Regulation

The German Federal Financial Supervisory Authority, or BaFin, reportedly advised crypto exchange Binance to withdraw its licensing application based on concerns with CEO Changpeng Zhao and the firm’s structuring. According to a July 28 report from The Wall Street Journal, BaFin advised Binance that Zhao, also known as “CZ,” may not have passed a “fit

Lawyers representing former FTX CEO Sam Bankman-Fried, also known as ‘SBF’, have requested the court seal documents related to his interviews with a New York Times reporter revealing details about his relationship with Caroline Ellison.  In a July 27 filing in United States District Court for the Southern District of New York, Bankman-Fried’s legal team

The French data protection agency, also called the Commission Nationale Informatique & Libertés (CNIL), is reportedly questioning the legality of data collection methods conducted by Worldcoin, according to a Reuters report.  In an email to Reuters on July 28, CNIL said: “The legality of this collection seems questionable, as do the conditions for storing biometric

The Indian Supreme Court on July 27 reprimanded the Union government for the lack of crypto regulations in the country, according to a report in a local media outlet.  The Supreme Court in its observation noted that it is “unfortunate” that the government has yet to release any clear guidelines around cryptocurrencies. The observation from

The United States Senate passed the 2024 National Defense Authorization Act (NDAA) worth $886 billion on the evening of July 27. The bill includes a provision that targets crypto mixers, anonymity-enhancing coins and institutions that are engaging in crypto trading.  The NDAA is a bill that helps authorize how the country’s defense department can utilize

The House Financial Services Committee has advanced another two landmark crypto bills previously under consideration —  with one aiming to better regulate stablecoin issuers and another seen as positive for crypto self-custody in the United States. On July 28 the Committee said the Clarity for Payment Stablecoins Act and the Keep Your Coins Act were

Crypto exchange Binance and its CEO Changpeng “CZ” Zhao requested the dismissal of a lawsuit filed by the United States Commodity Futures Trading Commission (CFTC). In a July 27 court filing, attorneys for Binance and CZ accused the CFTC of exceeding its regulatory authority and engaging in regulatory overreach. The filing states that the CFTC

Crypto.com is the latest cryptocurrency firm to receive a green light from the Netherlands Central Bank to offer its services in the country. The platform announced that it had registered as a cryptocurrency service provider with De Nederlandsche Bank (DNB), following a comprehensive review of Crypto.com’s business and compliance with the country’s AML and terror financing

Bankrupt crypto exchange FTX and crypto lender Genesis have reached an agreement in principle to resolve the claims brought by FTX in its bankruptcy case. On July 27, legal counsels for both firms sent a letter to bankruptcy Judge Sean Lane stating that they had agreed to a settlement. However, the agreement was in principle

Public companies in the United States, including listed crypto firms, will be required to disclose any major cybersecurity incidents within a four-day time limit, under new rules adopted by the United States securities regulator. The rules from the United States Securities and Exchange Commission require any public company to disclose a cyberattack within four days of it

Paul Munter, chief accountant of the United States Securities Exchange Commission (SEC), has released a statement warning accounting firms of their obligations to the agency when working with crypto firms. Allowing their finding to be misrepresented could have serious consequences, he said.    Crypto firms may engage accountants to “perform some sort of review of

Stablecoins cannot be compared to bank deposits in terms of risk, argues a new policy paper authored by former Federal Reserve Board analyst Brendan Malone on behalf of technology investment firm Paradigm.  The document explores the risks stablecoins pose to the financial system, noting that current legislative proposals in the United States could incorporate crypto payment instruments

Tact was pervasive in the United States House of Representatives Agricultural Committee’s consideration of the Financial Innovation and Technology for the 21st Century Act on July 27. With many references to bipartisanship and self-congratulatory mentions of the members’ cooperation and hard work, the committee plowed through a series of amendments calmly and quickly.  The bill,

United States House Financial Services Committee chair Patrick McHenry has pointed a finger at the Biden administration for the lack of bipartisan agreement on a stablecoin bill. In a July 27 hearing, Rep. McHenry said the version of the Clarity for Payment Stablecoins Act, H.R. 4766, being considered for markup was not based on negotiations

As regulatory scrutiny continues to circle the wider Web3 ecosystem, cryptocurrency lending platform Nexo will look to leverage training resources, connections and data by joining the Association of Certified Sanctions Specialists (ACSS). The association offers training and certification for sanctions professionals across a variety of industries including financial institutions, international corporations, law firms, public institutions

The latest legal action against Block.one (B1), the creator and original seller of EOS (EOS), could potentially help plaintiffs get higher compensation, according to EOS Network Foundation (ENF) founder and CEO Yves La Rose. On July 25, La Rose officially announced that ENF is preparing a lawsuit against Block.one for its failure to follow through

In April 2021, the European Commission presented its proposal for harmonized rules on artificial intelligence (AI), dubbed the Artificial Intelligence Act (AI Act). After the Council of the European Union and the European Parliament finalized their positions in December 2022 and June 2023, the legislative institutions entered a trilogue on the upcoming AI regulation.  The

Hong Kong is expanding its financial collaboration with the Kingdom of Saudi Arabia, targeting agreements related to tokenization and payments infrastructure. The Saudi Central Bank (SAMA) and the Hong Kong Monetary Authority (HKMA) on July 26 held a bilateral meeting to strengthen the integration of financial services between the two countries. As part of the

Coinbase CEO Brian Armstrong has urged United States citizens to take action and email their representatives to vote “yes” on the Financial Innovation and Technology for the 21 Century Act (FIT21), which may provide regulatory clarity for crypto.  On July 26, lawmakers voted in favor of FIT21 and the Blockchain Regulatory Certainty Act. The bills

A key United States House panel has approved a pair of bills that could finally deliver some regulatory clarity to crypto firms — including clarifying the differences in jurisdiction between the US securities and commodities regulators. On July 26, the majority of U.S. lawmakers voted in favor of the Financial Innovation and Technology for the