Tag Archives: United States

In a new report, the Financial Stability Oversight Council (FSOC), a regulatory panel comprising leading financial regulators, identified areas in crypto regulation with: limited oversight of the spot market for tokens that are not securities; opportunities for regulatory arbitrage, or benefit favorable rules; if crypto firms should be allowed to integrate multiple services traditionally offered by intermediaries, such as broker-dealers and clearing houses. More Power to Top...

The alternative asset manager – New York Digital Investment Group (NYDIG) – announced the departure of its CEO Robert Gutmann and its President Yan Zhao. Tejas Shah and Nate Conrad will take their posts, respectively. Changes at the Top The cryptocurrency-focused company revealed that its bitcoin balances hit an all-time high during Q3, up almost 100% YOY. At the same time, NYDIG’s revenue was up by 130% in Q2, followed by another increase in the next quarter. Nevertheless,...

The United States Securities and Exchange Commission (SEC) has accused two companies, their executives, and a supposed international gold trader, of running a fraudulent scheme to boost demand for their digital token. The false promotion of the token netted proceeds of over $36 million for the defendants, the agency said. A Fake $10 Billion Gold Bullion Acquisition According to a lawsuit filed on Friday (September 30, 2022), a Bermudan company called Arbitrade, a Canadian...

The Department of Justice (DOJ) is objecting to a motion by troubled cryptocurrency lender Celsius, seeking to reopen withdrawals for selected customers. Since Celsius halted withdrawals in June, the company has filed for Chapter 11 bankruptcy, while the CEO recently resigned from his position. A United States Trustee for the DOJ, William Harrington, on Friday (September 30, 2022), filed an objection, asking the bankruptcy court to deny Celsius’ motions to reopen withdrawals...

An analysis carried out by the financial services company – Bankrate – determined that US millennials are not as enthusiastic about cryptocurrencies as they were last year. Around 30% said they feel comfortable investing in digital assets compared to 50% in 2021. The Latest Change in Trends Younger generations, including millennials and Generation Z, are among the most active demographic groups in the cryptocurrency space. A recent survey, though, revealed that the former had...

Janet Yellen – an American economist currently serving as the 78th US Secretary of Treasury – has displayed her anti-crypto position numerous times. During her 20-month reign, she has argued that bitcoin is unsuitable for conducting financial transactions and that people should not rely on investing in digital assets as part of their retirement strategy. Some recent reports hinted that Yellen could leave her post after the midterms at the beginning of November. It remains...

The American billionaire and former White House official – David Rubenstein – reiterated his pro-crypto stance, predicting that the industry is “not going away.” His comments come in the midst of a market decline that has affected numerous digital assets. Bitcoin, for one, is currently 70% down compared to its all-time high valuation from November 2021. Crypto Provides Financial Freedom In a recent interview for Bloomberg, the Co-Founder of The Carlyle Group – David...

The Delaware Department of Justice’s Investor Protection Unit halted the operations of 23 entities and individuals involved in cryptocurrency romance frauds, known as “pig butchering” scams. A recent analysis conducted by Bankless Times estimated that Americans lost around $185 million between January 2021 and March 2022 due to such schemes. Crypto Scammers Again in the Spotlight The latest destination where crypto romance fraudsters chose to con people is the eastern US...

Leading cryptocurrency lender Nexo has acquired a stake in Hulett Bancorp (DBA Mode Eleven) and its subsidiary federally chartered bank Summit National Bank, regulated under the US Office of the Comptroller of the Currency.  The deal will allow the crypto lender, which has around $4 billion in assets under management, to further scale its financial product offerings across the US crypto market and strengthen its foothold in the region.  Nexo to Offer Crypto Services to US...

Gavin Newsom – Governor of California – refused to sign legislation that would have required cryptocurrency firms and individuals in the state to gain a certain license to operate in the area. Instead, he argued that the authorities should impose more flexible rules to “keep up with rapidly evolving technology and use cases” of digital assets. Earlier this year, Governor Newsom issued an executive order on cryptocurrencies, aiming to establish a bridge between California...