The court hearing between Coinbase and the U.S. Securities and Exchange Commission (SEC) on January 17th shed light on the ongoing legal battle between the two entities. The SEC had previously accused Coinbase of operating an unregistered national securities exchange and providing an unregistered sale and offering of securities through its crypto staking service. While
Regulation
Financial authorities in South Korea are growing increasingly concerned about the misuse of cryptocurrency mixers for money laundering by criminal organizations. Originally designed to protect user privacy, these mixers have become a tool for illicit financial activities. To address this issue, the Financial Intelligence Unit (FIU) of South Korea’s Financial Services Commission is considering the
The trial between the U.S. Securities and Exchange Commission (SEC) and Terraform Labs, along with its former top executive, has been postponed, according to a report by Reuters. The delay has been approved by the SEC due to the decision of Terraform Labs’ co-founder, Do Kwon, to attend the trial. This article will analyze the
South Korea’s Financial Services Commission (FSC) has raised concerns about the legality of domestic securities firms offering brokerage services for overseas-listed Bitcoin spot exchange-traded funds (ETFs). The FSC stated that these services may be in violation of local laws, specifically the Virtual Asset User Protection Act and the Capital Markets Act. This article will examine
Grayscale, a leading digital asset management firm, has recently filed for a Bitcoin covered call exchange-traded fund (ETF). This move showcases Grayscale’s dedication to expanding its product offerings and the overall cryptocurrency ecosystem. The filing was made on January 11 and has gained attention from various external reports and media outlets. Grayscale’s CEO, Michael Sonnenshein,
In a groundbreaking development, Grayscale has announced that its spot Bitcoin ETF proposal has been approved by the U.S. Securities and Exchange Commission (SEC) on January 10. This approval marks a significant milestone for both GBTC investors and the entire crypto industry. Grayscale CEO Michael Sonnenshein expressed his excitement, emphasizing the potential of cryptocurrencies to
Decentralized Finance (DeFi) has gained significant attention and popularity in recent years, attracting both investors and enthusiasts. However, a comprehensive report titled “Decentralized Finance” by the CFTC’s Digital Assets and Blockchain Technology Subcommittee sheds light on the inherent risks and challenges associated with this rapidly growing field. Spearheaded by CFTC Commissioner Christy Goldsmith Romero, the
The Chair of the U.S. Securities and Exchange Commission (SEC), Gary Gensler, has recently issued a cautionary advisory with regards to investing in crypto assets. He emphasized the risks associated with these investments, including regulatory non-compliance, volatility, and potential fraudulent activities. Gensler raised concerns that entities offering crypto investments may not be abiding by relevant
News surrounding the approval of spot Bitcoin exchange-traded funds (ETFs) has been met with delays, leaving investors and enthusiasts eager for updates. As the US Securities and Exchange Commission (SEC) moves at its own pace, speculation persists about when the long-awaited approval will finally come. In this article, we will examine the latest developments surrounding
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
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