Regulation

Welcome to Finance Redefined, your weekly dose of essential decentralized finance (DeFi) insights — a newsletter crafted to bring you significant developments over the last week. The United States Securities and Exchange Commission’s (SEC) crackdown on crypto-staking services could lead to uncertain consequences for the DeFi ecosystem. Cybercriminals used various methods to siphon funds through

Binance CEO Changpeng Zhao has denied a report that the company is considering cutting ties with United States business partners. Binance has been the object of increasing scrutiny from U.S. regulators in recent weeks. Bloomberg reported on Feb. 17 that Binance Holdings “is looking at whether to sever ties with intermediary firms such as banks and

The United States Securities and Exchange Commission has announced a $1.4-million settlement with former NBA player Paul Pierce for allegedly promoting a token project on social media. In a Feb. 17 announcement, the SEC said Pierce touted EthereumMax (EMAX) tokens through social media channels without disclosing he had received payment for the promotion and made

In a year of crypto upheavals, the United States Securities and Exchange Commission’s settlement with crypto exchange Kraken, announced on Feb. 9, set off yet another tremor. Agency chief Gary Gensler took to mainstream media last week to explain the agency’s action, which seemed to be an attack on crypto staking — part of the

The Bank of Russia is preparing to roll out the first consumer pilot for the nation’s central bank digital currency (CBDC) on April 1, 2023. Russia’s central bank is set to soon debut the first real-world digital ruble transactions involving 13 local banks and several merchants, first deputy governor Olga Skorobogatova said. The official noted

Terraform Labs and its founder, Do Kwon, are in the sights of the United States Securities and Exchange Commission (SEC), which has sparked various reactions from lawyers within the crypto community.  On Feb. 16, the SEC accused and charged Kwon and Terraform Labs for allegedly selling a “suite of crypto asset securities.” While community members

Japan, a nation where foreign stablecoins like USDT are prohibited, plans to begin its central bank digital currency (CBDC) pilot in April 2023. It will aim to include private businesses and test an ecosystem.  On Feb. 17 the Bank of Japan (BoJ) released the opening speech of its executive director Shinichi Uchida at the CBDC

The Capital Market Authority (CMA), the regulator of Oman’s financial markets, looks to establish a new regulatory framework for the virtual asset industry in the Sultanate. According to a Feb. 14 press release, the new rules would include oversight of virtual asset activities, a licensing process for virtual asset service providers (VASPs), and a framework

Former FTX CEO Sam Bankman-Fried could “conceivably” have his bail revoked after a federal judge said there was “probable cause” to believe he may have engaged in attempted witness tampering.  In the Feb. 16 hearing on Bankman-Fried’s bail conditions, Judge Lewis Kaplan said there was “probable cause to believe that he [Bankman-Fried] has committed or

Crypto scam revenue was slashed by almost half in 2022 due mainly to falling crypto asset prices, but two scam types managed to stay immune. Crypto scam revenue in 2022, which includes investment scams, NFT scams and romance scams, among others, amounted to $5.9 billion in the year — down 46% from 2021. The data

GBBC Digital Finance announced on Feb. 16 that it has joined the International Organization of Securities Commissions (IOSCO) as an affiliate member. The IOSCO is an international association that develops and promotes international standards for securities.  IOSCO’s members include 35 national securities regulators and over 200 affiliated organizations. In addition, the IOSCO has an Affiliate

The United States Securities and Exchange Commission (SEC) has filed a lawsuit against Terraform Labs and its founder Do Kwon for “orchestrating a multi-billion dollar crypto asset securities fraud.” In a Feb. 16 statement, the SEC said Kwon and Terraform offered and sold an “inter-connected suite of crypto asset securities, many in unregistered transactions” pointing

Judge Lewis Kaplan reportedly targeted Sam Bankman-Fried’s internet usage in a hearing aimed at reviewing the former FTX chief executive officer use of a virtual private network, or VPN. According to a Feb. 16 tweet from NPR correspondent David Gura, Judge Kaplan may have suggested that Bankman-Fried be denied access to any electronic device and

Debtors for crypto lender Celsius Network have the authority to sell coupons for mining firm Bitmain coupons worth roughly $7.4 million following a ruling from a bankruptcy judge. In a Feb. 16 court filing, United States Bankruptcy Judge Martin Glenn said it was in the “best interests of the Debtors’ estates, their creditors, and other

The Financial Stability Board (FSB), the financial regulator funded by the Bank for International Settlements (BIS), is pushing international regulations for decentralized finance (DeFi). The FSB on Feb. 16 issued a report on the financial stability risks of DeFi, highlighting major vulnerabilities, transmission channels and the evolution of DeFi. Despite providing many “novel” services, DeFi

The European Union is famous for its ambivalent relationship with privacy — on the one hand, it was the first place in the world to apply strict data protection regulations. On the other, its central bank digital currency (CBDC) project lacks the anonymity standards of private cryptocurrencies.  Nevertheless, last week EU lawmakers made a vital

The world’s largest digital asset exchange, Binance, is preparing to face fines and penalties in order to settle outstanding regulatory and law-enforcement investigations in the United States. According to a Feb. 15 WSJ report that cited the firm’s chief strategy officer, Patrick Hillmann, Binance has been working with regulators to remedy past compliance issues. Hillmann

Wyoming lawmakers have passed a bill that will prohibit courts in the state from forcing someone to disclose their digital asset private keys, with one minor exception. The bill was passed by a vote of 41-13 in the Wyoming House of Representatives on Feb. 15, a day after passing 31-0 in the Wyoming Senate. If

The former dean of Stanford Law School who co-signed Sam Bankman-Fried’s bail said he considered Bankman-Fried’s parents “the truest of friends” who helped his family through a “harrowing battle with cancer.” In an emailed statement to Cointelegraph on Feb. 16, Larry Kramer said he co-signed Bankman-Fried’s bail as a way to return the favor. “Joe

A five-member panel of the United States Securities Exchange Commission (SEC) has voted 4-1 in favor of a proposal that may make it more difficult for cryptocurrency firms to serve as digital asset custodians in the future. The proposal, which is yet to be officially approved by the SEC, recommends amendments to the “2009 Custody Rule”