Regulation

On May 29, SEC commissioner Hester Peirce put forth a groundbreaking proposal for a shared digital securities sandbox between the US and the UK. This innovative idea seeks to extend the Bank of England and FCA’s joint digital securities sandbox to include US firms, fostering collaboration and experimentation in the realm of digital securities. The

Senator Cynthia Lummis has been a leading voice in advocating for pro-crypto legislation in the United States. She firmly believes that the crypto market has the potential to significantly impact the US economy if the opportunity is not wasted. Lummis, along with other like-minded lawmakers, has been working diligently to educate her colleagues about the

The US District Court for the District of Utah recently made a significant decision regarding the SEC’s case against DEBT Box. The court dismissed the case without prejudice and levied fines amounting to over $1.8 million against the SEC for what was deemed as bad faith conduct. These fines, in the form of attorney fees

The European Securities and Markets Authority (ESMA) has recently put Maximum Extractable Value (MEV) under the spotlight as a form of illegal market abuse in the realm of cryptocurrency. This move, proposed under the Markets in Crypto-Assets (MiCA) regulation, has sparked discussions within the industry. Notably, Patrick Hansen, a respected voice on crypto regulations, shed

The recent ruling by the U.S. District Court for the Western District of Texas has brought to light the consequences of failing to comply with securities laws in the cryptocurrency space. The court granted partial summary judgment in favor of the Securities and Exchange Commission (SEC) against popular crypto influencer Ian Balina. The ruling affirmed

The recent Bernstein report highlights the potential approval of a spot Ethereum (ETH) exchange-traded fund (ETF) in the US, which may set a precedent for classifying Solana (SOL) as a commodity rather than a security. This distinction is crucial as it has significant implications for the regulatory oversight and investment opportunities available for cryptocurrencies in

The Financial Innovation and Technology for the 21st Century (FIT21) Act has been a topic of much debate within the crypto industry. While many celebrate the bill for providing regulatory clarity, Chairman of the US Securities and Exchange Commission (SEC), Gary Gensler, has come out strongly against it. Gensler argues that the bill, if passed,

Uniswap Labs has taken a bold stance against the SEC’s attempts to regulate decentralized finance (DeFi) by issuing a Wells notice. In a blog post dated May 20, the company made it clear that it believes the SEC’s actions are misguided and legally unfounded. Despite the looming threat of litigation, Uniswap Labs expressed confidence in

The Securities and Exchange Commission (SEC) has recently requested spot Ethereum ETF applicants to update their 19-b4 filings, sparking greater optimism among industry insiders for potential approvals. According to sources familiar with the matter, Bloomberg ETF analyst Eric Balchunas believes that the SEC may reverse its anticipated stance and refrain from denying the pending applications.

One of the major players in the cryptocurrency exchange space, Coinbase, has expressed a level of optimism regarding the approval of spot Ethereum ETFs by the SEC. Despite the current uncertainty surrounding the decision, Coinbase Institutional Research Analyst David Han believes that there is a 30% to 40% chance of approval by the end of

Recently, Oklahoma made history by becoming the first state in the United States to legally protect the right to self-custody Bitcoin. With the passing of bill HB3594, residents are now able to hold, control, and use digital assets without the fear of state interference. This new legislation also covers digital asset mining and ensures that

The US Treasury Department is taking a proactive approach to address the risks posed by cryptocurrencies and other emerging technologies in the fight against illicit financing. With a focus on comprehensive regulation, the Treasury aims to mitigate the misuse of digital assets by illicit actors while promoting transparency and security in the financial system. In

Oklahoma has taken a bold step forward by signing a bill into law that protects crypto-related rights. Governor Kevin Stitt approved HB 3594 on May 13, setting it to come into effect on Nov. 1. This groundbreaking law ensures that the state government cannot interfere with the use of crypto in purchases or the self-custody

Deutsche Bank has recently showcased a growing interest in digital assets and tokenization through its involvement in the Monetary Authority of Singapore’s Project Guardian. This initiative, aimed at testing asset tokenization applications in a regulated environment, is a clear indication of the bank’s commitment to exploring new technologies in the financial sector. By joining hands

In a recent development, two US lawmakers have taken a stand against the Department of Justice’s (DOJ) move to expand the definition of a money-transmitting business. Senators Cynthia Lummis and Ron Wyden penned a letter to US Attorney General Merrick Garland, expressing their concerns about the potential consequences of the DOJ’s broad interpretation. They argued

The proposed Financial Innovation and Technology for the 21st Century (FIT21) Act is set to revolutionize the regulatory landscape for the crypto industry. This legislation aims to provide clear regulatory frameworks for digital assets, addressing longstanding issues of market oversight and consumer protection. House Financial Services Committee Chairman Patrick McHenry has expressed his support for

The International Monetary Fund (IMF) has suggested that Nigeria should consider embracing the regulated use of digital assets by licensing international crypto exchanges. This recommendation was made in the IMF’s latest consultation report for Nigeria. The primary goal of this proposal is to strengthen the country’s economic stability and enhance its position within the African

The European Securities and Markets Authority (ESMA) has been prompted to review the regulations surrounding crypto asset investments by UCITS (Undertakings for Collective Investment in Transferable Securities) by the European Commission. This review is part of a broader assessment of the EU’s financial regulatory framework in light of the rapidly evolving crypto market. Since the

In a recent development, US lawmakers have put forth a new bill called the Blockchain Integrity Act, with the primary aim of halting financial institutions from engaging in transactions involving funds that have passed through crypto mixers. The bill was introduced by Congressman Sean Casten and has garnered support from Representatives Bill Foster, Brad Sherman,

Coinbase’s chief legal officer, Paul Grewal, recently made a bold statement calling out US SEC Chair, Gary Gensler, for allegedly misleading the market about the legal status of cryptocurrencies. Grewal pointed out that Gensler’s claims about certain digital assets being classified as securities are false, as the SEC’s own lawyers have previously acknowledged that cryptocurrencies

Robinhood’s crypto division recently received a Wells Notice from the US Securities and Exchange Commission (SEC), signaling that the Commission staff had been investigating Robinhood’s cryptocurrency listings, custody of cryptocurrencies, and platform operations. The chief legal officer at Robinhood Markets expressed disappointment with the SEC’s decision, emphasizing that the assets listed on their platform are

Rep. Maxine Waters’ nomination of Ms. Kristin Johnson for the position of Assistant Secretary for Financial Institutions at the US Department of Treasury has sparked conversations within the financial services industry. Waters’ emphasis on Johnson’s expertise in financial regulation and commitment to upholding the integrity of financial markets is certainly commendable. However, one cannot help

Federal prosecutors from the Southern District of New York have launched an investigation into Fintech giant Block following allegations of significant compliance failures within its main business units – Square and Cash App. These allegations stem from a former employee who disclosed numerous lapses in the company’s transaction monitoring systems. The former employee provided internal

Recently, House Financial Services Committee Chairman Patrick McHenry accused SEC Chair Gary Gensler of misleading Congress during his testimony in April 2023. The accusation arose from concerns about the classification of Ethereum and the SEC’s regulatory approach to digital assets. McHenry pointed out that recent court documents indicate that Gensler evaded questions about whether the

Cryptocurrency decentralized finance platforms have been garnering increased regulatory attention, with the SEC recently taking action against Uniswap for alleged violations of federal securities laws. This crackdown highlights the growing concerns surrounding DeFi and its compliance with regulatory frameworks. The SEC’s Wells notice to Uniswap alleges that certain tokens traded on the platform constitute investment

US Senators Elizabeth Warren and Bill Cassidy have taken a bipartisan stand against the use of cryptocurrency in the illegal trade of child sexual abuse material (CSAM). In a letter addressed to Attorney General Merrick Garland and Secretary of Homeland Security Alejandro Mayorkas, the senators highlighted the pseudonymity of cryptocurrencies as a critical factor enabling

The recent approval of new Anti-Money Laundering Regulations (AMLR) by the European Parliament has significant implications for Crypto Asset Service Providers (CASP) in Europe. These regulations mandate stringent Know Your Customer (KYC) procedures to combat money laundering. CASPs, including banks, assets and crypto asset managers, as well as real and virtual estate agents, are now