital charge on crypto assets held by banks. This approach allows Standard Chartered to participate in the growing crypto market while minimizing its regulatory burden.
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Senator Cynthia Lummis has renewed her call for clear cryptocurrency regulations in the United States as the Senate Banking Committee prepares to advance a long-awaited market structure bill. The committee has confirmed a hearing on the bill for January 15, with Chairman Tim Scott stating that they have been engaged in bipartisan discussions for months and are ready to move forward. The bill, known as the Digital Asset Market Clarification Act of 2025, aims to provide regulatory clarity for the crypto industry.

The upcoming hearing is a significant step towards establishing a clear regulatory framework for digital assets. With managers' amendments due on January 12 and member amendments due by January 13, the committee is working to finalize the bill's language. The legislation is expected to clarify the Commodity Futures Trading Commission's (CFTC) authority over digital asset commodities, providing much-needed clarity for the industry.
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Federal Reserve Chair Jerome Powell revealed that the Trump administration threatened him with criminal charges over his congressional testimony about the Fed's building renovation project. Powell called this move a "pretext" to pressure the central bank into lowering interest rates. Powell's statement has increased tension between him and the Trump administration, emphasizing the importance of the Fed's independence in making monetary policy decisions based on economic evidence rather than political pressure.

Market Reaction and Policy Implications
The market's reaction to Powell's statement was measured, with investors waiting for further clarification on the implications of the threat to the Fed's independence and future interest rate decisions. Gold prices reached a high as a safe-haven asset, while the US dollar weakened. S&P 500 futures fell 0.5% after Powell's statement. The debate on monetary policy direction is becoming increasingly complex amid global economic and geopolitical uncertainty.
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