The Swiss cryptocurrency banking group, Sygnum, is making significant waves in the digital asset sector by acquiring a crypto license in Liechtenstein through its subsidiary, Sygnum Europe AG. This move was officially announced on September 23, marking an important milestone in the firm’s journey to expand its footprint in the ever-evolving ecosystem of digital finance.
Regulation
In a significant move to tackle the rise of cybercrime intertwined with cryptocurrency, German authorities have shut down 47 cryptocurrency exchanges suspected of involvement in illicit activities. This operation was executed by the Central Office for Combating Internet Crime (ZIT) in conjunction with the Federal Criminal Police Office (BKA), revealing the deep-rooted issues surrounding anonymous
In the evolving landscape of decentralized finance (DeFi), few projects have attracted as much attention as Donald Trump’s World Liberty Financial. As the former president ventures into the crypto space, he is met with the formidable regulations set forth by the U.S. Securities and Exchange Commission (SEC). Undoubtedly, the regulatory environment for cryptocurrencies in the
In a significant development for its residents, Louisiana has embraced the use of cryptocurrency for transactions involving state agencies. Announced via a press release on September 18, the Louisiana Department of Wildlife and Fisheries is leading the charge by becoming the first agency to accept Bitcoin and USDC, a stablecoin from Circle. This move represents
The recent dispute surrounding the enforcement action taken by the Securities and Exchange Commission (SEC) against the Flyfish Club’s non-fungible token (NFT) collection raises significant questions about the application of securities law in the rapidly evolving landscape of digital assets. As regulators scramble to outline the parameters governing cryptocurrencies and NFTs, dissent from within the
The evolution of prediction markets, particularly in the context of elections, has become a focal point of debate, particularly within regulatory frameworks. Congressman Ritchie Torres has taken a significant stand by urging the Commodity Futures Trading Commission (CFTC) to embrace and regulate these markets instead of stifling them. This call for responsible innovation emerges amid
The emergence of cryptocurrencies has attracted an array of stakeholders, from innovative startups to established financial institutions. However, the landscape of crypto custody—how digital assets are securely stored and managed—presents unique challenges unlike those associated with traditional asset custody. As the market for crypto custody continues to expand, it becomes paramount to understand the complexities
In a significant development within the United States political landscape, lawmakers have initiated a joint inquiry into the Securities and Exchange Commission (SEC), raising serious allegations concerning the potential politicization of its hiring practices. This investigation, as outlined in a letter directed to SEC Chairman Gary Gensler, seeks to unearth whether political affiliations may have
In a significant regulatory development, eToro, a well-known trading platform, is set to scale back its cryptocurrency offerings after agreeing to a $1.5 million settlement with the US Securities and Exchange Commission (SEC). The SEC’s investigation unveiled that eToro had been enabling U.S. customers to trade crypto assets classified as securities since 2020, and it
The Commodity Futures Trading Commission (CFTC) recently announced a collaborative effort with federal and private organizations to combat the alarming increase in crypto scams known as “pig butchering.” These scams have resulted in significant financial losses due to a lack of awareness and understanding among consumers. The regulator’s campaign is focused on educating the public
The Law Commission of the United Kingdom (UK) Parliament recently proposed the Property (Digital Assets, etc.) Bill on Sept. 11, which aims to legally recognize digital holdings. This groundbreaking legislation seeks to categorize crypto, non-fungible tokens (NFTs), and carbon credits as personal property under British law. It represents a significant milestone in British legal history
The Digital Chamber (TDC) recently made a call to Congress to pass legislation that would categorize certain non-fungible tokens (NFTs) as consumer goods and not subject them to federal securities laws. The argument put forth by TDC is that NFTs created for personal use, such as digital art, collectibles, and video game assets, should not
The US Securities and Exchange Commission’s (SEC) Commissioner Hester Peirce has recently voiced her ongoing concerns regarding the SEC’s Staff Accounting Bulletin No. 121 (SAB 121). This comes in response to a speech given by SEC Chief Accountant Paul Munter on Sept. 9, where he reiterated the Commission’s unwavering stance on SAB 121. Munter emphasized
The US Securities and Exchange Commission (SEC) has been increasing its regulatory efforts in the crypto sector, imposing significant fines on companies and individuals for violations of securities regulations. In 2024 alone, the SEC levied a total of $4.68 billion in fines against crypto companies, marking a sharp increase from previous years. Rise in Regulatory
Robinhood’s crypto division recently settled a California investigation by agreeing to pay a $3.9 million fine. The investigation revealed that Robinhood Crypto prevented users from withdrawing their digital assets from 2018 to 2022, leading to issues with transparency and user control over their investments. This lack of access to assets raises concerns about the company’s
The US Securities and Exchange Commission (SEC) recently brought charges against hedge fund Galois Capital Management LLC for its mishandling of a private fund that predominantly invested in cryptocurrency assets. The SEC alleged that Galois Capital failed to adhere to client asset safeguarding regulations, especially regarding cryptocurrencies classified as securities. As a result, Galois Capital
US Securities and Exchange Commission (SEC) Commissioner Mark T. Uyeda recently brought attention to the necessity of developing specialized S-1 registration forms tailored specifically for digital asset securities. During a speech at the Korea Blockchain Week 2024 event, Uyeda underscored the importance of adapting the SEC’s regulatory tools to accommodate the unique characteristics of digital
The recent filing by the US Securities and Exchange Commission (SEC) regarding the FTX bankruptcy case has raised serious concerns over the proposed repayment strategy. The plan to repay creditors through stablecoins or other digital assets has sparked a debate within the regulatory realm, with the SEC reserving the right to challenge these transactions under
Pavel Durov, the CEO of the popular messaging app Telegram, recently found himself in hot water as he was released from prison and placed under judicial supervision in France. The conditions of his release included a hefty €5 million bond, a ban on leaving French territory, and the requirement to report to the police station
Congressman Wiley Nickel, a Democrat from North Carolina, recently took a strong stance against the US Securities and Exchange Commission (SEC), accusing the agency of eroding trust in the regulatory system. His criticism revolves around what he describes as the SEC’s “regulation by enforcement” strategy, which he believes is an abuse of power. Nickel’s concerns
The US Securities and Exchange Commission (SEC) has recently emphasized the urgency for retail investors to have quicker access to fund portfolio data. The current regulatory framework requires registered investment companies to provide periodic portfolio holdings data to the Commission and investors. However, this data is often delayed, impacting a significant portion of the population
The United Kingdom’s regulatory environment is proving to be a major stumbling block for crypto firms looking to operate within its borders. According to a report by the Financial Times, registrations for crypto asset exchanges and custodian wallet providers with the Financial Conduct Authority (FCA) have plummeted by more than 50% in the past three
In recent news, the Nigerian Securities and Exchange Commission (SEC) has made significant strides in granting Approval-in-Principle to two local crypto exchanges, Busha Digital Limited and Quidax. This approval falls under the Accelerated Regulatory Incubation Program (ARIP), which aims to onboard operational firms ahead of the upcoming release of the Rules on Virtual Asset Service
OpenSea CEO Devin Finzer recently made headlines after revealing that the company had been served with a Wells Notice by the US Securities and Exchange Commission (SEC). This notice was issued based on the SEC’s belief that the NFTs (Non-Fungible Tokens) traded on the platform should be classified as securities. Finzer expressed shock and disappointment
France has been a favorable location for crypto businesses in recent years. With companies like Binance, Crypto.com, and Circle establishing their European headquarters in Paris, France has been seen as an attractive base for the crypto industry. The country has offered relatively favorable tax rates, a diverse pool of talent, and a strong sense of
The US Securities and Exchange Commission (SEC) recently took action against crypto lending firm Abra for failing to register its crypto asset lending product, Abra Earn. This failure to register led to the SEC filing settled charges against both Abra and its owner, Plutus Lending LLC, for operating as an unregistered investment company. Stacy Bogert,
The joint statement by Meta CEO Mark Zuckerberg and Spotify CEO Danie Ek highlights the issue of the European Union’s fragmented regulatory structure stifling artificial intelligence (AI) innovation. The CEOs argue that the EU’s AI regulatory framework is riddled with inconsistent implementation, making it challenging for companies in the region to capitalize on the AI