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SEC’s Crypto Regulation Labeled a ‘Disaster’ by Commissioner
12.10.2024
A U.S. Securities and Exchange Commission (SEC) commissioner has called the agency’s approach to cryptocurrency regulation a “disaster,” highlighting the SEC’s reliance on enforcement without clear guidance. He criticized the lack of regulatory clarity, which has led...
Cryptocurrency Firm Abra Settles With 25 US States Over Licensing Violations
26.6.2024
Financial authorities in 25 U.S. states have reached a settlement with the cryptocurrency investment platform Abra and its CEO Bill Barhydt for operating without proper licensing. This settlement mandates significant changes in how Abra conducts its operations within these states. Abra Reaches...
South Korea Urged to Follow US Lead on Crypto ETFs After Ethereum Approval
27.5.2024
The US Securities and Exchange Commission's approval of spot Ethereum ETFs last week has ignited pressure on South Korea's financial regulators to greenlight similar crypto exchange-traded funds.
The post South Korea Urged to Follow US Lead on Crypto ETFs After Ethereum Approval appeared first...
SEC files final response in Ripple XRP case
8.5.2024
The SEC argues that Ripple’s assertions do not negate the need for injunctions to prevent future violations
South Korea Imposes Stricter Punishments For Crypto Trading Offenses
7.2.2024
South Korea’s financial regulators have slated July 19 for the implementation of the Virtual Asset User Protection Act and the Virtual Asset Industry Supervision Regulations. According to local media outlets, The Financial Service Commission (FSC) disclosed on Feb 7 the date for both regulations...
US and UK Financial Regulators Discuss Effective Crypto Oversight
7.2.2024
The U.S. and U.K. Financial Regulatory Working Group has emphasized the importance of effective regulation and oversight of crypto assets and markets. They also reiterated their support for the international work on crypto assets. US-UK Financial Regulatory Working Group Discusses Crypto Regulation...
South Korean Authorities Slammed for Taking Crypto Regulation ‘Baby Steps’
24.1.2024
South Korea’s financial regulators are taking “baby steps” while US counterparts forge ahead with rapid crypto regulation progress, a new report has claimed. Per the South Korean media outlet News Tomato, domestic financial authorities are yet to “properly organize” their crypto arms. The outlet...
Financial Regulators Urge Congress to Pass Crypto Legislation in New Report
15.12.2023
The Financial Stability Oversight Council (FSOC) has renewed its calls for Congress to pass crypto legislation, according to their annual report released Thursday. Crypto vulnerabilities addressed FSOC’s latest release reiterates its suggestion from last year’s report demanding greater regulation...
Financial Regulators Reiterate Call for Legislation to Address Crypto Risks
14.12.2023
Congress needs to pass laws addressing stablecoins and non-securities spot markets, the Financial Stability Oversight Council said in its latest annual report
South Korean Regulator Rules NFTs Are Not Subject to Crypto Law
11.12.2023
Source: TSViPhoto/Adobe South Korean financial regulators have said NFTs are not subject to the same rules as cryptoassets, a ruling that may buoy token issuers and blockchain gaming firms. Per News1, the Financial Services Commission (FSC), the nation’s top regulator, stated that “following...
South Korea’s Biggest Exchanges Help Regulators Hunt ‘Undeclared Crypto Operators’
5.12.2023
Source: Vladimir Polikarpov/Adobe South Korea’s five biggest crypto exchanges will team up with financial regulators to search for “undeclared crypto operators.” According to News1, the announcement was made by the Digital Asset Exchange Association (DAXA), which comprises the exchanges Upbit...
Senate Banking Committee Discusses Accountability, Oversight of Financial Regulators in Tuesday Hearing
14.11.2023
The Senate Committee on Banking, Houses, and Urban Affairs met on November 14th to conduct a hearing regarding oversight of financial regulators. Holding executives accountable “We must turn the lessons of this year into action,” said Senator Sherrod Brown (D – OH), Chairman of the U.S....
CFTC Discloses $15 Million Payment to Crypto Whistleblowers
1.11.2023
The Commodity Futures Trading Commission (CFTC) has announced the award of $16 million to whistleblowers this year with a significant amount going to crypto-related cases. In an Oct 31 press release, Commissioner Christy Goldsmith Romero speaking on the Whistleblower policy highlighted...
Hong Kong Police and Securities Regulator Form Unit to Monitor Crypto Exchanges
5.10.2023
Law enforcement officials and financial regulators in Hong Kong have teamed up to better identify illegal activities on cryptocurrency exchanges. The initiative, which comes in the wake of the crackdown on the JPEX exchange, seeks to improve coordination between the government agencies in similar...
SEC and 5 Other US Regulators Issue Crypto Investment Warnings
3.10.2023
The U.S. Securities and Exchange Commission (SEC) and several other top financial regulators have issued several warnings regarding investing in crypto assets as part of this year’s World Investor Week. “The risk of loss for individual investors who participate in transactions involving crypto...
Payments Giant Paypal Launches Dollar-Backed Stablecoin PYUSD
7.8.2023
Paypal has introduced its own stablecoin, representing the first venture of its kind by a leading financial firm. Initially reported by Bloomberg, the launch could notably accelerate the slow integration of cryptocurrencies for payment purposes. A New Era for Paypal: Introduction of PYUSD...
Bitcoin Firm Coinbits Suspends Operations Amidst Custodian Prime Trust’s Financial Woes
29.6.2023
The cryptocurrency firm and bitcoin investment app, Coinbits, has announced the suspension of its services due to complications involving the Nevada-based custodian, Prime Trust. Following accusations of insolvency and breaches of fiduciary responsibilities, Nevada’s financial regulators...
Treasury Secretary Yellen Holds Unscheduled Meeting With Top Financial Regulators Amid Turmoil in Banking Sector
24.3.2023
U.S. Treasury secretary Janet Yellen initiated an unscheduled Financial Stability Oversight Council (FSOC) meeting with the country’s top financial regulators on Friday amid issues plaguing the U.S. banking sector. Banking stocks and all four U.S. benchmark indexes fell again on Friday as...
USDC Stablecoin Nears Parity With USD After Fed’s Bailout Announcement
13.3.2023
The stablecoin USDC has nearly regained parity with the U.S. dollar after rising just above $0.99 on March 12, 2023, at 7:20 p.m. Eastern Time. The stablecoin jumped back to the $0.99 range after the U.S. Federal Reserve revealed it would bail out depositors of California’s Silicon Valley...
Report: Paypal Puts Stablecoin Plans on Hold as US Regulators Crack Down on Crypto Industry
11.2.2023
During the first week of 2023, payment service giant Paypal said it was exploring the launch of a stablecoin. At the time, an executive at Paypal stated that if the company moved forward, it would work closely with financial regulators. However, on Feb. 10, a source noted that Paypal has put...