Regulation

On Dec. 14, the United States Senate Banking, Housing and Urban Affairs Committee held a hearing titled “Stablecoins: How Do They Work, How Are They Used, and What Are Their Risks?” The testimonies, both spoken and written, focused largely on the last two issues, as anxieties over Know Your Customer compliance and the U.S. dollar

Puerto Rico recently announced that it may be looking for a blockchain solution to fight government corruption, particularly after a Puerto Rican mayor pleaded guilty to accepting a cash bribe of more than $100,000.  But could a distributed digital ledger really make an impact in the unincorporated United States territory’s struggle against public fraud and

As supply-chain woes continue and the U.S. dollar battles to fight back inflation concerns, crypto remains an alluring port in the current financial storm. The recent approval of the first Bitcoin (BTC) futures-linked exchange-traded fund (ETF) to trade on both the NYSE and Nasdaq from asset managers ProShares and Valkyrie Funds, respectively, has created a

In an annual report published on Friday, the United States Financial Stability Oversight Council, or FSOC, voiced its concern over the adoption of stablecoins and other digital assets.  Regarding stablecoins, the FSOC said consumer confidence could be undermined by factors such as illiquidity, lack of appropriate safeguards, opacity regarding redemption rights, and cyber attacks. “A

In a Friday press conference, Central Bank of Russia governor Elvira Nabiullina further escalated the fear, uncertainty, and doubt (FUD) surrounding the state of crypto regulation in the country. When asked about the rise of digital assets, Nabiullina gave the following remarks, as reported by local news outlet finmarket.ru and translated by Cointelegraph: You know that

The United States Securities and Exchange Commission (SEC) continues to delay decisions on Bitcoin (BTC) exchange-traded funds (ETF), issuing two fresh deadline extension notices. On Dec. 15, the SEC postponed two major Bitcoin exchange-traded offering proposals, including NYSE Arca’s “actual” Bitcoin ETF, named Bitwise Bitcoin ETP Trust, and Grayscale Bitcoin Trust’s Bitcoin ETF. The SEC

Congressional lawmakers confirmed the nomination of Rostin Behnam, a commissioner at the Commodity Futures Trading Commission who had been serving as acting chairperson, to assume his position on a more permanent basis. In a Wednesday evening voice vote, members of the U.S. Senate approved President Joe Biden’s pick to lead the CFTC. Behnam has served

On Thursday, conflicting reports emerged in Russia on the state of crypto regulatory affairs. First, a report by Reuters indicated that the Central Bank of Russia is seeking a ban on cryptocurrencies, citing risks to financial stability and the exploding volume of transactions. If enacted, the move would align with remarks made by Russian President

Tether, the issuer of the eponymous stablecoin, has praised the decision of Myanmar’s parallel government, The National Unity Government (NGU), to use USDT as an official currency. Myanmar’s NUG is a shadow government run by the supporters of Nobel Peace Prize winner Aung San Suu Kyi. As Cointelegraph reported on December 13, NUG announced Tether’s

A bipartisan group of U.S. senators have called on Treasury Secretary Janet Yellen to clarify the language in the infrastructure bill signed into law by President Joe Biden around the tax reporting requirements on crypto. In a Tuesday letter, Senators Rob Portman, Mike Crapo, Pat Toomey, Mark Warner, Kyrsten Sinema, and Cynthia Lummis urged Yellen to

The Advertising Standards Authority, or ASA, the United Kingdom’s independent advertising regulator, has taken down another batch of cryptocurrency-related ad campaigns promoting several major industry firms. On Dec. 15, the advertising watchdog issued several rulings on ad violations involving six crypto-related firms including Coinbase, Kraken, eToro, Exmo, crypto broker Coinburp and Luno crypto exchange. The

Tokyo-based financial services giant SBI Holdings announced a joint investment in Coinhako, Singapore’s first licensed crypto exchange approved by the Monetary Authority of Singapore (MAS).  The Coinhako investment was made via a fund jointly set up by SBI and Swiss-based Sygnum Bank, namely, the SBI-Sygnum-Azimut Digital Asset Opportunity (DAO) Fund, according to the notice. Speaking

The Senate Committee on Banking, Housing and Urban Affairs heard from several expert witnesses with knowledge of stablecoins who urged lawmakers to establish a clear regulatory framework but could not seem to agree on where lines would be drawn. In a Tuesday hearing on “Stablecoins: How do They Work, How Are They Used, and What

Massachusetts Senator Elizabeth Warren did not hold back in her criticism of decentralized finance, expressing concern about how a run on stablecoins would affect the average investor. In a Tuesday hearing with the Senate Banking Committee discussing stablecoins, Warren questioned Professor Hilary J. Allen of the American University Washington College of Law as to whether

Hester Peirce, a commissioner for the United States Securities and Exchange Commission known by many in the space as Crypto Mom, is pushing back against the regulatory body’s agenda for not including clarification on digital assets. In a Monday joint statement, Peirce and SEC Commissioner Elad Roisman said they were “disappointed” in the failure of

The biggest regulatory story of the week was a United States House Committee on Financial Services hearing squarely focused on crypto. Even the event’s title — “Digital Assets and the Future of Finance: Understanding the Challenges and Benefits of Financial Innovation in the United States” — conveyed a different vibe than countless previous Congressional meetings