The European Securities and Markets Authority (ESMA) has recently proposed regulations under the Markets in Crypto Assets Regulation (MiCA), sparking concerns within the crypto community. Paradigm, a prominent player in the industry, has raised alarms over the misinterpretation of Maximum Extractable Value (MEV) and the potential overreach of regulatory measures. MEV is a critical component
Regulation
Abra, along with CEO William “Bill” Barhydt, recently reached a settlement with 25 US state regulators for providing crypto trading services without proper licensing. The settlement, as announced by the Conference of State Bank Supervisors on June 26, involves the regulators waiving monetary penalties in exchange for $82 million in customer repayments. Moreover, Abra has
Nigeria’s Securities and Exchange Commission (SEC) recently issued a 30-day ultimatum for crypto exchanges and digital asset traders to re-register their businesses. The SEC’s Accelerated Regulatory Incubation Program (ARIP) for Virtual Assets Service Providers (VASPs) aims to align with current industry trends and amend existing rules on digital assets issuance, offering platforms, exchanges, and custody.
Louisiana Governor Jeff Landry recently signed a bill aimed at prohibiting central bank digital currencies (CBDCs) in the state. HB 488 prevents governing authorities from accepting or requiring payments in CBDCs, and also bars participation in CBDC tests conducted by the Federal Reserve Board of Governors and other federal government bodies. The bill not only
Coinbase, a prominent player in the cryptocurrency sector, is facing potential regulatory challenges due to its compliance with new FASB accounting rules. These rules, set to take effect in 2025 but already adopted by some firms, shift the accounting and disclosure of digital assets to a fair-value model from the previous cost-less-impairment model. Changes in
Ripple, a prominent cryptocurrency company, is facing legal challenges following approval of a lawsuit in California. The lawsuit alleges that CEO Brad Garlinghouse made misleading statements that influenced investors to put their money into the digital asset XRP. The case is set to go to trial, where a jury will determine the veracity of the
Recently, the US Commodity Futures Trading Commission (CFTC) has launched an investigation into Jump Crypto. The reasons for this probe have not been disclosed, but sources familiar with the matter claim that the federal agency is looking into the firm’s trading and investment activities within the crypto sector. It is important to note that this
The recent decision by the SEC to close its investigation into Ethereum 2.0 has provided clarity on the status of ETH sales. The SEC determined that sales of ETH are not securities transactions, aligning with the classification of ETH as a commodity by the Commodity Futures Trading Commission (CFTC). This decision followed a letter from
The US Securities and Exchange Commission (SEC) has expressed concerns regarding Circle’s stablecoin, USDC, as the company moves towards a multi-billion dollar initial public offering (IPO). The regulatory agency has raised issues about the potential classification of USDC and other stablecoins as securities under US law. This is not the first time the SEC has
Recently, the Financial Supervisory Service (FSS) of South Korea has made it clear that it is not directly involved in the listing or delisting of virtual assets on local crypto exchanges. Instead, the FSS’s role primarily focuses on establishing listing standards and providing support in creating best practices. This clarification comes in response to rumors
David Hirsch, the SEC crypto asset enforcement chief, recently announced his departure from the agency after nearly nine years of service. During his tenure, Hirsch led the Crypto Assets and Cyber Unit team within the Division of Enforcement, overseeing a significant number of crypto-related cases. His leadership was marked by a commitment to upholding the
Throughout history, the evolution of currency has played a significant role in shaping human societies. From bartering to standardized coins and paper money, currencies have been crucial in organizing and advancing civilizations. However, recent decades have witnessed a shift where many regions have faced financial turmoil, raising questions about the loss of control over our
Asset tokenization, particularly the tokenization of securities, has been recognized by SEC commissioner Mark Uyeda as having significant potential benefits. According to Uyeda, representing asset rights with a digital token on a blockchain can offer enhanced security, transparency, and immutability. Moreover, he pointed out that tokenization eliminates the need for intermediaries, which can streamline transactions
The European Banking Authority (EBA) has recently introduced comprehensive guidelines aimed at addressing recovery plans for asset-referenced tokens (ARTs) and e-money tokens (EMTs) in the context of the Markets in Crypto-Assets (MiCA) regulation. These guidelines are crucial for ensuring the stability and integrity of the rapidly expanding crypto market in the European Union. One of
Coinbase has raised objections to the Securities and Exchange Commission’s (SEC) $2.6 billion budget request for the 2025 fiscal year. The cryptocurrency exchange criticized the allocation of funds towards enforcement, rather than towards creating regulatory clarity in the crypto space. A Coinbase representative highlighted the lack of real crypto rulemaking despite the SEC’s massive budget.
CFTC chair Rostin Behnam recently spoke before the Senate Committee on Appropriations, asserting that the agency is fully capable of taking on additional crypto responsibilities. He dismissed concerns that the CFTC would be overwhelmed, stating that regulating crypto commodities falls within the agency’s purview. Behnam acknowledged a regulatory gap that needs to be filled and
The recent $4.5 billion SEC settlement has led Terraform Labs CEO Chris Amani to announce that Terra will transition into a community project. Amani emphasized the need for the community to “take over ownership of the chain” as the company begins to wind down its operations. Despite stating that Terraform Labs had always intended to
The recent report released by the EU Innovation Hub for Internal Security sheds light on the significant gaps in law enforcement’s ability to track and recover illicit digital assets moved via decentralized methods like privacy coins, layer-2 networks, and crypto mixers. The report highlights the unique challenges posed by cryptocurrencies, which heavily rely on public-private
In a recent testimony before the House Financial Services Subcommittee on Digital Assets, DTCC Digital Assets global head and managing director Nadine Chakar emphasized the significant advantages of tokenization in revolutionizing the financial industry. Chakar highlighted the transformative potential of tokenizing real-world assets and its implications for the US financial markets. She made a compelling
The upcoming House Appropriation budget may have a significant impact on the US Securities and Exchange Commission’s controversial Staff Accounting Bulletin 121 (SAB 121). The bill, which is set to prohibit the SEC from using appropriated funds to implement the rule, has sparked discussions and debates within the financial sector. FOX Business reporter Eleanor Terrett
The market is currently underestimating the importance of Washington’s evolving attitude toward cryptocurrencies, according to Bitwise CIO Matt Hougan. He mentioned in a recent memo that the US political landscape has shifted significantly towards a more positive stance on crypto in recent weeks. Hougan believes that if the impact of these political shifts had been
In a recent blog post titled “How to get regulatory clarity for crypto,” Coinbase CEO Brian Armstrong emphasized the importance of securing regulatory clarity for the crypto industry. He called for a concerted effort to support pro-crypto political candidates and remove anti-crypto incumbents from office. Armstrong highlighted the significant investment Coinbase has made in policy
President Joe Biden recently vetoed H.J. Res. 109, a move that sparked debate and controversy among lawmakers and financial institutions. Biden defended his decision by stating that the Securities and Exchange Commission’s SAB 121 rule is essential in protecting the public and ensuring the well-being of consumers and investors. He emphasized the rule’s importance in
Despite the anticipation in the cryptocurrency market, Bloomberg ETF analyst Eric Balchunas is tempering expectations regarding the launch of US spot Ethereum ETFs. Balchunas recently commented on the possibility of a mid-June launch, calling it a “long shot.” However, he did acknowledge that there is a “legit possibility” of spot Ethereum ETFs hitting the market
On May 29, SEC commissioner Hester Peirce put forth a groundbreaking proposal for a shared digital securities sandbox between the US and the UK. This innovative idea seeks to extend the Bank of England and FCA’s joint digital securities sandbox to include US firms, fostering collaboration and experimentation in the realm of digital securities. The
Senator Cynthia Lummis has been a leading voice in advocating for pro-crypto legislation in the United States. She firmly believes that the crypto market has the potential to significantly impact the US economy if the opportunity is not wasted. Lummis, along with other like-minded lawmakers, has been working diligently to educate her colleagues about the
The US District Court for the District of Utah recently made a significant decision regarding the SEC’s case against DEBT Box. The court dismissed the case without prejudice and levied fines amounting to over $1.8 million against the SEC for what was deemed as bad faith conduct. These fines, in the form of attorney fees