The creation of a United States digital dollar would “crowd out” the cryptocurrency ecosystem and protect the national security of the U.S., according to a former top adviser in president Joe Biden’s administration. Daleep Singh — a former deputy national security adviser for international economics in the Biden administration — made the comments at a
Regulation
A cryptocurrency researcher and former CIA analyst believes the United States government’s relatively slow start on Central Bank Digital Currency (CBDC) development may result in it losing grip on controlling the global financial system. Yaya Fanusie, the policy head at the crypto advocacy group the Crypto Council for Innovation explained in a Feb. 28 Bloomberg
A move by Binance US to acquire assets belonging to the bankrupt crypto lending firm Voyager Digital has been favored by 97% of Voyager’s customers. A Feb. 28 court filing shows an overwhelming majority of Voyager Digital account holders are in favor of the buyout from the United States-based arm of the crypto exchange Binance.
A draft for the approval of an expansion of crypto trading activities to non-banking members has been published by the Tel Aviv Stock Exchange (TASE) for public comments. In a TASE first, a Feb. 27 announcement stated the proposed structure will enable customers to deposit fiat money designated for investments in digital assets. Non-banking members
The French National Assembly has voted in favor of legislating stricter licensing rules for new cryptocurrency firms in order to harmonize local laws with proposed European Union (EU) standards. The vote was passed with 109 votes (60.5%) in favor to 71 (39.5%) against. With the French Senate having already passed the bill, it will now
Bitcoin (BTC) miner Marathon Digitial will reissue a number of previous financial statements after the Securities and Exchange Commission (SEC) pointed out some accounting errors the firm made. According to a Feb. 27 SEC filing, Marathon will restate its unaudited Q1, Q2, and Q3 quarterly reports from both 2021 and 2022 in addition to its
Coinbase has launched a grassroots political campaign to promote pro-crypto policies, according to a Feb. 28 Twitter thread from the company. The company said that the #Crypto435 campaign is intended to “grow the crypto advocacy community and share tools and resources,” so that crypto users can make their voices heard in all 435 congressional districts.
According to a deputy governor, the United Kingdom is not ready to issue a central bank digital currency (CBDC) just yet, as the Bank of England (BoE) doesn’t have enough expertise. There is more than a 50% chance that the central bank of the United Kingdom would issue a CBDC, but the regulator doesn’t have
A year after Russia’s invasion, Ukraine continues working on cryptocurrency legislation, but the war has not changed its regulatory stance, according to a Kyiv official. Ukraine has continued to follow in the footsteps of the European Union in regard to adopting digital asset laws, Ukraine’s securities commissioner Yurii Boiko told Cointelegraph in an interview. Boiko
The crypto industry has been raising its lobbying efforts amid the crypto winter that began last year. In 2022, market participants spent $25.57 million on lobbying in the United States. This number appears in a study published by the Money Mongers on Feb. 23. The count is based on data from OpenSecrets, a nonpartisan nonprofit, tracking the
Ras Al Khaimah, one of the United Arab Emirate’s (UAE) seven Emirates, is set to launch a free zone for digital and virtual asset companies as the country’s approach to the industry continues to attract global crypto players. The RAK Digital Assets Oasis (RAK DAO) will be a “purpose-built, innovation-enabling free zone for non-regulated activities
Robinhood Markets has revealed thait had received an investigative subpoena from the United States Securities Exchange Commission (SEC) over its digital asset business’ crypto listings, custody and platform operations. In a 10-K filing, the brokerage said it received the investigative subpoena in December shortly after crypto exchange FTX filed for bankruptcy in November, and after “several
The United Kingdom’s bank regulator, the Prudential Regulatory Authority (PRA), will propose rules for issuing and holding digital assets, Bank of England (BOE) executive director of the Prudential Policy Directorate Vicky Saporta said in a speech at the bank Feb. 27. The rules will be developed with consideration for Basel III rules and the Financial
Last week was relatively calm regarding enforcement news but brought some peculiar local developments in regulation. United States Representative Tom Emmer introduced legislation in the U.S. House of Representatives that could prevent the Federal Reserve from issuing a central bank digital currency (CBDC). According to the Minnesota lawmaker, the bill could prohibit the Fed from
Binance branded stablecoin, Binance USD (BUSD), is a dollar-backed stablecoin issued by blockchain infrastructure platform Paxos Trust Company, and is the third largest stablecoin after Tether’s (USDT) and Circle’s USD Coin (USDC). Paxos has claimed in the past that BUSD is fully backed by reserves held in either fiat cash or United States Treasury bills.
Alchemy Pay has obtained a license from the central bank of Indonesia to operate remittances and fund transfers in cooperation with local fintech firm Berkah Digital Pembayaran. Announcing the news on Feb. 27, Alchemy Pay noted that Bank Indonesia issued the licenses jointly to Alchemy Pay and Berkah Digital’s platform BDPay, enabling the firms to
The International Monetary Fund would prefer to differentiate and regulate crypto assets rather than enforce an outright ban, though the nuclear option will remain on the table for now. Speaking on the sidelines of the G20 finance ministers meetings in Bengaluru, India, IMF Managing Director Kristalina Georgieva explained how the United Nations financial agency views
Cryptocurrency lawyers have rebuffed comments made by the head of the United States securities regulator, claiming in a recent interview that every cryptocurrency except Bitcoin (BTC) is a security that falls under its jurisdiction. In a wide-ranging Feb. 23 New York Magazine interview discussing crypto, the chair of the Securities and Exchange Commission (SEC), Gary
The Financial Stability Board (FSB), the International Monetary Fund (IMF), and the Bank for International Settlements (BIS) will deliver papers and recommendations establishing standards for a global crypto regulatory framework, announced on Feb. 25 the group of the 20 biggest economies of the world, collectively known as G20. According to a document summarizing the outcomes
A Colombian court recently hosted its first legal trial in the Metaverse, with the court magistrate saying it felt “more real than a video call,” according to a recent report. According to a Reuters report published on Feb. 24, Colombia’s Magdalena Administrative Court held a court case in the Metaverse on Feb. 15, involving participants