Policy

Jan. 28, 2023

DOJ Claims Sam Bankman-Fried Tried to Influence Witness Testimony, Asks for Communications Ban

Federal prosecutors wrote a letter to U.S. District Court Judge Lewis Kaplan on Friday, requesting that he modify the conditions of Sam Bankman-Fried’s bail to include ban on private communications with current and former employees of FTX and A...

Policy

Jan. 27, 2023

Crypto Custodian Prime Trust to Cease Operations in Texas at End of January

Prime Trust, a digital-asset custodian, will stop doing business in the U.S. state of Texas effective Jan. 31, according to a notice posted on its website. The company provides custody and other services to key players in the crypto industry s...

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Jan. 27, 2023

Custodia Bank Denied Federal Reserve System Membership

The U.S. Federal Reserve Board has denied Custodia Bank’s application for membership, claiming the crypto-focused institution’s “novel business model and proposed focus on crypto-assets presented significant safety and soundness risks.” “Custodi...

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Jan. 27, 2023

White House Calls on Congress to ‘Step Up Its Efforts’ on Crypto Regulation

Four senior U.S. officials in the White House published a statement on Friday urging Congress to “step up its efforts” with respect to regulating the cryptocurrency market. The officials – Brian Deese, director of the National Economic Co...

Policy

Jan. 27, 2023

BlockFi’s $10M Staff Bonus Package Approved by New Jersey Judge

A $10 million pay and bonus package for staff of crypto lender BlockFi was approved today by New Jersey bankruptcy court Judge Michael Kaplan. The ruling comes after court documents revealed executives from the crypto lender were granted pay rai...

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Jan. 27, 2023

UK's FCA Flagged Some Crypto Firms Seeking Regulatory Approval to Law Enforcement

The U.K.'s financial regulator referred some crypto companies that tried to register with it to law enforcement agencies, an official at the agency said in a letter published on Thursday. "Overall, in the small number of cases where we have iden...

Policy

Jan. 27, 2023

SEC Probing Investment Advisors Over Crypto Custody: Report

The United States Securities and Exchange Commission (SEC) is inquiring into registered investment advisers about whether they are following rules around custody of client crypto assets, according to a Reuters report that cites three unnamed so...

Policy

Jan. 26, 2023

Sen. Ted Cruz Wants to Force Capitol Hill Vending Machines to Accept Crypto

After the collapse of FTX, crypto is top of mind for U.S. lawmakers, many of whom are scrambling to get to the bottom of what brought the once-mighty crypto exchange to its knees. But Sen. Ted Cruz (R-Texas) is thinking about something a little ...

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Jan. 26, 2023

CFTC Commissioner Kristin Johnson Urges Congress to Expand Agency’s Authority to Review Crypto Acquisitions

Following FTX’s swift, stunning collapse last November, crypto industry participants, lawmakers and regulators alike have all been mulling the same questions: Why were regulators blindsided by FTX’s implosion , and more importantly, how can the ...

Policy

Jan. 26, 2023

Coinbase’s $3.6M Dutch Fine Shows Crypto Will Hit Road Bumps as It Goes Mainstream

Coinbase’s fine for “very serious” breaches of Dutch crypto registration procedures reveals some of the many pitfalls the industry faces as it works towards operating within the regulatory fold. The charge sheet from the Dutch central bank (DN...

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Jan. 26, 2023

Sam Bankman-Fried’s Mother and Brother Not Cooperating With Financial Probe, FTX Lawyers Say

At least some of Sam Bankman-Fried's immediate familyaren’t cooperating with the probe into the collapsed crypto exchange FTX and should be cross-questioned in court, the company’s lawyers have said in a legal filing made Wednesday. The FTX fo...

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Jan. 26, 2023

SEC Rejects Ark 21Shares Spot Bitcoin ETF for Second Time

For the second time, the U.S. Securities and Exchange Commission (SEC) rejected a joint effort by Ark Investment Management and 21Shares to list a spot bitcoin exchange-traded fund (ETF). The SEC said the Cboe BZX Exchange – on which the ETF w...

Policy

Jan. 26, 2023

UK’s FCA Issues Advice for Crypto Firms After Only 41 of 300 Applicants Win Regulatory Approval

The U.K.'s financial watchdog published advice for crypto companies after just 14% of the firms looking to win regulatory approval in the country passed muster. The extensive list of tips covers what applicants need to consider before, during ...

Policy

Jan. 26, 2023

Derivatives Body ISDA Hopes New Digital Asset Norms Will Avoid FTX-Style Losses

New digital asset standards could avoid legal messes such as those faced by collapsed crypto exchange FTX, the International Swaps and Derivatives Association (ISDA) has said. ISDA, whose 1,000 members include major banks such as JPMorgan Chase ...

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Jan. 26, 2023

FTX Owes Money to Netflix, Binance, Wall Street Journal, Filing Shows

It's the list everyone has been waiting for, minus some 9.7 million redacted customer names. But the 116-page FTX creditor list, which names companies such as Netflix and Apple, still paints a comprehensive picture of the now-bankrupt crypto ente...

Policy

Jan. 26, 2023

Elizabeth Warren Praises SEC Chief Gensler, Slams Crypto Lobby

U.S. Senator Elizabeth Warren (D-Mass.) praised the country's securities regulator and its chief Gary Gensler's efforts to police the crypto industry and called for lawmakers to give the watchdog the necessary resources and powers to keep things ...

Policy

Jan. 26, 2023

Crypto Exchange Mango Markets Sues Exploiter for $47M in Damages

Decentralized crypto exchange Mango Markets sued its exploiter Avraham Eisenberg for $47 million in damages according to a United States District Court for the Southern District of New York filing on Wednesday. Decentralized finance trader Eis...

Policy

Jan. 26, 2023

Ex-UK Chancellor Philip Hammond Urges Accelerated Efforts to Become Crypto Hub: FT

Former U.K. Chancellor of the Exchequer Philip Hammond says the country has allowed itself to fall behind some of its neighbors in establishing itself as a crypto hub. In an interview with the Financial Times, Hammond, who has been named as the ...

Policy

Jan. 26, 2023

Coinbase Fined $3.6M by Dutch Regulator for Failure to Register

Crypto exchange Coinbase has been fined 3,325,000 euros ($3.6 million) by the Dutch central bank for offering crypto services to customers in the country without registration. Dutch law requires crypto providers to register under anti-money la...

Policy

Jan. 25, 2023

Irish Central Bank Chief Calls for Ban on Crypto Advertising: Bloomberg

Ireland’s Central Bank chief is no fan of cryptocurrency. During a parliamentary session in Dublin on Wednesday, Gabriel Makhlouf told Irish lawmakers that the Central Bank was “very concerned” about the risks retail customers face when investin...

Policy

Jan. 25, 2023

UK Minister Commits to Greater Crypto Industry Engagement as New Regulation Looms

U.K.'s financial services minister Andrew Griffith on Wednesday pledged a greater engagement with the crypto sector, as he plans new post-Brexit laws. Last April Rishi Sunak – then finance minister, now prime minister – said he wanted to make th...

Policy

Jan. 25, 2023

SEC Derailed Circle's Plans to Go Public via SPAC Deal: Report

Crypto payments company Circle has said its $9 billion plans to go public didn't go through because the Securities & Exchange Commission (SEC) did not sign off on it, according to the Financial Times (FT). In a twitter post in early Dece...

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Jan. 25, 2023

Australian Crypto Exchange Digital Surge to Pay Back Creditors After Losing $33M on FTX

Troubled Australian cryptocurrency exchange Digital Surge has been bailed out after creditors approved a long-term recovery plan, the company said in a statement shared with CoinDesk. The Brisbane-based exchange is said to have held $33 million ...

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Jan. 24, 2023

Celsius Proposes Restructuring to Offer One-Time ‘Meaningful Recovery’ Payout for Most Creditors

Lawyers for Celsius Network said Tuesday that the bankrupt crypto lender is planning to reinvent itself as a new, publicly traded “recovery corporation” in order to exit the bankruptcy process – something it said could happen in “months.” Under ...

Policy

Jan. 24, 2023

SEC Is ‘Asleep at the Wheel,’ Rep. Davidson of Ohio Says

Regulators at the U.S. Securities and Exchange Commission aren't doing enough when it comes to crypto regulation, Rep. Warren Davidson (R-Ohio) told CoinDesk TV’s “First Mover” on Tuesday. “You've got people that are engaging in overt pump-and-d...

Policy

Jan. 24, 2023

French Lawmakers Soften Stance on Compulsory Crypto Licenses

Crypto companies in France would have to follow extra conflict of interest and consumer protection rules as of 2024, under proposals voted on by lawmakers at the National Assembly on Tuesday. The Assembly voted 61 in favor (and 33 against) the p...

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Jan. 24, 2023

At World Economic Forum This Year, Panels Debated Blockchain 'Case Studies'

I got to the airport in Zurich and the first person I ran into was a friend from Austin visiting her family in Reykjavik. Anyways, I’m OOO this week, so if you need anything email someone else. The crypto industry went on a rehab tour last week ...

Policy

Jan. 24, 2023

UK Treasury Is Looking for CBDC Head as It Explores Digital Pound

A new LinkedIn job posting from the U.K. Treasury is seeking a "Head of Central Bank Digital Currency." "The successful candidate will be responsible for leadership of HM Treasury’s work on a potential digital pound – a U.K. central bank digit...

Policy

Jan. 24, 2023

El Salvador Pays Back $800M Maturing Bond, President Nayib Bukele Says

El Salvador’s $800 million bond issue set to mature Jan. 24, 2023 has been repaid with interest, the country’s President Nayib Bukele said on Twitter. The country’s Finance Minister Alejandro Zelaya, confirmed the same news via his Twitter a...

Policy

Jan. 24, 2023

EU Plans Digital Euro Bill, Metaverse Policy for May, Commission Says

The European Commission will publish a bill to underpin a digital euro and will also set out its strategy on virtual worlds in May, according to a document published on its website Monday . While the European Central Bank has yet to decide whet...

Policy

Jan. 24, 2023

Crypto Tax Proposed by Lawmakers to Fund EU Budget

Lawmakers of the European Parliament have proposed taxes on crypto assets to fund the bloc’s annual budget of around 170 billion euros ($185 billion). Options included in a draft report for the parliament’s budget committee, published on Jan. 1...

Policy

Jan. 24, 2023

EU Lawmakers Impose ‘Prohibitive’ Requirements on Banks’ Crypto

The European Parliament's Economic and Monetary Affairs Committee voted to impose strict restrictions on banks seeking to hold crypto. The measures, a leaked version of which was reported by CoinDesk Monday , are a bid to anticipate internation...

Policy

Jan. 23, 2023

FBI: North Korean Hackers Behind $100 Million Horizon Bridge Theft

A pair of North Korean hacker groups were behind the June theft of $100 million in crypto assets from Horizon Bridge, the Federal Bureau of Investigation (FBI) said in a Monday statement. Horizon Bridge, a service enabling crypto assets to be ...

Policy

Jan. 23, 2023

Lawyers for Genesis and Its Creditors Are ‘Optimistic’ for a Quick Resolution to Bankruptcy Woes

Lawyers for Genesis Global told a federal bankruptcy court in New York City on Monday that they’ve been working with creditors’ representatives and the U.S. Trustee’s Office “around the clock” for the past two months in order to reach a “consensu...

Policy

Jan. 23, 2023

European Banks Must Fully Cover Crypto Holdings With Capital, Draft Text Says

Banks will have to treat crypto as among the riskiest class of holdings, according to a leaked document listing the final set of proposed amendments to a 2021 package intended to bring European Union bank capital rules into line with internatio...

Policy

Jan. 23, 2023

Indian Government Launches Blockchain Initiative With 5ire, Network Capital

The Indian Government's apex public policy think tank, NITI Aayog, has launched a blockchain module in partnership with crypto-focused 5ire, and Network Capital, a mentorship and career exploration platform, the stakeholders announced on Mond...

Policy

Jan. 23, 2023

Digital Euro Will Never Be Programmable, ECB’s Panetta Says

The digital euro will never be programmable, according to Fabio Panetta, an executive board member of the European Central Bank. In remarks made to lawmakers Monday, Panetta indicated the putative central bank digital currency won’t allow rest...

Policy

Jan. 23, 2023

In Wake of FTX, New York Reminds Crypto Firms to Segregate Customer Funds

New York's top financial regulator on Monday published guidance for crypto companies to improve customer protection in the event of insolvency or a similar proceeding – including a requirement for firms to keep customer funds separate. The New...

Policy

Jan. 23, 2023

Crypto Exchange Bitzlato Converted Over $1B in Crime-Linked Assets, Europol Says

Bitzlato, the little-known crypto exchange that last week was charged by the U.S. with money laundering , exchanged around 1 billion euros ($1.08 billion) in assets linked to criminal activities, European Union police agency Europol said in a st...

Policy

Jan. 23, 2023

Central African Republic Forms Committee to Draft Crypto Bill

The Central African Republic has formed a committee of experts from several government ministries to draft crypto legislation, President Faustin-Archange Touadera said in a tweet on Friday . The departments involved include the Ministry of Mine...

Policy

Jan. 23, 2023

South African Self-Regulatory Body Mandates Risk Warnings in Crypto Ads

Crypto ads in South Africa must warn potential buyers that their capital can be at risk, under new guidelines put out Monday by the country’s Advertising Regulatory Board, a self-regulatory initiative by the ad and public relations industry. The...

Policy

Jan. 20, 2023

U.S. Lays Claim to $700 Million of Assets Linked to Bankman-Fried, FTX

The U.S. government wants to take control of nearly $700 million of assets it seized earlier this month from former FTX CEO Sam Bankman-Fried, according to court filings Friday. Included in the property are over 55 million Robinhood shares worth...

Policy

Jan. 20, 2023

What's Next for Genesis Creditors? It Depends on What's in the Bankruptcy Filing

Three of Genesis’ crypto lending businesses have filed for bankruptcy protection, and that means creditors will likely take some hits, according to Eric Snyder, a partner at Wilk Auslander LLP. Snyder, chair of the firm’s bankruptcy department...

Policy

Jan. 20, 2023

Sullivan & Cromwell Gets Go-Ahead to Represent FTX in Bankruptcy Proceedings, Despite Controversy

A Delaware judge has given New York law firm Sullivan & Cromwell the green light to continue representing FTX during its bankruptcy proceedings. The decision, issued on Friday morning by Judge John T. Dorsey, comes despite recent controversy...

Policy

Jan. 20, 2023

Crypto Lender Genesis Global Capital Is FTX's Largest Unsecured Creditor

Crypto lender Genesis Global Capital has turned out to be the largest unsecured creditor of FTX.com and its affiliated companies. Genesis Global Capital leads the revised "Top 50 List" that represents FTX and its affiliated companies' major cr...

Policy

Jan. 19, 2023

World Economic Forum Wraps Up Davos 2023 With Sparks

DAVOS, Switzerland — The crypto world’s efforts to showcase a stable industry in front of the world’s elite wrapped up Thursday outside the World Economic Forum’s (WEF) annual conference in Davos. And in a reversal from the rest of the week, the...

Policy

Jan. 19, 2023

Crypto Lender Nexo to Pay $45M, Cease Offering EIP in Settlement With SEC

The U.S. Securities and Exchange Commission (SEC) charged crypto lender Nexo with failing to register the offer and sale of its Earn Interest Product (EIP). Nexo has agreed to pay a $22.5 million fine to the SEC and another $22.5 million to settl...

Policy

Jan. 19, 2023

Dutch Central Bank Chief Takes Aim at Jurisdictions That Attract Bad Crypto Actors at Davos Panel

DAVOS, Switzerland – Two European regulators, an Arab lawmaker and a lone crypto CEO sat down with a journalist in a snowy ski town on Thursday – and pretty quickly, the room was sweltering. It was the only mainstage panel focused explicitly on ...

Policy

Jan. 19, 2023

China Launches Smart Contract Functionality on Digital Yuan Through E-Commerce App Meituan

China has enabled smart contract functionality for its central bank digital currency (CBDC), the digital yuan, through the e-commerce app Meituan, one of China's largest food delivery and lifestyle apps. China has been at the forefront of CBDC d...

Policy

Jan. 19, 2023

Circle CEO: US Stablecoin Legislation Is ‘Lowest-Hanging Fruit’

Jeremy Allaire, CEO of peer-to-peer payment company Circle, is expecting the U.S. Congress to concentrate on stablecoin regulation this year for a simple reason. “Stablecoins are the lowest-hanging fruit,” Allaire told CoinDesk TV’s “ First Move...

Policy

Jan. 19, 2023

‘No Point’ to EU's Crypto Rules Unless World Follows Suit, Senior EU Official Says

DAVOS, Switzerland – New European Union crypto rules are pointless unless the rest of the world follows suit, the bloc’s leading financial services official told CoinDesk. In Switzerland to attend a gathering of the world’s economic elite, Europ...

Policy

Jan. 19, 2023

UK Trade Groups See Opportunity in Document Bill Under Debate in Parliament

The U.K.’s Electronic Trade Document Bill was described as a great local and global opportunity by trade association representatives testifying in Parliament on Thursday. Currently under debate, the bill could enable blockchain technology to b...

Policy

Jan. 19, 2023

2023: The Year Regulators Finally Grasp Crypto?

2023 seems to have gotten off to a pretty good start for the digital assets space. Instability at several crypto projects seems to have at least temporarily resolved itself, and it’s been a few weeks since the last disastrous headlines. Asset ...

Policy

Jan. 18, 2023

Circle, Uniswap Research Says DeFi Can Solve $2 Trillion FX Risk Problem

Every day, about $2.2 trillion in foreign-exchange (FX) transactions carry a risk that the yet-to-be settled side of an agreement won’t meet obligations. But a new paper from Circle Internet Financial and decentralized exchange Uniswap Labs fin...

Policy

Jan. 18, 2023

World Leaders Warmed to Blockchain at Davos This Year, Despite Crypto Winter

Hey folks. I’m in Davos, Switzerland, through the rest of this week covering the World Economic Forum’s annual conference and the crypto panels held adjacent to the main event. Feel free to reach out on Telegram if you’re here. You’re reading...

Policy

Jan. 18, 2023

Davos Day 3 Shows Conflicting Visions for the Metaverse, CBDCs

DAVOS, Switzerland – Conversations around blockchain on day three of Davos show architects of the metaverse are still trying to figure out what exactly it is – and regulators hinting central bank digital currencies (CBDCs) could potentially do mo...

Policy

Jan. 18, 2023

Crypto Lawyers Share Blame for FTX, Other Disasters, CFTC Commissioner Says

Lawyers, accountants and other financial professionals should have stepped in to halt the fatal mistakes going on inside crypto firms such as FTX long before they imploded, said Christy Goldsmith Romero, a commissioner with the U.S. Commodity F...

Policy

Jan. 18, 2023

US Disrupts Bitzlato Crypto Exchange, Arrests Founder

The U.S. Justice Department and Treasury Department have targeted Bitzlato Limited with accusations of money laundering, officials said in a Wednesday press conference. The Hong Kong-based platform Bitzlato has been disrupted by authorities and ...

Policy

Jan. 18, 2023

Digital Dollar Project Warns on US Cautious Approach to CBDCs

The United States may have conceded a head start to other nations in "setting global standards for the future of money" regarding central bank digital currencies (CBDC), but in the future the country "should lead the development of an internation...

Policy

Jan. 18, 2023

Justice Department to Announce Major International Crypto Enforcement Action

The U.S. Justice Department plans to announce a major international cryptocurrency enforcement action at noon ET on Wednesday. The press conference will be led by Deputy Attorney General Lisa Monaco, and other speakers will include Assistant At...

Policy

Jan. 18, 2023

Thailand SEC Issues Regulations for Crypto Custody Providers

Thailand's Securities and Exchange Commission has issued regulations for crypto custody providers to establish a digital wallet management system to ensure clients safety according to a press release on Tuesday. The regulations took affect on ...

Policy

Jan. 18, 2023

Crypto Speculation Has Had Its “Comeuppance”: Raghuram Rajan

DAVOS, Switzerland — Crypto as a speculative asset class has had its “comeuppance” said economist and former governor of India’s central bank, Raghuram Rajan. But that doesn’t mean the technology that underlies crypto deserves punishment as well...

Policy

Jan. 18, 2023

Blockchain’s Non-Crypto Applications Take Center Stage on Davos Day 2

DAVOS, Switzerland — Blockchain, not crypto.. From propping up climate solutions and delivering humanitarian aid to Ukraine to moving on from the stunning collapse of FTX, the second day of the World Economic Forum's 2023 annual conference saw d...

Policy

Jan. 17, 2023

French Crypto Companies Must Seek Authorization by 2024 Under New Lawmaker Plans

Crypto companies in France would have to seek authorization from regulators to operate if they are not already registered with the country’s financial regulator by Jan. 1, 2024, under plans adopted by lawmakers at the National Assembly on Tuesday...

Policy

Jan. 17, 2023

Finnish Minister Calls for EU Law to Recognize DAOs

DAVOS, Switzerland — The European Union should consider legislation to recognize decentralized autonomous organizations (DAOs) that govern Web3 applications, Finland’s communications minister said during a panel at this year's World Economic Foru...

Policy

Jan. 17, 2023

FTX Debtors Give Details on Digital Assets Identified So Far

FTX Trading and its affiliated debtors, collectively known as the FTX Debtors, have provided details on the digital assets they’ve identified so far in their attempts to recover funds from the bankrupt crypto exchange and its subsidiaries, accord...

Policy

Jan. 17, 2023

Ukraine Deputy Prime Minister: I'll Take Salary in CBDC

DAVOS, Switzerland — Ukraine’s deputy prime minister wants to be the first user of a planned new central bank digital currency (CBDC) and take his salary in e-hryvnia, he told reporters at the World Economic Forum. New laws will make the country...

Policy

Jan. 17, 2023

Congress' FTX Problem: 1 in 3 Members Got Cash From Crypto Exchange's Bosses

More than one in three of the 535 senators and representatives in the U.S. Congress showed up to the new session with FTX baggage, having received campaign support from one of the senior executives of the fraud-ridden crypto giant. CoinDesk has ...

Policy

Jan. 17, 2023

Crypto Lender Nexo Sues Cayman Island's Regulator for VASP Registration

Crypto lender Nexo has sued the Cayman Islands Monetary Authority to get the regulator to reverse its rejection of Nexo's application to register as a virtual asset services provider (VASP), according to a court document filed last week. The reg...

Policy

Jan. 17, 2023

UK Court Sentences 4 Men to 15 Years Prison for $26M Crypto Fraud

Four men were sentenced to 15 years in prison by a U.K. court for fraudulently obtaining and laundering bitcoin and other cryptocurrency worth around $26 million from an Australian crypto exchange, the Crown Prosecution Service (CPS) said last ...

Policy

Jan. 17, 2023

European Union Postpones MiCA Vote to April

The European Union’s landmark new legislation, the Markets in Crypto Assets Regulation (MiCA), has been delayed due to technical reasons pushing the final vote till April. "MiCA is tabled to be voted by the plenary in April and to my knowledge, ...

Policy

Jan. 17, 2023

China's Digital Yuan Used to Buy Securities for the First Time: Report

The digital yuan (e-CNY), a digital token issued by the Bank of China, has been used to buy securities for the first time according to a local media outlet on Monday . Now investors can use the e-CNY to buy securities using the Soochow Securiti...

Policy

Jan. 17, 2023

Davos 2023: Crypto Is Down, but Not Out

DAVOS, Switzerland – The crypto industry showed up in force at the World Economic Forum’s annual conference in May 2022. Eight months, numerous bankruptcies and a major collapse later, the industry is still present in Davos, Switzerland, but wit...

Policy

Jan. 17, 2023

European Finance Ministers Take Stock of Digital Euro Progress

The Eurogroup, a body comprising the Finance Ministers of the Eurozone countries, said the digital euro could not be programmable money, in a statement on Monday. In other words, there would be no restrictions on the types of goods and services...

Policy

Jan. 16, 2023

Crypto Long-Term Adoption Depends On Regulation, Coinbase Exec Says

Crypto’s recent rally is a beacon of hope for the industry, but its lasting presence will depend on clear regulatory guardrails, according to Tom Duff Gordon, vice president of international policy at Coinbase (COIN). Joining CoinDesk TV’s “ F...

Policy

Jan. 14, 2023

DOJ Objects to FTX’s Choice of Lawyers, Citing Conflict of Interest

The U.S. Trustee has voiced objections to FTX hiring New York law firm Sullivan and Cromwell, claiming potential conflicts of interest due to its previous extensive, in a Jan. 13 legal filing . The complaint echoes those made by a bipartisan gr...

Policy

Jan. 13, 2023

Grayscale Slams SEC's 'Unreasonable' Barring of Spot Bitcoin ETFs

In a new court filing, digital asset management company Grayscale blasted the U.S. securities regulator for its "illogical" and "fundamentally unreasonable" argument against approving a spot bitcoin exchange-traded fund (ETF). The document filed...

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Jan. 13, 2023

Former SEC Lawyer Says Agency Pushing to Be Crypto Regulator With Gemini/Genesis Suit

The U.S. Securities and Exchange Commission may be looking to cement itself as the leading regulator of the digital-asset industry with its case against crypto firms Gemini Trust and Genesis Capital, Howard Fischer, a former SEC attorney, told Co...

Policy

Jan. 13, 2023

Crypto Bankruptcies Are Very Complicated

CoinDesk’s fees for Public Access to Court Electronic Records (PACER) went up tenfold over the past few months. You can probably guess why. A lot of the major crypto bankruptcy cases we’re following are now in full swing. FTX, BlockFi and Voyager...

Policy

Jan. 13, 2023

BitConnect’s Victims to Receive $17M in Restitution Seized From Scam’s Promoter

A California judge has ordered $17 million in restitution to be paid out to hundreds of victims of the BitConnect Ponzi scheme , the infamous global scam that collapsed in 2018. U.S. District Court Judge Todd Robinson in San Diego, California, ...

Policy

Jan. 13, 2023

Bloomberg, WSJ and CoinDesk Among Media Orgs Seeking to Know Who Bailed Out Sam Bankman-Fried

A wide range of major media groups have taken legal action to reveal the identities of the two non-parental parties who co-signed Sam Bankman-Fried's $250 million bail bond. Following the collapse of crypto exchange FTX, Bankman-Fried was arrest...

Policy

Jan. 13, 2023

Multi-Million Euro Crypto Fraud Operation in Bulgaria, Cyprus and Serbia Busted

Authorities have dismantled a crypto fraud operation operating out of Bulgaria, Cyprus and Serbia which defrauded victims of "at least tens of millions of euros," Eurojust, the European Union's cross-border agency for fighting organized crime, ha...

Policy

Jan. 13, 2023

FTX Cleared to Sell LedgerX, Japanese Units by Bankruptcy Judge

FTX can sell four key units including derivatives arm LedgerX and stock-clearing platform Embed, a Delaware bankruptcy judge ruled Thursday. Investment bank Perella Weinberg is now allowed to proceed with the sell-offs, which also includes the c...

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Jan. 12, 2023

SEC Alleges Gemini, Genesis Sold Unregistered Securities

The Securities and Exchange Commission (SEC) alleged crypto exchange Gemini and crypto lender Genesis Global Capital sold unregistered securities in a lawsuit late Thursday. The investment regulator took aim at the Gemini Earn, the troubled yiel...

Policy

Jan. 12, 2023

US House Republicans to Set Up Crypto Committee to Oversee Shaky Industry: Report

U.S. House Republicans plan to set up a crypto committee in a move that signals the GOP wants to make crypto oversight and legislation a priority, according to a report from Politico . Incoming Financial Services chair Patrick McHenry (R-N.C.) ...

Policy

Jan. 12, 2023

After FTX, Crypto Companies No Longer Have ‘Benefit of the Doubt’ on Capitol Hill, Says Congressman

Lawmakers on Capitol Hill may now be more skeptical about crypto companies thanks to the collapse of the FTX exchange, U.S. Rep. Jim Himes (D-Conn.) told CoinDesk TV’s “ First Mover .” “Shields are up,” Himes said. “The players in the industry n...

Policy

Jan. 12, 2023

Sam Bankman-Fried Blogs Like a Crypto Robin Hood, but in Court He's Not So Charitable

Sam Bankman-Fried’s surprise Substack post Thursday included these charitable lines: “Nearly all of my assets were and still are utilizable to backstop FTX customers,” he wrote. “I have, for instance, offered to contribute nearly all of my pers...

Policy

Jan. 12, 2023

FTX Loan Wiped Out $800M in BlockFi Executives’ Equity, Filings Reveal

A loan from FTX last year saw BlockFi executives’ equity holdings wiped out by a total $800 million – in exchange for which they granted themselves pay rises of as much as $500,000 each, filings show. A statement of financial affairs for the cry...

Policy

Jan. 12, 2023

CFTC Calls for Default Judgement Against Ooki DAO in Ongoing Lawsuit

The U.S. Commodity Futures Trading Commission (CFTC) is asking a federal judge to rule that a decentralized autonomous organization (DAO) violated federal commodities laws after it failed to respond to an ongoing lawsuit. The CFTC, which sued Oo...

Policy

Jan. 11, 2023

El Salvador Passes Law Paving the Way for 'Volcano Bond'

The Legislative Assembly of El Salvador approved on Wednesday a law for the issuance of digital assets other than bitcoin. Included in the legislation was a legal framework for the issuance of a bitcoin-backed bond, also known as the Volcano Bon...

Policy

Jan. 11, 2023

FTX Creditor Names Can Remain Sealed for Now, Judge Rules

A Delaware bankruptcy judge allowed a list of creditors for FTX to remain sealed for at least another three months on Wednesday. Judge John Dorsey, overseeing the wind-up of Sam Bankman-Fried’s empire, shot down a bid by media organizations and ...

Policy

Jan. 11, 2023

China Includes Digital Yuan in Cash Circulation Data for First Time

The People’s Bank of China included the country's digital currency in calculations of the amount of currency in circulation in December, a first for one of the early adopters of a central bank digital currency (CBDC) and the world's second-larges...

Policy

Jan. 11, 2023

Letter From US Senators 'Inappropriate,' Won’t Sway Me, FTX Bankruptcy Judge Says

A bipartisan letter from four U.S. senators is an “inappropriate” intervention in bankruptcy proceedings which won’t sway judicial decisions, Delaware judge John Dorsey told a court hearing Wednesday. The letter, from John Hickenlooper (D-Colo...

Policy

Jan. 11, 2023

FTX Has Recovered 'Over $5B' in Assets, Bankruptcy Attorney Says

Crypto exchange FTX has recovered more than $5 billion in different assets, not including another $425 million in crypto held by the Securities Commission of the Bahamas, a bankruptcy attorney said during a hearing Wednesday. "We have located ov...

Policy

Jan. 11, 2023

Binance Wins Seventh Approval in Europe, Registers With Swedish Regulator

Binance has registered with Sweden's Financial Supervisory Authority, making the Nordic country the seventh European jurisdiction in which the crypto exchange has been granted approval. Swedish residents will now be able to buy and sell crypto i...

Policy

Jan. 11, 2023

Five UK Associations Form Crypto Alliance to Steer Digital Asset Regulation

Five major U.K. associations have come together to form a crypto alliance geared at establishing better policies for the space according to a press release on Wednesday . The members of the U.K. Forum for Digital Currencies (UK FDC) include the...

Policy

Jan. 11, 2023

Crypto Exchange Zipmex Faces Probe From Thai Securities Regulator: Bloomberg

Thailand’s Securities and Exchange Commission (SEC) is investigating troubled crypto exchange Zipmex, Bloomberg reported on Wednesday citing a letter sent by the regulator to the company's chief. The SEC has written to Chief Executive Officer ...

Policy

Jan. 11, 2023

Hong Kong to Propose Approved Set of Crypto Tokens for Retail Trading: Reuters

Hong Kong's Securities and Futures Commission (SFC) will allow retail trading in a select group of cryptocurrencies as it attempts to introduce regularity clarity to crypto, Reuters reported on Wednesday . The watchdog plans to propose a subset...

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Jan. 11, 2023

BlockFi Creditors Battle to Keep Their Details Secret

BlockFi creditors are seeking to keep their personal details secret, arguing in a Tuesday court filing that they will be at risk of hacks or identity theft if their names are revealed as part of bankruptcy proceedings. Creditors of the bankru...

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Jan. 11, 2023

90% of WazirX's User Assets are in Binance Wallets, According to Proof Of Reserves Report

Indian crypto exchange WazirX released its proof of reserves report and with that disclosed that 90% of its user assets are held in Binance wallets. CoinGabbar, a third party platform that tracks crypto assets, released WazirX's proof of reser...

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Jan. 10, 2023

Bipartisan Group of US Senators Calls for Independent Examiner to Investigate FTX

A bipartisan group of four U.S. senators has sent a letter to the judge in the FTX bankruptcy case calling for an independent examiner to be appointed. The group is urging Judge John Dorsey to support a motion to appoint an examiner “to have ful...

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Jan. 10, 2023

Crypto Industry Hopes Turn to French Legislators as Regulators Back Mandatory License

Crypto advocates are pinning their hopes on France’s National Assembly, the lower house of the French Parliament, to overturn a legal change they worry could wreck France’s goal of becoming an innovative crypto hub. Making crypto companies seek ...

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Jan. 10, 2023

Crypto Exchange Operator Bithumb Investigated by South Korean Tax Authorities: Report

South Korea's tax authorities are probing Bithumb Holdings, the parent company of a crypto exchange based in the country, Yonhap News reported on Tuesday. The National Tax Service is reportedly investigating possible tax evasion via domestic a...

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Jan. 10, 2023

UK ‘Fully Behind’ Stablecoin for Wholesale Settlements, Says Treasury Official

The U.K. Government is “fully behind” a stablecoin for wholesale settlements that occur between banks, Andrew Griffith, the economic secretary, said in a meeting in Parliament on Tuesday. The stablecoin – a digital asset backed by fiat curren...

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Jan. 10, 2023

Nepal Orders Internet Providers to Block Crypto-Related Websites

Nepal's authorities have once again taken steps to block cryptocurrency related activities. In a Jan. 8 notification , Nepal's Telecommunications Authority instructed all internet service providers (ISPs) to prevent operating and managing crypto...

Policy

Jan. 10, 2023

Hong Kong’s Finance Regulator Calls for 'a More Solid Footing' for Crypto

HONG KONG – Christopher Hui first heard of crypto from some friends who were running investment funds and investing in virtual assets. Now, as secretary for Financial Services and the Treasury of Hong Kong (FSTB), he’s developing policy direction...

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Jan. 09, 2023

CFTC Alleges Market Manipulation Against Mango Markets Exploiter

The U.S. Commodity Futures Trading Commission (CFTC) brought manipulation charges against Mango Markets exploiter Avraham Eisenberg on Monday, just weeks after he was arrested by the U.S. Department of Justice (DOJ) on similar charges. A lawsui...

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Jan. 09, 2023

BlockFi Management Hasn't Withdrawn any Crypto Since October, Lawyers Tell Court

Executives of bankrupt crypto lender BlockFi have not withdrawn any of their own cryptocurrencies locked up in the platform since October, a lawyer for the company told a New Jersey court on Monday, contrasting it to fellow bankrupt crypto lender...

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Jan. 09, 2023

Robinhood Shares Worth Nearly $500M Seized in FTX Case

The U.S. Department of Justice (DOJ) has seized more than 55 million shares of Robinhood (HOOD) stock owned – via a holding company – by Sam Bankman-Fried and his FTX co-founder Gary Wang, according to a court document . The shares were worth ju...

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Jan. 09, 2023

Around 117 Parties Interested in Buying FTX Units, Court Documents Show

Around 117 parties have expressed an interest in buying units of FTX, a legal filing posted Sunday said, as a deadline for initial bids approaches. While the crypto company’s bankruptcy case could take years, the estate has prioritized the sale ...

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Jan. 09, 2023

French Financial Regulator Supports Faster Mandatory Licensing for Crypto Firms

France’s financial markets authority (AMF) wants to force crypto companies to seek a license if they aren’t already registered in the country, its chair Marie-Anne Barbat Layani said on Monday. Barbat-Layani appeared to be supporting a move prop...

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Jan. 09, 2023

FTX Opposition to $1B Binance Deal Is 'Hypocrisy and Chutzpah,' Voyager Says

Bankrupt crypto lender Voyager has defended its $1 billion plan to sell assets to Binance.US , calling criticisms “hypocrisy and chutzpah” based on unverified speculation, two legal filings posted late Sunday night show. The plan has been o...

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Jan. 06, 2023

2 More Promoters of Forcount Crypto Ponzi Scheme Arrested, Charged With Fraud

Two additional promoters of the Forcount Ponzi scheme – a Brazil-based crypto scam that defrauded Spanish-speaking investors around the world of a collective $8.4 million – have been arrested and charged with fraud for their role in the alleged...

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Jan. 06, 2023

FTX's US Leadership, Bahamas Liquidators Say They've 'Resolved' Most of Their Issues

FTX's U.S. leadership and the company's Bahamas wing's court-appointed liquidators have formed a cooperation agreement addressing how assets may be inventoried and disposed of, among other issues, a press release Friday said. FTX Trading, whi...

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Jan. 06, 2023

Brother of Criminal Bitcoin Mixing CEO Pleads Guilty to Stealing 712 Bitcoins From IRS

An Ohio family now has not one but two felons facing potentially lengthy prison sentences for crypto-related crimes. Cleveland man Gary Harmon, 31, pleaded guilty to one count each of wire fraud and obstruction of justice on Friday for stealin...

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Jan. 06, 2023

Singapore Arbitrator Rules Against Mining Software Firm Poolin’s IOU Model, But the Firm Hasn't Paid Yet

An independent arbitrator in Singapore has ordered embattled crypto mining software firm Poolin to return 88 bitcoins ( BTC ), worth about $1.5 million at recent prices, to a customer whose withdrawals were halted and crypto turned into I-owe-you...

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Jan. 06, 2023

SEC Investigating FTX Investors’ Due Diligence: Reuters

The U.S. Securities and Exchange Commission (SEC) is examining whether investors in bankrupt crypto exchange FTX correctly followed due diligence procedures, Reuters reported on Thursday, citing two sources familiar with the inquiry. In Decemb...

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Jan. 05, 2023

Developer of ‘Mutant Ape Planet’ NFTs Arrested, Charged With Fraud for Alleged $2.9M Rug-Pull

The developer of the Mutant Ape Planet non-fungible token (NFT) collection – a knock-off of the popular Mutant Ape Yacht Club NFT collection – has been arrested and charged with fraud for allegedly perpetrating a $2.9 million rug pull. Aurelien ...

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Jan. 05, 2023

French Central Bank Head Wants Crypto Licensing Ahead of MiCA Standards: Bloomberg

Bank of France Governor Francois Villeroy de Galhau is pressing for stricter regulatory requirements for crypto companies in France, according to a report from Bloomberg . This would be ahead of the European Union’s landmark Markets in Crypto A...

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Jan. 05, 2023

Bankman-Fried’s Alameda Joins Chorus Objecting to Binance Voyager Buy

Alameda Research, FTX’s defunct trading arm, has joined the list of protesters against a plan by rival exchange Binance's US affiliate to buy the assets of bankrupt crypto lender Voyager, according to legal filings posted Wednesday with a New Yo...

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Jan. 05, 2023

Former Celsius CEO Mashinsky Sued By New York State for Defrauding Investors

New York’s attorney general has sued Alex Mashinsky , the former CEO of Celsius Network, for defrauding hundreds of thousands of investors by making false statements about the condition of the company to encourage money to keep coming in. Attor...

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Jan. 05, 2023

Mango Markets Exploiter Must Stay Detained Pending Trial, Court Rules

Avraham Eisenberg, the perpetrator of a $110 million exploit on decentralized crypto exchange Mango Markets, must remain in jail pending trial, a Puerto Rico court has ruled, according to documents posted Wednesday . Bruce McGiverin, a judge at...

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Jan. 05, 2023

Celsius 'Earn' Assets Belong to Bankrupt Crypto Lender, Judge Rules

A federal judge ruled that customers of Celsius's interest-bearing "Earn" product had turned over control of their assets to the bankrupt crypto lender, meaning they are part of the company's bankruptcy estate. Judge Martin Glenn, the chief U.S....

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Jan. 05, 2023

Ex-FTX Lawyer Cooperated With US Prosecutors, Reuters Reports, Citing Source Familiar

A former lawyer of Sam Bankman-Fried's bankrupt FTX crypto firm provided details of what he knew about the company's dealings during a meeting with officials of the U.S. Department of Justice (DOJ), the Federal Bureau of Investigation (FBI) and t...

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Jan. 04, 2023

SEC Pursues $45M Scam Based in Fake Blockchain Technology

The U.S. Securities and Exchange Commission (SEC) accused alleged fraudster Neil Chandran and several others for orchestrating a scheme to get cash from tens of thousands of investors globally on the false promise that they were securing a lucr...

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Jan. 04, 2023

SEC Files Limited Objection to Binance.US’s $1B Deal for Voyager Assets

The U.S. Securities and Exchange Commission (SEC) has filed a limited objection to Binance.US's proposed $1.02 billion purchase of the assets of bankrupt crypto lender Voyager . In its filing, the SEC questioned the adequacy of the informatio...

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Jan. 04, 2023

US DoJ Is Seizing Banking Assets, Robinhood Shares Linked to FTX, Court Told

The U.S. Federal government has seized or is in the process of seizing a number of assets potentially linked to bankrupt crypto company FTX, including a number of shares in trading app Robinhood, officials have told a virtual court hearing in Del...

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Jan. 04, 2023

TradFi Fights for Tougher Crypto Rulebook in Wake of FTX Collapse

International plans to break up major crypto conglomerates appear to have been given a boost by the collapse of FTX, with allegations of misuse of funds revealing regulators’ worst fears to be true. Now major traditional finance (TradFi) players...

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Jan. 04, 2023

Coinbase Will Pay $50M Fine to New York Regulator to Settle Background Check Charges

Coinbase (COIN) will pay a $50 million fine to the New York State Department of Financial Services to settle charges that it let users open accounts without conducting sufficient background checks. The regulators found that the crypto exchange's ...

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Jan. 04, 2023

UK's Top Crime Agency Is Assembling a Team of Crypto Experts

The U.K.'s national agency for tackling organized crime plans to set up a specialized cryptocurrency and virtual assets team, according to a civil service job posting . Applicants for the position of "cryptocurrency investigator" are expected t...

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Jan. 04, 2023

Iranian Courts Order Return of Thousands of Seized Crypto Mining Machines: Reports

Courts in Iran have ordered the government to return thousands of seized crypto mining rigs, local media reported in the past week. In 2021, Iranian authorities banned mining and seized related equipment to deal with power shortages. Last ...

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Jan. 04, 2023

Indians Moved Over $3.8B to Foreign Exchanges Since Crypto Tax Rules: Research Study

Indians moved more than $3.8 billion in cumulative trading volume from local to international crypto exchanges after the nation announced stiff crypto tax rules on Feb. 1, 2022 , according to a research study by Esya Centre, a New Delhi-based ...

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Jan. 04, 2023

Israel’s Securities Watchdog Moves to Better Supervise Crypto Assets

The Israel Securities Authority (ISA) is moving to establish a new legal structure for digital assets that puts them largely under the authority’s umbrella, which could provide the industry with greater clarity. The amendments to the country’s...

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Jan. 03, 2023

US Federal Reserve, Other Agencies Continue to Warn Banks About Crypto

The U.S. Federal Reserve and other regulators issued a crypto warning for the banking system Tuesday, though the statement doesn’t extend any new policies about how traditional lenders deal with digital assets. “Given the significant risks hig...

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Jan. 03, 2023

Sam Bankman-Fried Pleads ‘Not Guilty’ to Fraud, Conspiracy Charges

FTX founder Sam Bankman-Fried pleaded “not guilty” to eight charges in federal court, including wire fraud and campaign finance allegations. The former CEO of the now-bankrupt crypto exchange made his second appearance in a New York courthouse o...

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Jan. 03, 2023

Previewing FTX Founder Sam Bankman-Fried’s Not Guilty Plea in Court

Happy New Year everyone! Thanks for sticking around as this newsletter heads into year three. And as is befitting the first issue of 2023, we’re going to spend today in court for FTX founder Sam Bankman-Fried’s arraignment. You’re reading State...

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Jan. 03, 2023

Compass Mining Wins $1.5M in Lawsuit Against Hosting Firm

Mining services broker Compass Mining won $1.5 million in a lawsuit against hosting provider Dynamics Mining, court documents from Dec. 29, 2022 show. Compass sued Dynamics in June 2022 for failure to provide services and withholding of clients'...

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Jan. 03, 2023

Sam Bankman-Fried's Lawyers Ask Court to Conceal Identities of $250M Bail Co-Signers

Lawyers for Sam Bankman-Fried asked a court to redact the names and identifying information of the two co-signers, in addition to his parents, for the former FTX CEO's $250 million bail, court filings from Tuesday show. In the filing, the lawyer...

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Jan. 03, 2023

Bahamas-FTX Dispute Heats Up as Bankman-Fried Prepares for Trial

A media and legal dispute between FTX’s new U.S. owners and regulators in the Bahamas has worsened as the two prepare to take their case to a full court hearing later this week. Each side is seeking to associate the other to the alleged underhan...

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Jan. 01, 2023

UK Enforces Crypto Tax Break for Foreigners Using Local Brokers

The U.K. is enforcing a tax exemption for foreign investors purchasing crypto through local investment managers or brokers starting Sunday . The tax break, announced in December, is a part of Prime Minister Rishi Sunak’s plans to turn the U....

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Dec. 30, 2022

CFIUS Plans to Review Any Deals Made By Bankrupt Crypto Lender Voyager

The Committee on Foreign Investments in the U.S. (CFIUS) will review transactions made by bankrupt crypto lender Voyager Digital Holdings, U.S. Attorney Damian Williams said in a filing on Friday . The move could affect the completion, timing an...

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Dec. 30, 2022

FTX, Congress, Stablecoins: What 2023 May Bring for Crypto Regulations

Can you believe this year started off with U.S. law enforcement officials arresting two individuals in connection with the 2016 Bitfinex hacked funds? For this week’s newsletter, the 102nd since we first launched in 2021, I asked CoinDesk’s Polic...

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Dec. 30, 2022

FTX’s International Customers Lawyer Up, Ask Judge to Rule That Customer Assets Are Not Property of FTX Estate

Lawyers representing FTX.com ’s non-US customers have joined the bankruptcy fray, filing a motion on Wednesday asking a Delaware judge to rule that customer assets locked in the collapsed exchange are customer property – not property of the FTX ...

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Dec. 30, 2022

Italian Parliament Approves 26% Crypto Gains Tax Under 2023 Budget

Crypto traders will be subject to Italy's 26% capital gains tax starting in 2023, according to a new budget that won parliamentary approval on Thursday. Italian Prime Minister Giorgia Meloni's 2023 expansionary budget – which was finalized in a ...

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Dec. 29, 2022

Turkish Central Bank Runs First CBDC Tests

This article is adapted from CoinDesk Turkiye. Follow CoinDesk Turkiye on Twitter. The Central Bank of Turkey (CBRT) has conducted the first tests of its Turkish digital lira. According to a statement released on Thursday, the CBRT succ...

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Dec. 27, 2022

Mango Markets Exploiter Eisenberg Arrested in Puerto Rico

Avraham Eisenberg, the crypto investor whose “ highly profitable trading strategy ” drained DeFi trading platform Mango Markets of crypto worth $110 million, was arrested Monday in Puerto Rico, court documents said. The self-described game theor...

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Dec. 27, 2022

DOJ Launches Criminal Probe into $400M FTX Hack: Bloomberg

The U.S. Department of Justice (DOJ) has reportedly launched a criminal probe into the alleged hack that drained nearly $400 million out of FTX-controlled wallets the night the Bahamas-based exchange filed for bankruptcy. Bloomberg first report...

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Dec. 27, 2022

New Judge Assigned in Sam Bankman-Fried Fraud Case

U.S. District Judge Lewis Kaplan has been assigned to preside over the fraud case against Sam Bankman-Fried. Kaplan replaces Judge Ronnie Abrams, who recused herself from the case on Friday because of a potential conflict of interest since her h...

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Dec. 27, 2022

FTX's Sam Bankman-Fried Borrowed From Alameda to Buy Robinhood Shares

Fallen FTX chief Sam Bankman-Fried borrowed hundreds of millions of dollars from Alameda Research to purchase his monster stake in Robinhood Markets Inc., according to court documents . In an affidavit provided to a Caribbean court before his a...

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Dec. 27, 2022

Japan Plans to Allow Local Listing of 'Foreign' Stablecoins: Nikkei

Japan's Financial Services Agency is seeking feedback on new regulations that would allow stablecoins issued outside the country to be listed on local exchanges, Japanese newspaper Nikkei reported on Monday. Under the draft regulation, local ...

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Dec. 23, 2022

Brazil’s Securities Regulator Allows Investment Funds to Invest in Crypto

This article is adapted from CoinDesk Brasil, a partnership between CoinDesk and InfoMoney , one of Brazil's leading financial news publications. Follow CoinDesk Brasil on Twitter. The Brazilian Securities and Exchange Commission (C...

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Dec. 23, 2022

Craig Wright Can Appeal Satoshi Defamation Finding, Norwegian Court Rules

Craig Wright has been given permission to appeal a Norwegian court ruling concerning his claim to be Satoshi Nakomoto, founder of bitcoin (BTC), CoinDesk has been told. In October, Helen Engebrigtsen, judge at the Oslo District Court, had ruled ...

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Dec. 23, 2022

SEC Increases Scrutiny of Audits of Cryptocurrency Companies: WSJ

The U.S. Securities and Exchange Commission (SEC) is increasing its scrutiny of audits of cryptocurrency companies in an effort to warn investors who may feel assured by audits such as proof-of-reserve reports, according to a Wall Street Journal ...

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Dec. 23, 2022

QuadrigaCX Has Had an Improbable Week

Over 100 bitcoin belonging to collapsed crypto exchange QuadrigaCX has left wallets tied to the exchange, with a majority flowing through a privacy tool. That probably isn’t good news. You’re reading State of Crypto, a CoinDesk newsletter looki...

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Dec. 22, 2022

Craig Wright Signals He's Given Up On Convincing Courts He Invented Bitcoin

Australian computer scientist Craig Wright may be ratcheting down a multi-year effort to convince courts that he is Satoshi Nakamoto, the pseudonymous creator of Bitcoin. I have been too angry for too long as I cared for external validation. Th...

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Dec. 22, 2022

Sam Bankman-Fried Released on $250M Bail Secured by Parents

A federal judge agreed to release former FTX CEO Sam Bankman-Fried after he appeared in U.S. federal court Thursday on charges that he was the mastermind behind the fraud and illicit movement of customer funds inside his former crypto empire, set...

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Dec. 22, 2022

FTX Investors’ Loss Is Wall Street Lawyers’ Gain

With founder Sam Bankman-Fried in FBI custody , his senior lieutenants cutting deals with prosecutors, and as many as 1 million creditors still waiting to get their money back, there seem to be few winners from the collapse of the FTX crypto e...

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Dec. 22, 2022

Brazil’s President Signs Crypto Regulations Into Law

This article is adapted from CoinDesk Brasil, a partnership between CoinDesk and InfoMoney , one of Brazil's leading financial news publications. Follow CoinDesk Brasil on Twitter . Brazil President Jair Bolsonaro on Thursday approve...

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Dec. 22, 2022

British Columbia Imposes 18-Month Moratorium on New Crypto Mining Operations

British Columbia became the third Canadian province to impose restrictions on crypto mining, saying it will not approve new connections to its power grid for 18 months. In recent weeks, utilities in Quebec and Manotiba imposed similar restri...

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Dec. 22, 2022

Alameda's Caroline Ellison, FTX's Gary Wang Plead Guilty to 'Fraud' Charges

Former Alameda Research CEO Caroline Ellison and FTX co-founder Gary Wang pleaded guilty to charges tied to FTX's collapse, U.S. Attorney Damian Williams announced Wednesday night. The two are cooperating with investigators, Williams announced....

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Dec. 21, 2022

Sam Bankman-Fried Is Being Extradited Wednesday, Bahamas Attorney General Says

FTX CEO Sam Bankman-Fried is being extradited to the U.S. on Wednesday, Ryan Pinder, attorney general of The Bahamas, said in a statement. "Today the Foreign Minister, who is the Minister responsible for the Extradition Act, signed the Warrant o...

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Dec. 21, 2022

One of Crypto’s Favorite US Senators Drops Swan-Song Bill on Eve of Retirement

Crypto ally U.S. Sen. Pat Toomey (R-Pa.) used one of his final days in office to send a last legislative message on regulating stablecoins. The final stretch of the waning Congress hasn’t produced any crypto surprises, and the industry’s lobbyis...

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Dec. 21, 2022

Bernie Madoff’s Lawyer: Sam Bankman-Fried Should ‘Shut Up’

Ira Lee Sorkin has two words of advice for Sam Bankman-Fried: “Shut up.” Sorkin once represented the late Ponzi schemer Bernie Madoff, the man to whom the disgraced CEO is often compared since the FTX crypto exchange imploded. Sorkin told CoinDe...

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Dec. 21, 2022

Craig Wright v. Peter McCormack: Judge Rules McCormack Should Pay Around $1.1M in Costs

Bitcoiner and podcaster Peter McCormack should pay Craig Wright, the Australian scientist who claims to be Bitcoin inventor Satoshi Nakamoto, around 900,000 British pounds (US$1.1 million) in costs following their legal battle, U.K. High Court Ju...

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Dec. 21, 2022

Another Crypto.com Ad Banned by UK Advertising Regulator

Crypto exchange Crypto.com had a Facebook ad banned by the U.K.'s Advertising Standards Authority (ASA), falling foul of the industry's self-regulatory organization for the second time this year. The ad for Crypto.com NFT was seen on the soc...

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Dec. 21, 2022

Private Banks to Manage Future Digital Euro Wallets, Transactions

Credit institutions and payment service providers will manage services associated with a digital euro issued by the European Central Bank, according to the bank's latest progress report on a retail digital currency. The European Union is one o...

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Dec. 21, 2022

Next Financial Crisis Will Be From Crypto if It's Not Banned: Indian Central Bank Governor

India's central bank Governor Shaktikanta Das has predicted that the next financial crisis will come from "private cryptocurrencies" if they are allowed to be regulated and not banned outright. Das was speaking at the Business Standard BFSI ...

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Dec. 20, 2022

EY Says It Is 'Aware' of 'Unauthorized' Quadriga Wallet Transfers

Ernst & Young said it has "become aware" that bitcoin (BTC) that'd been sitting QuadrigaCX's cold wallets has been moved elsewhere, according to a statement Tuesday. The company, which is acting as the bankruptcy trustee for the defunct Cana...

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Dec. 20, 2022

FTX Has Over $1B in Cash, Creditor Meeting Told

FTX executives are currently trying to claw back hundreds of millions of dollars in cash from hundreds of bank accounts as they seek to resolve the position of the collapsed crypto exchange, its creditors were told Tuesday. The company's new man...

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Dec. 20, 2022

Bankrupt Crypto Lender BlockFi Looks to Restart Certain Customer Withdrawals

Bankrupt crypto lender BlockFi has asked a U.S. court to green light customer withdrawals that are locked up in the platform, court filings show. Crypto held in BlockFi wallets belongs to customers and the company has “no legal or equitable inte...

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Dec. 20, 2022

Central African Republic Delays Crypto Coin Listing to 2023

The Central African Republic (CAR) won’t list its sango crypto coin until next year, according to an official statement. The country is one of the first in the world to declare bitcoin (BTC) legal tender, but its most senior judges have rejected...

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Dec. 19, 2022

Kazakhstan Tightens Regulation for Miners, Looks to Develop Broader Crypto Industry

Kazakh legislators approved a bill last week that will introduce corporate tax for bitcoin miners as well as restrictions for the industry’s energy consumption nationwide. The law, dubbed “On Regulating Digital Assets in Kazakhstan,” was one of ...

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Dec. 19, 2022

Bitcoin Addresses Tied to Defunct Canadian Crypto Exchange QuadrigaCX Wake Up

More than 100 bitcoins tied to the defunct Canadian crypto exchange QuadrigaCX were transferred out of cold wallets thought to be beyond anyone’s control over the weekend, after more than three years. QuadrigaCX went bankrupt in 2019 after the a...

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Dec. 19, 2022

Boris Johnson's Brother Quits as Binance Adviser

Jo Johnson, brother of former U.K. prime minister Boris Johnson, resigned from the advisory board of crypto exchange Binance exchange last week reports London's Telegraph . Johnson had joined as an adviser at a Binance subsidiary in September, ...

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Dec. 19, 2022

UK's Financial Services and Markets Bill Should be Passed by Spring 2023, Treasury Says

The U.K.'s wide-ranging Financial Services and Markets Bill (FSMB), which could give regulators more power over crypto, should be passed into law by next spring, a spokesperson from the Treasury told CoinDesk in a statement. The FSMB has already...

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Dec. 19, 2022

Kazakhstan to Press On With CBDC Development Until 2025

Kazakhstan will continue looking into a central bank digital currency (CBDC) until 2025 at least, the central bank said in a report published Thursday. In December 2021, the country said it was piloting a CBDC on R3's Corda platform and woul...

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Dec. 19, 2022

Nigeria to Recognize Crypto as Investment Capital: Report

In Nigeria, a new bill in the works could let local regulators recognize cryptocurrencies as capital for investment, according to a Sunday report by local news outlet Punch . If passed, the proposed Investments and Securities Act, 2007 (Amendme...

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Dec. 19, 2022

Sam Bankman-Fried Won’t Contest US Extradition: Reports

FTX founder and former chief executive Sam Bankman-Fried will no longer contest extradition to the U.S. from the Bahamas, multiple media outlets have reported, citing sources familiar with the matter. Bankman-Fried was arrested in the Bahamas fo...

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Dec. 16, 2022

Co-founder of OneCoin Pyramid Scheme Pleads Guilty, ‘CryptoQueen’ Still Wanted

One of the founders behind OneCoin pleaded guilty to federal U.S. charges on Friday after one of the largest financial scams of all time , according to the Department of Justice. The purported cryptocurrency project was fraudulent from its 201...

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Dec. 16, 2022

Japan to Exempt Token Issuers From Corporate Tax on Unrealized Gains

Japan’s ruling Liberal Democratic Party (LDP) tax committee approved a proposal to exempt crypto startups that issue their own tokens from paying corporate taxes on unrealized gains, a party politician said Friday. Akihisa Shiozaki, secretary-...

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Dec. 16, 2022

Basel Committee Endorses Global Crypto Banking Rules to Be Implemented by 2025

The Basel Committee on Banking Supervision (BCBS) has endorsed its global crypto banking rules for implementation by Jan. 1, 2025, according to an emailed statement on Friday. An accompanying document by the committee, which is the primary glo...

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Dec. 16, 2022

US Rings Crypto Warning Bell That Regulators Say Only Congress Can Silence

There are hazardous gaps in how crypto is overseen, according to the latest annual report from the Financial Stability Oversight Council (FSOC) – restating a view that’s long been adopted by U.S. lawmakers, regulators and the industry itself. Th...

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Dec. 16, 2022

Media Groups Get Right to Argue for Publication of FTX’s Million-Strong Creditor List

Media companies including the New York Times and Bloomberg will be allowed to formally plead for FTX to publish the full list of as many as a million of its creditors, U.S. Judge John Dorsey ruled Friday. Since the crypto exchange collapsed Nov....

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Dec. 16, 2022

DeFi Can Exacerbate Volatility Without Even Avoiding Middlemen, BIS Reports Say

Decentralized finance (DeFi) could lead to bumpier financial markets, and may not even fix problems of large intermediaries dominating, two papers published Friday by the Bank for International Settlements (BIS) said. The papers put a damper on ...

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Dec. 16, 2022

EU Rules for Distributed Ledger Financial Trading Finalized Ahead of March Pilot

European Union (EU) regulators have set out how to apply to run a financial market based on distributed ledger technology (DLT) – clearing the way for a new pilot regime to start next March. Lawmakers in the bloc reckon the technology underpinni...

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Dec. 16, 2022

Embattled Crypto Firm FTX Wants to Sell Its Functioning Units, Including LedgerX

Crypto exchange FTX petitioned a federal court for permission to sell several subsidiaries on Thursday, including U.S.-based derivatives wing LedgerX. In a document filed to the Bankruptcy Court of Delaware, attorneys for FTX said it was a pri...

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Dec. 15, 2022

Incoming House Financial Services Committee Chair Asks Secretary Yellen to Delay Crypto Tax Provision

The top Republican on the House Financial Services Committee wants the U.S. Treasury Department to delay implementing the crypto tax provisions in last year's Infrastructure Investment and Jobs Act until there is further clarity around who's cove...

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Dec. 15, 2022

US Government Wants to ‘Send a Message’ to Crypto With SBF’s Arrest, Says Former US Prosecutor

The arrest of former FTX CEO Sam Bankman-Fried (SBF) has provided U.S. government regulators with a way to “send a message” to the crypto industry, said a former prosecutor for the U.S. Justice Department’s Securities and Commodities Fraud unit. ...

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Dec. 15, 2022

BZeroX Founders Are No Longer Part of Ooki DAO, Lawyer Says

Tom Bean and Kyle Kistner, the founders of bZeroX, a company which eventually became Ooki DAO, are no longer tied to the decentralized autonomous organization (DAO), an attorney for the duo said. Bean and Kistner founded bZeroX, which ultimately...

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Dec. 15, 2022

Wintermute, Venture Cap Octopus Given Seats on Key FTX Creditor Committee

Crypto trading firm Wintermute Asia PTE. has gained a seat on the coveted creditors’ committee for FTX, allowing it to steer decisions about the winding up of the failed crypto exchange alongside entities from the Caribbean, Hong Kong and U.S, ac...

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Dec. 15, 2022

New York Banks Must Seek Advance Permission for Crypto Activity, Regulator Says

New York State-registered banks will need to seek regulatory permission 90 days before they get involved in cryptoassets, even if it's via a third party, new guidance from the state regulator said. Banks will have to submit business plans and op...

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Dec. 15, 2022

Incoming FCA Chair Calls Crypto Firms Like FTX 'Deliberately Evasive'

Crypto firms like FTX are "deliberately evasive", the incoming chair of U.K. Financial Conduct Authority (FCA) , Ashley Alder, told the Treasury Committee in a meeting on Wednesday . Alder told the committee that he will be starting with the...

Policy

Dec. 15, 2022

Top FTX Group Executive Tipped Off Bahamas Authorities About Comingling of Funds in November

A top executive of the FTX group of companies told Bahamas police that funds were comingled between the crypto exchange and its sister trading firm Alameda Research as early as Nov. 9, court documents show . Ryan Salame, the co-chief executive ...

Policy

Dec. 14, 2022

After Sam Bankman-Fried's Arrest, the FTX Show Goes On

Strap in folks: It’s a big week. Former FTX CEO Sam Bankman-Fried and current FTX CEO John J. Ray III were supposed to speak to the House Financial Services Committee. Obviously, things didn’t quite work out that way. You’re reading State of Cr...

Policy

Dec. 14, 2022

Sam Bankman-Fried Was a ‘Pathological Liar’: Congressman

Rep. Ritchie Torres (D-N.Y.) told CoinDesk TV’s “ First Mover ” on Wednesday FTX CEO Sam Bankman-Fried is a “pathological liar.” Torres, a member of the House Financial Services Committee, added that “there’s evidence to suggest this much.” Torr...

Policy

Dec. 14, 2022

FTX Hearing in US Senate Reveals Congress Doesn’t Have Immediate Answers

The crypto industry is calling for U.S. regulations as the epic failure of FTX drags at the sector. Most regulators say they can’t do the job without more powers from Congress. So far, a sound-and-fury campaign from lawmakers hasn’t shown a path ...

Policy

Dec. 14, 2022

FTX Bankruptcy Court Warned Against Granting Bahamas 'Dangerous' IT Access

A dispute over access to FTX’s computer systems deepened Wednesday, with Delaware Judge John Dorsey attempting to smooth over the waters on rival claims from the U.S. and the Bahamas. Giving access to FTX's platform would let funds slip away to ...

Policy

Dec. 14, 2022

US Senators Warren, Marshall Introduce Digital Assets Anti-Money Laundering Bill

U.S. Senators Elizabeth Warren (D-Mass) and Roger Marshall (R-Kan) are introducing an bill to crack down on money laundering and financing of terrorists and rogue nations via cryptocurrency. If it becomes law, the Digital Asset Anti-Money Laund...

Policy

Dec. 14, 2022

Indian Crypto Traffic Took a Nosedive as Tax Regime Tightened

Indians have lost interest in trading on local crypto exchanges since the government began imposing taxes on profits and transactions, data from AppTweak and SimilarWeb shows. However, interest in Binance, the world's largest exchange by trading...

Policy

Dec. 14, 2022

Bitcoin Miners’ High Hopes for Latin America Dented by Paraguay

The promise of Latin America as the future of crypto mining was subdued by news that Paraguay won’t cap the price of electricity for the industry. At the World Digital Mining Summit in Cancun, Mexico, last month, Bitmain, the world’s largest bit...

Policy

Dec. 14, 2022

Celsius Seeks $7.7M From Voyager's Estate as Bankruptcy Cases Intertwine

Lawyers for bankrupt lender Celsius are seeking to claw back $7.7 million from the estate of rival Voyager, as judges wrangle over the exact legal status of Celsius’ assets. The U.S. bankruptcy code allows clawback of transactions that took plac...

Policy

Dec. 14, 2022

Australia Moves to Tighten Safety Around Crypto in 2023

The Australian government has promised to establish a framework for the licensing and regulation of crypto service providers in 2023, the nation's Treasury announced on Wednesday. The move is part of a plan to modernise Australia’s financial s...

Policy

Dec. 13, 2022

Judge Approves Sale of Self-Custody Platform to Galaxy Digital in Celsius Bankruptcy

Judge Martin Glenn has approved the sale of crypto self-custody platform GK8 to Galaxy Digital as part of the bankruptcy proceedings of crypto lender Celsius Network, according to a court order issued on Tuesday. Mike Novogratz’s crypto-focuse...

Policy

Dec. 13, 2022

FTX Founder Sam Bankman-Fried Denied Bail in the Bahamas

NASSAU, The Bahamas—FTX founder and former CEO Sam Bankman-Fried will be remanded into custody after a Bahamas judge ruled he should be denied bail on Tuesday. This is a developing story and will be updated.

Policy

Dec. 13, 2022

Brazil Central Bank Plans to Launch a CBDC in 2024

The Central Bank of Brazil plans to introduce a central bank digital currency (CBDC) by 2024, the bank's President Roberto Campos Neto said at a conference hosted by Brazilian news site Poder360 on Tuesday. The bank will conduct a pilot progra...

Policy

Dec. 13, 2022

FTX CEO Warned Not to ‘Obstruct’ Bahamas Probe as He Gives Testimony

The Bahamas securities regulator has reacted angrily to what it says are "misstatements" made by the chief executive of FTX, accusing John J. Ray III of obstructing an investigation into the collapsed crypto firm. In a statement circulated as Ra...

Policy

Dec. 13, 2022

FTX Debacle Could Lead to Crypto Legislation ‘Momentum’: Blockchain Association’s Kristin Smith

Mending crypto’s reputation on Capitol Hill, tarnished in the wake of crypto exchange FTX’s collapse , will require continuing to engage with U.S. policymakers, according to Kristin Smith , executive director of the Blockchain Association. For...

Policy

Dec. 13, 2022

FTX Founder Sam Bankman-Fried Formally Charged With Conspiracy, Fraud in US Court

U.S. prosecutors revealed a litany of charges against Sam Bankman-Fried, the founder and former CEO of crypto exchange FTX, including wire fraud, conspiracy to commit money laundering and campaign finance violations early Tuesday. Bankman-Fried ...

Policy

Dec. 13, 2022

CFTC Plans to Sue Sam Bankman-Fried for Fraud: Report

U.S derivatives regulator Commodity Futures Trading Commission (CFTC) is planning to sue the co-founder of bankrupt crypto exchange FTX, Sam Bankman-Fried, for fraud, Bloomberg reported, citing a source. CFTC will bring a case against Bankman-Fr...

Policy

Dec. 13, 2022

Canadian Securities Regulators to Strengthen Crypto Oversight After FTX Collapse

The Canadian Securities Administrators (CSA) will strengthen its approach to crypto oversight following the recent events in the crypto market according to a statement on Monday. The body, which consists of securities regulators from each of t...

Policy

Dec. 13, 2022

US SEC Charges Sam Bankman-Fried for Defrauding FTX Investors

The U.S. Securities and Exchange Commission (SEC) has charged Sam Bankman-Fried, the former CEO of defunct crypto exchange FTX, for defrauding investors of his platform, according to a release on Tuesday. The charges come a day after Bankman-F...

Policy

Dec. 13, 2022

FTX's Bahamas Liquidators Seek to Exclude Over $200M Worth of Luxury Properties From Liquidation

The Bahamas liquidators are seeking to exclude over $200 million worth of luxury properties in the country from the estate of FTX, as the bankrupt crypto exchange seeks to wind up and repay creditors in the U.S., court documents filed on Monday r...

Policy

Dec. 13, 2022

Top US Lawmaker Says FTX Hearing Will Continue Without Sam Bankman-Fried

A hearing by the House Financial Services Committee on the collapse of crypto exchange FTX will go on as planned on Tuesday even without the firm's former CEO and founder Sam Bankman-Fried, who has been arrested. Bankman-Fried was taken into cu...

Policy

Dec. 12, 2022

FTX Founder Sam Bankman-Fried Arrested, Bahamas Says

The Royal Bahamas Police Force arrested FTX founder Sam Bankman-Fried, a press statement said. The arrest came after the U.S. filed criminal charges against Bankman-Fried, the statement said, and the nation expects the U.S. to request The Bahama...

Policy

Dec. 12, 2022

US Senators Rebuke Sam Bankman-Fried for Refusing Invitations to Testify

Former FTX CEO Sam Bankman-Fried has rebuffed attempts from the top members of the Senate Banking Committee to get him to testify, despite a willingness to participate in several other interviews and a similar hearing in the House of Representati...

Policy

Dec. 12, 2022

SEC Strikes Back in Grayscale Suit Over GBTC ETF Conversion

The U.S. Securities and Exchange Commission (SEC) filed a brief last week defending itself against claims its denial of Grayscale Investment’s application to convert its flagship Grayscale Bitcoin Trust (GBTC) into a spot bitcoin exchange-traded ...

Policy

Dec. 12, 2022

FTX US 'Was Not Independent' of Parent Company, New FTX CEO Will Say in House Testimony

FTX's new leadership is "working around the clock" to find and secure the defunct crypto exchange's assets, its new CEO will tell U.S. lawmakers on Tuesday, according to published remarks released Monday . John Ray III, who assumed leadership o...

Policy

Dec. 12, 2022

Pro-Crypto EU Lawmaker Eva Kaili Set to Lose Vice-Presidency Amid Corruption Probe

European Union lawmaker Eva Kaili, who has taken an active role in efforts to regulate crypto in the 27-nation bloc, could be stripped of her job as a vice president of the European Parliament after RTBF reported she was among four people charge...

Policy

Dec. 12, 2022

Chinese Police Arrest 63 People Accused of Laundering $1.7B Using Cryptocurrency

Chinese police have arrested 63 people in a massive case that laundered 12 billion yuan ($1.7 billion) for both domestic and foreign criminal groups using cryptocurrency, according to a statement released over the weekend . The criminal group b...

Policy

Dec. 12, 2022

Goldman: Regulators Should Protect Crypto Investors at the Point of Trust, Not the Blockchain

The demise of FTX is a story as old as financial markets and does not reflect a failure of blockchain technology, but the lack of regulation around the “point of trust” – where money is exchanged on the promise of a future return, Goldman Sachs...

Policy

Dec. 12, 2022

Crypto Payments App MoonPay Gains UK Regulator Registration

Cryptocurrency payments app MoonPay secured registration with the U.K.'s Financial Conduct Authority (FCA), signifying compliance with local money laundering rules. The company, which provides a programming interface that deals with procedures t...

Policy

Dec. 12, 2022

Terra's Do Kwon Is in Serbia, CoinDesk Korea Reports

Do Kwon, who is wanted internationally in connection with the collapse of the Terra ecosystem, has moved to Serbia through Dubai, CoinDesk Korea reported on Monday. Kwon was the co-founder and CEO of Terraform Labs, which was behind the stable...

Policy

Dec. 09, 2022

Class Action Lawsuit Against FTX’s Celebrity Promoters and Sam Bankman-Fried Is Quietly Dropped

A class action lawsuit filed against former FTX CEO Sam Bankman-Fried and a host of paid celebrity promoters for the now-defunct crypto exchange has been dropped. On Thursday, lawyers for the suit’s lead plaintiff, Edwin Garrison, filed a volunt...

Policy

Dec. 09, 2022

EU Lawmaker Kaili Suspended From Party in Corruption Scandal

European Parliament Vice President Eva Kaili, a key figure in ongoing efforts to regulate crypto in Europe, has been suspended from her party in reaction to reports that she and others are allegedly tied to a wide-ranging corruption scandal invol...

Policy

Dec. 09, 2022

India Looks to Coordinate Global Crypto Rulemaking as It Assumes G-20 Presidency

India, a country that has at times sought to ban and severely limit crypto usage within its borders, has as of Dec. 1 assumed the presidency of the Group of 20 – the intergovernmental forum of some of the world’s largest economies – just as much ...

Policy

Dec. 09, 2022

EU’s McGuinness Urges Speedier Vote on Long-Delayed Crypto Laws

EU Commissioner Mairead McGuinness wants to speed up a vote on landmark crypto laws that has been repeatedly pushed back for procedural reasons, according to a Nov. 29 letter seen by CoinDesk. The letter, given to CoinDesk in response to a fre...

Policy

Dec. 09, 2022

Japanese Regulator Extends FTX Japan’s Suspension as Users Wait for Their Funds

Japan’s Financial Services Agency (FSA) has extended FTX Japan's suspension to Mar. 9. An earlier suspension order , issued on Nov. 10 after FTX Japan halted user withdrawals, was set to expire on Friday. The FSA reiterated its earlier positi...

Policy

Dec. 09, 2022

Sam Bankman-Fried Agrees to Testify in Front of US House Financial Committee

Sam Bankman-Fried, the former chief executive of bankrupt crypto exchange FTX, has said he'll testify at a December 13 meeting of the House Financial Services Committee. Bankman-Fried Friday tweeted he was "willing" to testify in response to r...

Policy

Dec. 09, 2022

UK Extends Crypto Tax Break for Investment Managers in Financial Reforms

The U.K. has confirmed it will extend tax breaks for investment managers to cover crypto assets, after Prime Minister Rishi Sunak said he wanted to make the country a crypto hub. In October, minister Andrew Griffith said he wanted to “ tentative...

Policy

Dec. 08, 2022

SEC Tells US-Listed Companies They’d Better Disclose Crypto Damage

Crypto’s pains are being shared by a wide array of companies. The U.S. Securities Exchange Commission (SEC) is warning public companies that if they have a stake in the industry’s recent torments, they’d better tell investors. “Recent bankruptci...

Policy

Dec. 08, 2022

Former White House Adviser: Biden's Executive Order on Crypto Is 'Balanced' but ‘Gaps’ Remain

Which federal agency should regulate crypto? That still needs to be worked out, said Carole House , a former director of cybersecurity and secure digital innovation for the White House who co-authored President Joe Biden’s executive order on cr...

Policy

Dec. 08, 2022

US Lawmakers Want Environmental Agency to Study Crypto Mining's Energy Impact

U.S. Senators Ed Markey (D-Mass.) and Jeff Merkley (D-Ore.) and Rep. Jared Huffman (D-Calif.) introduced a bill Thursday that would, if passed, direct the Environmental Protection Agency to study the energy usage and environmental impact of crypt...

Policy

Dec. 08, 2022

US Watchdog Says Banks Shying Away From Stumbling Crypto Industry

U.S. banks have been cooling in their crypto interest since this year’s twin failing of Terra (and its currency, LUNA) and FTX, said Michael Hsu, the acting chief of the Office of the Comptroller of the Currency (OCC). “Overall, I can say – and ...

Policy

Dec. 08, 2022

Some Central Banks Are Looking to Issue a CBDC Within 10 Years: OMFIF

Crypto is in the depths of a winter recently spurred by bankruptcies from some of the most prominent companies, like exchange FTX and crypto lender Celsius but these market conditions have only convinced countries to develop Central Bank Digi...

Policy

Dec. 08, 2022

Leader of Suspected Russian Ponzi Scheme Is Arrested in UAE: Report

Interpol arrested Edvard Sabirov, one of the top figures in the Finiko investment fund that is said to have swindled about $95 million from investors in Russia and was identified by the central bank as having "signs of a Ponzi scheme ,” RIA Novo...

Policy

Dec. 08, 2022

EU to Make Crypto Companies Report Tax Details to Authorities

The European Commission plans to make crypto companies report user holdings to tax authorities, it said Thursday – but the European Union (EU) body says it’s still working on how to enforce the measures on wallet providers or exchanges based outs...

Policy

Dec. 08, 2022

Hong Kong Amends Finance Law to Incorporate Crypto Firms

Hong Kong is to subject crypto providers to the same anti-money laundering and counter-terrorist financing laws that it does traditional finance firms. The territory's Legislative Council voted to add virtual asset service providers (VASPs) to t...

Policy

Dec. 08, 2022

Kim Kardashian Wins Investor Lawsuit Over EthereumMax

Reality TV star Kim Kardashian won a lawsuit against her and other celebrities over their endorsement of cryptocurrency platform EthereumMax (EMAX) on Tuesday after a judge dismissed the case due to the fact that the allegations were insufficient...

Policy

Dec. 08, 2022

Senate Committee to Subpoena FTX's Sam Bankman-Fried If He Does Not Testify

The Senate Banking Committee wants Sam Bankman-Fried to appear before it next week in person to discuss the collapse of FTX, and will subpoena him if he does not appear voluntarily, a letter from its leaders said Wednesday. Senators Sherrod Brow...

Policy

Dec. 07, 2022

House Financial Services Chief Waters Not Planning to Subpoena Sam Bankman-Fried: Report

House Financial Services Committee Chairwoman Maxine Waters (D-Calif.) told a group of Democrats that she doesn’t plan to subpoena former FTX CEO Sam Bankman-Fried to testify at a hearing on the crypto exchange’s collapse next week , according to...

Policy

Dec. 07, 2022

Gensler Says SEC Is Fine Going After Crypto With Its Current Authority

U.S. Securities and Exchange Commission Chairman Gary Gensler isn’t waiting for new powers from Congress in order to enforce securities laws against crypto companies, though he said Wednesday that it would be good to have more money and additiona...

Policy

Dec. 07, 2022

US Sen. Cynthia Lummis: Ether Is Now a Security; My Bill Might Have Stopped FTX

The U.S. senator behind one of the more important pieces of bipartisan crypto legislation in the works said bitcoin is the only cryptocurrency that can be considered a commodity because ether is now a security thanks to September's Ethereum Merge...

Policy

Dec. 07, 2022

South Korea’s Central Bank Wants to Oversee Stablecoins: Report

The Bank of Korea (BoK) wants to play an active role in monitoring stablecoins, according to a report issued Monday. It singled out stablecoins as needing more stringent regulation compared to other crypto assets since they have the potential t...

Policy

Dec. 07, 2022

Spain’s Central Bank Opens Call for Proposals for a Wholesale CBDC Project

The Bank of Spain plans to start a wholesale central bank digital currency (CBDC) project and on Monday opened a call for proposals from financial institutions and technology solution providers. The program seeks to simulate the funds movement o...

Policy

Dec. 07, 2022

US Justice Dept Arrests Blockchain Company Official on Charges He Defrauded Firm of More Than $1M

The Justice Department has accused Rikesh Thapa of defrauding his startup tech firm of more than $1 million in U.S. currency, cryptocurrency and utility tokens, according to a press release on Wednesday . The 28-year-old Thapa was arrested on W...

Policy

Dec. 07, 2022

ECB Official Says Energy-Intensive Crypto Should Be Banned

Crypto assets should be banned if they are too energy intensive, European Central Bank board member Fabio Panetta said in a Wednesday speech that added to the ECB's previous criticism of private digital currencies. Investors have been caught i...

Policy

Dec. 07, 2022

The UK Payment Systems Regulator Is Firming Up Its Approach to Regulating Crypto

The U.K.’s Payments Systems Regulator is exploring how it can regulate the crypto sector, starting by looking at distributed ledger technology, said Nick Davey, a payment specialist at the agency. The PSR, a fairly new regulator that became ful...

Policy

Dec. 07, 2022

OneCoin Co-Conspirator Frank Schneider Faces Money Laundering Charges in Unsealed Indictment

An alleged participant in the OneCoin $4 billion ponzi scheme, Frank Schneider is facing charges of wire fraud and money laundering, according to a 2020 indictment unsealed this week in U.S. District Court in the Southern District of New York. ...

Policy

Dec. 07, 2022

Three Arrow Capital's Zhu, Davies Subpoenaed in US Bankruptcy Case

A New York judge has agreed to issue subpoenas against the founders of Three Arrows Capital as liquidators seek to wind the collapsed crypto fund up. “The Foreign Representatives and their agents are authorized to serve subpoenas for the product...

Policy

Dec. 07, 2022

US Lawmakers Want State Department to Disclose Crypto Rewards

U.S. lawmakers want the Department of State, the arm of the federal government responsible for foreign policy, to reveal the rewards it pays in crypto, according to the National Defense Authorization Act (NDAA). The State Department is to inform...

Policy

Dec. 07, 2022

Early Bitcoin Pioneer Ian Freeman Goes to Trial in New Hampshire

CONCORD, New Hampshire — Federal prosecutors say early bitcoin pioneer and Libertarian activist Ian Freeman and a group of his associates helped scammers and other criminals launder more than $10 million using bitcoin through a network of bitcoin...

Policy

Dec. 06, 2022

Exploring Biden’s Executive Order on Crypto, 6 Months In

You thought we’d talk more about FTX huh, didn’t you? We will, but not this week. CoinDesk published its annual Most Influential series on Monday, highlighting a number of regulators, lawmakers and similarly impactful individuals. I spoke to Caro...

Policy

Dec. 06, 2022

US House Investigators Say Rep. Cawthorn Improperly Promoted Crypto Token

Rep. Madison Cawthorn (R-N.C.) is already exiting the U.S. Capitol after losing his seat in this year’s elections, but an ethics investigation unveiled Tuesda y will secure something of a legacy for the young congressman: How not to promote cryp...

Policy

Dec. 06, 2022

Financial Stability Watchdogs Vow to Tackle DeFi, Learn FTX Lessons

Financial-policy makers from across the globe vowed Tuesday to take a closer look at the risks of decentralized finance (DeFi) as they rake over the coals of collapsed Bahamas-based crypto exchange FTX. Members of the Financial Stability Board...

Policy

Dec. 06, 2022

Paraguay Votes Down Crypto Regulatory Bill in a Blow to Crypto Mining Industry

Paraguay's lower house voted down a bill that would regulate crypto, in a big blow to the country's burgeoning mining industry. The South American nation boasts some of the cheapest energy rates in the world, thanks to the Itaipu dam, one of the...

Policy

Dec. 06, 2022

UK Financial Regulator Seeks Comments on Ad Approval Process That Covers Crypto

Crypto companies are likely to find it harder and more expensive to get their promotional materials approved in the U.K. if proposals put forward by the country’s financial regulator are accepted. The Financial Conduct Authority (FCA)’s two-mont...

Policy

Dec. 06, 2022

A16z Elevates Former US CFTC Commissioner Quintenz to Policy Chief

Brian Quintenz, a former commissioner with the U.S. Commodity Futures Trading Commission who left the agency last year, is amplifying his role at crypto venture capital firm Andreessen Horowitz (a16z) from advising to taking over as its head of p...

Policy

Dec. 05, 2022

Kentucky Investigating 2 Proposed Contracts That Would Give Discounted Electricity to Crypto Miners

Kentucky’s Public Service Commission (PSC) is opening formal proceedings to investigate two proposed contracts that would give reduced electricity rates to new cryptocurrency mining operations in the state, according to a press release from envi...

Policy

Dec. 05, 2022

Nexo to Depart US After Regulator Discussions Hit 'Dead End'

Crypto lender Nexo said Monday it would stop offering products and services in the U.S. in the coming months, would immediately halt access to its Earn Interest Product in eight states and is no longer signing up any new U.S. customers to the Ear...

Policy

Dec. 05, 2022

New FTX CEO Testimony ‘False,’ Bankman-Fried Says

Testimony from the new FTX chief executive John J Ray III is “false,” founder of the now defunct crypto exchange Sam Bankman-Fried has said in an interview with The Block. In a bankruptcy deposition made Nov. 17, restructuring specialist Ray ber...

Policy

Dec. 05, 2022

Malta Seeks to Remove NFTs From Crypto Law

Malta’s Financial Services Authority said Monday it wants to remove service providers for non-fungible tokens (NFTs) from the scope of its 2018 virtual assets law as it prepares the ground for new European Union (EU) crypto legislation. The co...

Policy

Dec. 05, 2022

Bank of America Says Regulation Is Key for Mainstream Adoption of Crypto

The bankruptcy of FTX and its affiliated trading firm, Alameda Research , is a major blow to the cryptocurrency industry’s credibility, but there are silver linings, Bank of America (BAC) said in a research report Friday. “An increased urgency ...

Policy

Dec. 02, 2022

Crypto Is at ‘Brick Wall Stage' and Needs ‘Right Balance’ of Regulation, Says Legal Expert

A legal expert says the crypto industry is “at the brick wall stage and it's forcing the hand of legislators to amend legislation.” Pennsylvania State University Dickinson Law Professor Tonya Evans told CoinDesk TV’s “First Mover” on Friday that...

Policy

Dec. 02, 2022

Arrest Warrant for Terra Co-Founder Dismissed by Korean Court: Report

The arrest warrant for Daniel Shin, the former CEO of Chai Corporation who co-founded Terra Luna issuer Terraform Labs with Do Kwon, was dismissed by a Korean court on Saturday local time, according to Yonhap News. "Considering the attitude towa...

Policy

Dec. 02, 2022

Meta Dips Toe Back Into Policy Circles to Boost Metaverse

After Meta Platforms (META) famously riled up U.S. regulators with Facebook’s abortive stablecoin initiative, the company is back with an effort to influence digital policy – this time for the metaverse – but it’s charting a less aggressive cours...

Policy

Dec. 02, 2022

US Justice Department Wants FTX Fraud Allegations to Be Investigated

The U.S. Department of Justice wants an independent examination of the collapse of crypto exchange giant FTX, a court filing from Thursday shows. The DOJ, which was already looking into the fall of Sam Bankman-Fried's global crypto enterpris...

Policy

Dec. 02, 2022

FTX Japan Plans to Restart Local Customer Withdrawals

FTX Japan is looking to restart withdrawals after a plan to return deposits was approved by its bankrupt parent FTX. If the plan works out, the collapsed crypto exchange's users in Japan might be some of the first customers to get their money ba...

Policy

Dec. 01, 2022

US CFTC Commissioner Cites Latest Crypto Sanction in Call for New Rules

As the U.S. Commodity Futures Trading Commission awaits legislation to establish its place in crypto oversight, Commissioner Kristin Johnson says the agency should start using its existing powers to strengthen requirements for keeping customers’ ...

Policy

Dec. 01, 2022

CFTC Chairman Suggests 'Pause' to Overhaul Senate Bill Following FTX Debacle

The collapse of crypto exchange FTX may not have happened if the firm was under the Commodity Futures Trading Commission's watch, the agency's head argued Thursday. CFTC Chairman Rostin Behnam, testifying in the first of several congressional he...

Policy

Dec. 01, 2022

FTX Collapse Highlights Need for Global Crypto Regulations, Says US Treasury’s Adeyemo: Reuters

U.S. Deputy Treasury Secretary Wally Adeyemo said Thursday that the implosion of Bahamas-based FTX showed the need for the U.S. to work with other countries to create international crypto regulations, Reuters reported on Thursday. Doing so is ...

Policy

Dec. 01, 2022

Crypto Industry a Disaster in Need of Rebranding, UK Lawmaker Says

The crypto industry is “a complete disaster” at the moment, said Godfrey John Bewicke-Copley, a member of the House of Lords, at an All-Party Parliamentary Group (APPG) meeting on Wednesday. In fact, he advised that the industry “ditch” the word...

Policy

Dec. 01, 2022

NYDFS Proposes Regulation Allowing It to Charge Crypto Companies in New York for Supervision Costs

The New York Department of Financial Services (NYDFS) published a proposed regulation on Thursday that lays out how the state agency would assess New York-regulated crypto companies for costs associated with their supervision. The proposed reg...

Policy

Dec. 01, 2022

UK's Crypto Agenda Won't Be Derailed by FTX Collapse, Minister Says

U.K. Economic Secretary Andrew Griffith reiterated the country's commitment to becoming a key center for the crypto industry, saying the collapse of FTX isn't a reason to change course. "We’re driving forward this agenda and I continue to chai...

Policy

Dec. 01, 2022

TradFi Giant TP ICAP Gains UK Crypto License

TP ICAP, the world’s largest interdealer-broker, has registered as a digital asset provider with the U.K.’s Financial Services Authority as it attempts to break into the crypto world via its Fusion Digital Assets marketplace. The company, a gian...

Policy

Dec. 01, 2022

Canada's Manitoba Province Enacts 18-Month Moratorium on New Crypto Mining: Reports

Canada's Manitoba province has set an 18-month moratorium on new crypto mining operations, citing the possibility of the local grid being overwhelmed by new projects, according to local media reports. This is the latest in a series of jurisdicti...

Policy

Nov. 30, 2022

US Prosecutors Charge 21 Alleged ‘Money Mules’ With Using Crypto to Launder Proceeds of Cybercrimes

Federal prosecutors in Texas have slapped 21 U.S. citizens with an assortment of criminal charges for allegedly helping various transnational criminal rings launder their ill-gotten gains using cryptocurrency. Dubbed Operation Crypto Runner, the...

Policy

Nov. 30, 2022

EU’s MiCA Law May Have an FTX-Shaped Loophole

Officials in the European Union (EU) say their landmark new legislation, the Markets in Crypto Assets Regulation (MiCA), would have prevented FTX-style collapses – but there’s also a major loophole that could allow offshore companies to continu...

Policy

Nov. 30, 2022

After Months at Arm’s Length, Senate’s Brown Opens Door for Crypto Legislation

U.S. Sen. Sherrod Brown (D-Ohio), the chairman of the Senate Banking Committee, has widely been seen as the linchpin of legislation to set up oversight of the cryptocurrency industry. While his crypto suspicions have been clear in hearings, his p...

Policy

Nov. 30, 2022

SEC Could Use BlockFi as Object Lesson for Clear Crypto Regulation, Says Ex-SEC Official

The U.S. Securities and Exchange Commission (SEC) may use the failure of lender BlockFi as an object lesson for why there should be clear oversight of the crypto sector. And, by the way, BlockFi still owes $30 million of a $50 million fine. Ac...

Policy

Nov. 30, 2022

South Africa Adds Crypto Businesses to List of Accountable Institutions

South African lawmakers have added crypto businesses to the country's list of accountable institutions, according to an amendment document published on Tuesday. Businesses that offer exchange services, or are responsible for taking care of the...

Policy

Nov. 30, 2022

Crypto Exchanges Nexo and Gemini Expand to Italy, Register With Regulator

Crypto service providers Nexo and Gemini have been approved for registration with an Italian regulator, allowing the platforms to serve customers in the country. It is mandatory for crypto firms to be approved for registration via a local legal ...

Policy

Nov. 30, 2022

Bitcoin's Last Stand: ECB Staffers Say the Crypto is on 'Road to Irrelevance'

Bitcoin ( BTC ) was created nearly 15 years ago as a way to improve upon or replace the existing monetary system, but those hopes haven't panned out, write Ulrich Bindseil, Director General of Market Infrastructure and Payments at the ECB, along ...

Policy

Nov. 30, 2022

Digital Dollar Could Streamline Settlements, DTCC Says

A digital dollar could streamline settlements to make financial markets more efficient, according to a report published Wednesday by the Depository Trust & Clearing Corp., the financial-infrastructure giant that has a hand in virtually every ...

Policy

Nov. 30, 2022

EU Crypto, NFT Providers Must Report Tax Details Under Leaked EU Plan

Crypto providers will have to report details of their EU clients’ transactions to national tax authorities within the bloc, under a bill set to be proposed by the European Commission next week. The new law, inspired by international standards de...

Policy

Nov. 30, 2022

EU’s MiCA Crypto Law Would Have Stopped FTX Malpractice, Officials Say

Upcoming European Union rules known as the Markets in Crypto Assets regulation (MiCA) would have stopped FTX-style mismanagement, officials said on Wednesday – despite lawmaker skepticism over whether the new rules are effective. The crypto ex...

Policy

Nov. 30, 2022

Singapore's Financial Regulator Defends Itself After FTX Blowup

“FTX is not the first cryptocurrency platform to collapse, nor will it be the last,” said Singapore’s Deputy Prime Minister Lawrence Wong while answering lawmakers' questions about the crypto giant’s rapid failure in early November. The countr...

Policy

Nov. 30, 2022

Brazilian Chamber of Deputies Approves Bill Regulating Crypto Transactions

This article is adapted from CoinDesk Brasil, a partnership between CoinDesk and InfoMoney , one of Brazil's leading financial news publications. Follow CoinDesk Brasil on Twitter . Brazil's Chamber of Deputies approved a bill on Tue...

Policy

Nov. 29, 2022

Sam Bankman-Fried Called to FTX Hearing by Texas Securities Regulator

Ex-FTX CEO Sam Bankman-Fried has been called to a Feb. 2 hearing to answer to claims from a Texas regulator that FTX US offered unregistered securities products through its yield-bearing service. The Texas State Securities Board (TSSB) schedul...

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Nov. 29, 2022

Beto O’Rourke Returned a $1M Campaign Donation From Sam Bankman-Fried: Report

Beto O’Rourke returned a $1 million donation from political megadonor and former FTX CEO Sam Bankman-Fried four days before the November election, according to the Texas Tribune . The former Texas Democratic gubernatorial candidate reportedly d...

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Nov. 29, 2022

New York Man Pleads Guilty to $2M Crypto Mining Fraud

A New York man pleaded guilty on Tuesday to defrauding more than a dozen victims out of a collective $2 million as part of a long-running crypto mining scam. Chester “Chet” Stojanovich, 38, was arrested by the Federal Bureau of Investigation (FB...

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Nov. 29, 2022

Binance, Coinbase Among Crypto Firms Questioned by US Senator After FTX Mess

Binance.US and Coinbase (COIN) are on a list of crypto companies questioned this week by the chairman of the U.S. Senate Finance Committee about how they protect the investors using their services in light of the widespread damage caused by the...

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Nov. 29, 2022

BlockFi Joins the Bankruptcy Parade

Crypto lender BlockFi became the latest industry heavyweight to file for bankruptcy, joining Celsius Network, Voyager Digital and FTX. FTX’s collapse directly contributed to BlockFi’s filing, but the lender presented an optimistic view neverthele...

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Nov. 29, 2022

BlockFi Has $355M in Crypto Frozen on FTX, Attorney Confirms

Crypto lender BlockFi has about $355 million in cryptocurrencies currently frozen on crypto exchange FTX, attorney Joshua Sussberg told a U.S. bankruptcy court on Tuesday. The $355 million is on top of another $671 million in loan to FTX sister ...

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Nov. 29, 2022

France, Luxembourg Test CBDC for 100M Euro Bond Issue

France and Luxembourg have used an experimental central bank digital currency (CBDC) to settle a bond worth 100 million euros (US$104 million), the latest in a series of trials in tokenized financial markets. The Venus Initiative "shows how digi...

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Nov. 29, 2022

India to Start Retail CBDC Pilot in Four Cities With Four Banks

The Reserve Bank of India will start testing its retail central bank digital currency (CBDC), the digital rupee, in Mumbai, New Delhi, Bengaluru and Bhubaneswar with the initial participation of four banks: State Bank of India, ICICI Bank, Yes Ba...

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Nov. 29, 2022

Ukraine Considering CBDC That Can Facilitate Crypto Trading

The National Bank of Ukraine is considering a future electronic version of the Ukrainian hryvnia that can facilitate virtual asset exchange, issuance and other operations. The central bank has discussed its vision for an electronic iteration of ...

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Nov. 28, 2022

Israel’s Ministry of Finance Proposes New Guidelines for Regulating Digital Assets

Israel's Ministry of Finance published a set of recommendations Monday for the regulation of digital assets, advancing the country’s foray into the world of cryptocurrencies. The recommendations call for the creation of a new regulatory infras...

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Nov. 28, 2022

Regulating Crypto Not a ‘One-Agency Solution,’ CFTC Commissioner Says

The idea that crypto will be regulated by one government agency is unlikely, said Summer K. Mersinger, a commissioner at the Commodity Futures Trading Commission (CFTC). “It’s not going to be just a one agency solution,” said Mersinger Monday on...

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Nov. 28, 2022

Crypto Exchange Kraken Settles Case With US Treasury Over Serving Customers in Iran

The U.S. Treasury’s Office of Foreign Assets Control (OFAC) has reached a settlement with crypto exchange Kraken over serving customers in Iran, OFAC said in a statement Monday . Kraken agreed to pay $362,159 to settle its potential civil liabi...

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Nov. 28, 2022

Singapore Banks' Exposure to Bitcoin 'Insignificant' but Subject to Highest Risk Weight

Singapore's banks are required to hold $125 of capital against an exposure of $100 to risky cryptocurrencies like bitcoin or ether, an official said Monday. Although the jurisdiction's banks have "insignificant" levels of exposure to crypto – co...

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Nov. 28, 2022

Crypto Lender BlockFi Files for Bankruptcy as FTX Fallout Continues

Crypto lender BlockFi filed for bankruptcy protections Monday, days after suspending withdrawals amid the ongoing fallout from exchange FTX's bankruptcy. The company announced it was filing for Chapter 11 bankruptcy protections, indicating it ho...

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Nov. 28, 2022

FTX Direct Clearing Plan Was ‘Not Even Close’ to Decision, CFTC Chief Says

The U.S. Commodity Futures Trading Commission (CFTC) was nowhere near making a decision on controversial FTX plans to streamline financial market structure rules, which were proposed before the crypto exchange went bust, agency head Rostin Behnam...

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Nov. 28, 2022

JPMorgan: Crypto Market Regulatory Initiatives to Accelerate After FTX’s Collapse

Crypto market regulatory initiatives that are already underway are likely to be accelerated in the wake of the collapse of FTX and sister company Alameda Research , JPMorgan (JPM) said in a research report Thursday. Once the European Parliament...

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Nov. 28, 2022

UK Crypto Fraud Climbs by a Third to Over $270M: Report

Cryptocurrency fraud in the U.K. rose by 32% to 226 million pound ($273 million) in one year, according to data from the U.K. police unit Action Fraud, reported by the Financial Times on Monday . The U.K. is currently in a recession and the c...

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Nov. 28, 2022

The Bahamas' Attorney General Defends Country's Regulatory Regime Amid FTX 'Debacle'

The Bahamas "is a nation of laws," the country's attorney general said, defending the island's actions in the wake of FTX's collapse. During a 23 minute pre-taped speech , Ryan Pinder, who is also a senator and the minister for legal affairs, s...

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Nov. 25, 2022

US State Regulators Investigating Crypto Trading Firm Genesis Global Capital: Barron’s

Several U.S. state regulators are looking into whether crypto trading firm Genesis Global Capital may have violated securities laws, according to a report from Barron’s . The report said that Alabama Securities Commission Director Joseph Borg i...

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Nov. 25, 2022

Bitcoin.org's 'Cøbra' Must Unmask to Challenge Craig Wright's Legal Costs, UK Court Rules

Cøbra, the pseudonymous operator of bitcoin.org must reveal their identity should they want to contest legal costs demanded by the self-proclaimed inventor of Bitcoin, Craig Wright, in a lawsuit, the High Court in London has ruled. The costs a...

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Nov. 25, 2022

Turkish Authorities Order Seizure of 'Suspicious' FTX Assets

Authorities in Turkey are looking to seize "suspicious assets" associated with collapsed crypto exchange FTX, and are investigating the platform's founder Sam Bankman-Fried. A Wednesday notice from the country's Financial Crimes Investigation ...

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Nov. 24, 2022

Bitcoin, Ether Needn't Follow Financial Rules, Belgian Regulator Says

Cryptocurrencies without an issuer such as bitcoin (BTC) and ether (ETH) are not securities, Belgium’s Financial Services and Markets Authority said Thursday. The regulator said it was getting an increasing number of questions about the regula...

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Nov. 24, 2022

UK Lawmakers Support Easy Seizure of Crypto Linked to Terrorist Activity

Lawmakers in the U.K. voted in favor of new rules that could make it easier for law enforcement agencies to seize crypto linked to terrorist activity. The rules were proposed as amendments to the Economic Crime and Corporate Transparency bill, w...

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Nov. 24, 2022

Bahamas Securities Regulator Blasts 'Inaccurate' Accusations Made by FTX

The Securities Commission of The Bahamas is firing back at collapsed crypto exchange FTX's accusations that the country had directed unauthorized access to transfer assets off the platform after it filed for bankruptcy protection in the U.S. In ...

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Nov. 23, 2022

3 Things We Learned at Tornado Cash Dev Alexey Pertsev's Trial

The long-awaited trial of Alexey Pertsev, held Tuesday in the Netherlands, offered a few clues to how prosecutors will take their case against the Tornado Cash developer forward – including detailing what he is being charged with doing. Pertse...

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Nov. 23, 2022

Senator Warren Demands Sam Bankman-Fried, FTX Execs Be Held Accountable to 'Fullest Extent of the Law’

Two Democratic Senators penned a letter to the Department of Justice (DOJ) on Wednesday urging Attorney General Merrick Garland to investigate the “disturbing allegations of fraud and illicit behavior that led to the collapse of [FTX]” – and de...

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Nov. 23, 2022

Australia's Markets Watchdog Sues Fintech Company Block Earner

Australia's markets regulator is suing Block Earner, alleging that the fintech company provided unlicensed financial services. The Australian Securities and Investments Commission (ASIC) said Block Earner offered a range of fixed-yield earning...

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Nov. 23, 2022

Bank of Japan to Run CBDC Experiments With Country's Megabanks: Report

The Bank of Japan (BoJ) has planned experiments on a digital yen with three megabanks and regional banks in the country, Nikkei reported on Wednesday. Starting in the spring of 2023, the BoJ will work with private banks and other organizations...

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Nov. 23, 2022

El Salvador Proposes Digital Securities Bill, Paves Way for Bitcoin Bonds

El Salvador's national assembly is considering a draft bill to regulate digital securities, indicating the country is going ahead with plans to issue bitcoin-backed bonds. The bill, presented by the country's Minister of Economy, Maria Luisa Hay...

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Nov. 23, 2022

New York Imposes 2-Year Moratorium on New Proof of Work Mining After Gov. Hochul Signs Bill Into Law

New York's Democratic Gov. Kathy Hochul signed into law Tuesday a two-year moratorium on proof-of-work (PoW) cryptocurrency mining. “I will ensure that New York continues to be the center of financial innovation, while also taking important step...

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Nov. 23, 2022

'Personal Fiefdom': Some Takeaways From FTX's First Bankruptcy Hearing

Happy Thanksgiving to my fellow Yankees! For the rest of you, I’m counting on you to keep an eye on Twitter in case someone else files for bankruptcy. But today, we’re looking at FTX’s first bankruptcy hearing. You’re reading State of Crypto,...

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Nov. 23, 2022

Binance US Steps Into National Politics With New Campaign PAC

As campaign mega-donor Sam Bankman-Fried and his FTX compatriots vanish from U.S. policy circles, their absence left a void in the crypto industry’s political involvement. Part of that may be filled by the U.S. arm of rival Binance. Binance.US ...

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Nov. 22, 2022

FTX Bankruptcy Judge Says Creditor Information Can Be Redacted – at Least For Now

FTX creditors concerned about their names and other personal information being disclosed as part of the crypto exchange’s bankruptcy proceedings can breathe a sigh of relief – at least temporarily. Delaware District Court Judge John T. Dorsey ap...

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Nov. 22, 2022

US Senators Ask Fidelity to Reconsider Bitcoin 401(k) Offerings Following FTX Collapse

Fidelity should reconsider allowing retail clients exposure to bitcoin in their retirement accounts in light of the FTX collapse, said three Democratic Senators in a letter on Monday. The U.S. based financial services firm said in April that it ...

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Nov. 22, 2022

Lawyers Detail the ‘Abrupt and Difficult’ Collapse of FTX in First Bankruptcy Hearing

“You have witnessed probably one of the most abrupt and difficult collapses in the history of corporate America,” an attorney for FTX said during the company’s first bankruptcy hearing on Tuesday. James Bromley, of Sullivan and Cromwell who is r...

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Nov. 22, 2022

Bahamas FTX Liquidators Agree to Transfer Bankruptcy Case to Delaware

Court-appointed liquidators overseeing collapsed crypto exchange FTX's assets in the Bahamas have agreed to transfer a related case they'd filed in New York to Delaware, where the company had already filed for bankruptcy protection. While the em...

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Nov. 22, 2022

CFTC Bypassed Legal Requirement in Trying to Serve Ooki DAO, Crypto Supporters Claim

The Commodity Futures Trading Commission (CFTC) is trying to “create [a] novel precedent” for itself in trying to serve a lawsuit to the entirety of a decentralized autonomous organization (DAO), rather than the DAO’s members, one of three filing...

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Nov. 22, 2022

Tornado Cash Developer Alexey Pertsev to Remain in Jail Until at Least Late Februrary

‘S HERTOGENBOSCH, NETHERLANDS – Alexey Perstev has been ordered to stay in jail until Feb. 20 after a Netherlands court found the Tornado Cash developer represented a flight risk. He has been held in detention since August, days after the U.S. T...

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Nov. 22, 2022

UK Lawmakers Vote to Widen Authorities’ Powers in Seizing Crypto-Related Property

Lawmakers in the U.K. voted on Tuesday to grant authorities wider powers to seize property containing information that can help identify crypto assets related to crime. The Economic Crime and Corporate Transparency Bill, which is being debated i...

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Nov. 22, 2022

Bitpanda's Local Unit Obtains German Crypto License

Austrian exchange Bitpanda has obtained a crypto license in Germany through its local unit, the company said Tuesday. With the license from the German Federal Financial Supervisory Authority (BaFin), Bitpanda Asset Management GmbH can independen...

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Nov. 21, 2022

US Senators Ask Bank Regulators to 'Review' SoFi's Crypto Listings

U.S. senators Sherrod Brown (D-Ohio), Jack Reed (D-R.I.), Chris Van Holland (D-Md.) and Tina Smith (D-Minn.) wrote open letters to digital finance company SoFi and several bank regulators, asking for a "review" of SoFi's crypto offerings. The l...

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Nov. 21, 2022

Two Estonians Charged With Running a Series of Crypto Scams Totaling $575M

Federal prosecutors in Washington state have charged two Estonian citizens with running a series of crypto scams that allegedly defrauded hundreds of thousands of investors around the world of a combined $575 million. According to the indictm...

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Nov. 21, 2022

US CFTC’s Behnam Will Testify at FTX Hearing in Senate

Rostin Behnam, the chairman of the U.S. Commodity Futures Trading Commission (CFTC), will testify at a Senate hearing next week set to examine the “lessons learned from the FTX collapse,” according to a listing on the Senate Agriculture Committ...

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Nov. 21, 2022

Kenya Proposes Bill to Tax Crypto

Lawmakers in Kenya are currently deciding whether or not to move ahead on a law that would allow for taxing crypto, Business Daily reported on Monday. The Capital Markets (Amendment) Bill, 2022 would allow for the taxation of crypto exchanges,...

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Nov. 21, 2022

UK May Need Digital Pound, Bank of England's Jon Cunliffe Says

Jon Cunliffe, deputy governor at the Bank of England (BoE), said there may be a need for a digital version of the British pound while discussing if the collapse of crypto giant FTX should influence a decision to issue one. Although he initially...

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Nov. 21, 2022

US Court Approves Deadline for Celsius Customers to File Proofs of Claim

A U.S. court has approved collapsed crypto lender Celsius' request to set a deadline for customers to file proofs of claim in the ongoing bankruptcy proceedings. Celsius' motion , approved by U.S. Bankruptcy Court of the Southern District of Ne...

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Nov. 18, 2022

Ohio Investment Manager Arrested for Allegedly Running a $10M Cryptocurrency Ponzi Scheme

Rathnakishore Giri, a 27-year-old investment manager living in New Albany, Ohio, was arrested on Friday on criminal charges for alleging running a cryptocurrency investment scam that raised at least $10 million from investors, according to a Dep...

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Nov. 18, 2022

House Subcommittee Chair Calls For Documents as Part of FTX Collapse Probe

"FTX's customers, former employees, and the public deserve answers," wrote Representative Raja Krishnamoorthi in a Friday letter to former FTX CEO Samuel Bankman-Fried and current FTX CEO John J. Ray III. “[The subcommittee] is seeking detaile...

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Nov. 18, 2022

Sorare, Under Pressure From France’s Gambling Regulator, Will Expand Free Access

NFT fantasy gaming platform Sorare has agreed to amend the rules for its non-fungible token soccer trading game under pressure from the French National Gambling Authority (ANJ), the regulator said in a statement on Friday . The ANJ called for c...

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Nov. 18, 2022

Ripple Seeks Crypto License in the Republic of Ireland: Report

Ripple, a U.S.-based crypto payments platform, is looking to obtain regulatory approval in the Republic of Ireland so it can access the European market, CNBC reported on Friday . Ripple is looking to obtain a virtual asset service provider (VAS...

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Nov. 18, 2022

FINRA Targets Crypto Communications After FTX Collapse

The Financial Industry Regulatory Authority (FINRA), a U.S. self-regulatory body for brokerage services, is targeting crypto marketing practices in the wake of the collapse of industry juggernaut FTX. The assessment will require firms to provide...

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Nov. 18, 2022

Bahamas Securities Regulator Says It Ordered FTX Crypto Transferred to Government Wallets

The Securities Commission of the Bahamas announced Thursday that it ordered the contents of FTX's crypto wallets to be transferred to government-controlled wallets on the previous Saturday. In a press release, the commission said it made the ord...

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Nov. 17, 2022

Sam Bankman-Fried Switches Legal Counsel as Investigations Into FTX Collapse Mount: Report

Former FTX CEO Sam Bankman-Fried will no longer be represented by his legal counsel at Paul, Weiss, Rifkind, Wharton & Garrison, a white-shoe law firm, less than a week after retaining the firm to represent him. Semafor reported on Thursda...

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Nov. 17, 2022

US Senators Warren, Durbin Probe FTX Collapse

After the spectacular implosion of FTX last week, questions about what brought the once-mighty exchange to its knees are swirling – and lawmakers want answers. Senators Elizabeth Warren (D-Mass.) and Dick Durbin (D-Ill.) sent a letter on Wedne...

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Nov. 17, 2022

CFTC Has ‘Boots on the Ground’ at FTX Subsidiary LedgerX

Commodity Futures Trading Commission (CFTC) Commissioner Kristin N. Johnson said that the regulator had “boots on the ground” at LedgerX, a U.S.-based subsidiary of FTX, the multi-billion dollar cryptocurrency exchange which collapsed last week. ...

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Nov. 17, 2022

Binance’s Lack of Transparency on FTX Bid Could Influence UK Lawmakers' Crypto Recommendations: Report

U.K. lawmakers were left disappointed after Binance sent them a series of news articles about the collapse of rival crypto exchange FTX last week after they had asked for records detailing the company's role in the process, Bloomberg reported T...

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Nov. 17, 2022

Hong Kong Regulator Calls for Tough Rules Despite Crypto Hub Ambitions

Crypto service providers are moving from the fringe to provide a full range of financial services, making a "light touch" regulatory approach “far from adequate,” a Hong Kong regulator said on Thursday. Julia Leung, deputy CEO and executive dire...

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Nov. 17, 2022

Bahamas Government May Have Directed 'Unauthorized' FTX Transactions, New Bankruptcy Filing Says

Bankrupt crypto exchange FTX is accusing the government of the Bahamas of directing unauthorized access to FTX systems for the purpose of withdrawing assets after the company filed for Chapter 11 bankruptcy in the U.S., court filings from Thursda...

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Nov. 17, 2022

Crypto Will Soon Threaten Global Financial Stability, FSB Official Says

Recent market turmoil has given the Financial Stability Board (FSB) “all the more reason” to develop a globally consistent regulatory framework, an official said on Thursday. The international body monitors and recommends standards for the globa...

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Nov. 17, 2022

German Banks' Crypto Interest Is Limited as Industry Is Plagued by ‘Crooks,’ Regulator Says

German banks have seen limited interest in handling crypto, the President of Germany’s financial regulator Bafin, said in an interview published Thursday, adding that financial innovation attracted “freeloaders and crooks.” German is one of the ...

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Nov. 17, 2022

Bahamian FTX Liquidators Cite ‘Serious Fraud and Mismanagement’ in Court Filings

There are signs that “serious fraud and mismanagement” occurred at crypto exchange FTX, according to court filings made by the company’s Bahamian liquidators late Wednesday. The crypto exchange, headquartered in the Bahamas, declared bankruptcy ...

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Nov. 17, 2022

Republicans Secure US House Majority, Will Shift Path for Crypto Bills

The U.S. Congress will officially be split between the two major parties after results from the Nov. 8 election put a 218th seat in the Republican column, giving that party a majority in the House of Representatives as the crypto industry awaits ...

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Nov. 16, 2022

California Finance Regulator Moves to Suspend Crypto Lender Salt’s License

California's Department of Financial Protection and Innovation (DFPI) said Wednesday it was moving to suspend Salt’s license for 30 days as the regulator investigates the crypto lender’s decision this week to pause client withdrawals. On Tuesday...

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Nov. 16, 2022

Bahamian Liquidators Say FTX Wasn’t Authorized to File for Bankruptcy in the U.S.

The bankruptcy proceedings of collapsed crypto exchange FTX are already shaping up to be chaotic – the collective 100-odd companies that filed for bankruptcy last Friday have an estimated one million creditors – but Bahamian liquidators threw...

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Nov. 16, 2022

US Sen. Gillibrand Says a Last-Ditch Stablecoin Bill May Still Emerge This Year

Sen. Kirsten Gillibrand (D-N.Y.) said the latest effort on a stablecoin regulatory bill is coming soon, and she hopes it can get some attention before Congress transitions into its new session next year. She’s working with Republican Senators Pa...

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Nov. 16, 2022

Newly Elected US House Whip Emmer Downplays FTX Meltdown, Cheers Crypto

Rep. Tom Emmer (R-Minn.), who Republicans have picked for a key leadership role in the next Congress, dismissed policymakers’ crypto anxiety after the dramatic collapse of global crypto pillar FTX and said coming up with digital assets legislatio...

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Nov. 16, 2022

Binance Denies Accusation From UK Lawmaker That It Deliberately Sank FTX

Binance, which is the world's largest cryptocurrency exchange by volume, denied it planned to deliberately sink rival FTX after being questioned by lawmakers in the U.K. The exchange sent the Parliament's Treasury Committee a five-page document...

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Nov. 16, 2022

Top House Committee to Hold Hearing Into FTX Collapse

The House Financial Services Committee will hold a hearing into FTX next month, the committee announced Wednesday. Rep. Maxine Waters (D-Calif.) and Rep. Patrick McHenry (R-N.C.), respectively the chair and ranking member of the committee, said ...

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Nov. 16, 2022

DAO Legal Reforms in Spotlight as UK Law Commission Seeks Views

The U.K.’s Law Commission is looking at how Decentralized Autonomous Organizations (DAOs) should be treated under the legal system, the latest in a series of forays into digital technologies by the influential body. A consultation published to...

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Nov. 16, 2022

South Korean Prosecutors Raid Terra Co-Founder's Company in UST Probe

South Korean prosecutors investigating the collapse of the terraUSD (UST) algorithmic stablecoin raided the headquarters of Chai Corp., whose CEO Daniel Shin was a co-founder of Terraform Labs. The Tuesday raid on the Seoul-based payment servi...

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Nov. 16, 2022

Circle CEO Calls for Clear US Laws on Stablecoins to 'Unleash' Their Potential

Circle CEO and founder Jeremy Allaire wrote to Congressional leaders for financial services, calling for clear, workable U.S. legislation on stablecoins and warning of the risks to the country of not doing so. Allaire addressed the letter to Rep...

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Nov. 16, 2022

FTX’s Bahamas Arm Files for Bankruptcy Protection in US

FTX Digital Markets, the Bahamas arm of the now defunct crypto exchange, has filed for Chapter 15 bankruptcy proceedings in the Southern District of New York. The document, registered late Tuesday night, follows the appointment of insolvency li...

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Nov. 15, 2022

Meaning of FTX Fall Depends on One’s Politics, US Senate Hearing Shows

The fallout of the FTX collapse has left U.S. lawmakers spinning two distinct narratives: Democrats hail their financial regulators as heroes whose caution saved the disaster from threatening the wider financial system, and Republicans argue it p...

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Nov. 15, 2022

Celsius is Owed $12M by Alameda Research, Newest Member of Bankrupt Crypto Club

Bankrupt crypto lender Celsius Network told the court Tuesday it had $12 million in outstanding loans to Alameda Research, the trading wing of Sam Bankman-Fried’s crypto empire. That money – part of which is represented in locked SRM tokens held...

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Nov. 15, 2022

Crypto’s Political Cash Backs Winners, But New Lawmakers Will Arrive Under FTX Cloud

All 19 of the congressional candidates backed by the crypto industry’s most widely supported political action committee, GMI PAC Inc., won their races last week, sending 16 new members to the House and Senate. The millions in campaign spending f...

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Nov. 15, 2022

The Long Arm of FTX

Two weeks ago, I thought the biggest story for the week of Nov. 8 would be the U.S. midterm election. Control of both the House and the Senate were up for grabs, with the future of crypto legislation at stake. All of that’s still true, but FTX co...

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Nov. 15, 2022

FTX Fallout Adds Urgency to South Korea’s Push for Crypto Regulations: Report

Regulators stressed the need to have a regulatory framework in place during a meeting of South Korea’s National Assembly, given the failure of multi-billion dollar cryptocurrency exchange FTX, CoinDesk Korea reported on Monday . The grouping ...

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Nov. 15, 2022

The ‘SBF Bill’: What’s in the Crypto Legislation Backed by FTX Founder

The swift and surprising collapse of FTX last week continues to send shockwaves across the crypto industry and beyond – and Capitol Hill is not immune. Former FTX CEO Sam Bankman-Fried was, until last week, a major political donor – he gave $5....

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Nov. 15, 2022

Bahamian Supreme Court Approves Liquidators for FTX Assets

The Supreme Court of the Bahamas has approved two insolvency experts at Pricewaterhouse Coopers (PwC) as provisional liquidators overseeing FTX's assets, according to an official notice from Monday. Sam Bankman-Fried's now bankrupt crypto exch...

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Nov. 15, 2022

Privacy-Enhancing Crypto Coins Could Be Banned Under Leaked EU Plans

The European Union could ban banks and crypto providers from dealing in privacy-enhancing coins such as zcash, monero and dash under a leaked draft of a money laundering bill obtained by CoinDesk. The plans from Czech officials, who are chairin...

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Nov. 15, 2022

FTX's New Leadership Is in Touch With Regulators, May Have Over 1M Creditors, New Filings Say

FTX may have more than 1 million creditors, according to a court filing that finally began to explain the company's descent into bankruptcy. The document , filed to the federal court database system PACER late Monday, provided the first true gl...

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Nov. 15, 2022

CFTC Pushes Back Against Amicus Briefs in Ooki DAO Lawsuit

The U.S. Commodity Futures Trading Commission (CFTC) on Monday hit back against four amicus briefs filed on behalf of Ooki DAO, a decentralized autonomous organization (DAO) which the CFTC sued in September for allegedly violating federal commodi...

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Nov. 14, 2022

White House Goes Back to the Future With FDIC Chair Pick Gruenberg

President Joe Biden has chosen to nominate Federal Deposit Insurance Corp. (FDIC) Acting Chairman Martin Gruenberg to return to the chairmanship he held in previous administrations. Gruenberg, who has served on the FDIC board for a record 17 yea...

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Nov. 14, 2022

Crypto Industry Participants Field Questions from UK Lawmakers After FTX Collapse

Following the FTX bankruptcy last week, executives from Binance and Ripple, among others, testified in front of the U.K. Parliament Treasury Committee. Present were committee chair Harriet Baldwin – a conservative member of parliament – along wi...

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Nov. 14, 2022

FTX’s Failure Is Sparking a Massive Regulatory Response

A hammer is going to fall on crypto exchange FTX. The question is how heavy it might be. The collapse of FTX will likely give rise to a number of criminal and civil actions against the exchange and its executives, like former FTX CEO Sam Bankm...

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Nov. 14, 2022

Turkish Law Enforcement Investigating FTX's Local Arm Following Wipeout

Turkey's Financial Crimes Investigation Agency is investigating FTX.com following the crypto exchange's dramatic collapse last week, according to an official notice published on Monday. The agency will look into people, institutions, banks a...

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Nov. 14, 2022

Health of FTX’s US Derivatives Arm Owed to Oversight, Says CFTC Chief Behnam

FTX’s U.S. derivatives-trading subsidiary – the former LedgerX – remains standing while other parts of Sam Bankman-Fried’s empire crumble, and that could be credited to its government oversight, said Rostin Behnam, chairman of the U.S. Commodity ...

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Nov. 14, 2022

Manhattan US Attorney's Office Opens Probe Into FTX Collapse: Reuters

Prosecutors working with the Department of Justice’s Southern District of New York have launched a probe into implosion of crypto exchange FTX, a source told Reuters Monday. Over the weekend, the Financial Crimes Investigation Branch of Bahamas ...

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Nov. 14, 2022

Paxos Ordered by U.S. Officials to Freeze $19M in Crypto Tied to FTX

U.S. federal law enforcement has ordered crypto issuer Paxos to freeze $19 million worth of crypto tied to the bankrupt FTX exchange, the company announced on Saturday. The order comes after the U.S. Justice Department launched an investigati...

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Nov. 14, 2022

FTX Collapse Exposed 'Weaknesses' in Crypto, Janet Yellen Says: Report

In the aftermath of crypto exchange FTX's fall from grace , U.S. Treasury Secretary Janet Yellen said the industry needs "very careful regulation," Bloomberg reported Saturday. “It shows the weaknesses of this entire sector,” Yellen said referr...

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Nov. 14, 2022

There Was No Cause to Add FTX to Investor Alert List Before Collapse, Singapore's MAS Says

Global cryptocurrency exchange FTX’s dramatic fall through last week, ending in a bankruptcy filing in the U.S., left Twitter dense with rumors about how stakeholders worldwide – already spooked by widespread market contagion from earlier in th...

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Nov. 14, 2022

Bitcoin Cash Could Be Legal Tender in St. Kitts by March, Prime Minister Says

Bitcoin Cash ( BCH ) could be legal tender in Saint Kitts and Nevis by next March, its prime minister said at a conference on Saturday. Terrance Drew, who is also finance minister of the Caribbean country, said the decision would follow a proces...

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Nov. 13, 2022

Bankrupt FTX Faces Criminal Investigation in the Bahamas

Law enforcement in the Bahamas are investigating Sam Bankman-Fried's crypto exchange FTX following the platform's swift collapse and bankruptcy filing last week. A team at the jurisdiction's Financial Crimes Investigation Branch are "working clo...

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Nov. 13, 2022

Democrats Keep the US Senate but Crypto Only Has Eyes for FTX Collapse

Democrats have retained control of the U.S. Senate following the midterm elections. Although a number of pro-crypto candidates from both sides are in, crypto exchange FTX’s fresh collapse will likely spell more regulations for the space. The res...

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Nov. 13, 2022

Bahamas Securities Regulator Says It Didn't Order FTX to Reopen Local Withdrawals

Crypto exchange FTX was not required to allow Bahamas-based customers to withdraw their funds, a local financial regulator said Saturday. The Securities Commission of the Bahamas (SCB) published a statement on Twitter Saturday suggesting that ...

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Nov. 12, 2022

FTX CEO John Ray Confirms Late-Night Hack, Says Company Is Working With Law Enforcement

Crypto exchange FTX’s new CEO, John Ray , took to Twitter Saturday to confirm that FTX, which filed for bankruptcy protection on Friday and its U.S. subsidiary, FTX US, were hacked last night in an attack that drained hundreds of millions of dol...

Policy

Nov. 11, 2022

California Finance Regulator Revokes BlockFi's Lending License

California's Department of Financial Protection and Innovation announced it was moving to suspend BlockFi's lending license Friday as it investigates the crypto lender. According to a DFPI press release, the move comes in response to BlockFi hal...

Policy

Nov. 11, 2022

FTX Employees Worldwide Learned of Bankruptcy Along With the Public

Sam Bankman-Fried’s embattled crypto exchange FTX filed for bankruptcy in the U.S. on Friday – but didn’t inform all of the 134 entities named in the filing about the move. Some of them learned of the bankruptcy filing at the same time as the ...

Policy

Nov. 11, 2022

SEC Commissioner Hester Peirce: FTX’s Collapse Could Finally Be ‘Catalyst’ for Regulation

The crumbling of crypto exchange FTX and its subsequent bankruptcy filing has brought much negative attention for the crypto industry. However, that may be just the wake-up call U.S. lawmakers need , said Hester M. Peirce, a commissioner at ...

Policy

Nov. 11, 2022

FTX Files for Bankruptcy Protections in US

Crypto exchange FTX filed for bankruptcy in the U.S., the company announced Friday. CEO and founder Sam Bankman-Fried also resigned his role, but will "assist in an orderly transition." John Ray III is the new CEO. FTX Group, which includes t...

Policy

Nov. 11, 2022

India's Enforcement Directorate Freezes $2.5M More Crypto in Gaming App E-Nuggets Case

India's Enforcement Directorate (ED) asked crypto exchange Binance to freeze 150.22 bitcoins, today valued at about $2.5 million, as part of a money-laundering investigation relating to a gaming app called E-Nuggets, according to a press relea...

Policy

Nov. 11, 2022

FTX's Regional Crypto Exchanges Slowly Reopen Withdrawals

FTX Japan said it resumed yen withdrawals after Japanese regulator, the Financial Services Agency (FSA), expressed concern over the crypto exchange's health . Elsewhere, FTX Turkey said it was working on sending all Turkish Lira balances to its ...

Policy

Nov. 11, 2022

FTX Collapse Sparks Alarm From US Lawmakers

The dramatic collapse of crypto exchange FTX has – perhaps naturally – sparked a number of calls for greater regulation or faster legislative action from leading U.S. lawmakers. FTX CEO Sam Bankman-Fried revealed earlier this week that his excha...

Policy

Nov. 11, 2022

California Financial Regulator Announces FTX Investigation

California's Department of Financial Protection and Innovation announced it was investigating FTX late Thursday. The regulator did not provide much detail in a press release, only saying it was "investigating the apparent failure of crypto asset...

Policy

Nov. 10, 2022

US Justice Department, Regulators Contacted Binance on FTX Talks: Source

U.S. authorities including the Department of Justice have contacted crypto exchange Binance for information about its recent interactions with FTX in the two companies’ talks about a potential rescue, according to a person briefed on the situatio...

Policy

Nov. 10, 2022

White House Says FTX Crash ‘Underscores’ Crypto Concerns

The Biden administration is keeping an eye on Bahamas-based crypto exchange FTX’s rapidly unfolding liquidity crisis . White House Press Secretary Karine Jean-Pierre told reporters during a press briefing on Thursday that the Biden administrati...

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Nov. 10, 2022

FTX Violated Its Own Terms of Service and Misused User Funds, Lawyers Say

Sam Bankman-Fried’s embattled cryptocurrency exchange FTX may have misused customer funds in violation of its own terms of service, lawyers have told CoinDesk. FTX’s downward spiral, which began after a CoinDesk article last week about its sis...

Policy

Nov. 10, 2022

FTX US Resigns From the Crypto Council for Innovation

FTX US has resigned from the Crypto Council for Innovation, a Washington, D.C.-based trade association that lobbies on behalf of the crypto industry. Until Thursday, FTX US was a member organization of the group, along with other major players i...

Policy

Nov. 10, 2022

Crypto Conglomerates Require 'Urgent Regulatory Attention,' European Watchdogs Say

European financial stability watchdogs on Thursday called for urgent action to regulate crypto conglomerates, as markets reel from the apparent collapse of major exchange FTX. The message from the Financial Stability Board’s (FSB) European chap...

Policy

Nov. 10, 2022

FTX Japan Ordered by Regulator to Suspend Operations Following Withdrawal Halt

Japan's Financial Services Agency has ordered FTX's local unit to suspend operations, according to an official announcement made on Thursday. The regulator wants FTX Japan to halt the crypto asset exchange business and stop accepting new custo...

Policy

Nov. 10, 2022

Washington D.C.’s Buddy Sam Bankman-Fried Has Some Explaining to Do

Sam Bankman-Fried trafficked in ubiquity. The CEO of FTX began infiltrating Washington, D.C., last year, selling cryptocurrency as an answer to financial problems in the U.S. And he never seemed to leave. Last month, in the span of a few days, t...

Policy

Nov. 10, 2022

EU Lawmakers Vote Stronger Cyber Protection for Crypto, Other Finance

European Union lawmakers Thursday showed support for strict cybersecurity rules on crypto providers and other financial firms in a 612-18 vote. The European Commission proposed the bill in 2020 given fears that banks were outsourcing data to the...

Policy

Nov. 10, 2022

UK’s Crypto Future Is Bright No Matter Who’s in Charge, Lawmaker Says

The political turmoil in the U.K. won’t alter crypto’s bright future in the country, lawmaker Lisa Cameron says. The U.K. has seen its Conservative leadership change hands repeatedly over the last year, prompting support for the Labour Party – t...

Policy

Nov. 10, 2022

Bankrupt Crypto Lender Celsius Files Motion to Extend Submission Time for Reorganization Plan

Bankrupt crypto lender Celsius Network said on Thursday that it has filed a motion to extend the exclusivity period for its reorganization plan. This would allow the lender to take more time to work on a reorganization plan. Celsius today ...

Policy

Nov. 10, 2022

Crypto Execs Ask for Clearer US Regulatory Policy After FTX Collapse

The CEOs of Coinbase (COIN), Ripple and Circle said that a lack of a clear framework from regulators was the reason why most of the crypto trading in the U.S. occurs on offshore exchanges – like the now-struggling FTX. Replying to a tweet by Sen...

Policy

Nov. 09, 2022

FTX Faces US Justice Department Probe: Report

The U.S. Department of Justice is looking into crypto exchange FTX after its apparent collapse, the Wall Street Journal reported Wednesday. FTX was already facing probes from state and federal regulators, but these investigations have taken on ...

Policy

Nov. 09, 2022

With FTX Bloodied, Rival in US Regulatory Fight Adds Another Knife

An old-guard rival of FTX from the derivatives markets sought to drive a stake through its heart as the crypto company struggled to save itself from financial disaster on Wednesday. A subsidiary of Cboe Global Markets Inc. sent a letter on Wedne...

Policy

Nov. 09, 2022

US Regulators Probing FTX Handling of Customer Funds: Bloomberg

U.S. securities and commodities regulators are probing whether FTX.com correctly managed client funds, despite protestations this week by the ailing crypto exchange’s CEO that all customer holdings were covered, according to sources cited by B...

Policy

Nov. 09, 2022

US Sanctions Several Individuals, Dozens of Bitcoin, Ether and Bitcoin Cash Addresses on Opioid Allegations

The U.S. Treasury Department's sanctions watchdog added three people to its blacklist, alleging they used crypto to facilitate the supply of illegal and synthetic drugs to the U.S. In a press release Wednesday, Treasury's Office of Foreign Asset...

Policy

Nov. 09, 2022

What EU Merger Regulators Have in Store for Binance’s FTX Buy

The news that Binance is to buy FTX’s non-U.S. business is rocking crypto markets – not least as it emerges from revelations about shaky financials in Sam Bankman-Fried’s empire. But it also heralds a shift in approach in the crypto world, w...

Policy

Nov. 09, 2022

Kim Kardashian Looks Set to Win Investor Lawsuit Over EthereumMax: Report

Reality TV star Kim Kardashian looks set to win an investor lawsuit against her and other celebrities over their endorsement of cryptocurrency EthereumMax (EMAX), after a judge tentatively dismissed the case on Monday, according to a Bloomberg ...

Policy

Nov. 09, 2022

Dubai Presses for Crypto Companies to Set Up Shop

Dubai is heavily recruiting crypto companies to establish themselves there, but the Middle Eastern nation isn’t quite ready for them. Regulations aren’t clear yet, and getting something as basic as a bank account isn’t a smooth process – at least...

Policy

Nov. 09, 2022

The Collapse of the FTX Empire

Hello folks. It is election day in the U.S., and that was going to be my main focus today, up until about 11:05 a.m. ET anyway. That’s the point when Sam Bankman-Fried announced that his company FTX would enter a “transaction” with Binance, which...

Policy

Nov. 09, 2022

Midterm Elections 2022: Crypto Live Blog

The U.S. votes for the House and Senate on Tuesday, potentially setting the direction for the next two years of legislative and regulatory action. The crypto industry has tried to play a major role in the election through donations, though resul...

Policy

Nov. 08, 2022

FTX’s Push for US Crypto Clearing Left In Suspense By Binance Deal

The crypto industry has eagerly watched for a decision from the U.S. Commodity Futures Trading Commission to allow FTX to directly clear its customers’ derivatives transactions, but that market-shaping application has entered murky territory. Th...

Policy

Nov. 08, 2022

US Midterm Elections to Set the Tone for Bitcoin Miners' Future

Bitcoin miners across the U.S. are looking to Tuesday's midterm elections for a signal on the future of environmental policy, which may impact their expansions and operations. Since President Joe Biden took office almost two years ago, bitcoin m...

Policy

Nov. 08, 2022

US Treasury Adds to Tornado Cash Sanctions With North Korea WMD Allegations

The U.S. Treasury Department is "redesignating" Tornado Cash as a sanctioned entity, overtly alleging that North Korea has used the crypto mixing service to support its weapons of mass destruction (WMD) program. The Treasury Department's Office...

Policy

Nov. 08, 2022

Bank of Russia Suggests NFT, Smart Contract Regulation

Russia could create more detailed rules for taxing digital securities and utility tokens, but already has a sufficient regulatory environment to create a legitimate market for digital assets, the country's chief financial regulator said in a new ...

Policy

Nov. 08, 2022

FTX, Binance Deal Draws Antitrust Concern

The proposed sale of FTX’s non-U.S. business to Binance, announced Tuesday amid concerns over stability at FTX, has drawn concerns of antitrust retaliation in the U.S. and elsewhere. Regulators across the world have the power to block major merg...

Policy

Nov. 08, 2022

Crypto Has Prepared for Divided US Government, Republican Rise

As U.S. voters head to the polls Tuesday, the crypto industry is confident that it’s positioned itself well for the newly divided government expected to emerge when the votes are tallied. Legislation that could finally establish U.S. oversight o...

Policy

Nov. 08, 2022

Crypto Exchange Coinbase Germany Ordered by Regulator to Tackle "Organizational Deficiencies"

Germany's financial watchdog ordered cryptocurrency exchange Coinbase's local unit to ensure it has effective risk management and internal controls in place after uncovering "organizational deficiencies" during an audit of the firm's financial st...

Policy

Nov. 08, 2022

Global Money Laundering Watchdog Says Crypto Monitoring Regime Is Unchanged

The Financial Action Task Force said it has not changed the way it monitors digital assets after Al Jazeera reported that the intergovernmental organization for tacking money laundering and financing of terrorism is getting ready to "conduct ...

Policy

Nov. 07, 2022

Bank of Korea Tested NFT Trading, Remittances With CBDC: Report

The Bank of Korea (BoK) has developed and tested a program that facilitates cross-border remittances by linking different central bank digital currencies (CBDC) from other countries, local media outlet Yonhap News reported on Monday. The centr...

Policy

Nov. 07, 2022

LBRY Sold Tokens as Securities, Federal Judge Rules

Crypto startup LBRY violated securities laws by selling its native LBC tokens without registering with the U.S. Securities and Exchange Commission (SEC), a New Hampshire judge ruled on Monday. The SEC sued LBRY in March 2021, alleging that LBC t...

Policy

Nov. 07, 2022

CBDCs Could Need Global Regulation, EU Commissioner Says

Central bank digital currencies (CBDCs) could require a network of international deals to stop state-backed money from infringing on other countries’ sovereignty, European Union Commissioner Paolo Gentiloni said on Monday. The bloc is currently ...

Policy

Nov. 07, 2022

Ex-House Speaker, Former Justice Official Join US Policy Crew Assembled by Paradigm

Paul Ryan, the former speaker of the U.S. House of Representatives, will join past leaders of both parties’ congressional campaign committees in a group formed by Paradigm in a bid to help shape the crypto policies coming out of Washington, compa...

Policy

Nov. 04, 2022

SEC Charges Trade Coin Club Founding Members With Operating a $295 Million Ponzi Scheme

The Securities and Exchange Commission (SEC) said Friday that it's charging the founding members of a multi-level marketing organization with operating a $295 million crypto Ponzi scheme . The SEC is charging Douver Torres Braga, Joff Paradise,...

Policy

Nov. 04, 2022

CFTC Issues Order Against Fraudulent Crypto Arbitrage Company

The Commodity Futures Trading Commission (CFTC) has issued an order against the CEO of a fraudulent crypto trading firm known as "Arbitraging.co." Jeremy Rounsville defrauded investors by claiming to have developed a "highly advanced arbitrage b...

Policy

Nov. 04, 2022

CBDCs Could Reduce FX Transaction Speeds to 10 Seconds, NY Fed Says

Foreign exchange transactions could drop from a two-day process to less than 10 seconds if central bank digital currencies (CBDC) were involved, according to an experiment conducted by the Federal Reserve Bank of New York. Project Cedar, a resea...

Policy

Nov. 04, 2022

UK Lawmakers Will Hold Inquiry to Explore NFT Regulation

U.K. lawmakers want to hear what the public thinks about regulating non-fungible tokens (NFTs) that they fear are often overvalued. The Digital, Culture, Media and Sport Committee (DCMS) that consists of members from different political parties ...

Policy

Nov. 04, 2022

EU Delays Vote on MiCA Crypto Legislation Until February

European Union lawmakers won’t vote on the Markets in Crypto Assets regulation (MiCA) until February, likely meaning further delays in the landmark licensing regime for crypto companies within the bloc, a spokesperson for the European Parliament ...

Policy

Nov. 04, 2022

Proposed UK Rules Will Make Advertising Crypto a Lot Harder, Industry Warns

The U.K. could make it difficult for crypto companies to advertise to clients within its borders if a new proposed bill is passed into law. On Thursday, lawmakers on the committee for the Financial Services and Markets (FSM) bill – which could a...

Policy

Nov. 04, 2022

Singapore Approves In-Principle License for Crypto Fund Manager Hashkey

Singapore's central bank has approved an in-principle license for a local unit of Hong Kong virtual asset manager Hashkey Group, the company said Friday. Once granted, the license will allow the company to conduct fund management services in Sing...

Policy

Nov. 03, 2022

Canada Announces Crypto, Stablecoin Consultation in New Budget Statement

Canada's federal government announced it was launching a consultation on "cryptocurrencies, stablecoins and central bank digital currencies" in a fiscal update published Thursday. The Fall Economic Statement, a mini-budget released by Deputy Pri...

Policy

Nov. 03, 2022

US Accounting Standards Board Member Supports Reporting Crypto Swings as Income: Bloomberg

The U.S. Financial Accounting Standards Board (FASB) member Frederick Cannon said Thursday he supports recording companies’ crypto gains and losses as part of their net income, according to a report in Bloomberg . This means that these gains an...

Policy

Nov. 03, 2022

Japanese Digital Ministry to Create DAO for Web3 Exploration

Japan's Digital Ministry is to create a decentralized autonomous organization (DAO) to further its exploration of Web3 technology. The DAO will help the government develop an understanding of what such organizations can achieve and identify th...

Policy

Nov. 03, 2022

UK Powers to Regulate Crypto Ads Approved by Lawmaker Committee

New U.K. laws to restrict crypto ads and outlaw the provision of services by unauthorized operators were passed in a committee of the House of Commons Thursday without opposition or further debate. The measures, now formally included in the gove...

Policy

Nov. 03, 2022

Lesson From the US Elections: Don't Mention Crypto

In 2020, as U.S. presidential candidates squared off, the mob of Democratic hopefuls sought to separate themselves from the pack. As part of his bold campaign for fixing imbalances in the economy, Andrew Yang didn’t shy away from predicting cryp...

Policy

Nov. 03, 2022

Singapore's MAS Starts Wholesale CBDC Project With French and Swiss Central Banks

The Monetary Authority of Singapore (MAS) started a new initiative called Ubin+ aimed at exploring the use of central bank digital currency (CBDC) for cross-border currency transactions. Ubin+ will look at testing CBDC's use in foreign exchang...

Policy

Nov. 02, 2022

Analyzing What's Next for Europe's Markets in Crypto Assets Law

The European Union is set to be the first major jurisdiction in the world to agree how to regulate the digital asset sector, via its Markets in Crypto Assets regulation (MiCA). Under the recently agreed text , providers of crypto services – whi...

Policy

Nov. 02, 2022

Previewing Next Week's US Midterm Election

The U.S. election is next week. Control of the Senate and House of Representatives is up for grabs, not to mention state legislatures and governorships. The crypto industry is playing a bigger role in 2022 than it did in 2020, but still not a lar...

Policy

Nov. 02, 2022

India Considers Taxing Crypto Income From Businesses Headquartered Elsewhere

India’s taxation authority has proposed new changes to the filing of income tax returns that could have a significant impact on those holding virtual digital assets (VDAs) or cryptocurrencies or possibly even investments in DAOs (Decentralized ...

Policy

Nov. 02, 2022

Crypto Investor a16z Wants to Join Ooki DAO Defense Against CFTC

Venture capital Andreessen Horowitz , known as a16z, is seeking permission from a federal court to argue in favor of the Commodity Futures Trading Commission (CFTC) serving individual members of a decentralized autonomous organization (DAO) inst...

Policy

Nov. 02, 2022

Switzerland Sticks to Tougher ID Checks for Crypto to Cash Transactions

The Swiss financial regulator is extending money-laundering checks for crypto transactions despite significant pushback from the country’s users. A threshold of 1,000 Swiss francs ($1,000) over which customers will have to prove their identity w...

Policy

Nov. 02, 2022

France, Switzerland, Singapore to Test DeFi in Forex Markets

Central banks from France, Switzerland and Singapore are attempting to automate foreign exchange markets, using decentralized protocols, to cut the cost of cross-border payments. Project Mariana, coordinated by the Innovation Hub of the Bank for...

Policy

Nov. 02, 2022

Singapore Carries Out First Trades in DeFi Pilot for Wholesale Funding Market

The Monetary Authority of Singapore (MAS) along with several retail banks successfully completed a few trades using tokenized assets in an effort to test the use of decentralized finance (DeFi) in the wholesale funding markets. Singapore's cent...

Policy

Nov. 02, 2022

Singapore Grants Stablecoin Issuer Circle In-Principle License to Offer Payment Products

Stablecoin issuer Circle has received an in-principle license from the Monetary Authority of Singapore (MAS), allowing it to operate as a payments company in the country. Circle, which sought a Major Payments Institution License from the Singapo...

Policy

Nov. 02, 2022

Hong Kong Wants to Be a Crypto Hub Again

HONG KONG — On Monday, at the opening of Hong Kong FinTech Week, regulators declared the city’s ambitions to be a virtual asset hub. The government announced that it will hold consultations for allowing retail investors to invest on licensed pl...

Policy

Nov. 02, 2022

Stablecoin Issuer Paxos Receives Operating License From Singapore Regulator

Paxos, issuer of the USDP stablecoin, can offer crypto products and services in Singapore after securing the license under the nation's Payment Services Act. The New York-based company announced the approval early Wednesday (Singapore time), say...

Policy

Nov. 01, 2022

Gibraltar Will Focus on Stablecoins and DeFi Lending After Market Turmoil

Gibraltar’s financial regulator is exploring whether it needs to further regulate stablecoins and decentralized finance lending after the recent collapses of Terra and crypto lenders like Celsius. Gibraltar Financial Services Commission (FSC) wa...

Policy

Nov. 01, 2022

White House Convenes Summit for Stopping the Spread of Ransomware

The U.S. White House brought together 36 countries and the EU for its second International Counter Ransomware Initiative (CRI) summit to counter the global spread of ransomware. Among other initiatives, the CRI plans to establish an Internationa...

Policy

Nov. 01, 2022

Judge Denies Celsius’ Motion to Pay Employees $3M in Retention Bonuses – At Least Temporarily

A federal bankruptcy judge struck down Celsius Network’s plans to pay out nearly $3 million in retention bonuses to a select group of employees on Tuesday, citing the lack of transparency in the bankrupt crypto lender’s public filings. In a mot...

Policy

Nov. 01, 2022

A Quarter of Americans Say Inflation, Economy Woes Sparking Interest in Crypto, Poll Finds

Fears over inflation and the struggling economy has translated to a growing interest in crypto for a quarter of voters surveyed in a new poll commissioned by crypto asset management firm Grayscale. Among young and diverse voters, economic woes...

Policy

Nov. 01, 2022

Indian Finance Minister Says Crypto Regulation Is a 'Working Priority' for Its G20 Presidency Next Month

Indian Finance Minister Nirmala Sitharaman has said framing crypto assets would be one of eight priorities that are still in the works for the nation's year-long G20 Presidency which begins next month during a speech at an event of think tank on ...

Policy

Nov. 01, 2022

Crypto Regulation Will Be a Priority for G20 Under India Presidency, Official Says

India has hinted that crypto regulation would be a priority during the country's year-long presidency of the G20, which begins next month. Identifying "consensus-based solutions for accelerating the scale and scope of the response of the global ...

Policy

Oct. 31, 2022

Coinbase Files to Support Ripple Against SEC Case

Crypto exchange Coinbase has petitioned a federal court for permission to file a friend-of-the-court (amicus) brief in the ongoing lawsuit between the U.S. Securities and Exchange Commission (SEC) and Ripple Labs. Coinbase joins the Blockchain A...

Policy

Oct. 31, 2022

Privacy Protection a Top Issue for Digital Yuan: China's Central Bank Governor

Privacy protection is one of the top issues among the many still remaining when it comes to the use of China's central bank digital currency (CBDC), the digital yuan, according to China's Central Bank Governor Yi Gang. "It is also important to k...

Policy

Oct. 31, 2022

Can Crypto Buy a Seat in Congress?

A mountain of crypto riches can’t automatically purchase a seat in Congress. But, for many campaigns winding their way toward the U.S. midterm election next week, it certainly doesn’t hurt. This year’s elections mark the first wave of races in w...

Policy

Oct. 31, 2022

US Tether Bank Fraud Investigation Changes Hands Within the DOJ: Report

A criminal investigation into whether Tether’s executives committed bank fraud in the early days of the stablecoin issuer’s existence has been reassigned after months of stagnation, according to Bloomberg . The Department of Justice’s (DOJ) pro...

Policy

Oct. 31, 2022

Monetary Authority of Singapore Completes Phase 1 of CBDC Project, With More Trials to Come

The Monetary Authority of Singapore (MAS) has completed the first phase of its central bank digital currency (CBDC) project, according to a report on Monday. This stage of Project Orchid explored the potential use cases for a digital Singapore...

Policy

Oct. 31, 2022

Crypto-Linked Terror Attacks Probably Quadrupled, UN Official Says: Report

Crypto-financed terror attacks probably quadrupled in the past few years, according to a United Nations official interviewed by Bloomberg . Svetlana Martynova , a senior legal officer at the United Nations Counter-Terrorism Committee Executive...

Policy

Oct. 31, 2022

India's Central Bank to Start Wholesale CBDC Pilot Nov. 1

India's central bank will introduce a pilot wholesale central bank digital currency (CBDC) Nov. 1, and a retail version will start within a month. In a statement, the Reserve Bank of India said the use case for the wholesale digital rupee is th...

Policy

Oct. 31, 2022

Hong Kong Govt. Reconsiders Stance on Virtual Asset ETFs, Tokenised Securities, and Retail Investors

Hong Kong’s Financial Services and Treasury Bureau issued a policy statement on virtual assets at the opening of the city's flagship tech conference Hong Kong FinTech Week on Monday. Hong Kong is “ready to engage” with global virtual asset ser...

Policy

Oct. 28, 2022

Crypto Lobbyist Group Blockchain Association Asks Court for Permission to Support Ripple Against SEC Case

The Blockchain Association, a crypto lobbying organization based in Washington, D.C., filed for permission to support Ripple as a friend of the court in its ongoing defense against the Securities and Exchange Commission (SEC) late Friday. The SE...

Policy

Oct. 28, 2022

CFTC Staff Recommend Rejecting Kalshi's US Election Contracts: Bloomberg

Prediction market Kalshi's request to create contracts linked to U.S. election outcomes should be rejected, according to staff of the regulator weighing the request, Bloomberg reported. Their recommendations are not binding. Commissioners at the...

Policy

Oct. 28, 2022

Reading Elon’s Tea Leaves

Electric car mogul/aspiring Martian Elon Musk took over Twitter. This could mean a lot for free speech online, or not. We just don’t know. Here’s an attempt at parsing his statements and actions over the past few months. You’re reading State ...

Policy

Oct. 28, 2022

TradFi Regulations Can Be Applied to Crypto – to an Extent, CFTC Commissioner Says

Crypto may pose some risks to financial stability but may just need clearer guidelines rather than an entirely new set of rules, Christy Goldsmith Romero, a commissioner at the Commodity Futures Trading Commission, said. Still, during an appeara...

Policy

Oct. 28, 2022

El Salvador, Lugano Sign Agreement to Help Spread Bitcoin Adoption and Education

LUGANO, SWITZERLAND — The country of El Salvador and the Swiss city of Lugano have signed a memorandum of understanding (MOU) aimed at boosting bitcoin adoption in their own regions as well as neighboring states and countries. Appearing at Lug...

Policy

Oct. 28, 2022

Prediction Market Kalshi Signals It Sees CFTC's Blessing for Midterm Election Bets

Prediction market Kalshi is hinting strongly that it expects U.S. regulators to approve its request to debut contracts linked to the Nov. 8 U.S. election on Friday. At the top of its homepage , under the heading "Countdown to election markets,"...

Policy

Oct. 27, 2022

India Seeing Spike in Drug Smuggling Using Crypto, Says Home Minister Amit Shah

Amit Shah, India's Home Minister and close aide of the nation's Prime Minister Narendra Modi, said there has been an increase in drug smuggling through the darknet and cryptocurrencies, which is also responsible for terrorism, according to a rep...

Policy

Oct. 27, 2022

UK Stablecoin Rules Approved by Lawmaker Committee

U.K. lawmakers agreed on new rules for stablecoins on Thursday – as the government promised to consult on further crypto regulations and a digital pound in the coming weeks. In April, Rishi Sunak – at the time finance minister, but since promote...

Policy

Oct. 27, 2022

Kazakhstan to Test National Digital Currency on BNB Chain, Binance CEO Zhao Says

The National Bank of Kazakhstan will integrate its central bank digital currency on Binance's blockchain network BNB Chain, the company's CEO Changpeng 'CZ' Zhao said on Thursday. The central bank began testing a digital iteration of its nationa...

Policy

Oct. 27, 2022

Crypto Trading Firm PGI Dissolved in UK After Alleged Scam

PGI Global U.K. has been shut down after allegedly scamming would-be investors of around 612,425 pounds ($709,000) between July 2020 and February 2021. The firm was dissolved by the U.K. High Court and the Official Receiver has been appointed ha...

Policy

Oct. 27, 2022

Hong Kong to Make Retail Crypto Trading Legal: Report

Hong Kong plans to legalize retail trading of cryptocurrency as it looks to become a crypto hub, according to a Bloomberg report Thursday. Crypto platforms will be required to apply for a license to offer retail trading, according to the repor...

Policy

Oct. 27, 2022

Crypto Predictions Site Polymarket Foresees Republicans Winning Both Senate and House

Cryptocurrency predictions site Polymarket has started its 2022 Midterms Live Forecast and is predicting Republicans will comfortably control both the House and the Senate. The site is giving an overall 64% chance of Republicans taking control...

Policy

Oct. 26, 2022

Crypto Echoes Risks of 2008 Financial Crisis, Says US CFTC Commissioner

Though the crypto industry is a sliver of the overall U.S. financial system, the “growing interest by traditional finance” firms should put regulators on notice of dangerous risks to come, said Christy Goldsmith Romero, a commissioner with the U....

Policy

Oct. 26, 2022

Vietnam's Prime Minister Says Country Needs to Regulate Crypto

Vietnam Prime Minister Pham Minh Chinh called for new rules to regulate the crypto sector in a discussion group Monday. Chinh said that he was “impatient that virtual assets are not recognized, yet people continue to trade” in discussing amendme...

Policy

Oct. 26, 2022

How South Korea’s National Assembly Got Stood Up by Crypto Industry Reps at Terra Hearing

South Korean lawmakers want to question the crypto industry about its recent failures – but only two witnesses showed up to a hearing. Two out of five witnesses from the industry showed up to testify before South Korea’s National Assembly hearin...

Policy

Oct. 26, 2022

UK Police Has Crypto Experts Stationed Nationwide

The U.K. National Police Chiefs' Council (NPCC) has stationed crypto tactical advisors policing departments to help investigate and seize digital assets tied to crime, an official said. “There are officers now in every force in every regional or...

Policy

Oct. 26, 2022

New NFT Rules Possible if Lawmakers Ask, EU Official Says

Further European Union legislation on non-fungible tokens could be issued if requested by lawmakers, an official from the bloc's executive arm said on Wednesday. "The parliament is working on a resolution on NFTs,” said Peter Kerstens, head of t...

Policy

Oct. 26, 2022

What the Mention of Crypto in Australia's Budget Means

The explicit mention of cryptocurrency in Australia's federal budget helps provide clarity on how digital assets will be handled in the country, industry observers said. The budget presented Tuesday reiterates June's announcement that bitcoi...

Policy

Oct. 26, 2022

Singapore Central Bank Proposes Stablecoin Rules to Reign in Crypto Sector

The Monetary Authority of Singapore (MAS) has proposed a slew of new rules to reign in the local crypto industry – starting with some stringent standards for stablecoin issuers. The rules include setting capital and reserve requirements for issu...

Policy

Oct. 26, 2022

Foreign Exchange Transactions Take Center Stage in New BIS CBDC Report

A six-week pilot project to evaluate whether central bank digital currencies (CBDCs) would be useful for foreign exchange transfers successfully saw 20 different commercial banks conduct over 160 payments worth around a total of $22 million, the ...

Policy

Oct. 26, 2022

A Majority of US Voters Want More Crypto Regulation, Poll Shows

The crypto industry may be fretting over tightening regulations and upcoming legislation , but new poll results released Wednesday indicate that a majority of voters believe that lawmakers need to turn up the dial on crypto regulation. A nati...

Policy

Oct. 25, 2022

Central Bank of Turkey Plans to Launch a CBDC in 2023

This article is adapted from CoinDesk Turkiye. Follow CoinDesk Turkiye on Twitter. Turkey is poised to launch a central bank digital currency (CBDC) next year. Turkey’s Presidential Annual Program for 2023, presented on Monday by the Pr...

Policy

Oct. 25, 2022

UK Crypto-Focused Parliament Group Calls on New PM Sunak to Clarify Crypto Policies

The Crypto and Digital Assets All Party Parliamentary Group (APPG), which is chaired by Scottish National Party member of parliament (MP) Lisa Cameron, has called for the British government to provide clarity in terms of its commitments to the cr...

Policy

Oct. 25, 2022

“Espías” chinos usaron mezclador de monedas Wasabi para intentar esconder sobornos realizados con bitcoins, según Elliptic

Guochun He y Zheng Wang son los dos oficiales de inteligencia chinos acusados de obstruir a la justicia por supuestamente intentar sobornar a dos agentes de los Estados Unidos con US$61.000 en bitcoins . Según la empresa de análisis Elliptic , ...

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Oct. 25, 2022

Hodlonaut Expects Craig Wright to Appeal Verdict in Norway

Magnus Granath, the Bitcoin advocate known as Hodlonaut on Twitter, said he is feeling “great” following his victory against Australian computer scientist Craig Wright in a defamation case in Norway, but said Wright will likely appeal the rulin...

Policy

Oct. 25, 2022

UK Lawmakers Vote to Recognize Crypto As Regulated Financial Instruments

Lawmakers in the U.K. voted in favor of recognizing crypto assets as regulated financial instruments and products in the country on Tuesday. The House of Commons, the parliament's lower house, met on Tuesday for a line-by-line reading of the pro...

Policy

Oct. 25, 2022

Chinese Spies Used Wasabi Wallet to Try to Conceal Bitcoin Bribes, Elliptic Says

The two Chinese intelligence officers charged with obstructing justice for allegedly bribing a U.S. double agent with $61,000 in bitcoin used coin mixing wallet Wasabi to try to cover their tracks, analytics firm Elliptic found . “Elliptic’s ...

Policy

Oct. 25, 2022

Warren, Ocasio-Cortez Ask Regulators to Clarify Stance on Crypto Hires

U.S. Senator Elizabeth Warren (D-Mass.) and Representative Alexandria Ocasio-Cortez (D-N.Y.) have asked regulators to clarify their rules on former employees taking roles in the crypto industry. In a letter sent to almost all federal financial ...

Policy

Oct. 25, 2022

EU Stablecoin Caps Could Lighten or Get Tougher, French Official Warns

Controversial caps on stablecoins planned by the European Union could be lifted – or alternatively made yet stricter, a French official warned Tuesday, while an EU lawmaker said the bloc may have “overregulated” the crypto sector. The EU’s rece...

Policy

Oct. 25, 2022

Australian Markets Regulator Sues Promoter of Crypto Token Qoin

Australia's markets regulator initiated court action against BPS Financial alleging the company behind crypto asset Qoin ran misleading promotional advertisements, according to a press release . The Australian Securities and Investments Commiss...

Policy

Oct. 24, 2022

CFTC Chair Behnam Says ‘Number One Accomplishment’ Is Track Record of Enforcement Actions

Commodity Futures Trading Commission (CFTC) Chair Rostin Behnam is eager for his agency to shed its reputation as the friendlier regulator for the crypto industry. Speaking at a panel discussion hosted by law firm Lowenstein Sandler in New Yor...

Policy

Oct. 24, 2022

Chinese Intelligence Officers Used Bitcoin in Scheme to Undermine Investigation, US Officials Allege

Two intelligence officers working for the People's Republic of China allegedly tried bribing a U.S. government official with bitcoin in an effort to collect information about a prosecution against an unnamed company, the Department of Justice ann...

Policy

Oct. 24, 2022

Start Regulating the Metaverse Now, Researchers Tell French Leaders

The European Union’s handling of its key crypto legislative packages highlighted an “inadequacy and lack of expertise” that should not be repeated when forming rules for the metaverse, according to researchers commissioned by the French governmen...

Policy

Oct. 24, 2022

Celsius Bankruptcy Judge Agrees to Appoint a Consumer Privacy Ombudsman in Case

Judge Martin Glenn, the judge presiding over the bankruptcy case of crypto lender Celsius, has agreed to appoint a consumer privacy ombudsman in the case, according to a court filing on Monday . The U.S. Trustee in the case argued that an ombud...

Policy

Oct. 24, 2022

Rishi Sunak, partidario de las criptomonedas, será el primer ministro del Reino Unido tras la renuncia de Truss

Rishi Sunak fue elegido para ser primer ministro tras la controvertida renuncia de Liz Truss de la semana pasada. Durante su etapa como ministro financiero, Sunak había guiado las nuevas aspiraciones del Reino Unido respecto de las criptomonedas....

Policy

Oct. 24, 2022

South Korean Regulator Plans to Look at Stablecoins' Role in Money Laundering: Report

South Korea's Financial Services Commission (FSC) intends to look into the proportion of stablecoins being used on crypto exchanges to prevent money laundering, local news agency News1 reported Monday . The FSC's "Risk Assessment Index Developm...

Policy

Oct. 24, 2022

Court Dismisses Ex-OpenSea Exec's Effort to Dismiss 'Insider Trading' Case

A federal indictment of former OpenSea Head of Product Nate Chastain can proceed, a federal judge ruled Friday. Chastain was indicted in June on allegations of insider trading, and charged with wire fraud and money laundering. Chastain filed a m...

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Oct. 24, 2022

Crypto-Friendly Rishi Sunak to Become UK Prime Minister Following Truss Exit

Rishi Sunak, who shepherded the U.K.’s new crypto ambitions during his time as finance minister, has been chosen to be the country’s next Prime Minister following Liz Truss’ controversial exit from office last week. Sunak was chosen by his fello...

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Oct. 24, 2022

NFTs Can Be Considered Property, According to Singapore High Court Ruling

Non-fungible tokens (NFTs) can be considered property, the Singapore High Court has said. Justice Lee Seiu Kin ruled Friday that NFTs meet certain legal requirements to be considered property , such as being distinguishable from other similar a...

Policy

Oct. 21, 2022

Build on Blockchain, Stay Away From Crypto Gambling, Turkey’s Erdoğan Says

Blockchain has merits as a technology but “gambling” with crypto should be avoided, Turkey’s President Recep Tayyip Erdoğan said Friday. Appearing before students at Istanbul University during the Blockchain Istanbul Programme organized by his J...

Policy

Oct. 21, 2022

Some, Not All, Crypto Token Screenings Will Be Scrapped, Japan’s JVCEA Official Says

Japan’s accredited self-regulatory body for the crypto industry is simplifying a complicated screening process that digital tokens must undergo before being listed on local exchanges. These rules will come into effect in December and have been a...

Policy

Oct. 21, 2022

Interpol pone en marcha su propio metaverso policial

Interpol lanzó lo que denomina “el primer metaverso policial especialmente diseñado para las fuerzas del orden de todo el mundo”. El anuncio se hizo en la 90a Asamblea General de Interpol en Nueva Delhi, India. Read this article in English...

Policy

Oct. 21, 2022

Collapsed Australian Crypto Exchange ACX Allegedly Used Customer Funds To Run Business

An Australian court has heard that Blockchain Capital – which operated the ACX crypto exchange that collapsed last year – used customer deposits to fund another part of its business instead of keeping the money on reserve, according to a Sydney ...

Policy

Oct. 21, 2022

UK Seeks to Recognize Crypto as Regulated Industry

The U.K. government has introduced new legal measures that would regulate crypto ads and ban unauthorized crypto providers from offering services. Amendments introduced by minister Andrew Griffith to his own bill on Friday have been welcomed by ...

Policy

Oct. 21, 2022

DeFi’s ‘Severe Threat’ Needs New Kind of Regulation, EU Commission Told

Decentralized finance (DeFi) could require new kinds of voluntary regulation to manage the severe threats it poses, finance professor Tarik Roukny told the European Commission today, as the EU executive ponders how to regulate a sector that doesn...

Policy

Oct. 21, 2022

CBDCs Can Work With Stablecoins, Central Bank Trial Finds

A new experiment shows central bank digital currency (CBDC) can work with private stablecoins, even if intermediary operators go bust, the Hong Kong Monetary Authority said Friday. Private stablecoins are designed to maintain stable values relat...

Policy

Oct. 20, 2022

Over a Fifth of Cases in CFTC’s 2022 Crackdown Were Crypto-Related

The U.S. Commodity Futures Trading Commission (CFTC) brought 82 enforcement actions in fiscal year 2022 – a whopping 22% of which were filed against crypto-related entities. According to the federal regulator’s annual enforcement report p...

Policy

Oct. 20, 2022

Stablecoins Could ‘Fundamentally Alter’ Banking System, Says US FDIC Chief

Stablecoins could have such a profound effect on the established banking system that U.S. regulators need to require that the digital tokens fit in without disrupting it, said Martin Gruenberg, the acting chairman of the Federal Deposit Insurance...

Policy

Oct. 20, 2022

Hodlonaut Wins Norwegian Lawsuit Against Self-Styled 'Satoshi' Craig Wright

Magnus Granath, known on Twitter as "Hodlonaut," won a defamation case against Craig Wright on Thursday, a Norwegian judge ruled. Wright will have to pay Granath's legal fees after a weekslong trial. Granath sued Wright in Norway to try and pree...

Policy

Oct. 20, 2022

Liz Truss Steps Down as UK Prime Minister

Liz Truss has resigned as U.K. Prime Minister on Thursday after serving just six weeks in office. Her short time in office saw controversies over fiscal policy and the energy policy known as fracking – and leaves the fate of bills on stablecoins...

Policy

Oct. 20, 2022

Two US Men Sentenced For Stealing Crypto Using 'SIM Swapping'

Two men from Massachusetts, have been sentenced to serve time in prison for an "extensive scheme to take over victims' social media accounts and steal their cryptocurrency using techniques such as SIM swapping," according to a press release by ...

Policy

Oct. 20, 2022

Finance Can Never be Fully Decentralized, Says UK Central Banker

Finance can never become truly decentralized, a member of the Bank of England’s financial-stability committee has said, citing an unfair advantage for insiders and the need to respond to unforeseen events. Carolyn Wilkins is the latest in a line...

Policy

Oct. 20, 2022

Customers of Bankrupt Crypto Lender Voyager Could Recover 72% of Their Funds if FTX Sale is Approved

Court documents show customers of bankrupt crypto lending platform Voyager Digital could recover 72% of their investments if a bid by FTX US to buy the lender goes through. But the sale won't close until a judge approves Voyager's payout plan, ...

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Oct. 19, 2022

US Alleges 5 Russian Nationals Used Crypto as Part of Sanctions Evasion, Smuggling Scheme

Federal prosecutors alleged that five Russian nationals laundered "millions of dollars" worth of unnamed cryptocurrency as part of a scheme to smuggle military technology and oil. Yury Orekhov, Artem Uss, Svetlana Kuzurgasheva (also known as “La...

Policy

Oct. 19, 2022

How Crypto Advocates Are Defending Ooki DAO

A person by any other name The narrative District Judge William Orrick, of the U.S. District Court for the Northern District of California, ruled last week that LeXpunK Army and the DeFi Education Fund could file amicus (friend of the cou...

Policy

Oct. 19, 2022

Japanese Crypto Self-Regulatory Body to Gradually Scrap Token Vetting Process: Report

The Japan Crypto-Assets Association (JVCEA), a legally recognized self-regulatory body made up of crypto exchanges, is looking to get rid of a "lengthy" screening process that currently precedes the listing of tokens on local exchanges, Bloom...

Policy

Oct. 19, 2022

Protections Needed to Stop Digital Pound Ousting Stablecoins, Lawmakers Told

The Bank of England must take account of the crypto industry’s competitiveness when it decides how to issue a central bank digital currency, fintech lobbyist Adam Jackson said on Wednesday to a committee of U.K. lawmakers that is set to consider ...

Policy

Oct. 19, 2022

South Africa Classifies Crypto Assets as Financial Products

South Africa has declared crypto assets to be a financial product, according to a new notice from the country’s Financial Sector Conductor Authority. The change brings digital assets under the purview of South Africa’s regulators. The notice ...

Policy

Oct. 19, 2022

Metaverse Market Dominance Raises Competition Worries, EU Antitrust Officials Say

Metaverse companies could limit users’ choice and raise prices if they grow to dominate their market, two officials from the European Union’s antitrust authority said in a blog published Monday . The EU is preparing its own strategy for virtu...

Policy

Oct. 19, 2022

International Securities Regulator IOSCO Appoints Jean-Paul Servais as its new Chair

The International Organization of Securities Commissions (IOSCO) has appointed Jean-Paul Servais as its new chair, according to a press release on Wednesday. Servais, who was previously Vice Chair of the IOSCO Board, will be replacing Ashley A...

Policy

Oct. 19, 2022

Time’s Running Out for French Crypto Registration Regime, Regulator Says

Crypto companies operating in France were urged to prepare for tough European Union standards by a senior official from the country's Financial Markets Authority (AMF) on Wednesday. AMF Secretary-General Benoît de Juvigny confirmed the country ...

Policy

Oct. 19, 2022

How Crypto Might Shake Up England’s Ancient Property Laws

Financial regulators around the world are looking to tighten their control over crypto markets, especially after a turbulent year for digital asset prices and marketplaces. Although regulators can tell crypto companies and even investors how to...

Policy

Oct. 19, 2022

French Lawmakers Approve New Boss for Finance Watchdog

Former bank lobbyist Marie-Anne Barbat-Layani has been cleared to head up France’s financial markets regulator, after lawmakers voted 55-28 in favor of her appointment on Wednesday. Barbat-Layani, currently Secretary-General at the French econom...

Policy

Oct. 19, 2022

Israel's Government and Tel Aviv Stock Exchange Preparing to Issue Digital State Bond

Israel's Ministry of Finance and the Tel Aviv Stock Exchange (TASE) are preparing to issue a blockchain-based digital state bond. The Israeli government and TASE are partnering with digital asset infrastructure firms Fireblocks and VMWare to per...

Policy

Oct. 18, 2022

Los países europeos deben estar listos para bloquear la minería de criptomonedas, según Comisión Europea

Los miembros de la Unión Europea (UE) deben estar listos para bloquear la minería de criptomonedas, dijo el martes la Comisión Europea, el bloque ejecutivo responsable de elaborar nuevas legislaciones, mientras la región se prepara para un invier...

Policy

Oct. 18, 2022

EU Countries Must Be Ready to Block Crypto Mining, Commission Says

Members of the European Union must be ready to block crypto mining, the European Commission, the bloc's executive arm responsible for introducing new legislation, said Tuesday as the region readies for an uncertain winter. The EU is also develop...

Policy

Oct. 18, 2022

FCA's Crypto AML Compliance Chief Steps Down

Mark Steward is stepping down as the U.K. Financial Conduct Authority's executive director of enforcement and market oversight, the regulator announced on Tuesday. In January 2021, the FCA became the supervisory body for anti-money laundering ...

Policy

Oct. 18, 2022

DAOs Aren't People, Crypto Lawyers Tell Court in CFTC's Ooki Case

Decentralized autonomous organizations (DAOs), collectives that typically govern activities by voting through the use of crypto tokens, are not people and should not be treated as such, a group of lawyers and developers told a California court Mo...

Policy

Oct. 17, 2022

Crypto Venture Capital Fund Paradigm Also Wants CFTC to Serve Ooki DAO's Members

Crypto venture capital fund Paradigm Operations has asked a federal court for permission to join two other groups in arguing that the Commodity Futures Trading Commission (CFTC) should serve the members of a decentralized autonomous organization ...

Policy

Oct. 17, 2022

Crypto Exchange FTX US Under Investigation by Texas Regulator Over Securities Allegations

The Texas State Securities Board is investigating FTX US over allegations it offers unregistered securities products through its yield-bearing service, according to a recent court filing. TSSB Director of Enforcement Joseph Rotunda alleged in a...

Policy

Oct. 17, 2022

France to Explore Crypto Tax Treatment Next Year

France will review its crypto tax rules next year as it seeks to become the world’s leading blockchain hub – and won’t seek to simply replicate existing norms for stocks, finance minister Bruno Le Maire told local media in an interview published ...

Policy

Oct. 17, 2022

Japan Greenlights Tougher AML Rules for Crypto

Japan's government has approved a cabinet decision to amend existing laws to curb money laundering using crypto, according to local news reports. The cabinet made the decision to move forward with the changes to the country's Foreign Exchange...

Policy

Oct. 17, 2022

Australian Regulator Suspends Holon's Crypto Funds Managed by Gemini

Australia's financial services and markets regulator suspended Sydney-based asset manager Holon Investments from offering or distributing three crypto funds to retail investors for 21 days, according to a press release . The decision was taken...

Policy

Oct. 14, 2022

CFTC’s Behnam Calls FTX Idea a Potential ‘Evolution’ in Market Structure

FTX’s proposal to cut out the middlemen in U.S. crypto derivatives has shaken traditional financial firms, but the chairman of the Commodity Futures Trading Commission (CFTC) said the idea could mark an “evolution” in the way markets work. CFTC ...

Policy

Oct. 14, 2022

CFTC Commissioner to Pitch Retail Investor Definition to Get Set for Crypto

The Commodity Futures Trading Commission (CFTC) needs to redefine how it sets rules for retail investors now that the agency seems likely to take on oversight of spot crypto trading, said Commissioner Christy Goldsmith Romero. She intends to pro...

Policy

Oct. 14, 2022

What the Regulators Said at DC Fintech Week

Hey folks. I’m in Washington, D.C., this week for DC Fintech Week. I’m going to highlight some statements or comments that stood out to me, but on a personal note I wanted to say it was great to meet so many of you (and shoutout to those of you w...

Policy

Oct. 14, 2022

SEC Chair Gensler Says CFTC Should Get More Power to Oversee Stablecoins: Report

Securities and Exchange Commission (SEC) chairman Gary Gensler said the Commodity Futures Trading Commission (CFTC) should be given more authority to police stablecoins at an event in Washington, D.C. on Friday, according to a report by Reuters ...

Policy

Oct. 14, 2022

UK's FCA Appoints Binu Paul to Lead Its Digital Assets Department

The U.K.'s financial watchdog, the Financial Conduct Authority, has appointed Binu Paul as its new head of digital assets. Paul was previously the fintech specialist lead at New Zealand's Financial Markets Authority. The FCA confirmed to CoinD...

Policy

Oct. 14, 2022

Russian Journalists, Activists Kicked Off Crypto Exchanges Due to EU Sanctions

Crypto exchanges LocalBitcoins, Crypto.com and Blockchain.com have notified their Russian users that services will soon be discontinued for them and recommended they withdraw funds from their accounts. The new sanctions package adopted last we...

Policy

Oct. 14, 2022

UK Finance Minister Kwarteng Fired

U.K. finance minister Kwasi Kwarteng has been fired by Prime Minister Liz Truss after the tax cuts he announced in September sent financial markets into a tailspin. In a resignation statement posted on Twitter , Kwarteng said it had been an “ho...

Policy

Oct. 14, 2022

Regulators Need Power to Take Down Foreign Crypto Sites, IOSCO Says

Securities regulators should have the power to demand foreign crypto sites be taken down, the International Organization of Securities Commissions (IOSCO) said in a Wednesday report. The proposals from the standard-setter are the latest in a ser...

Policy

Oct. 14, 2022

UK Wants to Make It Easier to Seize Crypto in Terrorism Cases

The U.K. government wants law enforcement agencies to be able to easily seize crypto assets used for funding terrorism. The Home Office Department, which is the government arm responsible for immigration and crime, wants to mirror planned amend...

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Oct. 14, 2022

US Judge Removes Legal Firm Roche Freedman From Class Action Against Tether, Bitfinex: Report

Law firm Roche Freedman was removed from representing the plaintiffs in a class action lawsuit against crypto exchange Bitfinex and stablecoin issuer Tether, which accused them of market manipulation, according to a Bloomberg report on Thursday...

Policy

Oct. 13, 2022

OCC Comptroller: Crypto Companies ‘Don’t Know What They Want to Be When They Grow Up’

Acting Comptroller of the Currency (OCC) Michael Hsu says the lack of focus at some crypto companies with plans to expand is hindering agencies like his from establishing regulatory standards. “Part of this confusion is because there are parts o...

Policy

Oct. 13, 2022

Yellen Stresses Need for Central Bank Digital Currency

Washington D.C. – U.S. Treasury Secretary Janet Yellen on Wednesday reiterated the importance of building a regulatory framework for digital assets, referencing Terra as one possible danger and Tether's “breaking the buck” as a result of the cr...

Policy

Oct. 13, 2022

US Democrat Senator John Hickenlooper Criticizes Gary Gensler's Approach to Crypto at SEC

U.S. Senator John Hickenlooper (D-Colo.) has become one of the first Democratic senators to publicly criticize the slow approach to crypto taken by Gary Gensler, chair of the U.S. Securities and Exchange Commission (SEC). Hickenlooper said that ...

Policy

Oct. 13, 2022

Police Complaints in This Indian District Are Going on the Polygon Blockchain

Police in the Firozabad district of India's most populous state, Uttar Pradesh, have announced an initiative that will put public complaints on a blockchain. The project is the first of its kind in India and is powered by Polygon, a scaling to...

Policy

Oct. 13, 2022

UK Passes Bill That Could see Trade Documents Stored Using Blockchain

The U.K. government has passed a bill that could see it adopt blockchain technology as a solution to store documents. A press release published by the government outlines its intention to move "paperless" when dealing with official documents. ...

Policy

Oct. 13, 2022

China's CBDC Transactions Reach $14B as Uptake Slows: Report

China's central bank digital currency (CBDC) reached the milestone of 100 billion yuan ($13.9 billion) worth of transactions amid a slowdown in uptake, South China Morning Post (SCMP) reported Thursday , citing People's Bank of China (PBOC) data...

Policy

Oct. 13, 2022

Digital Asset Bank Custodia Files Lawsuit in U.S. Court Over BNY Mellon's Crypto Approval

Digital assets bank Custodia Bank has filed a lawsuit in a U.S. court in Wyoming over what it calls "favoritism" and a "lack of respect" by the Board of Directors of the Kansas City Fed in allowing BNY Mellon (BK) to engage in crypto custody but ...

Policy

Oct. 13, 2022

UK Lawmaker Matt Hancock Doesn’t Regret Pro-Crypto Swerve

Matt Hancock hasn’t always backed the right horse – but he has no regrets about his support for crypto in spite of the recent market downturn, the British lawmaker told CoinDesk. Hancock – who served as health minister during the COVID-19 pand...

Policy

Oct. 13, 2022

Crypto Banking Platform BVNK Wins Registration in Spain

Crypto banking and payments platform BVNK has won registration as a virtual asset services provider (VASP) in Spain. Registration with the Bank of Spain will allow BVNK to offer its services to corporates across the country. BVNK helps businesse...

Policy

Oct. 13, 2022

US Judge Allows Crypto Advocates to Join Ooki Defense Against CFTC

A federal judge ruled late Wednesday that two groups of crypto advocates could argue that the Commodity Futures Trading Commission (CFTC) should not be able to serve the members of a decentralized autonomous organization (DAO) through a website h...

Policy

Oct. 12, 2022

Canadian Self-Regulatory Agency Approves First Crypto-Native Investment Dealer

Toronto-based crypto exchange Coinsquare became a member of Canada’s top self-regulatory organization (SRO) – the Investment Industry Regulatory Organization of Canada (IIROC) – on Thursday, making it the first crypto-native platform to join that...

Policy

Oct. 12, 2022

Key US Lawmaker Says Talks Continue Over ‘Ugly Baby’ Bill to Oversee Stablecoins

U.S. Rep. Patrick McHenry (R-N.C.) – one side of the negotiations over Congress’ leading stablecoin bill – says the bipartisan talks are ongoing and that he hopes lawmakers can still settle on final legislation in the “coming months.” The three-...

Policy

Oct. 12, 2022

Regulators Should Use 'Range of Options' in Fintech, Fed's Barr Says

Regulators need to get ahead of developing technologies before they can write rules governing the sector, said Michael Barr, speaking Wednesday to a policy-focused crowd at DC Fintech Week. Barr, who took on the role as vice chair of supervision...

Policy

Oct. 12, 2022

Binance Accused of Filing Inaccurate Financials by UK Subsidiary Shareholder

Cryptocurrency exchange Binance is facing criticism from a co-owner of its U.K. subsidiary for allegedly misrepresenting the shareholder's ownership stake in official company filings. Binance Digital Limited, a U.K. subsidiary of the global trad...

Policy

Oct. 12, 2022

Senator Warren Leads Congressional Group's Probe Into Bitcoin Mining Energy Use in Texas

A group of seven Democratic lawmakers in Washington, D.C., led by Senator Elizabeth Warren, are looking into the energy usage and carbon emissions of the bitcoin mining industry in Texas, as well as the impact on the grid and local consumers. In...

Policy

Oct. 12, 2022

Crypto Think Tank Coin Center Sues US Treasury Over Tornado Cash Sanctions

Think tank Coin Center is alleging that the U.S. Treasury Department’s sweeping sanctions against crypto mixer Tornado Cash harmed Americans and their ability to transact privately using the Ethereum network. Coin Center filed a lawsuit agains...

Policy

Oct. 12, 2022

Kazakhstan Legislature Pushes New Crypto Rules Forward: Report

The Majilis of Kazakhstan (the lower house of the country's legislature) has approved five new crypto bills, Russian news agency TASS reported Wednesday. The draft of at least some of this legislation was introduced only in late September, l...

Policy

Oct. 12, 2022

Blockchain.com Wins Singapore License: Report

London-based crypto exchange Blockchain.com has been approved to offer payment services by the Monetary Authority of Singapore (MAS), according to a Reuters report on Wednesday . The news comes one day after another crypto exchange, Coinbase, ...

Policy

Oct. 12, 2022

Tron Partners With Dominica Govt. to Issue Fan Token, Made National Blockchain

Blockchain network Tron has entered into an agreement with the government of Dominica to issue a national fan token to promote the Caribbean island's heritage and tourism, according to an announcement dated Oct. 7. Under the agreement, the Tro...

Policy

Oct. 12, 2022

In SEC Lawsuit, Grayscale Calls Spot ETF Rejection ‘Arbitrary, Capricious, and Discriminatory’

Grayscale Investments called the the U S. Securities and Exchange Commission's (SEC) June decision to reject its application to convert its flagship Grayscale Bitcoin Trust (GBTC) into a spot bitcoin exchange traded fund (ETF) “arbitrary, caprici...

Policy

Oct. 11, 2022

Crypto Mixers Haven't 'Slowed' DOJ Investigations, Director Says

Crypto mixers are a challenge for the U.S. Department of Justice (DOJ) but they haven't "necessarily slowed us down," the chief crypto prosecutor at the law enforcement agency said Tuesday. Eun Young Choi, the director of the DOJ's national cryp...

Policy

Oct. 11, 2022

Ooki DAO Case So ‘Egregious,’ CFTC Had No Choice, Chair Behnam Says

The controversial case against Ooki DAO was “so egregious and so obvious” that the U.S. Commodity Futures Trading Commission (CFTC) had to pursue it, said Chairman Rostin Behnam. People getting involved with a decentralized autonomous organizati...

Policy

Oct. 11, 2022

SEC Investigating Bored Ape Creator Yuga Labs Over Unregistered Offerings: Report

The SEC is probing Yuga Labs, the creator of the Bored Ape Yacht Club NFT collection, over whether sales of its digital assets violate federal law, according to a report from Bloomberg, citing an unnamed source close to the matter. At issue is w...

Policy

Oct. 11, 2022

Slicing the Elephant: Inside the Design of a Digital Euro

Evelien Witlox is a busy woman. When she’s not running between events – briefing European Union policymakers , banks or the Sibos finance conference this week – she’s designing the digital euro, a new format for the world’s second-biggest...

Policy

Oct. 11, 2022

Crypto Exchange Bittrex to Pay $30M in US Treasury Sanctions Settlement

Crypto exchange Bittrex settled charges alleging it inadvertently violated federal sanctions with the U.S. Treasury Department, agreeing to pay just under $30 million in fines and keep a closer eye on its compliance program. The U.S. Treasury De...

Policy

Oct. 11, 2022

Blockfusion's Crypto Mine in Niagara Falls Shut Down Due to Zoning Ordinances

The city of Niagara Falls in New York state, which has been the epicenter of a fight over bitcoin (BTC) mining and its impact on local environments and communities, ordered miner Blockfusion to shut down its operations citing violations to the ci...

Policy

Oct. 11, 2022

‘Comprehensive’ International Crypto Rules Proposed by Influential Finance Watchdog

Stablecoins could be forced to centralize issuance and major crypto platforms broken up under plans put forward by the Financial Stability Board (FSB) Tuesday. The Financial Stability Board, a watchdog agency and standard setter for the glob...

Policy

Oct. 11, 2022

‘Fear’ May be Keeping Crypto Group Ooki DAO From Mounting Defense Against CFTC

Ooki DAO, the first so-called decentralized autonomous organization (DAO) dragged to court over alleged lawbreaking in the U.S., is struggling to muster a response to the Commodity Futures Trading Commission (CFTC) with just days to go before it ...

Policy

Oct. 10, 2022

EU Commission Launches Proposal for Study of Automated DeFi Supervision

The European Union Commission has put out a call to study “embedded supervision” of decentralized finance (DeFi) protocols on the Ethereum blockchain, signaling greater EU regulation is on the horizon. The pilot aims to “develop, deploy and te...

Policy

Oct. 10, 2022

Portuguese Proposal Would Enact Taxes on Crypto Transfers, Capital Gains

A budget draft proposal submitted to parliament by Portugal’s Finance Minister Fernando Medina calls for taxing capital gains on cryptocurrency assets held by investors for less than a year. While the country already taxed capital gains on cry...

Policy

Oct. 10, 2022

Lawmakers Overwhelmingly Back EU's MiCA Crypto Law in Committee Vote

European Union (EU) lawmakers on Monday voted 28 to 1 in favor of landmark new crypto laws, virtually assuring the passage of legislation that was signed off by the bloc’s national governments last week . The Markets in Crypto Assets regulation...

Policy

Oct. 10, 2022

OECD Releases New Global Tax Reporting Framework for Crypto Assets

The Organization for Economic Co-operation and Development (OECD) has released its new tax reporting framework, the Crypto-Asset Reporting Framework (CARF), according to a press release Monday . The framework, which was approved in August, ensu...

Policy

Oct. 10, 2022

Stablecoins’ Role in Cutting International Payment Costs Probed by Payments Watchdog

Global payment standard-setters want to slash the cost of sending money abroad – and on Monday, an intergovernmental group announced that they’ll be looking at whether stablecoins can help. The Committee on Payment and Market Infrastructures, an...

Policy

Oct. 09, 2022

Iranian Bitcoin Advocate Ziya Sadr Arrested by Iranian Security Forces

Ziya Sadr, a Iranian Bitcoin advocate, was arrested by Iranian security forces last month, according to multiple sources. Nima Yazdanmehr, who said he is a friend of Sadr, told CoinDesk the arrest took place on the streets of Tehran on Sep. 19 a...

Policy

Oct. 07, 2022

What’s Inside the FSOC’s Long-awaited Report on Crypto Regulation

The Financial Stability Oversight Council (FSOC) published its own highly anticipated report in response to U.S. President Joe Biden’s executive order on crypto earlier this week, calling on Congress to define the line between a security and a no...

Policy

Oct. 07, 2022

Dapper Labs Restricts Services to Russia Amid EU Sanctions

NFT powerhouse Dapper Labs has cut off payment services for non-fungible token owners with links to Russia, citing European Union sanctions in a Thursday blog post . Dapper, the company behind popular NFT collections such as NBA Top Shot, said,...

Policy

Oct. 07, 2022

Independent Examiner to Produce Interim Report About Crypto Lender Celsius, Judge Rules

The independent examiner in crypto lender Celsius Network’s bankruptcy will need to produce an interim report detailing Celsius’ financial management and handling of customer accounts, U.S. bankruptcy Judge Martin Glenn ruled Friday during a cour...

Policy

Oct. 07, 2022

US Officials Charge California Resident With Using Bitcoin to Launder $5.3M in Drug Proceeds

U.S. officials charged California resident John Khuu with conspiracy to commit money laundering and the unlawful importation of a controlled substance on Friday, alleging he sold counterfeit drugs for bitcoin. Khuu was arrested in August 2022, a...

Policy

Oct. 07, 2022

$4M in Crypto Sent to Pro-Russia Militias in Ukraine: Report

Cryptocurrency worth at least $4 million has so far been sent to groups supporting Russia's military in Ukraine, according to a Wired report that cites researchers and blockchain investigators. The report also said the millions of dollars cont...

Policy

Oct. 07, 2022

Global Crypto Standards Due Next Week Could Test Regulators’ Tech Mantra

Next week could prove a turning point in the global regulation of crypto finance – and ministers from the world’s 20 biggest economies will potentially confront the system change posed by decentralized finance (DeFi). The Financial Stability B...

Policy

Oct. 07, 2022

Indian Central Bank Publishes Concept Note on its CBDC, Digital Rupee

The Reserve Bank of India (RBI), India's central bank, has published a 50-page concept note for the introduction of a central bank digital currency (CBDC) in the country. The document has been prepared by the RBI's Fintech department, which was ...

Policy

Oct. 07, 2022

Partnership to Operate Malaysia's National Blockchain Infrastructure Sealed

Malaysia's Blockchain Infrastructure will be jointly created and operated by Zetrix, a Malaysia-based layer-1 blockchain structure and MIMOS Technology Solutions Sdn. Bhd. (MTSSB), a tech consultancy, after the two entities signed a memorandum of...

Policy

Oct. 06, 2022

CFTC’s Regulation by Enforcement Needs to Change, Commissioner Says

Holding decentralized autonomous organizations (DAOs) accountable is “tough” when there isn’t one figure at the helm and the rules need to be set by Congress, Summer K. Mersinger, a commissioner on the Commodity Futures Trading Commission, said o...

Policy

Oct. 06, 2022

EU’s Russian Crypto Ban Confirmed as Bloc Tightens Sanctions

The European Union has confirmed a sweeping ban on providing crypto services to Russians as it tightens sanctions in the wake of what it calls “sham” secession votes in four Ukrainian regions, which was first reported by CoinDesk last week. Th...

Policy

Oct. 06, 2022

Crypto Exchange Binance Receives License to Operate in Kazakhstan

Crypto exchange Binance got a license to operate in Kazakhstan, according to a press release on Thursday. The license from the Astana Financial Services Authority( AFSA ) will enable Binance to have the status of a regulated platform that can ...

Policy

Oct. 06, 2022

Terra Founder Do Kwon's Passport 'Invalidated,' S. Korea Says

The South Korean Ministry of Foreign Affairs posted a public notice on its website Wednesday announcing it would invalidate Terra creator Do Kwon's passport, advancing a move the government first said it was considering last month. The governmen...

Policy

Oct. 05, 2022

US CFTC as Crypto’s Regulatory Savior? Crypto Firms Might Not Like What They Get

Just because Rostin Behnam is the rare government official who can casually drop a comment that suggests a future explosion in bitcoin price, doesn’t mean he’s a crypto bro. The chairman of the Commodity Futures Trading Commission (CFTC) is wide...

Policy

Oct. 05, 2022

Republican Lawmakers Who Oppose a Fed-Issued CBDC Ask for US Justice Department's Assessment

A group of Republican lawmakers on the House Financial Services Committee have asked U.S. Attorney General Merrick Garland to share the Justice Department's assessment on whether the Federal Reserve has the necessary authority to issue a central ...

Policy

Oct. 05, 2022

Second Crypto Group Objects to CFTC's Use of Chat Bot to Serve Legal Papers

The DeFi Education Fund (DEF), a Washington, D.C.-based lobbying group focused on decentralized finance (DeFi) issues, has joined a group of crypto lawyers in arguing that the Commodity Futures Trading Commission (CFTC) should not be allowed to s...

Policy

Oct. 05, 2022

EU Seals Text of Landmark Crypto Law MiCA, Fund Transfer Rules

The European Union (EU) has agreed the full legal text of its landmark legislation known as the Markets in Crypto Assets Regulation (MiCA), alongside a further law to reveal the identity of those making crypto payments. At a Wednesday meeting, d...

Policy

Oct. 05, 2022

Italy Has a Registry of 73 Unvetted Crypto Firms

ROME — Italy may be rubber-stamping crypto firms’ applications to operate in the country without running proper checks to make sure they are safe for investors. This summer, a string of prominent crypto firms – including Coinbase , Binance an...

Policy

Oct. 04, 2022

Crypto Lender Celsius Co-Founder, Chief Strategy Officer Leon Resigns: Report

Crypto lender Celsius's co-founder and chief strategy officer S. Daniel Leon resigned Tuesday, joining now former CEO Alex Mashinsky in becoming the latest executive to depart the company. Leon is stepping down amid Celsius's ongoing bankruptcy ...

Policy

Oct. 04, 2022

Kim Kardashian's EthereumMax Promotion Was a 'Gift' to the SEC

Social media and reality TV celebrity Kim Kardashian’s fine for promoting cryptocurrency ethereumMax (EMAX) was a “gift” to the Securities and Exchange Commission (SEC), said Lisa Braganca, former enforcement branch chief at the U.S. agency. “...

Policy

Oct. 04, 2022

NFT Firm Seeks US Election Commission’s OK to Market Campaign Souvenirs

In the grand political tradition of campaign buttons – think “All the Way with LBJ” or “I Like Ike” – the crypto world is trying its own version, with a non-fungible token (NFT) firm seeking approval from the U.S. Federal Election Commission to o...

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Oct. 04, 2022

‘Prohibitive’ Global Crypto Capital Norms Could ‘Derail’ Market, TradeFi Groups Say

“Prohibitive” caps on crypto holdings could derail innovations using distributed ledger technology, a coalition of eight traditional finance (TradFi) lobby groups told international standard-setters in a document published Tuesday. The Basel Com...

Policy

Oct. 04, 2022

EU's ESMA Raises Alarm Bells Over Growing Crypto Use as It Prepares for New Powers

Growing crypto take-up by investors means future crypto crashes could affect conventional financial markets, the European Securities and Markets Authority has warned in a paper published on Tuesday, noting the risk of consumer rip-offs and operat...

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Oct. 03, 2022

Court Rules CFTC Legally Served Ooki DAO Through Help Bot

The Commodity Futures Trading Commission (CFTC) can serve a decentralized autonomous organization (DAO) through a website help bot and forum post, a federal court ruled Monday. The CFTC appropriately served Ooki DAO, which it alleges offers ille...

Policy

Oct. 03, 2022

US Risk Watchdog Poised to Ask Congress to Name Crypto Spot Market Regulator

The top U.S. financial regulators are warning of dangerous holes in the oversight of crypto and are asking Congress for more powers, including settling which agency will oversee the bulk of trading in bitcoins and other non-security tokens, offic...

Policy

Oct. 03, 2022

Even 'Safe' Stablecoins Might Pose Financial Stability Risk, New York Fed Says

The rise of Circle’s USDC stablecoin – as opposed to the controversial Tether (USDT) – is a threat to the broader financial system, as it could increase the chance of run risks from smaller issuers, researchers at the Federal Reserve Bank of New ...

Policy

Oct. 03, 2022

UK Shuts Down Temporary Crypto Company Licensing Program

Last week, digital trading app Revolut registered with the U.K.'s top financial regulator, bringing to an end the “temporary registration regime” (TRR), a program that allowed crypto companies to operate in the country while they are waiting fo...

Policy

Oct. 02, 2022

Bankrupt Crypto Lender Celsius Founder, Alex Mashinsky, Withdrew $10M Weeks Before Company Froze Customer Accounts: Report

Alex Mashinsky, the embattled founder and former CEO of Celsius Network, removed $10 million from the now bankrupt crypto lender weeks before Celsius halted customer withdrawals in June, the Financial Times reported , citing unnamed sources. ...

Policy

Sep. 30, 2022

Crypto Lender Celsius Shouldn't Reopen Custody Withdrawals, US Trustee Says

The regulatory body tasked with overseeing Celsius’ bankruptcy proceedings has asked a New York judge to deny the failed crypto lender’s recent motions to reopen customer withdrawals and sell off its $23 million in stablecoin holdings, calling th...

Policy

Sep. 30, 2022

CFTC Charges Digitex Founder Adam Todd With Multiple Violations of Commodity Exchange Act

Adam Todd, the founder of crypto futures and spot market exchange Digitex, has been charged by the Commodity Futures Trading Commission (CFTC) for multiple violations of the Commodity Exchange Act (CEA). According to a complaint filed in the Sou...

Policy

Sep. 30, 2022

La tenencia de criptomonedas de los bancos podría ser solo el 0,01% de la exposición total de riesgo, según estudio

Los bancos más importantes del mundo están expuestos a alrededor de 9.400 millones de euros (US$9.000 millones) en criptoactivos, según revela un estudio llevado a cabo por el Comité de Supervisión Bancaria de Basilea. El organismo internacional ...

Policy

Sep. 30, 2022

SEC Accuses 2 Firms of Crypto Pump-and-Dump Scheme

The SEC has filed charges against Bermuda-based Arbitrade Ltd and Canada-based Cryptobontix, as well as their principals, for carrying out an alleged pump-and-dump scheme involving a crypto asset called “Dignity” or “DIG,” according to a press r...

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Sep. 30, 2022

Don’t Penalize Crypto in Banking Rules, Futures Industry Group Says

Plans to cap banks' holdings of bitcoin (BTC) could undermine the goal of financial reforms aimed a preventing a repeat of the 2008 financial crisis, an influential group representing the futures industry intends to tell the international standar...

Policy

Sep. 30, 2022

Uzbekistan Introduces Monthly Fees for Crypto Companies Effective Immediately

Uzbekistan now requires licensed cryptocurrency companies in the country to pay monthly fees that will mostly go towards the state budget, an official document published Wednesday shows. The new rules set out by the National Agency of Perspect...

Policy

Sep. 30, 2022

Banks’ Crypto Asset Holdings May Be Just 0.01% of Total Risk Exposure, Basel Study Finds

The world's largest banks are exposed to about 9.4 billion euros ($9 billion) of crypto assets, a study by the Basel Committee on Banking Supervision found as the international standard-setter considers new rules for the capital that lenders must...

Policy

Sep. 30, 2022

Binance Registers in New Zealand and Opens Local Office

Cryptocurrency exchange Binance has registered as a financial service provider in New Zealand and launched Binance New Zealand, according to an emailed announcement. The registration was made with New Zealand's Ministry of Business, Innovation ...

Policy

Sep. 29, 2022

California Moves Forward to Allow Vital Records to be Issued on Blockchain

Californians will have the option of a blockchain-based delivery of their vital records after a new law was approved establishing the technology as an integral part of state recordkeeping. The state has been wrestling with a number of cryptocurr...

Policy

Sep. 29, 2022

Texas Objects to Celsius Plan to Fund Operations With Stablecoin Sales

Texas state agencies are raising an objection to a plan by bankrupt crypto lender Celsius Network to sell off its stablecoin holdings to pay for ongoing operations, according to a new court filing. The state recorded its objection in bankrupt...

Policy

Sep. 29, 2022

Money Laundering via Metaverse, DeFi, NFTs Targeted by EU Lawmakers’ Latest Draft

Members of the European Parliament looking to tackle money laundering want to target large crypto transactions, as well as the metaverse, decentralized finance, and non-fungible tokens (NFTs), a draft bill seen by CoinDesk shows. The European Pa...

Policy

Sep. 29, 2022

EU Lawmakers Attack Amazon’s Involvement in Digital Euro Project

A cross-party coalition of members of the European Parliament on Tuesday turned their fire on the European Central Bank for picking U.S. retail giant Amazon to help develop the digital euro. Fabio Panetta turned up to a morning meeting of the Ec...

Policy

Sep. 29, 2022

Peer-to-Peer Validation for Digital Euro Might Not Be Feasible, ECB Says

The digital euro might only work online using third parties such as banks to validate transactions, the European Central Bank has said, as it plans a rulebook under which private sector intermediaries can distribute the central bank digital curre...

Policy

Sep. 29, 2022

Delaware DOJ Freezes Wallets, Accounts in 'Pig Butchering' Crypto Scams

Delaware law enforcement authorities have frozen accounts belonging to individuals involved in “pig butchering” scams, a version of an increasingly common crypto romance scam in which swindlers lure unsuspecting investors to send them their crypt...

Policy

Sep. 29, 2022

Bitcoin Could ‘Double in Price’ Under CFTC Regulation, Chairman Behnam Says

Commodity Futures Trading Commission (CFTC) Chairman Rostin Behnam said Thursday that CFTC-led regulation could have significant benefits for the crypto industry, including a potential boost to the price of bitcoin. “Growth might occur if we hav...

Policy

Sep. 28, 2022

EU Set to Ban Russian Crypto Payments After ‘Sham’ Referenda

The European Union will tighten restrictions on Russians’ crypto investments within the bloc as it seeks to respond to “sham” independence votes being held in Russian-occupied regions of Ukraine, CoinDesk has been told. A previous cap of crypto ...

Policy

Sep. 28, 2022

Tron Founder Justin Sun Thinks Crypto Could Learn Something From TradFi

PARIS — Justin Sun, founder of the blockchain network Tron, said he traded in his T-shirts and flip-flops for crisp suits in an effort to look more responsible, just like the folks from traditional finance. “We need to learn from traditional fin...

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Sep. 28, 2022

Central Banks of Israel, Norway and Sweden Team Up to Explore Retail CBDC

The central banks of Israel, Norway and Sweden have teamed up with the Bank for International Settlements (BIS) to explore how central bank digital currencies (CBDCs) can be used for international retail and remittance payments, BIS announced o...

Policy

Sep. 28, 2022

Extend Existing Standards to Crypto Before Sector Threatens Stability, Not After, Urges BOE's Cunliffe

Financial regulations should be extended to crypto before the industry becomes large enough to potentially threaten broader financial stability, according to Jon Cunliffe, deputy governor of the Bank of England. Cunliffe has previously said that...

Policy

Sep. 28, 2022

India's Enforcement Directorate Freezes $1.5M in Bitcoin in Gaming App E-nuggets Case

India's Enforcement Directorate (ED) has frozen cryptocurrency worth about Rs 128 million ($1.5 million) as part of a money laundering investigation relating to a mobile gaming application called E-nuggets, according to a press release . The i...

Policy

Sep. 28, 2022

ECB Official Defends Amazon’s Role in ‘Autonomous’ Digital Euro

A European Union official defended the bloc's decision to give Amazon (AMZN) a prime role in trialing a digital euro. The U.S. retail giant was one of five companies selected by the European Central Bank (ECB) to develop a user interface for t...

Policy

Sep. 28, 2022

Trading Platform Crypto.com Secures Regulatory Approval to Operate in France

Singapore-based digital asset trading platform Crypto.com has been approved to operate as a Digital Asset Service Provider (DASP) in France, the company announced on Wednesday. The trading platform has registered with France's top markets r...

Policy

Sep. 28, 2022

Digital Euro Could be More Popular Beyond EU's Borders: Lagarde

A digital euro "could well be" more popular beyond the European Union's borders, according to European Central Bank (ECB) President Christine Lagarde. The digital version of a euro should be "borderless" and it should be "regulated and properly ...

Policy

Sep. 28, 2022

Industry Offers Cautious Welcome to EU’s Landmark Crypto Law MiCA

The European Union’s Markets in Crypto Assets Regulation (MiCA) could prove transformative, CoinDesk has been told, even if some in the industry query whether it will meet its goals of offering a single, clear rulebook for the 27-nation bloc. Mi...

Policy

Sep. 28, 2022

The CFTC Served Ooki DAO Papers By Posting Them in an Online Discussion Forum

The Commodity Futures Trading Commission (CFTC) used unorthodox methods to serve a lawsuit against the pseudonymous members of a decentralized autonomous organization (DAO), according to court documents filed on Tuesday . Members of Ooki DAO – ...

Policy

Sep. 27, 2022

California Regulator Targets 11 Crypto Trading Desks Operating Like 'Ponzis'

The California Department of Financial Protection and Innovation (DFPI) filed cease-and-desist orders against 11 little-known crypto firms Tuesday, alleging they were misappropriating customer funds or violating state securities laws. The regula...

Policy

Sep. 27, 2022

Interpreting the CFTC’s Lawsuit Against Ooki DAO

Hey folks. I’m in San Francisco covering Circle’s Converge conference this week. Around? Say hi. But in the meantime, let’s talk about the CFTC and the sudden chill it has cast over the crypto world. You’re reading State of Crypto, a CoinDes...

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Sep. 27, 2022

Landmark International CBDC Test Deemed Success, BIS Says

A project involving multiple Asian central bank digital currencies (CBDCs) has been badged a success, facilitating over $22 million in foreign-exchange transactions, the Bank for International Settlements (BIS) said Tuesday. The trial, described...

Policy

Sep. 27, 2022

Blockchain Securities Trading Doesn’t Need More Rule Changes, EU Agency Says

Securities trading using distributed ledger technology (DLT) doesn’t require further changes to market transparency law, the European Securities and Markets Authority said in a report Tuesday – but the agency did concede its guidance will need to...

Policy

Sep. 27, 2022

US Fed Chair Powell Urges Caution on Regulating DeFi

Regulation of decentralized finance (DeFi) needs to be done “carefully and thoughtfully” given its limited impact on the real economy, U.S. Federal Reserve Chair Jerome Powell said at an event hosted by the French central bank on Tuesday. His re...

Policy

Sep. 27, 2022

French Central Bank CBDC Projects Aim to Manage DeFi Liquidity, Settle Tokenized Assets

The Banque de France Tuesday announced new projects to achieve the benefits of central bank digital currencies (CBDCs) used at a wholesale level by banks and financial markets. “A wholesale CBDC could significantly contribute to improving cross-...

Policy

Sep. 27, 2022

Japan to Toughen Remittance Rules to Fight Money Laundering Using Crypto: Report

The Japanese government is planning to introduce new rules for remittances directed at stopping criminals from using cryptocurrency exchanges to launder money, according to a Nikkei report . The rules will require exchanges to share customer i...

Policy

Sep. 27, 2022

S. Korean Authorities Look to Freeze $67M Bitcoin Tied to Terra's Do Kwon

Authorities in South Korea have requested crypto exchanges OKX and KuCoin to freeze some 3313 bitcoin (BTC), worth around $67 million, tied to Terraform Labs co-founder Do Kwon, CoinDesk Korea reported on Tuesday. The bitcoin was transferred t...

Policy

Sep. 26, 2022

California, New York Join Several States Ordering Crypto Lender Nexo to Halt Yield Product

California, New York and six other states are suing cryptocurrency lending platform Nexo for offering unregistered securities in the form of accounts that pay interest for cryptocurrency deposits, the states said in statements on Monday. New...

Policy

Sep. 26, 2022

Tether's Former Auditor Fined $1M by SEC for Sloppy Accounting

The U.S. Securities and Exchange Commission (SEC) filed and settled charges last week against Friedman LLP, the former auditing firm of stablecoin issuer Tether, finding “serial violations of the federal securities laws” and numerous instances of...

Policy

Sep. 26, 2022

Autoridades chinas arrestaron a 93 personas por lavado de dinero con criptomonedas

En medio de las fuertes medidas que China está tomando contra los delitos con activos digitales, las autoridades de la provincia de Hunan arrestaron a 93 personas por presunto lavado de dinero mediante el uso de criptomonedas, el cual alcanza los...

Policy

Sep. 26, 2022

CFTC’s Ooki DAO Action Shatters Illusion of Regulator-Proof Protocol

The Commodity Futures Trading Commission (CFTC) filed and settled charges last week against a blockchain protocol and its founders that could have an enormous ripple effect on the crypto industry. At first blush, the action seems straightforwa...

Policy

Sep. 26, 2022

Chinese Authorities Arrest 93 Over Crypto-Related Money Laundering

Authorities in China's Hunan province arrested 93 people for allegedly laundering up to RMB 40 billion ($5.6 billion) using cryptocurrencies, as the country continues to crack down on crime using digital assets. China has not only cracked down o...

Policy

Sep. 26, 2022

ECB Exploring Distributed Ledger Technology for Interbank Settlements: Panetta

The European Central Bank (ECB) is looking at "the potential" of distributed ledger technology (DLT) in improving the efficiency of interbank settlements, said Fabio Panetta, a member of the executive board at the ECB. After listing the many ben...

Policy

Sep. 24, 2022

California 'BitLicense' Bill Vetoed by Governor Gavin Newsom

California Governor Gavin Newsom (D) vetoed a crypto licensing and regulation bill seen as a possible West Coast version of New York's "BitLicense" on Friday. Assembly Bill 2269 , sponsored by Assemblymember Tim Grayson (D), would have created ...

Policy

Sep. 23, 2022

Crypto Is Capitol Hill’s Last ‘Bipartisan Issue,’ Coinbase Exec Says

Crypto has the potential to bring Democrats and Republicans together. Faryar Shirzad, chief policy officer at crypto exchange Coinbase, told CoinDesk TV lawmakers are increasingly changing their perspective on crypto, but one thing is for certai...

Policy

Sep. 23, 2022

U.S. IRS Can Issue Summons to Bank Serving Crypto Broker SFOX Customers in Search of Tax Evaders

The Internal Revenue Service (IRS) can issue a "John Doe" summons to a bank that provided services for customers of cryptocurrency prime broker SFOX, a New York judge ordered Thursday. The ruling will allow the tax agency to continue looking fo...

Policy

Sep. 22, 2022

CFTC Penalizes Blockchain Protocol $250K, Files Action Against Successor DAO

The Commodity Futures Trading Commission has issued an order filing and settling charges against blockchain software protocol bZeroX and its founders, the CFTC announced in a press release Thursday. The order penalizes the protocol and its fou...

Policy

Sep. 22, 2022

Push to Enhance CFTC’s Crypto Watchdog Role Gets a Boost in US Congress

Congress’ attempt to make the Commodity Futures Trading Commission (CFTC) the primary U.S. cryptocurrency regulator took a procedural step forward on Thursday, with a House lawmaker introducing a bill supporting a parallel effort in the Senate. ...

Policy

Sep. 22, 2022

Utah Man Charged With 7 Felonies in Connection to Alleged $1.7M Crypto Mining Scam

A Utah man has been charged with seven felonies for his alleged role in several financial fraud schemes, including a cryptocurrency mining scam that bilked two customers out of $1.7 million. The Department of Justice (DOJ) says James Wolfgramm, ...

Policy

Sep. 22, 2022

UK Introduces Law to Seize, Freeze and Recover Crypto

The U.K. introduced a bill to make it easier for law enforcement agencies to seize, freeze and recover crypto assets when used for criminal activities such as money laundering, drugs and cybercrime, the government said Thursday. The 250-page E...

Policy

Sep. 22, 2022

Here’s What’s In the White House’s Crypto Reports

The White House published a number of reports filed by federal departments in response to President Joe Biden’s executive order on crypto. I read through the nearly 300 pages so you don’t have to. What follows are the highlights. You’re readin...

Policy

Sep. 22, 2022

Indonesia Has Global Plans for Local Crypto Tokens

If the Indonesian government is right, locally issued crypto tokens could one day join palm oil or coal among the southeast Asian country's major export commodities. While Jakarta takes an active interest in regulating the crypto industry, Pre...

Policy

Sep. 22, 2022

Israeli Exchange Bits of Gold Becomes First Crypto Firm to Receive Capital Markets License

Israel's top markets regulator has granted local cryptocurrency exchange Bits of Gold one of the first licenses targeting crypto financial services providers in the country. With the license, Bits of Gold will be able to work with local banks an...

Policy

Sep. 22, 2022

Crypto Exchange Coinbase Secures Registration From Netherlands' Central Bank

Cryptocurrency exchange Coinbase (COIN) was granted regulatory approval by the Dutch central bank, De Nederlandsche Bank (DNB), allowing it to offer crypto products to consumers and businesses in the country. Coinbase is the first crypto exchang...

Policy

Sep. 22, 2022

Republican Lawmakers File Amicus Brief in Support of Custodia Bank’s Legal Battle With the Federal Reserve

Seven U.S. Republican lawmakers have thrown their weight behind Custodia Bank in its ongoing legal battle to get a master account at the Federal Reserve. Three members of the Senate Banking Committee – Sens. Cynthia Lummis (R-Wyo.), Steve Daines...

Policy

Sep. 22, 2022

Estonia Grants First Crypto License to LastBit's Striga

Crypto banking company Striga is the first firm to be awarded a license under a new Estonian legal regime that was significantly toughened earlier this year. Striga was given the authorization to operate on September 20, the Estonian financial i...

Policy

Sep. 22, 2022

S. Korean Watchdog Says $7.2B Transfered Overseas Mainly Through Crypto Exchanges: Report

South Korea's financial watchdog found that since June there have been $7.2 billion "abnormal" foreign exchange transactions, most of which were transferred through cryptocurrency exchanges, Bloomberg reported on Thursday. The Financial Super...

Policy

Sep. 22, 2022

Binance Hires Big-Name Former Government Officials to Set Up Advisory Board

Binance, the world’s largest crypto exchange by trading volume, has rounded up prominent former government officials to act as a global board of advisers as the company negotiates the regulatory and political minefield the crypto industry finds i...

Policy

Sep. 22, 2022

EU Project to Fight Fakes Succeeds By Being Open, Founder Says

Eonpass is the latest startup to try to find business applications for Web3 technology that can grow to real-world scale. Galvanized by official backing from the European Union, its founder believes the company can succeed where others have fa...

Policy

Sep. 21, 2022

SEC Wants to ‘Remake the Law,’ Rather Than ‘Apply it,’ Says Ripple General Counsel

The legal battle between the U.S. Securities and Exchange Commission (SEC) and payment protocol company Ripple Labs could soon be coming to a close – that is, if a federal judge decides the crypto company did not violate federal securities laws. ...

Policy

Sep. 21, 2022

La Unión Europea finaliza el reglamento de la normativa cripto bajo la ley MiCA

La Unión Europea finalizó el texto completo de su histórica ley Mercados de Criptoactivos (MiCA, por sus siglas en inglés). Oficialmente, el texto aún está abierto a comentarios, pero fuentes informadas en el tema le dijeron a CoinDesk que en la ...

Policy

Sep. 21, 2022

Las negociaciones para regular las stablecoins en EE. UU. se enfrentan a la aprobación del dólar digital

Los demócratas presionaron para que se incluyera una disposición que ordenara a la Reserva Federal de los Estados Unidos (Fed, por sus siglas en inglés) avanzar con la creación de un dólar digital, pero las negociaciones concluyeron con una nueva...

Policy

Sep. 21, 2022

Crypto Remains a Priority for UK Under New Leader, Drawing Industry Excitement

The U.K. said it still plans on becoming a crypto hub despite a recent leadership shuffle, and industry advocates are thrilled. Even with all of the change in its leadership, the U.K. government is set to press forward with former Finance Minist...

Policy

Sep. 21, 2022

US Stablecoin Bill Negotiations Wrestled Over Digital Dollar Approval: Source

Democrats pushed for a provision directing the U.S. Federal Reserve to move forward on a digital dollar, but the negotiations concluded with a new directive for another Fed study in this year’s ongoing legislative effort to regulate stablecoins, ...

Policy

Sep. 21, 2022

EU Finalizes Legal Text for Landmark Crypto Regulations Under MiCA

The European Union has finalized the full text of its landmark Markets in Crypto Assets legislation. Officially, the text is still open to comments, but sources briefed on the talks have told CoinDesk that it is, in practice, finalized. A l...

Policy

Sep. 21, 2022

Digital Dollar Likely Won't Be Part of Retail Banking World, US Lawmaker Says

A U.S. central bank digital currency (CBDC) may be one step closer to reality after the White House published several reports analyzing the technical and policy aspects of a digital dollar last week. Congressman James Himes (D-Conn.) has been a...

Policy

Sep. 21, 2022

Iran to Start Testing a Digital Rial This Week

The Central Bank of Iran will start a central bank digital currency (CBDC) pilot on Thursday, according to the news service of the country's Chamber of Commerce, Industries, Mines and Agriculture. In the report, the CBI was quoted saying the ...

Policy

Sep. 20, 2022

Crypto Needs ‘Global Regulatory Framework,' IMF Says

The International Monetary Fund (IMF) has called on financial regulators around the world to come together to develop a “global regulatory framework” for crypto assets. In a blog post published on Tuesday, Aditya Narain and Marina Moretti – the ...

Policy

Sep. 20, 2022

Digital Bank Revolut's Data Breach May Have Affected 50,000 Customers

Digital bank Revolut, which includes crypto trading among its services, suffered a breach which may have exposed the data of over 50,000 customers. Revolut notified the Lithuanian State Data Protection Inspectorate (VDAI) last week regarding a...

Policy

Sep. 20, 2022

Hong Kong Monetary Authority Plans to Begin CBDC Trials in Q4: Report

The Hong Kong Monetary Authority (HKMA) plans to start trials of its central bank digital currency (CBDC) in the fourth quarter of this year, the South China Morning Post (SCMP) reported Tuesday , citing a media briefing. Hong Kong's de facto c...

Policy

Sep. 20, 2022

Colorado Residents Can Now Use Crypto to Pay Taxes

Residents of Colorado can now pay state taxes with cryptocurrencies using PayPal, according to the state's payment portal . Payment takes place through the PayPal Cryptocurrencies Hub and incurs additional fees. The plan to accept crypto for ta...

Policy

Sep. 20, 2022

China to Extend CBDC Trial to Most Populous Province, Guangdong, Three Others: Report

China's central bank is to extend the trial of its e-CNY digital currency to four major provinces including Guangdong, the most populous, the South China Morning Post (SCMP) reported Tuesday . The People's Bank of China (PBOC) will also add Jia...

Policy

Sep. 20, 2022

Binance Secures License in Dubai to Offer More Crypto Services

Crypto exchange Binance has secured a license from Dubai's Virtual Asset Regulatory Authority to offer a range of crypto-related services in the city, according to a Tuesday announcement. With the new Minimal Viable Product license, the world...

Policy

Sep. 19, 2022

Sparkster Settles With SEC, Agrees to Pay Back $35M to ‘Harmed Investors’ of 2018 ICO

Cayman Islands-based software company Sparkster and its CEO Sajjad Daya have agreed to a settlement with the U.S. Securities and Exchange Commission (SEC) over charges stemming from the company’s unregistered 2018 initial coin offering (ICO). Th...

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Sep. 19, 2022

Craig Wright’s Satoshi Proofs ‘Not Credible’ and a ‘Farce,’ Hodlonaut Lawyers Say

OSLO, Norway — Claims by Australian computer scientist Craig Wright to be the founder of Bitcoin were dismissed as “not credible” and a “farce” by lawyers for Twitter personality Hodlonaut, otherwise known as Magnus Granath, in closing arguments ...

Policy

Sep. 19, 2022

Politicians, Not the Usual Bureaucrats, Take the Reins on Web3 in Japan

The Takeaway Japan’s politicians are taking the lead on Web3 policymaking, a sharp departure from the usual process in the nation. Lawmakers have already published a white paper addressing issues including tax reform and non-fungible toke...

Policy

Sep. 19, 2022

US Treasury Wants Public to Comment on Crypto’s Role in Illicit Finance

The U.S. Treasury Department wants the crypto community to weigh in on how digital assets might be used in illegal activities, and how the department should respond to this issue. The Treasury Department published a “request for comment” Monda...

Policy

Sep. 19, 2022

France Orders Jail Time for 2 Men Charged With Funding Terrorism in Syria With Crypto: Report

French authorities finalized prison sentences for two men who were arrested on charges of funding terrorism in Syria via cryptocurrencies, multiple local media outlets reported Friday. The two men, Franco-Algerian Sami Allem and Franco-Moroccan...

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Sep. 19, 2022

Eth.link Restored After Ethereum Name Service Wins Injunction Against GoDaddy

The website for the Ethereum Name Service (ENS), which is behind all web addresses that end with .eth used across the Ethereum community, is back online after losing its domain name eth.link to a third party earlier this year. Eth.link funct...

Policy

Sep. 19, 2022

Crypto Exchange FTX Not Authorized in UK, Financial Watchdog Warns

Cryptocurrency exchange FTX is not authorized to provide services to customers in the U.K., according to the country's financial watchdog. "We believe this firm may be providing financial services or products in the U.K. without our authorizatio...

Policy

Sep. 19, 2022

Australian Senator Proposes Crypto Bill Targeting China's Digital Yuan

Australian politician Andrew Bragg wants to prepare the country for the widespread use of China's central bank digital currency, the digital yuan, according to a draft digital assets bill introduced on Monday. In his draft bill, Bragg – who is...

Policy

Sep. 16, 2022

Craig Wright Could Have ‘Bamboozled’ Andresen During Private ‘Satoshi’ Signing Session: Trial Witnesses Explain

OSLO, Norway — Expert witnesses in the ongoing trial between crypto Twitter personality Hodlonaut and Craig Wright – the Australian computer scientist who has long claimed (and failed to prove) he is the inventor of Bitcoin – told the court on Th...

Policy

Sep. 16, 2022

ECB Picks Amazon, Nexi, 3 More to Prototype Digital Euro Apps

The European Central Bank chose five organizations to help develop user interfaces for a potential digital euro, it said Thursday. The organizations include Amazon, the world's largest e-commerce company by market capitalization, and the Europ...

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Sep. 16, 2022

SEC Sues 2 Crypto Advisory Firms and Their Owner for Misappropriating Investors’ Funds

The U.S. Securities and Exchange Commission (SEC) on Thursday sued two crypto advisory firms and their owner for allegedly misappropriating investors’ funds that they had pledged to invest in digital assets. The charges, filed in the federal dis...

Policy

Sep. 16, 2022

SEC's Crypto Guidance Pushes US Banks to Rethink Custody Projects: Report

Guidance issued by the U.S. Securities and Exchange Commission (SEC) on how lenders should treat customers' digital assets is disrupting the banks' crypto projects, Reuters reported citing people familiar with the matter. In March, the SEC sa...

Policy

Sep. 16, 2022

Biden’s Executive Order Produces Few Answers in Crypto Reports From US Treasury

Crypto firms have been eagerly awaiting a series of U.S. government reports they hoped would clarify what the Biden administration and regulators intend to do about digital assets. Most of the documents are out now, but the picture remains murky....

Policy

Sep. 15, 2022

SEC’s Gensler Signals Extra Scrutiny for Proof-of-Stake Cryptocurrencies: Report

U.S. Securities and Exchange Commission (SEC) Chair Gary Gensler on Thursday said that staked cryptocurrencies may be subject to federal securities regulations, repeating a pro-oversight stance in the wake of Ethereum’s transition to just such a ...

Policy

Sep. 15, 2022

Digital Euro Must Be Green, Private, And Possibly Capped, National Officials Say

A digital euro should keep people’s details private, be environmentally friendly and potentially be subject to caps on holdings, officials from the five leading nations in the currency zone said in a leaked paper seen by CoinDesk. The European C...

Policy

Sep. 15, 2022

Coinbase App to Track US Politicians' Crypto-Friendliness Ahead of Midterm Elections

Coinbase (COIN) wants to let U.S. users track how crypto-friendly their local politicians are through its trading app. In August, Coinbase launched a policy education initiative that included a voter registration tool. The initiative will now ...

Policy

Sep. 15, 2022

Environmental Groups to Spend Another $1M on Ads for Bitcoin Code Change After the Merge

Environmental groups pledged to spend another $1 million on online ads to pressure the bitcoin community to change the network's code in order to reduce energy consumption. Earlier on Thursday, the Ethereum blockchain – which underpins the world...

Policy

Sep. 15, 2022

CFTC Already Preparing to Be Crypto Watchdog, Benham Tells US Senators

Rostin Behnam, the head of the U.S. Commodity Futures Trading Commission, said he’s already directed his agency to begin preparing to be the major, fully funded regulator for much of the crypto market, as anticipated in Senate legislation. “The ...

Policy

Sep. 15, 2022

Election Betting Site PredictIt Sues to Block CFTC-Ordered Shutdown

PredictIt, several of its traders and academic users, and technology provider Aristotle International have filed a lawsuit seeking to block the Commodity Futures Trading Commission (CFTC)’s shutdown of the popular election betting site. The laws...

Policy

Sep. 15, 2022

Crypto Unit of Japan's SBI Wins Capital Markets License in Singapore

SBI Digital Markets, a subsidiary of the digital asset arm of Japan's financial services giant SBI Holdings, has been granted a Capital Markets Services (CMS) license to offer securities and futures trading services in Singapore, according to a...

Policy

Sep. 15, 2022

South Korea Looks to Invalidate Terra Co-Founder Do Kwon's Passport: Report

South Korea’s Ministry of Foreign Affairs is trying to get the co-founder of the now defunct stablecoin provider Terraform Labs, Do Kwon, to return his passport, according to a local media report on Thursday. Do Kwon along with five others, al...

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Sep. 15, 2022

Craig Wright Tells Court He ‘Stomped on the Hard Drive’ Containing Satoshi Wallet Keys

OSLO, Norway — Craig Wright told a Norwegian court on Wednesday that he “stomped on the hard drive” that contained the “key slices” required to grant him access to Satoshi Nakamoto’s private keys, making it “incredibly difficult” to cryptogr...

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Sep. 14, 2022

SEC Sues 'Chicago Crypto Capital', Employees for Illegally Selling BXY Tokens

The U.S. Securities and Exchange Commission (SEC) on Wednesday sued a Chicago-based crypto investments company and three employees for allegedly selling $1.5 million in cryptocurrencies that weren’t registered with the investments regulator. Chi...

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Sep. 14, 2022

Judge Approves Independent Examiner in Celsius Bankruptcy Case

A federal judge has granted a motion for the U.S. Trustee's office to appoint an independent examiner to investigate crypto exchange Celsius Network’s financial mismanagement that led the firm to file for bankruptcy earlier this summer. U.S. ba...

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Sep. 14, 2022

Google’s $4Bn Fine May Threaten Web3 Protocols, Legal Expert Says

A European Union (EU) court judgment issued Wednesday didn’t just uphold one of the world’s biggest-ever antitrust fines, but also carries a warning for developers of future Web3 open-source protocols, a legal expert has told CoinDesk. Ostensi...

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Sep. 14, 2022

US Treasury Blacklists Several More Bitcoin Addresses Allegedly Tied to Iran Ransomware Attacks

The U.S. Treasury Department added nine individuals and six bitcoin addresses to its blacklist Wednesday, under its “cyber-related designations” bucket. The addresses were specifically tied to two individuals – Amir Hossein Nikaeen Ravari and Ah...

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Sep. 14, 2022

Binance CEO Zhao Says EU's Proposed Crypto Rules Are Fantastic, but Strict

PARIS, France – Binance founder and CEO Changpeng "CZ" Zhao says the European Union's (EU) landmark Market in Crypto Assets (MiCA) regulation is "a little bit strict" on stablecoins, which are cryptocurrencies pegged to the value of other assets ...

Policy

Sep. 14, 2022

Bitcoiner Bruce Fenton Loses Bid to Contest US Senate Seat in New Hampshire

Bitcoiner Bruce Fenton will not get the chance to represent the state of New Hampshire as a Republican in the U.S. Senate, losing his bid after primary polls closed late Tuesday. Frontrunners Don Bolduc, a former military officer, and Chuck Mors...

Policy

Sep. 14, 2022

Electrum Bitcoin Wallet Scam Suspect Is Arrested by Dutch Police

A 39-year-old man was arrested last week in the Netherlands on suspicion of laundering funds stolen using malicious software that purported to be linked to crypto wallet service Electrum. The unidentified man was held in Veenendaal, about 35 mil...

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Sep. 14, 2022

Craig Wright Won’t Give Cryptographic Proof He’s Satoshi, His Lawyers Say at Hodlonaut Trial

OSLO, Norway –– Lawyers for Craig Wright, the Australian computer scientist best known for claiming to be the inventor of Bitcoin, said he will not provide any new cryptographic proof that he is Satoshi Nakamoto during his trial against Bitcoiner...

Policy

Sep. 13, 2022

FTC Moves to Join Crypto Lender Celsius’ Bankruptcy Case

The Federal Trade Commission wants to get involved with failed crypto lender Celsius’ bankruptcy case. On Tuesday, two lawyers with the business regulator, Katherine Johnson and Katherine Aizpuru, asked the judge overseeing Celsius’ proceedings ...

Policy

Sep. 13, 2022

Uruguay’s Executive Branch Proposes Crypto Bill for Central Bank to Regulate Virtual Assets

Uruguay's executive branch submitted to Congress a bill intended to give the Central Bank of Uruguay (BCU) legal powers to regulate virtual assets. The project proposes to create a new category of companies for virtual asset service providers,...

Policy

Sep. 13, 2022

SEC's Gensler Holds Firm That Existing Laws Make Sense for Crypto

Securities and Exchange Commission (SEC) Chair Gary Gensler told the Practising Law Institute last week that existing securities laws fit the crypto markets in a speech that’s garnered attention from all parts of the digital currency ecosystem. P...

Policy

Sep. 13, 2022

Binance Sued in Italy Over Exchange Outages, Hearing This Week

Global cryptocurrency exchange Binance is due to appear in an Italian court on Thursday over a class-action lawsuit filed by a group of investors seeking damages for losses suffered during platform outages at critical trading times last year. A ...

Policy

Sep. 13, 2022

Crypto Crime-Focused Justice Department Leader Leaving Role: Report

A prominent figure in developing the regime surrounding crypto crime legislation and prosecution is leaving the Department of Justice, according to a Bloomberg Law report Tuesday. Nicholas Quaid, second-in-command in the DOJ’s Criminal Divisio...

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Sep. 13, 2022

US Treasury Explains How Americans Can Recover Crypto Locked in Tornado Cash

U.S. residents and citizens can apply for a license to recover any funds they have that are locked in Tornado Cash, the Treasury Department said Tuesday. The U.S. Treasury Department's Office of Foreign Asset Control (OFAC), its sanctions watchd...

Policy

Sep. 13, 2022

Latinoamericanos acuden a stablecoins vinculadas al dólar estadounidense a medida que aumenta la inflación

Un nuevo estudio reveló que el impulso de adopción de monedas digitales en América Latina proviene de los consumidores en lugar de las instituciones. Read this article in English . América Latina registró el ritmo de crecimiento más rápi...

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Sep. 13, 2022

Latin Americans Turning to Dollar Stablecoins Amid Inflation Surge: Paxos

A new study unveiled that the drive toward digital currencies in Latin America comes from consumers instead of institutions. Latin America saw the fastest growing pace of cryptocurrency in 2021. In particular, about 41% of adults in Brazil own s...

Policy

Sep. 12, 2022

Autoridad fiscal de Argentina despliega por primera vez operativos para encontrar mineras cripto

El organismo encargado de la recaudación de impuestos en Argentina (AFIP) realizó por primera vez operativos en la búsqueda de mineras cripto clandestinas, anunció la agencia el viernes. Read this article in English . El martes pasado,...

Policy

Sep. 12, 2022

Blockchain Association Sets Up PAC to Influence US Crypto Policy

The Blockchain Association is adding its own political action committee (PAC) to the crypto industry’s growing array of campaign-finance efforts seeking to steer the U.S. government’s debate over digital assets. The BA PAC will contribute to the...

Policy

Sep. 12, 2022

Argentina’s Tax Authority Conducts First-Ever Raids on Secret Crypto Miners

Argentina’s tax collection agency (AFIP) conducted raids for the first time in search of secret crypto miners, the agency announced Friday. Last Tuesday, AFIP carried out its first raid in the province of San Juan, where it found an agricultu...

Policy

Sep. 12, 2022

White House Crypto Mining Report Draws Praise From Advocates and Critics Alike

The Biden administration’s new findings on bitcoin (BTC) mining’s environmental impact united industry advocates and critics: Both sides declared their views had support from the highest levels of the U.S. government. On Thursday, the White Hous...

Policy

Sep. 12, 2022

NEAR Protocol Forms Working Group to Promote DeFi Governance

NEAR Protocol, a blockchain network on which developers can build decentralized applications (dapps) is forming a working group to set standards for self-governance. The initiative, called the Near Digital Collective (NDC), is aimed at further d...

Policy

Sep. 12, 2022

A Bitcoin ETF Is Long Past Due, Crypto Lobbyists Say in New Report

The question of whether the Securities and Exchange Commission (SEC) should be forced to permit spot-based bitcoin exchange-traded-funds (ETFs) is now inching through the courts , but industry lobbyists are making another public push to declare ...

Policy

Sep. 12, 2022

The Conservative Party of Canada Elects Pro-Bitcoin Leader Pierre Poilievre as Party Head

The Conservative Party of Canada (CPC) elected pro-Bitcoin Ontario Member of Parliament, Pierre Poilievre, as the party’s new leader on Saturday – and it wasn’t even close. Poilievre garnered over 68% of the conservative vote, miles ahead of his...

Policy

Sep. 12, 2022

Who Can Say Who Is Not Satoshi? Hodlonaut and Wright Go to Trial to Find Out

OSLO, Norway — Crypto Twitter personality Hodlonaut and Craig Wright, the Australian computer scientist who has long claimed to be the pseudonymous creator of Bitcoin, will face off in an Oslo courtroom on Monday to settle a years-long legal disp...

Policy

Sep. 09, 2022

Crypto Investor Paradigm Argues Infrastructure Providers Should Not Be Subject to US Treasury Sanctions

Crypto investment firm Paradigm published a nuanced legal argument amid concerns of potential sanctions by the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) that would target blockchain base layer participants such as miner...

Policy

Sep. 09, 2022

Senadores presionan a Mark Zuckerberg para combatir las estafas con criptomonedas

Seis miembros democráticos del Comité Bancario del Senado le enviaron una carta al CEO de Meta Platforms (META), Mark Zuckerberg, para preguntar qué está haciendo la empresa para combatir las estafas con criptomonedas que se dan en sus plataforma...

Policy

Sep. 09, 2022

Director de cumplimiento de la SEC: “No podemos ignorar los incumplimientos del sector cripto”

Gurbir Grewal, director de cumplimiento de la Comisión de Bolsa y Valores (SEC, por sus siglas en inglés), dijo que el organismo no puede mirar hacia otro lado mientras la industria de las criptomonedas infringe las leyes de valores. Read this ...

Policy

Sep. 09, 2022

Group of Senators Press Meta, Mark Zuckerberg for Action on Crypto Scams

Led by Senator Bob Menendez (D-N.J.), and including Chairman Sherrod Brown (D-Ohio) and Elizabeth Warren (D-Mass.), six Democratic members of the Senate Banking Committee have sent a letter to Meta (META) CEO Mark Zuckerberg requesting informatio...

Policy

Sep. 09, 2022

SEC Chairman Gensler Wants Disclosures From Crypto Issuers, Lawyer Says

U.S. Securities and Exchange Commission Chairman Gary Gensler wants disclosures from cryptocurrency issuers but recognizes that could be done differently than what publicly traded companies do now, Ashley Ebersole, a former SEC lawyer said Thursd...

Policy

Sep. 09, 2022

SEC Enforcement Chief Says Agency Can’t Ignore Law-Breaking in Crypto

Gurbir Grewal, director of enforcement at the Securities and Exchange Commission, said his agency can’t look the other way as the cryptocurrency industry violates securities laws. “It often seems that critics are upset because we're not giving c...

Policy

Sep. 09, 2022

Crypto Exchange Huobi Secures License to Operate in the British Virgin Islands

Digital asset service provider Huobi Group is set to operate a crypto exchange in the British Virgin Islands (BVI) after securing a license from the local financial watchdog, the company announced Friday. The Seychelles-registered crypto company...

Policy

Sep. 09, 2022

New French Bill Could Give Authorities Powers to Seize Crypto Assets

In France, suspected criminals could have their crypto assets frozen under a new law presented by the country's government Wednesday. President Emmanuel Macron’s government wants to join the U.K. in handing the police greater power to freeze ass...

Policy

Sep. 08, 2022

Celsius, Creditors Agree to Independent Government Probe, Call for Narrowed Scope

Crypto lender Celsius and a group of its creditors have agreed that an independent government examiner should investigate the firm as it continues through its bankruptcy proceedings. Celsius filed for bankruptcy earlier this summer, but has laid...

Policy

Sep. 08, 2022

US Treasury to Recommend Issuing Digital Dollar if in National Interest: Source

The U.S. Treasury Department will advise the federal government to press forward on work to issue a digital dollar, though it should only take the final step if there’s sign-off that the government-created tokens are in the “national interest,” a...

Policy

Sep. 08, 2022

Florida Man Pleads Guilty to Role in $100M Crypto Investment Ponzi Scheme

A Florida man pleaded guilty on Thursday for his role in a global crypto Ponzi scheme that defrauded investors of approximately $100 million, according to the Department of Justice. Joshua David Nicholas, 28, was the “head trader” for EmpiresX...

Policy

Sep. 08, 2022

Reguladores internacionales intentan encontrar la manera de supervisar las finanzas descentralizadas

Los reguladores financieros internacionales quieren tener su participación en las finanzas descentralizadas ( DeFi ), pero no se ponen de acuerdo en si pueden hacerlo simplemente ampliando las normas vigentes. Read this article in English ...

Policy

Sep. 08, 2022

Firm Behind Ethereum Name Service and Virgil Griffith Sue GoDaddy Over Sale of Eth.link

The company behind the Ethereum Name Service (ENS) protocol is suing web hosting platform GoDaddy over the sale of the domain name eth.link to a third party, a complaint filed on Monday shows. True Names Ltd., the company behind the Web3 domai...

Policy

Sep. 08, 2022

UK Crypto Hub Goal Continues: Treasury Official

The U.K. wants to "become the country of choice for those looking to create, innovate and build in the crypto space," the Treasury's Economic Secretary Richard Fuller said in the first Westminster crypto debate on Wednesday . Liz Truss on Tuesd...

Policy

Sep. 08, 2022

Banco Central Europeo aumenta tasas de interés a 75 puntos básicos en medio de suba inflacionaria

El Banco Central Europeo (BCE) elevó las tasas de interés en 0,75 puntos porcentuales el jueves, la mayor alza individual desde que comenzó a establecer la política monetaria en 1999. Read this article in English . Los precios de bitcoin...

Policy

Sep. 08, 2022

Republicans Want Answers From Fed on What It’ll Take to Justify Digital Dollar

U.S. Republican lawmakers are demanding answers from a top Federal Reserve official for how the central bank views its powers to issue a digital dollar. Rep. Patrick McHenry (R-N.C.), the senior Republican on the House Financial Services Committ...

Policy

Sep. 08, 2022

US Government Recovers $30M From Crypto Game Axie Infinity Hack

Crypto analytics firm Chainalysis announced Thursday it helped the U.S. government recover about $30 million stolen from Axie Infinity earlier this year. In a blog post, Chainalysis' Erin Plante said law enforcement officials were able to recove...

Policy

Sep. 08, 2022

Crypto Mining Energy Implications Need Further Study, White House Report Says

The White House Office of Science and Technology Policy called for the U.S. to conduct further research on the energy impact of crypto mining in a new report published Thursday. In the report, among the first publicly available responses to U.S....

Policy

Sep. 08, 2022

International Regulators Struggle With How to Oversee DeFi

International financial regulators are trying sink their teeth into decentralized finance ( DeFi ), but they are split on whether they can do so simply by extending current norms. Standard setters see DeFi, which uses software to replicate tradi...

Policy

Sep. 08, 2022

Crypto Engineers, Investors Sue US Treasury Over Tornado Cash Sanctions

Six crypto users are suing the U.S. Treasury Department for blacklisting Tornado Cash last month, claiming the department’s sanctions watchdog overstepped its authority in prohibiting all American persons from interacting with the privacy tool....

Policy

Sep. 08, 2022

Crypto Doesn't Need More Guidance, SEC Chair Gensler Says

The crypto industry does not need any specific rulemaking for projects issuing tokens, Securities and Exchange Commission (SEC) Chairman Gary Gensler said in a speech Thursday. Framing the issue as one of investor protection, Gensler said the ru...

Policy

Sep. 08, 2022

Israel's Markets Regulator Grants First Crypto License to Private Company: Report

Israel's Capital Markets, Insurance and Savings Authority granted a first permanent license to a private company, Hybrid Bridge Holdings Ltd. , to engage in crypto activities, local media outlet Globes reported Wednesday. Many companies look...

Policy

Sep. 08, 2022

ECB Hikes Interest Rate 75 Basis Points as Inflation Hits

The European Central Bank (ECB) raised interest rates by 0.75 percentage points Thursday, the biggest single hike since it began setting monetary policy in 1999. Bitcoin prices were stable on the announcement, which follows a 0.5 percentage poin...

Policy

Sep. 08, 2022

Taiwan Approves 24 Crypto Platforms, Including WOO Network, for AML Compliance

Fintech startup WOO Network was among the first 24 crypto platforms to be registered under Taiwan's Money Laundering Control Act, the firm said on Thursday. The liquidity platform received notice of its registration on Monday from Financial Su...

Policy

Sep. 08, 2022

Celsius Crypto Borrowers Call for Bankruptcy Trustee, Oppose US DOJ Move to Appoint Examiner

A group of Celsius borrowers wants a bankruptcy court to appoint an independent examiner to investigate the crypto-lender’s financials, but not one working for the U.S. Trustee office. Celsius filed for bankruptcy protections earlier this summer...

Policy

Sep. 07, 2022

Funcionarios de la UE afirman que el euro digital se enfocará en el uso personal y no en la Web3

Funcionarios de la Unión Europea (UE) afirmaron el miércoles que en su primera etapa el euro digital minorista solamente permitirá pagos realizados por personas y que no estará disponible para que las empresas puedan liquidar facturas, emitir che...

Policy

Sep. 07, 2022

Crypto Oversight Should Resemble Traditional Bank Rules, Fed Official Says

Michael Barr, the former Ripple Labs adviser and Michigan University law school dean who is now the U.S. Federal Reserve’s vice chairman for supervision, said crypto activities need greater regulatory oversight in his first speech since occupyi...

Policy

Sep. 07, 2022

A Stablecoin Law May Not Happen This Year

Hey folks. Monday was a federal holiday in the U.S. so we’re taking it easy today. Reporting from my colleague Jesse Hamilton suggests that stablecoin legislation we expected to see released this month may not be coming after all. Plus, a few oth...

Policy

Sep. 07, 2022

South Korea Is Gearing Up to Institutionalize Security Tokens

Financial regulators in South Korea want to bring security tokens, which are blockchain-based digital forms of traditional securities, into the scope of the country's capital markets rules in an effort to formalize the products. The country's to...

Policy

Sep. 07, 2022

'Love Island' Twins' Crypto Instagram Posts Misled Viewers, UK Ad Authority Says

Two former contestants from U.K. reality TV show "Love Island" have been told to stop misleading their Instagram followers with pro-crypto posts, local regulators said in a statement published Wednesday. Jessica and Eve Gale should have warned p...

Policy

Sep. 07, 2022

US Bank Watchdog Says He’s Not Budging on Crypto Distrust

U.S. regulators have largely fenced off the banking system from heavy involvement in the crypto industry, and that’s a status that the acting head of the Office of the Comptroller of the Currency intends to maintain. Michael Hsu, the acting chie...

Policy

Sep. 07, 2022

Celsius 'Misled' Investors About Crypto Lender's Financial Health, Vermont Regulator Alleges

Crypto lender Celsius misled investors about its financial health, using its CEL token to bolster its balance sheet and at times using new investor funds to repay old investors, the Vermont Department of Financial Regulation alleged in a new fil...

Policy

Sep. 07, 2022

Digital Euro to Focus on Personal Use, Not Web3, EU Officials Say

A retail digital euro will, in the first stage, only enable payments initiated by people, rather than allowing businesses to settle invoices, issue paychecks or be used in decentralized finance, European Union (EU) officials said Wednesday. The ...

Policy

Sep. 06, 2022

UK’s Truss Picks Kwasi Kwarteng to Be Finance Minister

U.K. Prime Minister Liz Truss named Kwasi Kwarteng as the country's next finance minister. The governing Conservative Party picked Truss as leader of the party and the country’s prime minister on Monday. Johnson was pushed to resign after h...

Policy

Sep. 06, 2022

Russia Exploring Stablecoin Settlements With Friendly Nations: Report

Russia is talking to several friendly countries about launching clearing platforms for cross-border settlements in stablecoins, according to a report from Russian news agency Tass . Tass quoted Russia’s Deputy Finance Minister Alexey Moiseyev a...

Policy

Sep. 06, 2022

With Crypto’s Blowups, TradFi Boasts Its Legal Rigor

Crypto finance is supposed to be about bucking existing financial market norms, and breaking free of the grip of incumbent bankers. But those established players are now pushing back, arguing that their way of doing business adds rigor that is...

Policy

Sep. 05, 2022

Australian Federal Police Forms Cryptocurrency Unit to Tackle Money Laundering, Offshoring: Report

The Australian Federal Police (AFP) formed a unit to tackle the use of cryptocurrency as a means of money laundering and offshoring, the Australian Financial Review (AFR) reported Monday . The unit was set up after the force's criminal asset co...

Policy

Sep. 05, 2022

UK Crypto Firms Must Now Report Sanctions Breaches, Freeze Accounts

The U.K. Treasury, the government’s finance arm, wants crypto exchanges and wallet providers operating in the country to report suspected sanctions breaches to authorities, updated guidance shows. Crypto companies must freeze assets and report...

Policy

Sep. 05, 2022

Crypto Exchange Upbit Publishes Token Listing, Delisting Procedure After Government Pressure

South Korea’s largest crypto exchange published its token listing procedure Friday in response to pressure from the government following the collapse of the Terra stablecoin . The listing procedures include examining transparency of the under...

Policy

Sep. 05, 2022

Liz Truss to Become UK Prime Minister After Winning Conservative Party Leadership

Liz Truss will become the U.K.’s next prime minister after beating former Finance Minister Rishi Sunak in a contest to head the governing Conservative Party. Truss secured 81,326 votes, while Sunak got 60,399. The Secretary of State for For...

Policy

Sep. 05, 2022

Nigeria Plans to Create a Virtual Free Zone With Binance Crypto Exchange

The Nigerian Export Processing Zones Authority (NEPZA) is in discussions with crypto exchange Binance over plans to create a virtual free zone focusing on blockchain and the digital economy, the agency said in a Saturday press release . NEPZA, ...

Policy

Sep. 02, 2022

House’s Stablecoin Bill May Face Fatal Delays for 2022 Progress

One of Congress’ most serious efforts toward stablecoin oversight may have hit an insurmountable snag as negotiations in the House Financial Services Committee drag out further than the calendar is likely to allow. A legislative push toward the ...

Policy

Sep. 02, 2022

Australian CBDC Research Project Could Provide Crypto Clarity, Legal Expert Says

A research project spearheaded by Australia’s government, financial institutions and universities is a significant step for the country in determining the potential of a central bank digital currency (CBDC), according to a Sydney-based attorney s...

Policy

Sep. 02, 2022

Thailand Toughens Rules for Crypto Ads

Tougher rules governing crypto advertising in Thailand came into effect on Thursday, according to an official notice from the country's securities regulator. The new restrictions prohibit the inclusion of false or exaggerated information about ...

Policy

Sep. 01, 2022

Una plataforma global de CBDCs podría reducir costos de pagos transfronterizos, según el FMI

El personal del Fondo Monetario Internacional sugirió el jueves la creación de una plataforma global para pagos transfronterizos y reiteró los llamados para regular un sector cripto que, según los funcionarios, es inestable, ineficiente y está pl...

Policy

Sep. 01, 2022

EU's MiCA Crypto Law Text Ready Within 6 Weeks, Lead Lawmaker Says

The text for the European Union’s landmark Markets in Crypto Assets (MiCA) Regulation could be ready within six weeks, leading lawmaker Stefan Berger said Thursday. Lawmakers and governments had reached agreement on the main outline of the legis...

Policy

Sep. 01, 2022

Celsius’ Third Bankruptcy Hearing Yields Little in the Way of Customer Relief

Crypto lender Celsius Networks' customers still want their money back, but a judge appears to be in no hurry to authorize withdrawals – at least right now. Much of Thursday's three-hour hearing focused on whether custodial account holders should...

Policy

Sep. 01, 2022

New Global CBDC Platform Could Cut Payment Costs, IMF Says

Staffers at the International Monetary Fund Thursday called for a global platform for cross-border payments, and reiterated calls to regulate a crypto sector that officials say is unstable, inefficient and riddled with fraud. The international o...

Policy

Sep. 01, 2022

Crypto Lender Celsius Files to Return Custody Clients' Funds

Crypto lender Celsius, which is just over a month into bankruptcy proceedings, filed to return custody holders' funds to them early Thursday, ahead of a separate hearing to address ongoing questions about its efforts to restructure and relaunch i...

Policy

Sep. 01, 2022

Indonesia to Establish 'Crypto Stock' Exchange by 2022-End: Report

Indonesia's government plans to establish a "crypto stock" exchange by the end of 2022, according to a report by DealStreetAsia , citing a minister. The exchange will list companies in the digital asset industry, such as some of the 25 exchang...

Policy

Sep. 01, 2022

Digital Dollar Project Plans to Explore CBDC Technical Solutions With New Sandbox

The Digital Dollar Project (DDP), a non-profit organization advocating for a U.S. central bank digital currency (CBDC) , is starting a technical sandbox to explore technological, business and policy solutions for a digital dollar, according to a...

Policy

Sep. 01, 2022

California Assembly Passes Crypto Regulation Bill That Requires Bank-Issued Stablecoins

California Gov. Gavin Newsom is set to sign a recently passed bill that would require digital asset exchanges and other crypto companies to obtain a license to operate in the state. The Digital Financial Assets Law, dubbed California’s "BitLicen...

Policy

Aug. 31, 2022

FASB Crypto Accounting Review Won’t Include NFTs, Certain Stablecoins: Report

The Financial Accounting Standards Board (FASB) is excluding non-fungible tokens (NFTs) and certain stablecoins from its cryptocurrency accounting review, the Wall Street Journal reported . On Wednesday, the board described its criteria for cry...

Policy

Aug. 31, 2022

The SEC Provides More Regulatory Clarity

Zcash, horizen and stellar might be securities, according to new regulatory filings. We’re starting to get even more clarity about the U.S. Securities and Exchange Commission’s efforts to bring the cryptocurrency sector in line with its existing ...

Policy

Aug. 31, 2022

Washington, DC Suing MicroStrategy’s Michael Saylor for Tax Fraud

The District of Columbia is suing MicroStrategy (MSTR) founder and executive chairman Michael Saylor for allegedly never having paid any income taxes in the  district in the more than 10 years he has lived there, Attorney General Karl A. Rac...

Policy

Aug. 31, 2022

EU Lawmakers Vote Down Green Crypto Mining Study

EU lawmakers on Thursday shot down a Green Party proposal to research alternatives to the proof-of-work (PoW) mining which underpins bitcoin. The Green Party effort followed an unsuccessful attempt by some members of the European Parliament to...

Policy

Aug. 31, 2022

Sixteen Arrested in South Korea for Illegal Crypto Trading Activities: Report

South Korean customs authorities on Tuesday arrested 16 people involved in illegal foreign exchange transactions, reported local outlet Newsis . Two out of the 16 people are set to be prosecuted, seven were fined for negligence and the probe co...

Policy

Aug. 31, 2022

Paraguay’s President Vetoes Bill That Would Regulate Crypto Mining and Trading

Paraguay's President Mario Abdo Benítez fully vetoed a bill proposing to regulate crypto mining and trading in the South American country. The veto came after recommendations against the bill made by the National Electricity Administration (ANDE...

Policy

Aug. 31, 2022

What to Expect From the UK’s Royal Mint NFT Collection

The U.K. government raised eyebrows in April when a high-ranking official said the country would issue its own non-fungible tokens ( NFTs ). Rishi Sunak, the country’s former finance minister, had asked the Royal Mint, the maker of British c...

Policy

Aug. 31, 2022

British National Accused in OneCoin Scam Set to Face US Extradition: Report

Christopher Hamilton, a British national accused of money laundering and wire fraud related to the $4 billion OneCoin scam, lost his bid to avoid extradition to the U.S. on Tuesday, according to a report from Law360 . U.K. District Judge Nichol...

Policy

Aug. 30, 2022

Crypto Exchange FTX's CEO Visited White House Amid Regulatory Fight

FTX CEO Sam Bankman-Fried and his government relations and policy team made a stop at the White House in May as lawmakers in the United States debate on whether to have the Commodity Futures Trading Commission (CFTC) or the Securities and Exchang...

Policy

Aug. 30, 2022

US Congressman Wants Consumer-Protection Answers From Agencies, Crypto Firms

U.S. agencies and major crypto firms such as Binance.US and Coinbase Global (COIN) are being questioned about the cryptocurrency industry’s ability to protect consumers, receiving written requests from a senior congressman on the oversight comm...

Policy

Aug. 30, 2022

Banco Itaú fue seleccionado por el Banco Central de Brasil para desarrollar un fondo de liquidez DeFi

Este artículo fue adaptado de CoinDesk Brasil, un partnership entre CoinDesk e InfoMoney , uno de los principales medios de noticias financieras de Brasil. Sigue a CoinDesk Brasil en Twitter . Itaú Unibanco, el banco privado más gran...

Policy

Aug. 30, 2022

Thai SEC Fines Bitkub Executive $235K for Insider Trading

Thailand's securities regulator has issued punishment in the insider-trading case of an executive at the country's largest cryptocurrency exchange Bitkub, according to an official notice published Tuesday. Bitkub Chief Technology Officer Samre...

Policy

Aug. 30, 2022

Founder of Turkish Crypto Exchange Thodex Arrested in Albania

The founder of Thodex, one of Turkey's largest crypto exchanges that turned out to be an exit scam, has been arrested in Albania, according to statement from the Turkish Interior Ministry on Tuesday. Faruk Fatih Özer's exchange suddenly went ...

Policy

Aug. 30, 2022

South Korea Must Reverse Ineffective Ban on Crypto ICOs, Central Bank Says

South Korea's landmark crypto regulations will have to institutionalize initial coin offerings (ICO), which are currently banned in the country, the Bank of Korea said in a report published Monday. The country's financial regulator, the Financ...

Policy

Aug. 30, 2022

Australia Starts Research Program to Explore Digital Asset Opportunities

25 prominent institutions in Australia have come together to start a research program to benefit from the opportunities arising from asset digitization. The Digital Finance Cooperative Research Center (DFCRC) is a 180 million Australian dollar (...

Policy

Aug. 29, 2022

Brazil’s Largest Private Bank, Itaú, Selected by Central Bank to Develop a DeFi Liquidity Pool

This article is adapted from CoinDesk Brasil, a partnership between CoinDesk and InfoMoney , one of Brazil's leading financial news publications. Follow CoinDesk Brasil on Twitter . Itaú Unibanco has been chosen by Brazil’s central b...

Policy

Aug. 29, 2022

The End of the Texas Bitcoin Mining Gold Rush

Texas was once a promised land for bitcoin miners, a business-friendly state with stable regulations and a seemingly endless energy supply. But the tide has turned. The state’s grid operator, the Electric Reliability Council of Texas, or Ercot, ...

Policy

Aug. 29, 2022

La provincia argentina de Mendoza ahora acepta criptomonedas para el pago de impuestos

La provincia argentina de Mendoza habilitó el pago de impuestos con criptomonedas, anunció su autoridad fiscal este sábado. Con una población de más de 2 millones, Mendoza es el quinto territorio más grande del país. Read this article in E...

Policy

Aug. 29, 2022

Argentina's Mendoza Province Now Accepts Cryptocurrencies for Tax Payments

The Argentine province of Mendoza has enabled the payment of taxes with cryptocurrencies, its tax authority said on Saturday. With a population of more than 2 million, Mendoza is the fifth-largest territory in the country. According to instruc...

Policy

Aug. 29, 2022