In a recent hearing, the U.S. House Financial Services Committee discussed a draft bill that was released over the weekend. The bill aims to regulate stablecoins, a type of digital currency that is designed to maintain price stability by being pegged to the value of another asset. Prominent Democrats cast doubt on Wednesday over the...Read More
The U.S. Securities and Exchange Commission (SEC) will prioritize the examination of the cryptocurrency industry throughout 2020. The SEC to Oversee the Cryptocurrency Market in 2020 On Jan. 7, the SEC’s Office of Compliance Inspections and Examinations (OCIE) unveiled a new list of examination priorities for 2020. It emphasized digital assets as an area of...Read More
Monero Compliance Workgroup published a statement suggesting that “The Funds Travel Rule” does not apply to XMR itself. Such a scenario limits scrutiny of Monero and preserves its privacy-enabling properties. Monero published its stance on regulations that require money services businesses (MSB) to trace user identities. The U.S. Financial Crimes and Enforcement Network (FinCEN) published...Read More
Despite its wild volatility and mounting regulatory pressure in the US, another company has joined the ranks of those offering crypto trading services. SoFi Enters Crypto Arena San Francisco based student loan refinancing firm SoFi announced this week that it would offer crypto trading for three major digital currencies. According to CEO Anthony Noto, the...Read More
The greatest threat to America’s democracy might not be the Russians, according to former Congressman Ron Paul. In an episode of his weekly Freedom Report, the occasional presidential candidate and supporter of the cryptocurrency movement spoke against the Federal Reserve’s potential influence over American elections. [embedded content] According to Dr. Paul, the authors of the U.S....Read More
The leading cryptocurrency exchange has revealed new details about its upcoming move to the United States. In a blog post published today, Binance announced that the new Binance.US marketplace will open to North American customers “in the coming weeks.” In the post, Binance promised a “fast, compliant, and secure digital asset marketplace” for traders in...Read More
If Andreessen Horowitz has any say in the matter, crypto regulation could be just around the corner. As unsavory as it may sound, Washington tends to be more swayed by powerful interest groups than the will of the general public. And if any sector of the American economy needs a lobbyist to represent its interests,...Read More
Binance USD (BUSD) – a stablecoin from the world’s largest crypto exchange – has been approved by the New York State Department of Financial Services (NYDFS), which has historically taken a hard line against cryptocurrency companies. The new stablecoin has been developed by the team behind Paxos and will be used within the Binance ecosystem...Read More
Last week marked the end of anonymous trading on IDEX, as the Ethereum-based exchange finalized the integration of KYC and AML protocols. As of last Friday, all users must have completed KYC and set-up an account in order to trade on the platform. When the team initially outlined plans for identity verification late last year,...Read More
Here’s a riddle for you: what does Monero’s Fluffypony have in common with former Capital One Vice President Alan Silbert, as well as Charlie Lee? Besides an oversized presence on crypto Twitter, all three are listed on the paperwork for crypto’s latest three-letter fad: an IPO. Crypto trading platform INX has applied to the U.S....Read More
Markets have taken a turn for the worse as North American investors reacted to the SEC’s latest pronouncements for future token sales. Based on the new guidance, regulators will continue to treat all token sales as likely securities for the foreseeable future. Markets fell more than $17bn since Wednesday morning. Digital assets across the board...Read More
Earlier this month Kik released a 130-page filing that accused the Securities and Exchange Commission of “twist[ing] facts” in its lawsuit against the company’s 2017 Kin token sale. The company disputes claims that the 2017 sale of KIN tokens, which raised more than $100M, was a desperate attempt to save the company from ruin, and...Read More
If you started your legal career more than 30 years ago in the Securities and Exchange Commission’s (SEC’s) Enforcement Division by suing a company offering geographical dental licenses on the theory they are “investment contracts” and thus “securities” subject to registration under the federal securities laws,*[1] you learned a few things. Among them are invaluable...Read More
