Tag Archives: Regulations

Well-known crypto critic, Senator Elizabeth Warren, won support from Washington-based banking advocacy group, the Bank Policy Institute (BPI), for newly introduced bipartisan legislation that seeks to regulate the crypto industry and eliminate loopholes for illicit activity. Its support has been viewed as a peculiar move because both Warren and the Wall Street banks have hardly agreed on the same things before. In fact, the Senator has been known to blast at the trade group...

The House Financial Services Committee (HFSC) failed to reach an agreement for stablecoin legislation on Thursday due to a number of disagreements Democrats had with its existing text. Committee Chair Patrick McHenry (R-NC) blamed the White House for holding up the bill, while Democrats alleged that Republicans were attempting to rush incomplete legislation. No Compromise For Stablecoin Bill The bill, titled the Clarity for Payment Stablecoins Act of 2023, would allow the...

The rapidly changing digital asset landscape has resulted in a flexing of regulatory muscles between different watchdogs in defining terms and drawing lines of authority. This is especially true in the case of the United States where the SEC and CFTC are engaged in a turf war over regulatory oversight of the space. But this conflict could come to an end soon with the help of FIT21. Weeks after the historic verdict on the Ripple vs. SEC case, the US is waiting for the approval...

U.S. Congress undertook its first-ever markup for digital asset legislation on Wednesday, attempting to establish clear jurisdiction for the nation’s chief market regulators. The bill was not well received by Democrats, however, many of whom find it overly friendly to the crypto industry, and similar to what disgraced FTX boss Sam Bankman-Fried had advocated for. Democrats Blast Crypto Bill During the hearing, House Financial Services Committee (HFSC) Chair Patrick McHenry...

The Indonesian government has unveiled the country’s crypto bourse and clearing house to increase monitoring of the cryptocurrency sector and also improve investor protection in the country. The launch of the new crypto asset exchange comes after an initial announcement in 2021. National Crypto Exchange Finally Launches Indonesia’s crypto bourse, which began operations earlier in the week according to the country’s Commodity Futures Trading Regulatory Agency (Bappebti), comes...

Andrew Griffith, economic secretary to the UK Treasury, said that equating crypto assets as a form of gambling would risk creating misalignment with international standards and approaches from other major jurisdictions, including the European Union. Responding to a Treasury Committee’s report on regulating crypto, Griffith said that such a move would potentially create unclear and overlapping mandates between financial regulators and the Gambling Commission. Regulating Crypto...

The bipartisan legislation introduced earlier this week – titled the Crypto-Asset National Security Enhancement (CANSEE) Act – that seeks to regulate the decentralized finance (DeFi) sector has caused quite a stir. Cypto advocacy groups are voicing objection to the bill arguing that such an approach would stifle innovation in the United States. Coin Center, for one, lashed out at the bill and called it a messy, arbitrary, and unconstitutional approach to DeFi. CANSEE: A...

Jeremy Allaire – Chief Executive Officer of Circle – believes American regulators should open arms to the cryptocurrency industry to prevent falling behind other nations.  He said the US government was among the first to propose recommendations regarding stablecoin regulation, adding that the White House, the Federal Reserve, and the Treasury Department are all focused on that mission.  ‘The US may be Late to the Party’ In a recent interview, Allaire regretted that the...

Ripple’s partial victory in its fight with the US Securities and Exchange Commission (SEC) in a court ruling paved the way for small but significant regulatory clarity that the cryptocurrency industry was deprived of for so long. Now all eyes are on the security regulator who, according to Congressman Ritchie Torres, is acting like “an overzealous traffic cop arbitrarily ticketing drivers while keeping the speed limit a secret.” As such, Torres wants the SEC to be...

South Africa’s financial regulator has asked exchanges operating in the country to obtain a license before the end of 2023. Crypto firms who fail to adhere to the directive before the deadline could be fined or have their businesses closed down by authorities. New Licensing Regime in South Africa The Financial Sector Conduct Authority (FSCA) has required crypto exchanges in South Africa to secure a license before the November 30 deadline. According to FSCA Commissioner Unathi...