Regulation

A bipartisan group of members from the U.S. House of Representatives called on Treasury Secretary Janet Yellen to clarify the language in the infrastructure bill signed into law in November around the definition of “broker”. In a Wednesday letter, House Financial Services Committee ranking member Patrick McHenry and ten other representatives urged Yellen to reference
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The U.S. Securities and Exchange Commission extended its approval window for the ARK 21Shares Bitcoin exchange traded fund that was originally proposed in July 2021. According to a Tuesday SEC filing, the regulatory body will extend the deadline to approve or disapprove the ARK 21Shares cryptocurrency ETF to February 2, for an additional 60-days, and
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In a letter to the leadership of the United States House Financial Services Committee, ranking member Patrick McHenry took a jab at “inconsistent treatment and jurisdictional uncertainty” inherent in U.S. crypto regulation and called for the Committee to take on its critical issues. McHenry, a Republican representing North Carolina, opened by mentioning that the Committee’s
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If recent efforts to ban legislators from investing in stocks are successful, Congresspeople who are currently trading or hoarding crypto currency may be forced to quit. In a Monday letter addressed to Speaker Nancy Pelosi and Minority Leader Kevin McCarthy, 27 members of the U.S. House of Representatives called for action “to prohibit members of
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Last week, Pakistan’s Sindh High Court held a hearing on the legal status of digital currencies that might lead an outright ban of cryptocurrency trading combined with penalties against crypto exchanges. Several days later, the Central Bank of Russia called for a ban on both crypto trading and mining operations. These two countries could join the growing
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Decentralized finance (also known as DeFi) is a new form of blockchain technology. As of January 2022, there was $237 billion worth of DeFi projects. Regulators are starting to regulate this phenomenon. We will briefly discuss the risks and fundamentals of DeFi in this article before discussing the regulatory context. DeFi’s fundamentals DeFi, which is
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Assen Vassilev, Bulgaria’s Deputy Prime Minister for EU Funds and Minister of Finance, said the EU member nation is exploring options for rolling out a crypto payment mechanism. According to a Friday Bloomberg report, Vassilev said the government was in discussion with the Bulgarian National Bank as well as industry players to explore crypto payments
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The United States Securities and Exchange Commission, or SEC, has officially disapproved the application for First Trust SkyBridge’s spot Bitcoin exchange-traded fund after several deferments. The SEC filed a Thursday rejection of a proposal from the New York Stock Exchange (NYSE), Arca to list and trade shares in the First Trust SkyBridge Bitcoin ETF Trust.
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In a speech entitled “Digital currencies and the soul of money,” Agustín Carstens, the general manager of the Bank of International Settlements,’ criticized private stablecoins and decentralized finance (DeFi), touting central bank-led financial innovation as the best possible path to the future of money. Carstens, who was the Bank of Mexico governor from 2010 to
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The U.S. Congress is set to examine the energy use of cryptomining. Thursday’s hearing list includes more advocates of blockchain technology that its critics. The House Energy and Commerce Oversight Subcommittee announced a hearing on “Cleaning Up Cryptocurrency: The Energy Impacts of Blockchains” last week, with the event itself scheduled for Jan. 20. The hearing
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Spanish financial regulator Comisión Nacional del Mercado de Valores, or CNMV, announced new regulations for crypto-asset investments advertising. According to the new circular that will take effect on February 17, 2022, crypto ads must be “clear, balanced and fair” while also providing sufficient information on the risks involved when investing in crypto. Advertisers targeting 100,000 people
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Michael J. Hsu, Acting Currency Comptroller, stressed the importance of coordination and collaboration with large crypto intermediaries in order to better understand the risks associated with the $2 trillion growing cryptocurrency market.  Speaking at the Transatlantic Finance Forum on the topic of “The Future of Crypto-Assets and Regulation”, Hsu pointed out the various venues —
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The Brazilian cryptocurrency market successfully distanced itself from the police throughout 2021 and won acceptance with the general population, be it in the financial markets or in the most national passion, soccer. Bitcoin (BTC), a strong alternative for the Brazilian real, ended 2021 with negative records breaking and reaching a December devaluation at 6.5%. This
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The White House officially appointed Sarah Bloom Raskin, former Fed governor, to be vice chair for supervision of the Federal Reserve. Economists Lisa Cook (for two vacant seats on the board of governors) will also serve as vice chairs. U.S. President Joe Biden announced Friday that he had appointed Cook, an Obama-era economist and Michigan
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Lael Brainard, a member of the Federal Reserve board, stated that Congress would eventually have to make a decision to approve centralized bank digital currencies, or CBDC, at her confirmation hearing before members of Senate Banking Committee. Addressing pro-crypto Senator Cynthia Lummis at the Dirksen Senate Office Building on Thursday, Brainard said the Fed would
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The Ethereum gas price is rising, and the chain that inspired Web3’s creation is becoming more gentrified. High transaction costs are pushing less-rich users to other blockchains or scaling solutions. This means that many applications are not feasible in the traditional layer-one downtown. Therefore, suburban neighborhoods are being built to enable a cost-effective layer-2 blockchain
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El Salvador President Nayib Bukele has claimed officers may have the power to make use of geothermal vitality from one among many nation’s inactive volcanoes to power its Bitcoin Metropolis endeavor. In a Sunday uncover, Bukele said there was a 90% chance of using the Conchagua volcano to supply 42 megawatts — “enough to supply
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The USA Federal Commerce Payment issued an alert about a model new mannequin that was involved in a rip-off using cryptocurrencies. The scam has three components: an impersonator and a QR code. A crypto ATM will direct victims to send money. According to the FTC fraudsters pretend to be public officers or regulation enforcement brokers,
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Binance, the world’s largest cryptocurrency exchange, is putting more effort into increasing compliance in the Commonwealth of Independent States (CIS), Russia and Ukraine. Binance is planning to extend its operations in the region and boost local cryptocurrency compliance and education, Gleb Kostarev, Binance’s head of operations for Russia and the CIS, told Cointelegraph on Tuesday.
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Sam Bankman-Fried, the founder and CEO of crypto exchange FTX, reportedly called out regulators to create a single framework for digital assets in the Asian Financial Forum, an event organized by Hong Kong’s government to highlight new opportunities within the region’s economic landscape. He suggested that regulators should not focus solely on determining whether assets can
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