Regulation

Kenya’s Ministry of the Interior announced on August 2nd that it has suspended the activities of Worldcoin, a digital identity crypto project. The government cited concerns over the project’s collection of citizens’ eyeball/iris data as the reason for the suspension. Kenya’s Response The Kenyan government expressed worry about Worldcoin’s activities within its territory and launched

In a recent twist, Miami mayor Francis Suarez’s presidential campaign has come under scrutiny following a $500,000 donation from PassionForest, LLC, a crypto firm, according to the Miami Herald. The donation, made on October 28, 2022, drew attention when the Campaign Legal Center filed a complaint on July 25, 2023, alleging that PassionForest was linked

Binance, one of the leading digital asset exchanges, has achieved a significant milestone by becoming the first exchange to receive an Operational Minimum Viable Product (MVP) license from Dubai’s Virtual Assets Regulatory Authority (VARA). This development comes at a time when the exchange is facing regulatory hurdles in multiple European countries, including Germany, the Netherlands,

The House Financial Services Committee recently took a significant step in addressing critical issues surrounding digital asset regulation. On July 27, seven pieces of legislation were advanced, paving the way for a full vote in the House. These bills aim to shape the regulatory environment and foster innovation while ensuring consumer protection. Clarity for Payment

In a recent tweet, Commissioner Hester Peirce of the United States Securities and Exchange Commission (SEC) expressed her concerns about the regulator’s stance on discouraging efforts to provide more transparency in the cryptocurrency industry. This comes after the SEC’s chief accountant, Paul Munter, issued a warning to accounting firms that engage in “audit” duties for

The cryptocurrency sector continues to raise concerns for the U.S. Securities and Exchange Commission (SEC) Chairman, Gary Gensler. In an interview with BBTV, Gensler emphasized the prevalent fraud and lack of investor protection in the crypto market. While acknowledging the presence of reputable actors, he expressed worries about the speculative nature of the industry and

The U.S. Accountability Office (GAO) has emphasized the urgency of addressing significant regulatory gaps in the crypto industry, particularly in relation to spot cryptocurrency markets and stablecoins. The GAO’s recent report titled “Blockchain in Finance” acknowledges the potential benefits of blockchain technology, such as faster and cheaper transactions. However, recent events, including the collapse of

Stuart Alderoty, Chief Legal Officer (CLO) of Ripple, recently spoke about the potential impact of a ruling on the securities status of the XRP token. This ruling, which favored Ripple in mid-July, could have significant implications for two ongoing cases initiated by the U.S. Securities and Exchange Commission (SEC) against Coinbase and Binance. Alderoty expressed

Numerous cryptocurrency advocacy groups, including CoinCenter, have expressed their disapproval of a Senate bill that seeks to enforce stringent regulations on individuals involved in decentralized finance (DeFi). The proposed legislation, known as the Crypto-Asset National Security Enhancement and Enforcement Act (CANSEE), aims to hold DeFi platform operators and major stakeholders accountable for any illicit activities

Brad Garlinghouse, the CEO of Ripple, has accused the U.S. Securities and Exchange Commission (SEC) of prioritizing “politics and power” over the creation of “sound policy.” In a recent interview with Bloomberg, Garlinghouse reiterated his criticisms against the regulatory watchdog, claiming that instead of providing clear rules for the cryptocurrency industry, the SEC has been

Republican Presidential candidate Ron DeSantis has declared that if he becomes president, he will immediately put an end to the development of central bank digital currency (CBDC). In an interview with Blaze Media, DeSantis stated that a CBDC poses a significant threat to American liberty and that it will have no place in the country

Onchain data reveals that the U.S. Department of Justice (DOJ) has transferred 9,825 Bitcoin (BTC) worth $302 million, which were seized in connection to the Silk Road darknet marketplace. These funds were moved to new addresses on July 12 in two transactions, with one transaction still pending at the time of writing. The Silk Road

U.S. Senator Tommy Tuberville of Alabama and Congressman Blaine Luetkemeyer have called on Attorney General Merrick Garland and SEC Chair Gary Gensler to investigate Prometheum, Inc. The lawmakers have raised concerns about potential violations of U.S. securities laws and false testimony to Congress by the digital asset company. In a letter dated July 10, 2023,

The Israeli Knesset has given its preliminary approval to a bill aimed at attracting foreign investment and providing regulatory clarity for the digital currency industry. The proposed legislation defines digital currencies as distinct from company securities and addresses the regulatory gap in the industry. Spearheaded by Knesset member Dan Ilouz, the bill seeks to promote

Crypto payroll company Bitwage has announced that it will disable payments in USD Coin (USDC) for U.S. residents. This decision comes as financial regulators in the U.S. have increased their regulatory scrutiny of the crypto industry. Major crypto firms like Binance and Coinbase have recently faced charges. Consequences for Users Bitwage has warned its customers

The Financial Conduct Authority (FCA) of the United Kingdom has announced that a new financial promotions regime will be implemented for crypto assets starting October 8. In a letter dated July 4, the FCA outlined the various legal pathways that firms can use to promote crypto assets to consumers in the UK. These pathways include

Nasdaq has resubmitted BlackRock’s application for a spot-Bitcoin exchange-traded fund (ETF) on July 3. The resubmission comes after Nasdaq clarified its intention to enter a surveillance-sharing agreement (SSA) with Coinbase, which will serve as the required spot-Bitcoin exchange for the ETF. This move is similar to the applications filed by Cboe Global Markets on behalf

Mastercard’s Chief Digital Officer, Jorn Lambert, believes that blockchain technology has the potential to revolutionize the payments industry. However, Lambert emphasizes that for this technology to achieve mainstream adoption, there is a need for “financially-regulated applications” and “central bank-backed money.” In an interview with PYMNTS, Lambert expresses confidence in the integration of digital assets and

Erik Voorhees, the founder of Shapeshift and a well-known advocate for Bitcoin, believes that decentralized finance (DeFi) has already addressed the issue of regulatory clarity that restricts people from possessing or trading a majority of cryptocurrencies. The crypto industry is worried that cryptocurrencies, other than the four listed on the newly launched EDX Markets, namely

Reports have emerged that the U.S. Securities and Exchange Commission (SEC) has returned recent spot Bitcoin exchange-traded fund (ETF) applications. These applications, submitted by exchanges on behalf of BlackRock and Fidelity Investments, among others, were regarded as not meeting the required standard of being “sufficiently clear or comprehensive.” The SEC’s decision was based on the

The South Korean National Assembly recently passed the Virtual Asset User Protection Act, a comprehensive piece of legislation that aims to regulate the cryptocurrency industry in the country. The act combines 19 different bills related to cryptocurrencies and focuses primarily on investor protection. The move comes in response to a series of crypto-related scandals that

The Bank of New York Mellon (BNY Mellon) has encountered a setback in its digital asset custody business due to a regulatory hurdle. The Securities and Exchange Commission’s (SEC) Staff Accounting Bulletin 121 (SAB 121) mandates custodians of digital assets to include these assets on their balance sheets. This requirement poses a potential obstacle for

The Blockchain Association is urging SEC chair Gary Gensler to recuse himself from regulatory proceedings, claiming that his statements display a “clear bias” against the cryptocurrency industry. Senior counsel Marisa Coppel argues that Gensler’s assertion that all cryptocurrencies, except for Bitcoin, should be classified as securities demonstrates a prejudgment of the facts without proper assessment

The Law Commission of England and Wales has recommended that digital assets, including cryptocurrencies, should be classified under a new category of personal property. In its final recommendation report to the government, the Law Commission outlined four specific recommendations. These recommendations focus on legislation for a distinct category of personal property, the creation of an

The CEO of BitGo, Mike Belshe, recently discussed the current state of U.S. cryptocurrency regulations in an interview with CNBC. Belshe expressed his belief that regulators in the U.S. have taken a strict approach towards the crypto industry, which has led to traditional financial firms largely staying on the sidelines. While there are a few

The National Tax Agency in Japan has announced the revision of corporate tax rules for cryptocurrency issuers. The new rules exempt crypto token issuers from paying corporate tax on unrealized gains for their holdings. This move has been welcomed as a step towards easing the business environment for crypto firms in Japan. According to a

Senator Cynthia Lummis of Wyoming has criticized the US Securities and Exchange Commission’s (SEC) recent action against Coinbase, stating that it “is not the right way to do business in America.” She made the statement during an interview with Yahoo Finance on June 22. Lummis said the cryptocurrency exchange had demonstrated its willingness to cooperate