Utah Republican senator Mike Lee outlined three major regulatory risks to the cryptocurrency industry at the recent Permissionless III crypto conference. They are the creation of a central bank digital currency (CBDC), fragmented state regulations, and heavy federal oversight. He warned these could threaten the digital assets sector, saying, “Cryptocurrency is not a security. Cryptocurrency…
Ripple’s CEO has intensified criticism of the U.S. Securities and Exchange Commission (SEC), accusing the agency of ignoring a court ruling that XRP is not a security and overstepping its legal bounds. His remarks came after Bitnomial Exchange filed a lawsuit against the SEC, disputing the regulator’s authority over XRP futures. The case adds to…
The Web3 industry has yet to fully enter the mainstream, according to John Nahas, chief business officer (CBO) of Ava Labs. He argues that general-purpose Layer 1 blockchains, whose primary focus is marketing their tokens, dominate the space and lack sufficient innovation. This, Nahas contends, hinders the industry’s full potential. Blockchain Success Hinges on Curious,…
Elizabeth Warren has been a major political figure in Massachusetts for over a decade. While she’s known for championing consumer protection and taking on big banks, her stance on modern financial innovation—particularly her aggressive opposition to cryptocurrency—shows that her leadership is increasingly out of touch with today’s fast-changing economy. Massachusetts needs fresh leadership that embraces…
Artificial Intelligence and Web3, are powerful technologies which when combined can create smarter and more decentralized systems, Mario Casiraghi, the co-founder of Singularity DAO, has asserted. Although both technologies have developed separately, Casiraghi argues that their combined strengths can help address limitations like centralized control and data inefficiencies. Clearer Regulations Could Boost AI and Web3…
October 11, 2024 at 07:15 PM GST updated: October 11, 2024 at 05:58 PM 5 mins read Press Release As regulatory pressure tightens in the crypto world, not all digital assets are faltering. Some alternative coins are showing resilience and promise for substantial growth. This article uncovers three cryptocurrencies poised to thrive despite the increasing…
October 11, 2024 at 11:15 AM GST updated: October 11, 2024 at 11:09 AM 2 mins read News Ripple files cross-appeal, contesting $125M fine and ensuring key legal points are addressed in the SEC case. Ripple challenges SEC’s effort to overturn the ruling that XRP sales on secondary markets aren’t securities. CEO Brad Garlinghouse confident…
The Nigerian Securities and Exchange Commission (SEC) vows to crack down on fraud, money laundering, and market manipulation in the crypto sector. The SEC director general, Emomotimi Agama, emphasized the importance of educating investors. Lagos State Governor Babajide Sanwo-Olu said he supports regulating the crypto sector. Investor Education Nigeria’s securities regulator vows to crack down…
October 8, 2024 at 11:40 AM GST 2 mins read News Fold submits SEC S-4 filing, advancing its plan to go public via a merger with FTAC Emerald Acquisition Corp. Stockholders to receive up to $419.75M in Fold stock, contingent on Bitcoin’s price at merger closing. Fold plans to expand its Bitcoin services, including larger…
Russia’s Deputy Foreign Minister has stated that discussions on a single currency for the BRICS economic bloc are premature due to differences in financial regulation among member nations. Instead, the focus remains on enhancing financial sovereignty and exploring national currencies for trade. Ryabkov highlighted ongoing efforts to strengthen the bloc’s economic independence, with authorities actively…
October 7, 2024 at 08:20 AM GST updated: October 6, 2024 at 08:05 PM 3 mins read Press Release The crypto industry is constantly growing, and projects such as VeChain (VET) and Ripple (XRP) are at the top of key developments. VeChain is a blockchain-based platform that optimises global trade by providing better product authenticity…
October 6, 2024 at 10:37 AM GST 2 mins read News Tornado Cash developer Roman Storm thanked Vitalik Buterin for his $240,000 donation to his legal defense fund. Vitalik Buterin’s third donation supports Roman Storm as he faces serious charges linked to Tornado Cash. The legal fund for Roman Storm has raised over $785,000 as…
October 4, 2024 at 04:40 PM GST updated: October 4, 2024 at 04:32 PM 1 min read News Coinbase to delist all non-compliant stablecoins in the EEA by December 2024. MiCA regulation forces exchanges to restrict unauthorized stablecoins. Tether among stablecoins facing delisting due to EU MiCA rules. Coinbase plans to delist all unauthorized stablecoins…
An undisclosed source noted that the financial services regulator (FCA) of the United Kingdom has conducted a secret inquiry over BCB group, a crypto-based company; yet the inquiry now remains closed. Available information notes, BCB group is the same company that had received s166 notice in 2023 from the FCA UK. According to insiders, the…
October 3, 2024 at 09:25 AM GST updated: October 3, 2024 at 09:36 AM 2 mins read News The SEC is appealing a court ruling that XRP sales on public exchanges are not securities. Judge Torres ruled Ripple’s institutional XRP sales violated securities laws, but retail sales did not. Ripple faces a $125 million fine…
Binance Kazakhstan has secured a full Digital Asset Trading Facility (DATF) license from the Astana Financial Services Authority. This approval allows the crypto exchange to operate as a trading platform, broker-dealer, and digital asset custodian. Kazakhstan becomes the first Central Asian country where Binance has regulatory approval, positioning it as a key fintech hub. Binance…
October 2, 2024 at 03:30 AM GST updated: October 2, 2024 at 04:25 AM 2 mins read News Ripple secures DFSA in-principle approval, moving closer to full licensing for cross-border payments in Dubai’s DIFC. Ripple plans to use Dubai as a hub, expanding blockchain-powered payment services across the Middle East, Africa, and South Asia. Dubai’s…
The Dutch Authority for the Financial Markets (AFM) has issued a warning about the dangers of pump-and-dump schemes in the cryptocurrency space, as new regulations prepare to target this market manipulation tactic. The upcoming Markets in Crypto-Assets Regulation (MiCAR), effective from Dec. 30 will ban these practices. AFM Sounds Alarm on Crypto Pump-and-Dump Schemes The…
September 29, 2024 at 06:28 PM GST updated: September 29, 2024 at 04:59 PM 2 mins read News The CEO of Cantor Fitzgerald implores authorities to acknowledge Bitcoin as a commodity, akin to gold and oil, given its considerable financial growth. Lutnick believes traditional banks will custody of Bitcoin within five years, once regulatory hurdles…
Stablecoins, the cryptocurrencies pegged to fiat currencies like the U.S. dollar to keep their value steady, can still face failures. Several well-known examples demonstrate that maintaining stability is more challenging than it appears. So, how does something designed to be ‘stable’ unravel? A Historical Review of Stablecoin De-Pegging Incidents There’s no doubt that these stablecoins…
Billionaire Mark Cuban says that Vice President Kamala Harris’ team has told him “in no uncertain terms that they are against ‘regulation through litigation.’” He criticized U.S. Securities and Exchange Commission (SEC) Gary Gensler’s regulation by enforcement approach, asserting: “Gary Gensler is a blight on the technology community.” Mark Cuban Slams SEC Chair Over Crypto…
September 27, 2024 at 01:15 AM GST updated: September 27, 2024 at 01:18 AM 2 mins read News Curve Finance mulls dropping TUSD from crvUSD collateral over SEC fraud concerns. WormholeOracle’s proposal suggests eliminating TUSD due to instability and legal woes. Curve rethinks stablecoin strategy amid $68M in WBTC collateral and SEC scrutiny. Curve Finance,…
Congressman Warren Davidson has introduced the Evaluating Defi Opportunities Act to foster data-driven regulations for decentralized finance (defi). He stressed the importance of safeguarding innovation and user privacy while addressing concerns over potential overregulation. This proposed study by key financial regulators seeks to balance defi’s growth with oversight, ensuring the sector’s competitive edge and resilience…
September 25, 2024 at 01:10 PM GST updated: September 25, 2024 at 01:14 PM 2 mins read News Tom Emmer criticized Gary Gensler for inventing the term crypto asset security, claiming it lacks legal basis. The SEC withdrew the term crypto asset security in court after using it for three years. SEC Commissioner Hester Peirce…
Congressional leaders are pressing regulators over concerns that the U.S. Securities and Exchange Commission (SEC)’s new guidelines on digital asset custody could disrupt financial innovation and regulatory collaboration. Lawmakers question whether the SEC acted prematurely, potentially jeopardizing efforts to safeguard digital assets through coordinated agency work. They demand more transparency on the SEC’s actions and…
Department of Science and Technology (DOST), a government agency in the Philippines has driven the Advanced Science and Technology Institute to develop a new project that would help the youth learn about blockchain as well as NFTs. This is in line with the plans to incorporate the new technologies in the system and make the…
Ireland is ensuring that it approaches full compliance with the information in the MiCA regulation that will come in force across the EU in 2024. Markets in crypto assets or MiCA regulation, which is intended to establish a uniform regime for carrying out cryptocurrency activities within the EU, has garnered much concern, especially from the…
September 23, 2024 at 10:50 AM GST updated: September 23, 2024 at 10:59 AM 2 mins read News Kamala Harris raised $27M at a Manhattan fundraiser, the largest since becoming the Democratic presidential nominee. Harris emphasized AI and crypto innovation while ensuring consumer protection as part of her opportunity economy vision. Harris plans to release…
BlackRock has received SEC authorization to both list and trade options related to its spot Bitcoin ETF. This represents a substantial forward movement for institutional investors. Awaiting further approval from both the OCC and CFTC is the final go-ahead. SEC Approves BlackRock’s Bitcoin ETF Options The SEC has given its approval to BlackRock’s 19-b4 application…
Crypto exchange BingX suffers from a hack and more than $43 million were stolen from the platform. Such incidences like the BingX hack have shaken the entire crypto-currency market especially the exchanges and had raised question on the security of exchanges. The hack has been made known through on-chain data which gave an insight into…
Unexpected rate cut by the Federal Reserve has had a ripple effect on US-listed cryptocurrency stocks to soar as the crypto market rises. This article looks at the effects of the Fed in moving crypto stocks, the market’s reaction to the move, and the long term implications of this shift. The Federal Reserve rate cut…
On the 20th of September, 2024, the Supreme Court of India’s YouTube channel got hacked in a major cybersecurity attack. In the attack, the hackers exchanged the actual legal content with promotional information regarding Ripple’s (XRP) token. This event should raise eyebrows when it comes to cybersecurity as institutions are onthe list of target by…
In what appears to be a veritable crusade against unlawful monetary transactions, the German authorities have pulled down 47 cryptocurrency exchanges believed to exist solely in the caravan of criminal conduct. Some of these exchanges had long been under regulatory authorities’ radar over ponzy schemes and money laundering activities before the shutdowns began. The latest…
September 20, 2024 at 12:08 PM GST updated: September 20, 2024 at 12:12 PM 2 mins read News Consensys’ lawsuit against the SEC was dismissed due to lack of final agency action, rendering the claims moot. The SEC previously issued a Wells notice to Consensys regarding its MetaMask wallet’s potential securities violations. The dismissal does…
The Federal Bureau of Investigation (FBI) has liquidated an unlawful web based wagering syndicate that was utilizing fake digital currency. The operation lay emphasis on increased utilization of virtual currency in illicit dealings and pointed out the lack of sufficient legal frameworks on the use of digital assets. The FBI’s Investigation FBI started an investigation…
Congressman Tom Emmer is pushing the U.S. Securities and Exchange Commission (SEC) to provide clear rules on digital asset airdrops, arguing that current regulatory uncertainty is stifling innovation and blocking American participation in blockchain projects. He emphasized the importance of airdrops in decentralizing networks and shaping the future of blockchain, criticizing the SEC’s approach under…
Australia’s approach to Central Bank Digital Currencies (CBDCs) has changed course. Rather than the development and testing of retail CBDCs in an effort to promote them to the public, the country has actively taken up the use of wholesale CBDCs. This decision is in line with the purpose of implementing CBDCs to improve the existing…
Japanese authorities are said to be looking at ways to relax the country’s laws regarding cryptocurrencies as more and more companies see the potential of blockchain. The decision of Japan can be attributed to the increasing appreciation of the impact of blockchain technology to business operations and the overall economy. Since the country is well-aware…
Cryptocurrency market may experience a massive shift with the possibility of China being at the helm of a $1.4 trillion shakeup. This is based on the recent policies that have begun to be implemented in China towards cryptocurrencies as well as its efforts to shape the direction of the future of assets and blockchain solutions. …
September 17, 2024 at 12:30 PM GST updated: September 17, 2024 at 11:43 AM 2 mins read News All five SEC Commissioners will testify before the House Committee for the first time since 2019, amidst scrutiny of the agency. SEC Chair Gary Gensler faces allegations of violating federal law by considering political affiliations in hiring…
The U. S. Securities and Exchange Commission (SEC) has recently acknowledged the emerging state of confusion regarding its position on cryptocurrencies’ securities. It was made after years of enforcement actions and regulatory guidance that put the crypto industry into turmoil. However, the SEC persists in the regulation of digital assets, the agency underscores the difficulties…
Russia is stepping up its measures to control cryptocurrencies in a broader campaign within BRICS to demonetize the British pound and the US dollar. As geopolitical realities remain fluid, the BRICS countries including Brazil, Russia, India, China, and South Africa are looking at how to reduce the US dollar’s hegemony in foreign trade. Russia’s latest…
September 16, 2024 at 01:20 PM GST 2 mins read News The SEC’s strict crypto regulation allegedly led to a $15 billion loss for retail investors, according to pro-crypto attorney John Deaton. The SEC recently clarified that cryptocurrencies are not securities, marking a change from its previous regulatory stance. John Deaton, now a Senate candidate,…
A U.S. congressman has introduced the Bridging Regulation and Innovation for Digital Global and Electronic Digital Assets Act (BRIDGE Act), aimed at improving collaboration between the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) on digital asset regulations. The bill proposes forming a Joint Advisory Committee to unite both agencies and…
China is moving to update its legislation to tackle new money and cryptocurrency money laundering crimes. The Chinese Congress is set to introduce new money laundering concepts in the second review of the money laundering law draft revision, which will establish additional requirements for monitoring tech-related new money laundering risks. China to Address Crypto Money…
The attorney general of Brazil has come out openly endorsing the possibility to suspend operation of X. The platform is in news as of late, because of the controversy it has generated regarding the spread of fake news. As concerns grow, the Brazilian government is looking to regulate information that is fake news, especially in…
The Worldcoin is a less known project that is headed by the CEO of OpenAI, Sam Altman. It has received attention across the world and has been associated with privacy issues. Since it aims at implementing a decentralized system for identity verification through the use of scanning of the iris, the project is facing criticisms…
It is worth noting that UK courts recently classified Tether (USDT) as property under the law. This is a tremendously positive measure for the digital asset industry as it is the first time the court in England has come to this conclusion after a trial. The case provides a clear guideline regarding the treatment of…
Tesla and Spacex CEO Elon Musk has warned that without substantial government reform, laws and regulations will worsen annually, potentially stifling major initiatives. He has reiterated his call for significant U.S. government changes and agreed to help former President Donald Trump lead a new government efficiency commission, an idea he proposed. Musk believes reducing wasteful…
Fintech startups face significant challenges when expanding to Kenya, primarily due to the lengthy and complex process of obtaining an operating license. Obtaining a payment service provider (PSP) license can take up to two years, forcing startups to rely on workarounds such as partnerships with established players like telcos and banks. High market entry barriers…