Finance

EU paper argues for permissionless blockchain usage in traditional finance – Ledger Insights – blockchain for enterprise

Published

1 year ago

November 29, 2024

EU paper argues for permissionless blockchain usage in traditional finance – Ledger Insights – blockchain for enterprise

The European Union has published a report exploring the potential for permissionless blockchain in traditional finance (TradFi). It argues that permissionless blockchains should at least be considered as options for TradFi and financial market infrastructures. However, adoption should happen in a cautious manner.

Fabian Schär of the University of Basel is the paper’s author. He wrote one of the most cited early papers on Decentralized Finance (DeFi). While Mr Schär is a proponent of permissionless blockchains and DeFi, the paper is nonetheless objective and thorough.

It argues that permissionless blockchains can be more neutral than private ones, and in turn encourage competition. Unfettered access enabled by public blockchains contrasts with the siloed permissioned blockchains that are proliferating. While public blockchains have drawbacks, there are many widely known workarounds to their challenges, particularly by adding permissions at the smart contract level.

Mr Schär proposes that permissionless blockchains can provide an interoperability layer for layer 2 blockchains, including regulated ones. When smart contracts are on a single chain, they are capable of being composable into more complex functionality. Composability is possible across multiple blockchains but is weaker and messy. We’d note the point about composability is sometimes a blind spot in the TradFi space. Our recent report on DLT payments highlights that some application designs overlook composability and how to address that.

The EU paper doesn’t gloss over the drawbacks of public blockchains, such as scalability, privacy, finality and governance. It delves into each topic, as well as the contentious issue of maximal extractable value (MEV) in which block proposers sometimes reorder transactions at the expense of blockchain users, a type of front running. Mr Schär describes each challenge and the pros and cons of the various workarounds.

Why permissionless blockchains are so topical in TradFi

Clearly asset managers are attracted to the potential of permissionless chains with the likes of BlackRock and Frankin Templeton launching on-chain funds.

From a policy perspective, the paper is timely for three reasons:

In the latter case, one example is Singapore’s global layer one (GL1), a public, permissioned and regulated blockchain, which looks similar to a permissionless blockchain.

The EU DLT Pilot Regime

In early 2023 the EU DLT Pilot Regime came into force, which relaxes some regulations relating to central securities depositories. Most importantly it allows the use of permissionless blockchains. We’ve previously written about DLT Pilot Regime candidate 21x, which plans to operate a trading and settlement infrastructure on a permissionless blockchain. Many of the workarounds mentioned in the EU paper will be put into action by 21x and other DLT Pilot Regime participants.

For example, 21x participants are restricted to known entities and it uses a central limit order book. Hence, market surveillance will result in the identification of MEV activities and the seizure of a frontrunner’s on-exchange assets. If there’s an issue with the blockchain infrastructure then the assets can be moved to a different blockchain.

Another reason why the paper is timely is the ongoing debate by the Basel Committee on Banking Supervision, which recently imposed tighter rules for permissionless blockchains, particularly for tokenized assets that are likely to take many of the precautions mentioned in this paper. This encourages the banks to only engage with permissioned blockchains and creates a divide between them and asset managers who don’t face the same restrictions. The Basel Committee also published a paper addressing potential workarounds, but the EU paper is more technical and goes further.

For anyone wishing to really understand the ins and outs of permissionless blockchains in the context of TradFi, this paper is a must read.

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Finance

Reilly Barnes Returns to Little League® as Purchasing/Finance Assistant

Published

6 hours ago

April 21, 2026

Press Room

Reilly Barnes Returns to Little League® as Purchasing/Finance Assistant

Little League® International has announced that Reilly Barnes accepted a new role as Purchasing/Finance Assistant, effective April 6, 2026. Barnes transitions from a temporary Purchasing Assistant to this full-time position to assist in the year-round demands of purchasing for the organization, as well as the region and Little League Baseball and Softball World Series tournaments.

“We are thrilled to welcome back Reilly to our team as a full-time Purchasing/Finance Assistant. Reilly’s prior experience, time management, and attention to detail make him an invaluable asset to the purchasing team,” said Nancy Grove, Little League Materials Management Director. “We look forward to the positive contributions he will have on our organization.”

In this role, Barnes will be responsible for processing purchase requisitions, coordinating souvenir products, and tracking order fulfillment. He will also assist with evaluating suppliers, reviewing product quality, and negotiating contracts for effective operations.

After most recently working as a Logistician Analyst at Precision Air in Charleston, South Carolina, Barnes, a Williamsport native, returns after honing his skills in the fast-paced environment. Prior to his time at Precision Air, Barnes served as a Procurement Specialist at The Medical University of South Carolina, where his expertise and knowledge were instrumental in supporting both education and healthcare needs.

“I am thrilled to return to Little League in this full-time role,” said Barnes. “Coming back to my hometown and having the opportunity to work for an organization that has played such a special part of my upbringing means a lot. I can’t wait begin this new opportunity.”

Barnes graduated from the University of Pittsburgh in 2022 with a B.A. in Supply Chain Management, Finance, and Business Analytics.

Finance

Why this sleepy Swiss town has become a ‘bolt-hole’ for the Gulf elite

Published

18 hours ago

April 20, 2026

Press Room

Why this sleepy Swiss town has become a ‘bolt-hole’ for the Gulf elite

As conflict continues to destabilise the Middle East, the Gulf States elite are seeking solace in European alternatives that offer comparable financial benefits with a far lower risk of war on the doorstep. One such destination is the small Swiss town of Zug, which is becoming a “bolt-hole” for Gulf-based wealth, said the Financial Times.

‘Swiss Monaco’

Switzerland’s reputation as a magnet for the world’s financial elite is nothing new. In 2025, the country recorded the “densest concentration of millionaires” with an estimated 146 per 1,000 adults last year, said The Times. Now home to around 135,000 people, Zug’s canton – also named Zug – used to be the “poorest corner of Switzerland” until it lowered its tax rates in the 1950s. “Now it has corporate tax rates of 16.2% compared with 40% in the US and 33.3% in France.”

“In almost all ways Zug is unremarkable”, with its traditional Swiss architecture and cobbled waterfront lanes. But if its “Alpine lake water is clear”, the financial scene is more “murky”. Many credit Marc Rich and Pincus “Pinky” Green, founders of metals and minerals trading firm Glencore, with the transformation of Zug from a “Swiss backwater” to its status as the “Swiss Monaco”. The multinational is headquartered just outside Zug, and has made the town a “global powerhouse for trading crude and refined oil products”. It should be “no surprise” that the “1% of the world’s 1%” are taking shelter there, and at the same time, hoping to still “keep a hand in the oil business”.

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“Industry estimates suggest that tens of billions of dollars could flow into Switzerland depending on how the current conflict evolves,” said the Outbound Investment Group. The “immediate trigger” for the “surge in interest” from Gulf-based investors is the war in the Middle East. However, Switzerland’s underlying appeal is its unwavering “Swissness”: “political neutrality”, “strong legal frameworks”, and reputation for wealth preservation. It’s a safe bet with no sign of slowing.

‘Availability tightening’

There are some drawbacks, said the FT. For “would-be arrivals”, the appeal of the region for Middle Eastern residents comes with “practical constraints”. Those outside the EU “face a higher bar”. Usually, the condition of residency is “tied” to employment or company formation. For the “very wealthy”, there is the added option of “negotiated lump-sum taxation agreements with cantonal authorities” that allow individuals to “pay a flat annual tax based on living expenses rather than global income”.

Even if they are holders of EU passports, the “main bottleneck” is the availability of property. Competition is “intense” and “rental supply is extremely limited, with properties often snapped up within days”. With Zug’s “availability tightening”, other cantons in the region with similar tax arrangements could benefit, such as Lugano, an Italian-speaking city in the Ticino region.

The uncertainty of the duration of the conflict is one of the most pressing concerns, said Bloomberg. The recent breakdown of ceasefire talks risks “forcing a reckoning for the professional and expat classes considering options after putting down roots in the Middle East”.

The short-term benefits of physical safety from leaving the Gulf are clear, but changing tax residency “takes time” and practicalities such as finding schools and “conforming to national requirements such as opening local bank accounts” is often “complicated and time-consuming”. The region’s ultra-wealthy are facing “uncomfortable decisions on whether to make the move permanent, especially with the end of the school year in sight”.

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Finance

How much will Social Security go up next year? See latest forecast

Published

1 day ago

April 20, 2026

Press Room

How much will Social Security go up next year? See latest forecast

Before Social Security payments are posted this week, many retirees are looking ahead at the potential Cost of Living Adjustment for 2027 with an advocacy group predicting a similar increase to 2026.

On April 10, The Senior Citizens League — a nongovernmental advocacy group for seniors — released its monthly COLA forecast for 2027, saying data showed a 2.8% increase is likely.

“Over the last seven weeks, crude oil prices have soared, and fuel prices have followed suit. Consumers are getting pinched at the pump as gas prices soar, while businesses are paying more for transportation and/or production costs. This energy price shock is beginning to show up in the monthly U.S. inflation report, and it’s having a tangible impact on 2027 COLA forecasts,” The Motley Fool, a financial and investing advice company, and USA TODAY content partner, reported on April 18.

The official announcement will come in October, as it’s based on third-quarter inflation data.

According to Consumer Price Index data published last week, the annual inflation rate reached a two-year high of 3.3%, up 0.9% over the last month. This is largely due to soaring oil prices caused by the war in Iran.

Social Security payments are always scheduled on Wednesdays, with the final wave of this month scheduled for April 22, according to the Social Security Administration. The schedule is based on the birth dates of the recipients — retired, disabled workers or survivors.

Here’s who will get a Social Security check this week and more on the 2027 COLA forecast:

When is the final Social Security in April 2026?

Social Security benefits are sent out based on the recipients’ birth dates. Wednesday, April 22, is the final wave of payments for those with birth dates between the 21st and the 31st of April.

What is the 2027 COLA forecast?

The 2027 COLA increase is forecast to be 2.8% due to continuing inflation prices, according to The Senior Citizens League’s April 10 press release. If the SSA approves that rate of increase, average payment for retired workers would go up by $56 per month in January 2027.

The SCL releases a COLA prediction each month based on the Consumer Price Index, Federal Reserve interest rate and the National Unemployment rate from the U.S. Bureau of Labor Statistics.

Beneficiaries who want to stay updated with the monthly predictions may visit the SCL’s “COLA Watch” webpage that includes the forecast, calculations, historical trends and more.

The official COLA increase for 2027 will be announced in October 2026.

What were the big Social Security changes in 2026?

At the beginning of 2026 recipients received a 2.8% COLA for Social Security and Supplemental Security Income (SSI) payments, according to the SSA’s COLA Fact Sheet and American Association of Retired Persons, increasing payments about $56 per month.

Here are more details on the 2026 COLA increase, per the SSA:

The maximum amount of earnings subject to the Social Security tax increased to $184,500.
The earnings limit for workers who are younger than full retirement age (67 years old) increased to $24,480. (There will be a $1 deduction for each $2 earned over $24,480.)
The earnings limit for people reaching their full retirement age in 2026 increased to $65,160. (There will be a $1 deduction for each $3 earned over $65,160, until the month the worker turns full retirement age.)
There is no limit on earnings for workers who are at full retirement age or older for the entire year.

What should I do if I don’t get my Social Security payment?

According to the SSA, if you don’t receive your payment on the scheduled date, wait three days additional days, then call their office.

Where are the Social Security offices in Michigan?

There are 48 offices in Michigan, and to find an office near you, recipients may use the office locator via the Social Security’s website by entering your zip code for office hours, numbers, available services and more.

How can I replace my Social Security card?

The personal account, “my Social Security” allows recipients to manage their personal records, including a request for a replacement Social Security card and benefit statements for taxes and more. New accounts are created using ID.me or Login.gov as a multifactor authentication.