Hong Kong’s financial regulators have recently announced the conclusion of a consultation period regarding a licensing program initiative for fiat-referenced stablecoin (FRS) providers. This initiative aims to address the rising trend of digital assets and ensure monetary and financial stability in the region. During the consultation period, which ended in February, the regulators received 108
Regulation
The landscape of lobbying within the crypto industry has seen a significant surge in expenditures over the past seven years, as indicated by a recent study conducted by Social Capital Markets. The study demonstrates a massive 1,386% increase in lobbying spend by crypto companies, skyrocketing from $2.72 million in 2017 to an astonishing $40.42 million
Tech giants such as Coinbase, Ripple, and Andreessen Horowitz (a16z) are making waves in the political landscape by sending representatives to the Republican National Convention (RNC) and the Democratic National Convention (DNC). Their goal is to advocate for policies that are favorable to the crypto industry. The firms are part of the Fairshake super PAC,
South Korean lawmakers have recently put forward a bill that suggests postponing the implementation of crypto gain tax until 2028. This proposal, brought forth by the ruling political party on July 12, comes as a response to the current negative sentiments surrounding the crypto industry. The lawmakers have expressed concerns about the diminishing investment sentiment
Elon Musk, the CTO and chairman of X, recently made bold claims on social media accusing the European Commission (EC) of offering the social media platform an “illegal secret deal” to censor speech in order to avoid being fined in the EU. According to Musk, the EC allegedly proposed that X censor speech without informing
The Securities and Exchange Commission (SEC) has recently closed its investigation into Hiro Systems and the Stacks blockchain without recommending any enforcement action. This news comes as a relief to many in the cryptocurrency community, as the investigation has been ongoing for over three years. The SEC’s decision not to take any enforcement action is
The recent news that the SEC has closed its investigation into Hiro and the Stacks blockchain without recommending any enforcement action comes as a relief to many in the cryptocurrency community. This investigation began over three years ago, following the first-ever SEC-qualified offering by Stacks in 2019. The closure of the investigation is seen as
The UK Law Commission recently released a scoping paper addressing the potential legal characterization of Decentralized Autonomous Organizations (DAOs) in the country. DAOs are blockchain-based communities that are created for a shared goal, such as investing in start-ups or purchasing historical documents. Despite being seen as the future of corporate governance, the Commission noted that
Recently, the US Securities and Exchange Commission (SEC) made headlines by accepting a proposal that includes exceptions for certain institutions affected by the controversial Staff Accounting Bulletin No. 121 (SAB 121). This move has sparked a debate within the financial industry and has significant implications for the future of crypto accounting compliance. The SEC’s decision
The US House of Representatives recently fell short of the required votes to override President Joe Biden’s veto and rescind SEC Staff Accounting Bulletin (SAB) 121. In a tight vote on July 11, 228 House members supported HJ Res. 109 to end SAB 121, while 184 voted against the resolution, and 21 abstained. Although the
After over a year of investigation, the US Securities and Exchange Commission (SEC) has officially ended its inquiry into stablecoin issuer Paxos. This decision was confirmed to Paxos on July 9, marking the conclusion of the investigation into the Binance USD (BUSD) stablecoin. The SEC stated that it would not be pursuing any enforcement action
During a recent Senate Agriculture Committee hearing on digital commodities oversight, CFTC chair Rostin Behnam expressed the agency’s willingness to potentially become the primary regulator for cryptocurrencies. The discussion, which took place on July 10, revolved around the CFTC’s request for expanded regulatory authority in the realm of digital assets. Senator Roger Marshall questioned Behnam
Katherine Dowling, the Chief Compliance Officer of Bitwise, recently stated that spot Ethereum ETFs are on the verge of approval. In a discussion with Bloomberg, she mentioned that the Securities and Exchange Commission (SEC) is receptive to discussions about various financial products. Dowling highlighted that the SEC and ETF issuers are making progress with each
The Republican Party has made a bold move by including Bitcoin and cryptocurrencies in their official platform for the upcoming 2024 election. This decision comes in line with former President Trump’s recent statements and a broader shift within the party towards embracing digital assets and blockchain technology. The party’s platform opposes the creation of a
Messari, a prominent US-based crypto market intelligence platform, has taken a bold and decisive step by declaring independence from the Securities and Exchange Commission (SEC). This move comes in response to the perceived stringent approach of the regulatory body towards the emerging industry. In a statement on July 7, Ryan Selkis, CEO of Messari, made
Former Solicitor General Donald B. Verrilli, who previously served under the Obama administration, has recently accused US regulators of intentionally stifling the growth of the crypto industry through debanking practices. This accusation comes as a joint amicus brief was filed on July 3 alongside Paul Clement, the former Solicitor General under President George W. Bush.
Recently, the Financial Supervisory Service (FSS) in South Korea has announced plans to tighten oversight of cryptocurrency trading platforms under its jurisdiction. The goal is to eliminate fraudulent transactions within the crypto space. The regulator has mandated that local exchanges must establish a continuous monitoring system for unfair transactions and report any abnormal activities via
Galaxy Digital CEO, Mike Novogratz, recently shared his views on the future regulatory environment for cryptocurrencies in the US, emphasizing the importance of bipartisan support. According to Novogratz, fostering a bipartisan approach towards crypto is crucial. He believes that having both parties on board is essential for the growth and development of the industry. While
Billionaire investor Mark Cuban has recently made a push for the US Securities and Exchange Commission (SEC) to make modifications to Form S-1 in order to make it easier for token-based companies to register with the authorities. This move comes in response to a footnote from SEC Commissioner Mark Uyeda, who criticized the current approach
Silvergate Capital recently found itself embroiled in a legal battle with the Securities and Exchange Commission (SEC), resulting in a hefty settlement of $50 million. The SEC alleged that Silvergate Capital, along with its subsidiary Silvergate Bank, and two executives, engaged in misleading investors regarding the adequacy of its BSA/AML compliance program. Furthermore, the SEC
The Bahamas has decided to take steps to increase the adoption of its central bank digital currency (CBDC) known as the “Sand Dollar” by providing access through commercial banks. This strategy aims to make the CBDC more widely available to the general public and businesses in the country, as reported by Reuters. Governor of the
VanEck’s Head of Digital Assets Research, Matthew Sigel, has confirmed speculation that their Solana spot ETF proposal is influenced by the outcome of the US Presidential elections. The deadline for the application is March 2025, well past the elections in November. Sigel has indicated that the approval odds for the ETF are slim if Joe
Circle made a groundbreaking announcement on July 1st by revealing that it has obtained an e-money license from France, making it the pioneer global stablecoin issuer to adhere to the EU’s Markets in Crypto-Assets (MiCA) regulations. This achievement not only showcases Circle’s commitment to regulatory compliance but also sets a precedent for other stablecoin issuers
The co-founder of Ethereum, Vitalik Buterin, recently expressed his concerns about the state of cryptocurrency regulation, particularly in the United States. He highlighted a regulatory paradox that he believes is hindering the growth and integrity of the industry. Buterin pointed out that the current regulatory framework often allows projects with vague promises and unclear potential
The digital finance industry has seen the rapid emergence of crypto assets, presenting both challenges and opportunities for regulators around the world. In the European Union, the Markets in Crypto-Assets regulation (MiCAR) was introduced to provide a framework for crypto asset services. However, as the industry continues to evolve, non-custodial crypto asset service providers operating
The recent decision by the US Supreme Court to overturn the Chevron doctrine has raised significant concerns within the cryptocurrency community. Introduced in a 1984 case known as Chevron v. Natural Resources Defense Council, the doctrine established guidelines for federal courts to defer to agency interpretations of laws and statutes. This decision created a framework
Keisha Lance Bottoms, set to become Joe Biden’s senior campaign adviser, recently shared her views on the bipartisan nature of crypto. She emphasized that crypto is not a political issue and has garnered support from both sides of the political spectrum. According to Bottoms, crypto has managed to capture the attention of voters nationwide, highlighting