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
Regulation
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
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
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