Senator Steve Padilla (D-San Diego) has introduced two new bills, Senate Bills 892 and 893, to establish a comprehensive and ethical framework for artificial intelligence (AI) in California. In a press release on January 3rd, Padilla highlighted the need to harness AI’s potential while ensuring its safe and responsible use, particularly in state contracts. The
Regulation
The United States Securities and Exchange Commission (SEC) is expected to make an announcement in the coming days regarding the approval of spot Bitcoin exchange-traded fund (ETF) applicants. According to sources, the SEC will notify applicants on either January 2nd or January 3rd of their clearance to launch their ETFs. This would provide them with
In a bold and unprecedented move, U.S. Congressman Warren Davidson, alongside House Majority Whip Tom Emmer, has taken a strong stance against SEC Chair Gary Gensler. Citing alleged corruption and abuses of power, Davidson advocates for Gensler’s removal in 2024. This development arises from mounting tensions between the SEC and the digital asset sector throughout
The Chinese government has recently ramped up its efforts to regulate the use of cryptocurrencies in illegal foreign exchange (forex) trading. In a joint statement issued by the Supreme People’s Procuratorate and the State Administration of Foreign Exchange (SAFE) on December 28, authorities called for prosecutors and forex regulators to strengthen supervision in order to
The South Korean government is taking a significant step towards greater transparency and accountability by implementing a unified public official asset disclosure service. In an announcement made by the Ministry of Personnel Management, it was revealed that starting from January 1, 2024, all asset disclosure information for public officials will be accessible through a centralized
Indian financial regulators continue to express significant reservations about the integration of cryptocurrencies into the country’s economic framework, according to local media reports. The Reserve Bank of India (RBI) and other authorities believe that there is no economic “upside” in making cryptocurrencies regulated financial instruments. These concerns highlight the potential threats that digital assets pose
The Japanese government has recently made a groundbreaking decision regarding the taxation of crypto assets held by corporations. According to local media outlet CoinPost, the imposition of unrealized gains tax on these assets has been ended. This move was reportedly approved during a cabinet meeting on December 22. The new policy will come into effect
The U.S. Securities and Exchange Commission (SEC) has recently imposed a firm deadline of December 29th for companies seeking to launch exchange-traded funds (ETFs) tied to the spot price of Bitcoin, according to sources familiar with the matter. This crucial development emerged from a high-level meeting held on December 21st, where SEC officials engaged with
The Central Bank of Nigeria (CBN) has made a noteworthy reversal in its stance on cryptocurrency transactions in the country. Previously, a ban was imposed in February 2021 due to concerns over the risks of money laundering and terrorism financing associated with crypto assets. However, a circular issued on December 22 announced the lifting of
Circle, a leading stablecoin issuer, has announced that it has received conditional registration under France’s cryptocurrency laws. This move signifies Circle’s commitment to responsible innovation in fintech and digital assets, as well as its intention to leverage France’s dynamic entrepreneurial ecosystem. Circle is now conditionally registered as a Digital Asset Service Provider (DASP) or Prestataire
In a surprising turn of events, the U.S. Securities and Exchange Commission (SEC) has admitted to making inaccurate statements in an ongoing case against Debt BOX, a cryptocurrency firm accused of significant fraud. The SEC alleges that Debt BOX defrauded investors of almost $50 million. While the core claims of the SEC remain, the regulator
The United Arab Emirates (UAE) has taken a significant leap forward in its cryptocurrency regulation by updating its Anti-Money Laundering (AML) and sanctions rules. With these new provisions, the UAE’s Financial Services Regulatory Authority (FSRA) aims to address the evolving challenges of financial transactions in the digital age. This move aligns the UAE with international
U.S. Senator Roger Marshall recently disclosed that the American Bankers Association played a role in formulating the Digital Asset Anti-Money Laundering Act, which has generated significant criticism from the cryptocurrency community. During a speech at the Parliamentary Intelligence-Security Forum, Senator Marshall revealed that the assistance from the American Bankers Association was sought to ensure that
The Central Bank of Ireland has granted a license to Ripple’s Irish subsidiary, Ripple Markets Ireland Limited, as a registered Virtual Asset Service Provider (VASP). This approval allows Ripple to offer specific digital asset services within Ireland and expand its services to clients across the European Economic Area. The company is hopeful that the highly
BlackRock, one of the prominent asset managers in the financial industry, has submitted a new amendment to its S-1 filing for the iShares Bitcoin Trust – a spot Bitcoin ETF. This filing, made on December 18, brings several noteworthy changes and provides insights into recent discussions between BlackRock and the U.S. Securities and Exchange Commission
The UK Treasury has recently taken a significant step forward in creating a conducive environment for innovation in the crypto industry through the introduction of Digital Securities Sandbox (DSS) regulations. These regulations, aimed at overcoming existing regulatory obstacles, will enable companies and regulators to test new technologies in financial markets, particularly distributed ledger technology (DLT)
Revolut, a popular financial technology company, has recently announced a temporary halt to its cryptocurrency trading services for its business clients in the United Kingdom. The decision comes in response to projected regulatory modifications set to be implemented in early 2024. This move reflects Revolut’s commitment to adapt its business crypto offerings to meet the
The recent actions undertaken by Tether, the world’s largest stablecoin issuer, have sparked discussions and raised concerns regarding the use of stablecoins for illicit activities. Tether recently froze 326 wallets containing $435 million worth of USDT in cooperation with various law enforcement authorities, including the U.S. Department of Justice (DOJ), the Federal Bureau of Investigation
The U.S. Securities and Exchange Commission (SEC) has recently denied a petition from the popular cryptocurrency exchange Coinbase. The denial comes after Coinbase’s request for the development of new rules regarding digital asset securities through the SEC’s formal rulemaking process. This decision marks the end of nearly 18 months of ongoing discussions between Coinbase and
The Securities and Exchange Commission (SEC) is set to implement new disclosure requirements for material cybersecurity incidents that will impact publicly listed crypto companies in the United States. These rules aim to provide investors with timely and consistent information about the risks associated with cybersecurity. While the comment period allowed for modifications to address compliance
The Financial Accounting Standards Board (FASB) has recently made a groundbreaking decision, officially adopting new accounting rules for Bitcoin. This significant shift in the financial landscape for corporations introduces fair value accounting for Bitcoin, aligning its treatment with other financial assets. Effective for fiscal years beginning after December 15, 2024, this change marks a crucial
Binance has taken decisive action in response to the ongoing case initiated by the U.S. Securities and Exchange Commission (SEC). On December 12th, the cryptocurrency exchange submitted two crucial filings that aim to dismiss the case against the company and its former CEO, Changpeng Zhao. These filings make a strong argument against the SEC’s claims
In a recent conversation with Bloomberg, U.S. Securities and Exchange Commission (SEC) chair Gary Gensler expressed his skepticism towards spot Bitcoin exchange-traded funds (ETFs). Gensler, who has recently introduced new rules to reduce risk in the U.S. Treasury market, highlighted the significance of Treasury markets in funding the government and conducting monetary policy. While acknowledging
The Commodities Futures Trading Commission (CFTC) Chairman, Rostin Behnam, recently stated that most cryptocurrencies should be treated as commodities under existing laws. However, he emphasized the urgent need for updated regulations that account for the technological advancements in the digital asset space. In an interview on CNBC’s Squawk Box, Behnam expressed his concerns about the
In a significant move to protect virtual asset investors and regulate the rapidly growing cryptocurrency industry, the Korean Financial Services Commission (FSC) has unveiled a comprehensive set of regulations. The Act on the Protection of Virtual Asset Users is set to come into effect on July 19, 2024, and aims to tackle the challenges faced
Senator Elizabeth Warren (D-MA) recently announced an expanded coalition of Senate support for a bipartisan bill aimed at mitigating illicit finance risks associated with cryptocurrencies. The Digital Asset Anti-Money Laundering Act seeks to bring the crypto ecosystem into compliance with anti-money laundering frameworks governing the traditional financial system. While the bill aims to address concerns
The European Union (EU) has emerged as a frontrunner in the race to regulate artificial intelligence (AI) by reaching a provisional agreement on the world’s first comprehensive regulation of AI. The agreement, hailed as a “historical achievement” by Carme Artigas, the Spanish Secretary of State for digitalization and AI, strikes a delicate balance between encouraging