Regulation

In a recent development, three prominent U.S. representatives have voiced their concerns over the stablecoin and crypto rules proposed by the Federal Reserve. This objection comes from the Republican party members, namely Patrick McHenry, Chairman of the House Financial Services Committee; French Hill, Chairman of the Committee on Financial Services Subcommittee on Digital Assets; and

The U.S. economy has experienced robust growth in recent years, leading to increasing concerns about inflationary pressures. Federal Reserve Chair Jerome Powell emphasized the need for additional interest rate increases at the Jackson Hole Economic Symposium. This article will explore the uncertainties surrounding the economic outlook and the potential implications of further restrictive monetary policies.

U.K. regulators are taking steps to ban cold calls for consumer financial services as part of the country’s Treasury Fraud Strategy. The crypto sector is expected to be one of the industries affected by this ban. In a recent consultation paper from the U.K. Treasury, public input is being sought to understand the potential impacts

Coinbase, one of the leading cryptocurrency exchanges, has recently made a significant stride in the evolution of crypto regulation in the United States. The platform has secured regulatory approval from the National Futures Association (NFA) to operate as a Futures Commission Merchant (FCM), becoming the first crypto-native platform to offer both spot crypto trading and

The Securities and Exchange Commission’s (SEC) pending decision on Grayscale Investments is stirring significant anticipation within the cryptocurrency community. The implications of this decision could extend far beyond Grayscale itself, potentially shaping the approval of Bitcoin exchange-traded products (ETPs) in the future. Bloomberg’s Senior ETF Analyst Eric Balchunas suggests that the verdict may be disclosed

The Securities and Exchange Commission (SEC), under the leadership of Chairman Gary Gensler, faces significant regulatory concerns regarding the approval of a Bitcoin spot ETF. Former SEC attorney John Reed Stark suggests that the issue of crypto regulation has become a partisan divide within the SEC, marking a significant shift from the initial bipartisan consensus

U.S. Senator Cynthia Lummis has recently come out in support of Coinbase’s motion to dismiss the U.S. Securities and Exchange Commission (SEC) lawsuit. In her amicus brief filed on August 11, Lummis argues that the court should dismiss the case and defer the development of appropriate crypto regulations to Congress. As a known advocate for

The U.S. Securities and Exchange Commission (SEC) recently announced a settlement of $24 million with Bittrex and its former CEO, William Shihara. The SEC had made several allegations against Bittrex, accusing the company of instructing coin issuers to remove statements that could potentially raise regulatory concerns. Gurbir S. Grewal, Director of the SEC’s Division of

Bitstamp, a prominent cryptocurrency exchange, announced on August 8 that it would suspend U.S. trading for several cryptocurrencies that have been classified as securities in recent legal cases involving other exchanges like Binance and Coinbase. The affected tokens include Axie Infinity (AXS), Chiliz (CHZ), Decentraland (MANA), Polygon (MATIC), Near Protocol (NEAR), The Sandbox (SAND), and

Cryptocurrency exchange Binance has made a significant move in the world of digital assets by becoming the first licensed crypto platform in El Salvador. The Central American country has been known for its friendly stance towards the crypto industry, with the adoption of Bitcoin as legal tender in 2021. Binance’s acquisition of two licenses from

The Federal Reserve Board has recently unveiled the Novel Activities Supervision Program, a groundbreaking initiative aimed at overseeing the rapidly advancing technologies within the banking sector. This program encompasses a wide range of areas, including crypto-assets and blockchain technology. By aligning financial innovation with regulatory oversight, the Federal Reserve aims to strike a delicate balance

Worldcoin, a global World ID verification platform, recently announced that the demand for its services doubled during its first week of launch. Despite facing regulatory hurdles in multiple jurisdictions, Worldcoin saw a significant increase in verifications, active users, and weekly account creations. Increasing Demand for World ID Verifications Worldcoin reported that the release of new

In a recent letter to Treasury Secretary Janet Yellen and IRS Commissioner Daniel Werfel, US Senators, led by Elizabeth Warren, have called for prompt action in implementing new tax reporting requirements for digital asset brokers. This letter refers to the Infrastructure Investment and Jobs Act (IIJA), a bipartisan measure enacted almost two years ago that

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