Officials of the United Kingdom’s Financial Conduct Authority (FCA) appeared before the House of Commons’ Treasury Committee on March 8 to discuss the agency’s work. Among the issues raised was cryptocurrency regulation, which the officials approached with a clear lack of enthusiasm. FCA chair Ashley Alder, who took that position in February after serving as
Regulation
Crypto exchange Gemini took to Twitter on March 8 to deny rumors about its banking relationship with United States financial conglomerate JPMorgan being terminated. In a brief and straightforward message, Gemini stated that “despite reporting to the contrary, Gemini’s banking relationship remains intact with JPMorgan.” The comments came in response to a previous report that claimed
According to United States Senator Kirsten Gillibrand, a new draft of the bipartisan crypto bill pioneered by herself and Senator Cynthia Lummis will be released to the new Congress after being deferred in 2022. In a March 8 Senate Agriculture Committee hearing on oversight of the Commodity Futures Trading Commission, Senator Gillibrand asked CFTC chair
The United States Commodity Futures Trading Commission, or CFTC, was a part of discussions on a regulatory framework for digital assets as well as use cases for blockchain technology. In a March 8 meeting of the CFTC’s Market Risk Advisory Committee, commissioners, regulators, and industry representatives were scheduled to discuss “critical policy considerations” as part
The age-old question of “what happens after we die” is one humanity has grappled with for millennia. Religions, philosophers and thought leaders have put forth theories about each person’s fate beyond life on earth. Until now, no factual, science-based conclusion has provided a satisfying answer. Psychologists have understood that the fear of death — or
As Russia continues to delay adopting cryptocurrency regulations, local advocates have appealed to Russian President Vladimir Putin to change the government’s approach to regulating the market. The Russian Association of Crypto Industry and Blockchain (RACIB) — a major group of crypto and blockchain enthusiasts in Russia — issued an open letter to Putin on March 6,
While there’s nothing new in imposing anti-money laundering (AML) standards on crypto, it is only now that the Indian government has decided to notify all interested parties of the obligation to comply with the national AML law. On March 7, The Gazette of India published a notification from the Ministry of Finance, subjecting a range
Considering the regulatory struggle to keep up with ever-evolving innovations, Margrethe Vestager, the executive vice president of the European Commission, recommended a headstart into brainstorming implications of technologies such as the Metaverse and ChatGPT. Vestager highlighted how digital transition and the shift to a digital economy have brought about risk and opportunities for the masses
The crypto community is debating whether SMS two-factor authentication (2FA) should ever be used for account security following news that a Coinbase customer is suing the cryptocurrency exchange for $96,000. On Mar. 6 Jared Ferguson filed a lawsuit against Coinbase in the United States District Court for the Northern District of California, claiming he lost
The law firms, investment banks and consulting companies working with FTX on its bankruptcy case billed the crypto exchange a combined $34.18 million in January, court documents reveal. FTX’s chief restructuring officer and new CEO, John J. Ray III, also received a hefty pay package, charging $1,300 an hour to a total of $305,000 in
A panel of judges heard oral arguments in the Grayscale Investments suit against the United States Securities and Trade Commission (SEC) on March 7. Grayscale is challenging the SEC order not to approve Grayscale’s application to create a Bitcoin (BTC) spot exchange-traded fund (ETF). The SEC issued its order on July 6, 2022. Former solicitor
A group of United States lawmakers is reportedly planning to reintroduce legislation to change the reporting requirements for certain taxpayers involved in crypto transactions. According to a March 7 report from Punchbowl News, Representatives Patrick McHenry and Ritchie Torres plan to reintroduce the Keep Innovation in America Act. McHenry was one of the leading voices
In 2022, the citizens of South Korea transacted 5.6 trillion Korean won ($4.3 billion) through “illegal” crypto exchanges, according to local sources. The country’s government has been especially attentive toward such money movement amid the tightening regime of licensing. On March 7, local media published the numbers the Korea Customs Service provided. According to customs,
The Chinese government has plans for a governmental overhaul, according to a new announcement. This includes introducing a new national financial regulator. On Tuesday, March 7, the government announced that its current banking and insurance watchdog, the China Banking and Insurance Regulatory Commission (CBIRC), will be abolished. The responsibilities of this commission will be moved
The government of Thailand is moving to benefit from the digital asset industry growth by allowing tax-free issuance of digital tokens for investment. Thailand’s cabinet has agreed to waive corporate income tax and value-added tax (VAT) for companies that issue investment tokens, Reuters reported. Announcing the news on March 7, deputy government spokesman Rachada Dhnadirek
WeChat, China’s leading social networking and payment app, has added the country’s central bank digital currency (CBDC), to its payment services, according to reports in local media. The move aims to help broaden the appeal of the digital yuan. WeChat now supports the fast payment function of the digital yuan wallet, making it the second
The United States Securities Exchange Commission (SEC) won’t be allowed to fine executives involved in Voyager Digital should it end up issuing bankruptcy tokens to help repay impacted customers, bankruptcy judge Michael Wiles has said. The comments from Wiles came on Mar. 6, the third day of hearings regarding a plan by Voyager to issue
The Biden Administration is “aware of the situation” at Silvergate and will continue to monitor reports on the troubled bank as it unfolds, according to a White House spokesperson. Speaking at a press briefing on March 6, Press Secretary Karine Jean-Pierre said the White House hasnoted that Silvergate marked another major crypto firm to “experience
Cryptocurrency firms operating multiple entities in different countries should be overseen by one consolidated “home” regulator to stop them from playing “games” aimed at skirting regulators, the acting head of the United States banking regulator has opined. Michael Hsu, the Acting Head of the Comptroller of the Currency (OCC) made the comments in prepared remarks
Lawyers for Andrew Vara, the United States Trustee representing the interests of the Department of Justice in crypto exchange FTX’s bankruptcy proceedings, has filed an appeal against a federal judge’s denial of a motion appointing an independent examiner in the case. In a March 6 filing in U.S. Bankruptcy Court for the District of Delaware,