The Bahamas Securities Commission recently unveiled the Digital Assets and Registered Exchanges Act, 2024 (DARE 2024) in response to the collapse of FTX nearly two years ago. The passage of this new legislation signals a commitment to providing regulatory clarity for the digital assets industry in the country. Christina Rolle, the executive director of the
Regulation
Jonathan Mann, a prolific songwriter known for his daily compositions over sixteen years, along with conceptual artist Brian L. Frye, has taken legal action against the US Securities and Exchange Commission (SEC). The lawsuit questions whether NFTs, specifically those representing digital art, should be regarded as securities under US law. Mann protested by stating, “This
Goldman Sachs CEO David Solomon recently expressed his belief that Bitcoin could potentially serve as a store of value similar to gold. While Solomon acknowledged the value of Bitcoin, he maintained a cautious stance towards the digital asset. In a CNBC interview, he emphasized that he does not see Bitcoin as a practical investment due
China has played a significant role in the Bitcoin industry, particularly in mining and trading activities. In 2017, Chinese miners accounted for over 70% of the Bitcoin network’s hashrate, establishing the country as a dominant force in the global mining sector. Despite regulatory challenges such as the banning of Initial Coin Offerings (ICOs) and shutting
Senator Cynthia Lummis recently introduced new legislation proposing the establishment of a Bitcoin strategic reserve for the US, totaling at least 1 million BTC. This initiative aims to accumulate 5% of the total Bitcoin supply and was announced at the Bitcoin2024 conference on July 27, following former President Donald J. Trump’s keynote address. The proposal
In a recent development, a group of Democrat politicians penned a letter to the Democratic National Committee (DNC) advocating for a shift in the party’s stance on crypto and blockchain technology. The letter, which emphasized the need for a more forward-looking approach, highlighted the vast potential that digital assets and blockchain hold for American innovation,
President Donald J. Trump has recently made bold claims about his plans for the future of Bitcoin in the United States. He vows to make the US a “Bitcoin superpower” and maintain its lead over competitors like China. Trump’s vision includes ensuring that the US government retains the roughly 200,000 Bitcoin it currently holds, representing
Recently, Coinbase, one of the leading crypto companies, faced a significant setback in the UK. The Financial Conduct Authority (FCA) fined its subsidiary, CB Payments Limited (CBPL), a hefty sum of £3.5 million for breaching Anti-Money Laundering regulations. This fine was a result of CBPL’s repeated violations of the FCA’s guidelines, despite agreeing to strengthen
The crypto industry has been facing a series of challenges under the current Biden-Harris Administration, according to Andreessen Horowitz (a16z) founders Ben Horowitz and Marc Andreessen. They openly criticized the administration’s handling of the cryptocurrency sector, citing a lack of clear regulatory guidance from the Securities and Exchange Commission (SEC). This ambiguity has led to
Recently, the Russian State Duma passed a bill legalizing Bitcoin mining, aimed at addressing the challenges faced by Russian banks due to regulatory constraints and international sanctions. The new legislation establishes a regulatory framework to oversee crypto mining activities and ensure compliance with tax regulations. This move is significant in bringing mining activities out of
The United States House of Representatives recently passed the Financial Technology Protection Act with unanimous support. The bill, introduced by Representative Zach Nunn on April 27, 2023, and approved on July 22, 2024, is aimed at curbing the use of digital platforms for illicit activities and terrorism financing. One of the key components of the
The Digital Chamber has recently urged Vice President Kamala Harris to take a proactive stance on digital assets and blockchain technology. They emphasized the potential for these technologies to drive innovation, foster economic growth, and promote financial inclusion. This call to action comes at a critical time as the world increasingly shifts towards digital solutions
Recent reports from 10x Research have suggested that if President Joe Biden decides to withdraw from the 2024 presidential race, former President Donald Trump could potentially secure a “decisive victory” in the November election. The firm believes that no credible candidate currently stands a chance against Trump, essentially predicting that the election outcome has been
The CEO and founder of DAIM, Brian Korshain, recently expressed a high level of optimism regarding the potential impact of former President Donald Trump’s support for Bitcoin. Korshain mentioned Trump’s rumored plan to make Bitcoin a strategic reserve asset for the US government, stating that while it is “possible,” the process could be “very difficult
The Basel Committee on Banking Supervision has recently unveiled its final disclosure framework for banks’ involvement in the cryptocurrency market. This framework, known as DIS55, aims to enhance transparency and ensure a consistent regulatory approach in the evolving field of digital assets. The Committee has been working on these updates for over a year, with
Hong Kong’s financial regulators have recently announced the conclusion of a consultation period regarding a licensing program initiative for fiat-referenced stablecoin (FRS) providers. This initiative aims to address the rising trend of digital assets and ensure monetary and financial stability in the region. During the consultation period, which ended in February, the regulators received 108
The landscape of lobbying within the crypto industry has seen a significant surge in expenditures over the past seven years, as indicated by a recent study conducted by Social Capital Markets. The study demonstrates a massive 1,386% increase in lobbying spend by crypto companies, skyrocketing from $2.72 million in 2017 to an astonishing $40.42 million
Tech giants such as Coinbase, Ripple, and Andreessen Horowitz (a16z) are making waves in the political landscape by sending representatives to the Republican National Convention (RNC) and the Democratic National Convention (DNC). Their goal is to advocate for policies that are favorable to the crypto industry. The firms are part of the Fairshake super PAC,
South Korean lawmakers have recently put forward a bill that suggests postponing the implementation of crypto gain tax until 2028. This proposal, brought forth by the ruling political party on July 12, comes as a response to the current negative sentiments surrounding the crypto industry. The lawmakers have expressed concerns about the diminishing investment sentiment
Elon Musk, the CTO and chairman of X, recently made bold claims on social media accusing the European Commission (EC) of offering the social media platform an “illegal secret deal” to censor speech in order to avoid being fined in the EU. According to Musk, the EC allegedly proposed that X censor speech without informing
The Securities and Exchange Commission (SEC) has recently closed its investigation into Hiro Systems and the Stacks blockchain without recommending any enforcement action. This news comes as a relief to many in the cryptocurrency community, as the investigation has been ongoing for over three years. The SEC’s decision not to take any enforcement action is
The recent news that the SEC has closed its investigation into Hiro and the Stacks blockchain without recommending any enforcement action comes as a relief to many in the cryptocurrency community. This investigation began over three years ago, following the first-ever SEC-qualified offering by Stacks in 2019. The closure of the investigation is seen as
The UK Law Commission recently released a scoping paper addressing the potential legal characterization of Decentralized Autonomous Organizations (DAOs) in the country. DAOs are blockchain-based communities that are created for a shared goal, such as investing in start-ups or purchasing historical documents. Despite being seen as the future of corporate governance, the Commission noted that
Recently, the US Securities and Exchange Commission (SEC) made headlines by accepting a proposal that includes exceptions for certain institutions affected by the controversial Staff Accounting Bulletin No. 121 (SAB 121). This move has sparked a debate within the financial industry and has significant implications for the future of crypto accounting compliance. The SEC’s decision
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
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