The Law Commission of the United Kingdom (UK) Parliament recently proposed the Property (Digital Assets, etc.) Bill on Sept. 11, which aims to legally recognize digital holdings. This groundbreaking legislation seeks to categorize crypto, non-fungible tokens (NFTs), and carbon credits as personal property under British law. It represents a significant milestone in British legal history
Regulation
The Digital Chamber (TDC) recently made a call to Congress to pass legislation that would categorize certain non-fungible tokens (NFTs) as consumer goods and not subject them to federal securities laws. The argument put forth by TDC is that NFTs created for personal use, such as digital art, collectibles, and video game assets, should not
The US Securities and Exchange Commission’s (SEC) Commissioner Hester Peirce has recently voiced her ongoing concerns regarding the SEC’s Staff Accounting Bulletin No. 121 (SAB 121). This comes in response to a speech given by SEC Chief Accountant Paul Munter on Sept. 9, where he reiterated the Commission’s unwavering stance on SAB 121. Munter emphasized
The US Securities and Exchange Commission (SEC) has been increasing its regulatory efforts in the crypto sector, imposing significant fines on companies and individuals for violations of securities regulations. In 2024 alone, the SEC levied a total of $4.68 billion in fines against crypto companies, marking a sharp increase from previous years. Rise in Regulatory
Robinhood’s crypto division recently settled a California investigation by agreeing to pay a $3.9 million fine. The investigation revealed that Robinhood Crypto prevented users from withdrawing their digital assets from 2018 to 2022, leading to issues with transparency and user control over their investments. This lack of access to assets raises concerns about the company’s
The US Securities and Exchange Commission (SEC) recently brought charges against hedge fund Galois Capital Management LLC for its mishandling of a private fund that predominantly invested in cryptocurrency assets. The SEC alleged that Galois Capital failed to adhere to client asset safeguarding regulations, especially regarding cryptocurrencies classified as securities. As a result, Galois Capital
US Securities and Exchange Commission (SEC) Commissioner Mark T. Uyeda recently brought attention to the necessity of developing specialized S-1 registration forms tailored specifically for digital asset securities. During a speech at the Korea Blockchain Week 2024 event, Uyeda underscored the importance of adapting the SEC’s regulatory tools to accommodate the unique characteristics of digital
The recent filing by the US Securities and Exchange Commission (SEC) regarding the FTX bankruptcy case has raised serious concerns over the proposed repayment strategy. The plan to repay creditors through stablecoins or other digital assets has sparked a debate within the regulatory realm, with the SEC reserving the right to challenge these transactions under
Pavel Durov, the CEO of the popular messaging app Telegram, recently found himself in hot water as he was released from prison and placed under judicial supervision in France. The conditions of his release included a hefty €5 million bond, a ban on leaving French territory, and the requirement to report to the police station
Congressman Wiley Nickel, a Democrat from North Carolina, recently took a strong stance against the US Securities and Exchange Commission (SEC), accusing the agency of eroding trust in the regulatory system. His criticism revolves around what he describes as the SEC’s “regulation by enforcement” strategy, which he believes is an abuse of power. Nickel’s concerns
The US Securities and Exchange Commission (SEC) has recently emphasized the urgency for retail investors to have quicker access to fund portfolio data. The current regulatory framework requires registered investment companies to provide periodic portfolio holdings data to the Commission and investors. However, this data is often delayed, impacting a significant portion of the population
The United Kingdom’s regulatory environment is proving to be a major stumbling block for crypto firms looking to operate within its borders. According to a report by the Financial Times, registrations for crypto asset exchanges and custodian wallet providers with the Financial Conduct Authority (FCA) have plummeted by more than 50% in the past three
In recent news, the Nigerian Securities and Exchange Commission (SEC) has made significant strides in granting Approval-in-Principle to two local crypto exchanges, Busha Digital Limited and Quidax. This approval falls under the Accelerated Regulatory Incubation Program (ARIP), which aims to onboard operational firms ahead of the upcoming release of the Rules on Virtual Asset Service
OpenSea CEO Devin Finzer recently made headlines after revealing that the company had been served with a Wells Notice by the US Securities and Exchange Commission (SEC). This notice was issued based on the SEC’s belief that the NFTs (Non-Fungible Tokens) traded on the platform should be classified as securities. Finzer expressed shock and disappointment
France has been a favorable location for crypto businesses in recent years. With companies like Binance, Crypto.com, and Circle establishing their European headquarters in Paris, France has been seen as an attractive base for the crypto industry. The country has offered relatively favorable tax rates, a diverse pool of talent, and a strong sense of
The US Securities and Exchange Commission (SEC) recently took action against crypto lending firm Abra for failing to register its crypto asset lending product, Abra Earn. This failure to register led to the SEC filing settled charges against both Abra and its owner, Plutus Lending LLC, for operating as an unregistered investment company. Stacy Bogert,
The joint statement by Meta CEO Mark Zuckerberg and Spotify CEO Danie Ek highlights the issue of the European Union’s fragmented regulatory structure stifling artificial intelligence (AI) innovation. The CEOs argue that the EU’s AI regulatory framework is riddled with inconsistent implementation, making it challenging for companies in the region to capitalize on the AI
The DeFi Education Fund and the Blockchain Association have joined forces to submit an amicus brief in support of a legal challenge against the Securities and Exchange Commission’s (SEC) Consolidated Audit Trail (CAT). The main issue brought to light by the brief is the significant privacy and security concerns posed by the CAT, especially for
The Indian government is taking steps to introduce comprehensive regulations for the crypto sector, as reported by local media on Aug. 22. The government plans to release a consultation paper in the coming weeks to gather feedback from stakeholders regarding the regulatory framework for digital currencies in India. The Finance Minister’s statement in October 2023
German authorities recently confiscated $28 million in cash and 13 cryptocurrency ATMs in a nationwide operation aimed at curbing unlicensed activities. Spearheaded by the Federal Financial Supervisory Authority (BaFin), this coordinated effort is part of a larger initiative to strengthen oversight within Germany’s rapidly expanding crypto market. The operation, conducted in collaboration with law enforcement
The Nigerian Federal Inland Revenue Service (FIRS) is exploring new legislation to tax the rapidly expanding crypto sector in the country. This initiative, as announced by FIRS Executive Chairman Zacch Adedeji during a session with the National Assembly’s Finance Committees, is set to bring about much-needed modernization to Nigeria’s regulatory framework. According to Adedeji and
At a recent Crypto4Harris event, Senate Majority Leader Chuck Schumer made a strong case for the importance of regulatory clarity in the crypto industry. He emphasized the need for bipartisan collaboration to shape the future of the industry and highlighted Congress’s responsibility to enact common-sense regulations for crypto. Schumer’s goal is to pass comprehensive crypto
There is a sense of anticipation within the cryptocurrency community as Pro-Bitcoin Democrat House Representative and lawyer Ro Khanna expects the Biden administration to release a cryptocurrency regulation roadmap “in the coming weeks.” Following discussions between the White House and industry leaders, Khanna is hopeful that the new regulations will provide a clear path towards
After analyzing the controversial remarks made by Gemini co-founder Tyler Winklevoss regarding the recent “reset” of Vice President Kamala Harris’s crypto stance, it becomes clear that there are serious concerns about the Federal Reserve’s crackdown. Winklevoss’s accusations of a “scam” in response to the Federal Reserve’s enforcement action against Customers Bank raise important questions about
The Securities and Exchange Commission of Thailand (SEC Thailand) has taken a significant step towards advancing the digital asset industry with the launch of the Digital Asset Regulatory Sandbox. This initiative is designed to create a structured environment for businesses to test and develop services related to digital assets. By providing a regulated framework, the
OKX CEO Star Xu recently issued a warning to users about the risks associated with interacting with the sanctioned crypto mixer Tornado Cash. Xu highlighted that deposits from sanctioned entities such as Garantex and Tornado Cash, or withdrawals to these entities could potentially trigger compliance risks, leading to account suspension. OKX, as a platform, follows
There is a lot of buzz surrounding the potential addition of options features to spot Bitcoin exchange-traded funds (ETFs) in the US. Bloomberg ETF analyst James Seyffart suggests that these features may be included as early as the fourth quarter of this year. However, in a different post, Seyffart mentions that the offering could potentially