On June 7, attorneys from Gibson Dunn and Latham & Watkins, two of Binance’s law firms, made a court filing in response to the latest SEC crackdown. In it, they claim that SEC Chair Gary Gensler offered to serve as an advisor to Binance’s parent company in 2019. According to the filing, Gensler met with...Read More
As Artificial Intelligence (AI) continues to attain breakthroughs in what’s possible, there is a growing concern about whether these innovations may become more powerful than their creators. Matt Clifford, chairman of the UK’s Advanced Research and Invention Agency (ARIA), stressed this in a recent interview with a local news outlet. AI Needs Regulation Within 2...Read More
The American boutique investment bank Cowen Inc. is closing its crypto asset unit. It has become the latest financial institution to shy away from digital assets amid a darkening regulatory environment. “Today will be the last day for the team here at Cowen Digital,” the bank stated, according to a May 31 report by Bloomberg....Read More
Popular cryptocurrency exchange Bybit announced it will be exiting the Canadian market, citing recent regulatory developments in the country as the reason behind its decision. The move follows similar decisions made by other exchanges that ceased operations in the North American nation. Starting May 31, new account openings will be unavailable, while existing customers will...Read More
In an opinion piece on May 30, the Coinbase CEO wrote that recent crypto industry turbulence “might make it tempting for policymakers to write it off as an unstable asset class.” This is effectively what U.S. regulators have been doing, missing the forest for the trees in treating crypto as a speculative or gambling tool...Read More
Indonesian province Bali has stated that tourists are not allowed to make payments with cryptocurrency, warning that violators “will be dealt with firmly.” The government is looking to curb the influx of foreign tourists as a way to tackle problematic foreigners who violate local laws. Offending Foreign Tourists to Face Tough Sanctions Bali will take...Read More
South Korea’s National Assembly has officially passed a bill into law requiring lawmakers and high-ranking government officials to disclose their crypto asset holdings. The new law is a response to a recent scandal involving a politician allegedly violating campaign finance laws using cryptocurrency. The “Kim Nam-guk Prevention Law” According to a report from local news...Read More
Speaking on the Unchained podcast on May 23, Dan Berkowitz muddied the regulatory waters even further by stating that crypto assets can be both commodities and securities. The notion goes against the opinion of Securities and Exchange Commission Chair Gary Gensler who asserts they are all securities with investment contracts. Referring to Ethereum, he said...Read More
Michael Saylor – Executive Chairman of the Bitcoin-bullish software company MicroStrategy – spoke at the Bitcoin 2023 conference in Miami regarding the trajectory of Bitcoin adoption as a Treasury Reserve asset, and its place next to crypto in the US regulatory perimeter. The former CEO addressed whether the so-called “lack of clarity” surrounding crypto regulation...Read More
The Securities Commission Malaysia (SC) has reportedly accused Huobi of running a cryptocurrency exchange without the necessary authorization. As such, the watchdog urged the company to disable its website and mobile application in the country. Huobi On Target As reported by The Malaysian Reserve, the SC has alleged that Huobi and its CEO – Leon Li...Read More
Markets in Crypto Assets (MiCA) is being hailed as the world’s first comprehensive set of rules that aims to bring the largely unregulated cryptocurrency markets under government regulation. It is part of a broader digital finance package, aka ‘Digital Operational Resilience Act (DORA),’ which aims at protecting the financial services sector from fraudulent activities and...Read More
Brad Garlinghouse, the chief executive officer of blockchain company Ripple, believes more crypto firms and businesses will leave the United States due to confusing regulations in the country. During an interview with CNBC, the CEO said the confusion in the country would push crypto entrepreneurs and investments into other friendly regions like Europe, the United...Read More
The United Kingdom has grand aspirations of becoming a digital assets hub, just as London already is for traditional finance. However, those plans are being thwarted by watchdogs and policymakers who want to take a heavy-handed approach to regulation. On May 17, it was reported that a panel of UK lawmakers said crypto assets should...Read More
The Economic and Financial Affairs Council of the European Union unanimously favored the Markets in Crypto-Assets (MiCA) regulation during a voting process on May 16, 2023. The Finance Ministers of the 27 member states approved the MiCA bill, including amendments to several rules related to the new crypto legislation. EU Council Approves MiCA Bill Approval...Read More
Jane Street Group and Jump Crypto are pulling back from their crypto trading ambitions as U.S. regulators up their efforts to quash the industry. Furthermore, global trading firm Jane Street is scaling back crypto plans globally due to regulatory uncertainty. The clouded regulatory waters have “made it difficult for the firm to operate the business...Read More
On May 8, Bittrex Inc. filed for Chapter 11 bankruptcy protection for its U.S.-based operations. The move comes three weeks after the Securities and Exchange Commission (SEC) accused it of operating an unregistered securities exchange. According to the filing, Bittrex had assets and liabilities each estimated to be worth between $500 million and $1 billion....Read More
Brian Armstrong, the co-founder and CEO of leading American cryptocurrency exchange Coinbase, believes the U.S. Securities and Exchange Commission (SEC) is on a lone crusade in the push for regulatory clarity in the country, as the agency’s stance on the matter is different from that of Congress and other federal regulators. During a Monday interview...Read More
A Democratic presidential candidate is pushing against the growing anti-crypto sentiment within his party by blaming regulatory agencies’ “war on crypto” for various bank failures that transpired in March. In recent days, environmental lawyer Robert Kennedy Jr. has spoken out against the Biden administration’s general handling of the ongoing banking crisis, opposing the bailout approach...Read More
The New York State Department of Financial Services (NYDFS) ordered the cryptocurrency exchange BitFlyer USA to pay a $1.2 million fine for not abiding by the state’s cybersecurity regulations. However, the watchdog endorsed the company’s efforts to upgrade itself in that field by the end of 2023. The NYDFS Strikes Again New York’s regulator enforced...Read More
Coinbase is reeling from recent regulatory action as investors are fleeing from its shares. This has resulted in company stock slumping 28.6% over the past three weeks. On April 11, COIN was trading at a little over $70, however, it had slid to $51 in after-hours trading on May 2 following a 3% fall since...Read More
The leading cryptocurrency exchange Coinbase announced the launch of a Bermuda-based marketplace that will serve non-US institutional users, according to a recent report. The company has been eyeing other countries to relocate recently due to the regulatory hurdles in America. CEO Brian Armstrong held discussions with the authorities of Britain in April, suggesting that the...Read More
Brian Armstrong, the chief executive officer of American crypto exchange Coinbase, and the company’s chief legal officer, Paul Grewal, have responded to a Wells Notice issued by the U.S. Securities and Exchange Commission (SEC) weeks ago in preparation for enforcement action. In a recent YouTube video, the Coinbase executives insisted that the SEC’s notice was...Read More
The Securities Commission of the Bahamas reportedly plans to strengthen the domestic cryptocurrency regulatory framework after the collapse of FTX, which was based in the island nation. One such amendment will be the prohibition of algorithmic stablecoins and privacy tokens. The Bahamas was also where Sam Bankman-Fried (SBF) – the former CEO of FTX –...Read More
In a landmark ruling, Hong Kong’s High Court declared crypto as property that can be held in trust. This marks the first time such a decision regarding asset class has been made in the city-state. The ruling, which was handed down in liquidation of a case involving the now-defunct crypto exchange Gatecoin, essentially puts crypto...Read More
The New York State Department of Financial Services (NYDFS) said it will start billing cryptocurrency entities registered in the state in exchange for annual examination and supervision. Superintendent Adrienne Harris explained the fees will be different for each organization, depending on their size and complexity. Bringing Crypto Closer to Banks The NYDFS stated the new rule will...Read More
On April 21, the Texas House of Representatives approved a bill requiring cryptocurrency exchanges to maintain sufficient reserves to fulfill their clients’ payment obligations. According to the announcement by the Texas House of Representatives, the “HB 166” bill filed by State Rep. Giovanni Capriglione was passed by a majority of 150 members, aiming to “rebuild...Read More
The crypto community has left no stone unturned in lambasting the US Securities and Exchange Commission (SEC) and, more importantly, its Chief Gary Gensler. The latter’s actions were dissented by members of his own agency. Gensler even received political pushback for his actions. But the SEC boss continued to defend the crackdown on digital assets...Read More
The Parliament of the European Union gave its official blessing to the Market in Cryptoassets (MiCA) – a regulatory framework that could set clear standards in the industry. The approval comes approximately five months after the infamous FTX collapse and aims to protect investors from such failures. ‘Stringent Rules are Very Much Needed’ The EU...Read More
The US-based cryptocurrency exchange – Coinbase – received approval from the Bermuda Monetary Authority to operate on the island. It also intends to establish an offshore derivatives marketplace in the region as soon as next week. CEO Brian Armstong recently said his entity could relocate to other countries if the American watchdogs do not impose...Read More
Democrats blasted draft legislation regarding stablecoins on Wednesday for not being as “bipartisan” as initially planned. The bill, created by Reps. Maxine Waters (D-Calif.) and Patrick McHenry (R-N.C.) last year, was praised by Republicans, but criticized by their left-wing counterparts as ‘outdated.’ Starting From Scratch The House Financial Services Committee published a draft version of...Read More
