Tag Archives: Regulations

On March 31, Bittrex, one of the largest and oldest US exchanges, announced the closure of its operations due to the country’s current “regulatory and economic environment.” According to the official statement, users’ funds will remain secure and available for withdrawal at any time during the wind-down of US operations. This announcement will not affect customers outside the country using Bittrex Global. US Regulations Created An Uneven Competitive Landscape Bittrex...

A controversial bill to ban the popular social media app TikTok could potentially be used to clamp down on crypto, say legal policy experts at Coin Center. The crypto-focused non-profit claimed that, in extreme cases, the legislation could be used to “block Americans’ access to open source tools or protocols like Bitcoin.” A Silent Attack On Crypto? The Restricting the Emergence of Security Threats that Risk Information and Communications Technology Act (aka RESTRICT Act),...

Republican congressman Tom Emmer has introduced more crypto-related legislation – this time to help blockchain developers from unreasonable financial reporting requirements.  The new bill may help to correct controversial language within the Biden Administration’s infrastructure bill in late 2021, which could theoretically label a swath of the blockchain network participants as digital asset “brokers.” Clearing the Air on Crypto Reporting Shared over Twitter on Thursday,...

On March 14, the bank Anchorage Digital announced the layoff of 20% of its workers due to the crypto winter and regulatory uncertainty in the US. According to the official statement, the departure of 75 of its employees (approximately 20% of its team) is necessary to focus its resources on other essential processes. This is the latest development in a series of events that have affected both the banking and the crypto industry as a whole. 2023 has been marked by the closures...

Popular UK-based financial institution National Westminster Bank (NatWest) has restricted the funds its customers can spend on crypto purchases to reduce their exposure to the volatile asset class. According to a Bloomberg report, NatWest account holders now have a transfer limit of £1,000 ($1,215) per day or £5,000 ($6,090) every 30 days into crypto exchanges. NatWest Restricts Customers’ Crypto Activity NatWest, the UK’s third-largest bank by market capitalization, said the...

Barney Frank – a board member for Signature Bank and former member of U.S. Congress – believes the government had “no objective reason” to force his company into receivership on Friday. Rather, he interpreted the action as an attempt by regulators to “send a very strong anti-crypto message,” throughout the country.  Why Close Down Signature? In a phone interview with CNBC, Frank said that Signature Bank’s customers withdrew $10 billion from the firm in a bank-run style panic...

Former NBA star Shaquille O’Neal and professional tennis player Naomi Osaka may avoid being held accountable in the collective lawsuit against cryptocurrency exchange FTX due to a lack of notification. As per the order issued on March 9, US District Judge Kevin Moore stated that it is unclear if O’Neal and Osaka were notified of the lawsuit. Therefore, the judge has requested that the plaintiffs explain why the sports stars should not be dismissed from the lawsuit. What Are...

According to a March 9 Fox Business report, the next salvo in Uncle Sam’s war on crypto could be a massive class action lawsuit filed on behalf of retail investors against top exchanges. The outlet reported that leading securities lawyer Tom Grady is preparing for potential litigation against America’s largest crypto companies, including Coinbase, Robinhood, and Kraken. The allegation is the same old story that the Securities and Exchange Commission keeps repeating – illegal...

The G20 Finance Ministers and Central Bank Governors (FMCBG) Meeting on February 24-25 in Bengaluru, India, concluded with a strong commitment to regulations for the cryptocurrency sector.  The International Monetary Fund (IMF), Bank for International Settlements (BIS), and Financial Stability Board (FSB) have been tasked to come up with recommendations and a roadmap for regulating the cryptocurrency sector.   G20 Meeting of Financial Chiefs   “We look forward to the IMF-FSB...

America’s largest cryptocurrency exchange is pulling out all the stops to ensure U.S. policymakers get things right with how they treat the crypto industry. The company has announced Crypto435 – a grassroots initiative to expand pro-crypto advocacy to citizens across all 435 Congressional Districts. Coinbase’s Advocacy Mission As tweeted by Coinbase on Tuesday, the initiative presents an opportunity for lovers of crypto and web 3 to make their opinions known in DC. Coinbase...