Regulation

The cryptocurrency industry is currently facing regulatory challenges, and lawmakers in the United States and United Kingdom are set to bring the discussion into the public sphere. On June 13, both nations will host high-profile hearings, marking a pivotal moment in the ongoing debate over digital asset regulation. The UK Parliament will debate the findings

Cameron Winklevoss, co-founder of Gemini, a crypto exchange, has warned that the regulatory crackdown on cryptocurrencies in the US could alienate an entire generation of would-be Democrats. According to a CNN analysis, the Democratic party would have lost the 2022 Presidential election without the support of young voters. Therefore, the party needs to secure the

Jay Clayton, the former chair of the US Securities and Exchange Commission (SEC), has commented on the regulatory agency’s current treatment of cryptocurrencies. Speaking at Bloomberg Invest on June 8, Clayton was asked whether he would have taken the same actions as current SEC chair Gary Gensler, who recently filed charges against Binance and Coinbase.

During the Piper Sandler Global Exchange & Fintech Conference on June 8, SEC Chair Gary Gensler spoke extensively about the ongoing regulatory issues surrounding the cryptocurrency industry. He argued that the crypto community’s assistance on “regulatory clarity” lacks merit and defended his agency’s enforcement actions. Gensler emphasized that he has been straightforward in his approach,

U.S. Treasury Secretary Janet Yellen has called for “additional regulation” to protect consumers and investors from the “inherent” risks present in the cryptocurrency industry. Speaking on CNBC’s Squawk Box, Yellen said that the Treasury Department had conducted in-depth reviews of the sector in recent months under the President’s Executive Order and had identified a number

The U.S. Securities and Exchange Commission (SEC) has filed charges against Coinbase claiming that the company violated securities regulations. The SEC alleges that Coinbase’s main trading platform has operated as an unregistered broker, exchange, and clearing agency since 2019. The SEC also claims that Coinbase’s Prime and Wallet services have operated as unregistered brokers since

The U.S. House Committee on Agriculture recently held a hearing to discuss a draft discussion bill on cryptocurrency that was advanced by Republican lawmakers. The hearing aimed to discuss the bill with Democratic members in order to create a bipartisan legislative proposal. Testimonies from Industry Leaders During the hearing, several industry leaders provided their testimonies.

The U.S. Securities and Exchange Commission (SEC) has requested a restraining order against Binance.US, asking the court to freeze the assets of Binance.US’s parent companies, which are operating under the name BAM. The SEC is also seeking to have Binance.US funds returned to customers. The regulator has asked Binance, Binance.US-related companies, and Binance CEO Changpeng

On the same day that the Securities and Exchange Commission (SEC) filed a lawsuit against Coinbase, the New Jersey Office of the Attorney General and the Alabama Securities Commission took action against the cryptocurrency exchange. New Jersey Issues Summary Cease and Desist Order The New Jersey Bureau of Securities issued a Summary Cease and Desist

On June 5, the U.S. Securities and Exchange Commission (SEC) filed charges against Binance CEO Changpeng Zhao and various associated companies for alleged securities violations. Following this news, other members of the cryptocurrency industry expressed their support for Zhao and Binance. Huobi advisor and former TRON CEO Justin Sun took to Twitter to express his

On June 2, Republican House members released a draft bill that aims to establish clear roles for regulators in the cryptocurrency industry. The proposed rules would separate the regulation of cryptocurrencies as securities from the regulation of cryptocurrencies as commodities. The bill is a joint effort between the House Financial Services Committee, chaired by Rep.

Rosbank, one of the leading financial institutions in Russia, is set to become the first major bank in the country to offer cross-border transactions in cryptocurrency. The bank’s collaboration with Russian fintech service B-Crypto will provide customers with a technical solution to participate in these transactions. Rosbank emphasizes that these transactions will comply with the

The Federal Reserve Board has issued a consent order to Silvergate, a crypto-friendly bank, instructing it to wind down its operations. The company was supervised by the Federal Reserve Bank of San Francisco and California’s Department of Financial Protection and Innovation (DFPI). The order states that Silvergate must submit a shutdown plan to supervising agencies

A federal court has ruled that the Internal Revenue Service (IRS) has the legal authority to access Coinbase users’ trading data via a “John Doe” summons, and doing so is not a violation of constitutional rights. The court made the ruling in a case filed by James Harper against the IRS in 2020. Harper had

The US Commodities and Futures Trading Commission (CFTC) has issued a warning about the risks associated with the clearing of digital assets. The CFTC’s Division of Clearing and Risk (DCR) has noticed derivatives clearing organizations (DCOs) and applicants expanding their offerings related to digital assets. The DCR has instructed DCOs to identify and manage the

During an interview with Bankless on May 29, Binance CEO Changpeng Zhao spoke about recent controversies surrounding the company. Binance has been trying to counter reports from various mainstream news outlets, including Forbes, the Financial Times, and Reuters, regarding allegations of fund misuse and supposed ties to China. Zhao suggested that the negative coverage of

The highly controversial Digital Asset Mining Energy (DAME) excise tax was not included in the latest Fiscal Responsibility bill to tackle the Debt Ceiling crisis. The proposed 30% tax on energy costs for cryptocurrency miners drew widespread criticism from stakeholders within the crypto-mining sector and US lawmakers. The omission of the tax has been widely

Beijing has released a white paper on “Internet 3.0 Innovation and Development,” which highlights advancements and support for web3 and the metaverse. The release of this white paper coincides with Hong Kong’s regulatory push for cryptocurrency exchanges. The simultaneous release of these two events could signal a more open approach to digital assets in the

Gemini and Genesis have asked a judge to dismiss a lawsuit filed by the Securities and Exchange Commission (SEC) over the Earn product. The lawsuit was filed in January 2023 and alleged that the two firms offered unregistered securities and bypassed disclosure requirements. Gemini offered Earn in partnership with Genesis Global Capital, allowing users to

Fabio Panetta, a board member of the European Central Bank (ECB), has emphasized the importance of a digital euro to ensure that central bank money continues to be used as people increasingly turn to digital currencies. In an interview with Les Echos, Panetta, who is leading the ECB’s central bank digital currency (CBDC) project, said

Hong Kong is preparing to introduce new regulations for virtual asset regulation. The Securities and Futures Commission (SFC) has released its conclusions from weeks of consultation on regulatory guidelines for cryptocurrency platforms. The new guidelines will come into force on June 1, and Hong Kong crypto exchanges will have to seek licenses under the Securities

Pascal Gauthier, the CEO of Ledger, recently addressed concerns over the new Recover program, which allows user wallet seeds to be shared and stored by three different parties. The crypto community raised concerns that shard holders could reveal user seeds or gain direct control of user wallets through this feature. Gauthier Addresses Concerns on What

ConsenSys, the owner of Ethereum wallet MetaMask, has clarified that it does not collect taxes from cryptocurrency users. The company made this statement in response to rumors circulating in the crypto community that MetaMask and ConsenSys’s terms of service indicated that certain parties were required to pay taxes, and that MetaMask could freeze user funds

A Nevada man has been charged by the U.S. Department of Justice (DOJ) for his role in a cryptocurrency scheme called CoinDeal. Bryan Lee, the Nevada resident, was charged for his involvement in defrauding investors through CoinDeal leader Neil Chandran’s companies. The Scheme The DOJ alleges that Lee conspired with Chandran to defraud investors. Lee

On May 19, the US Treasury and the Office of Foreign Assets Control (OFAC) imposed sanctions on several entities that have ties to Russia. One of the firms that have been sanctioned is Huriya Private FZ LLE, a UAE-based company that has been accused of money laundering and procuring passports for Russian actors since Russia’s

Paradigm, a crypto venture capital firm, has filed an amicus brief in the ongoing case between the New York Attorney General (NYAG) and KuCoin. The NYAG sued KuCoin in March for operating in the state without registering and facilitating the trading of tokens like Ethereum (ETH), which the regulator classified as securities. However, Paradigm disagrees

The Filecoin Foundation has rejected the Securities and Exchange Commission’s (SEC) assertion that its FIL token is a security. The SEC had previously asked Grayscale to withdraw its registration statement for Filecoin Trust because the token met the definition of a security. The Filecoin Foundation’s Response In a statement shared with CryptoSlate, the Filecoin Foundation