The United Kingdom’s Chancellor of the Exchequer Jeremy Hunt laid out a number of reforms aiming to “drive growth and competitiveness” to the country’s financial services sector including efforts that support the crypto space. In an announcement, the U.K. government highlighted that it will create a smarter regulatory framework for the country that it describes
Regulation
United States-based cryptocurrency exchange Coinbase has asked its customers to convert their Tether-issued USDT (USDT) stablecoin to USD Coin (USDC), a USD-pegged stablecoin issued by Circle and co-founded by Coinbase in 2018. The cryptocurrency exchange suggested that USDC is a much more secure alternative in the wake of the FTX collapse saga and has also exempted
The Japanese subsidiary of the now-defunct cryptocurrency exchange FTX has received approval from local regulators to continue sorting out issues with withdrawals until next year. The Kanto Local Finance Bureau, a local financial regulator running under the Ministry of Finance of Japan, has issued a statement regarding FTX Japan operations, Reuters reported. The Japanese authority
The number of lawsuits against former FTX CEO Sam Bankman-Fried has been racking up since the fall of his crypto empire, with the former “white knight” of crypto finding himself a defendant in seven class action lawsuits filed since FTX’s bankruptcy. These lawsuits are separate from the numerous probes and investigations examining FTX and Sam
A United States banking industry regulator warned banks of the “emerging risks” of cryptocurrencies saying the sector should take a “cautious approach” and seek permission in some cases when engaging with crypto or crypto firms. Citing “dislocations” in the crypto market over 2022 the Office of the Comptroller of the Currency (OCC) highlighted what it
Crypto’s public enemy number one, Sam Bankman-Fried has missed a crucial deadline to confirm his appearance at an upcoming Senate Committee hearing. The former FTX CEO missed a Thursday 5pm ET on Dec. 8, deadline for responding to a Senate Banking Committee request that he testify at the Committee meeting on Dec. 14. This has
A watchdog group has demanded an investigation into Sam Bankman-Fried’s political donations, claiming the former FTX CEO admitted to donating tens of millions of dollars to Republicans under the table, in violation of federal law. The Citizens for Responsibility and Ethics in Washington (CREW) filed the complaint with the Federal Election Commission (FEC) on Dec.
The United States Securities and Exchange Commission (SEC) has issued new guidance that could see publicly traded companies disclose their exposure to crypto assets. In a statement released on Dec. 8 by SEC’s Division of Corporation Finance, it said the recent upheaval in the crypto asset market has “caused widespread disruption in those markets” and
Three United States lawmakers have introduced legislation that would direct the Environmental Protection Agency, or EPA, to report on the energy usage and environmental impact of crypto miners. In a Dec. 8 announcement, California Representative Jared Huffman and Massachusetts Senate Ed Markey said they were “sounding the alarm” the energy use from crypto mining in
Two members of the United States Senate have called on the heads of federal financial regulators to address “ties between the banking industry and cryptocurrency firms” in the wake of FTX’s collapse. In letters dated Dec. 7 to Federal Reserve chair Jerome Powell, acting Comptroller of the Currency Michael Hsu, and Federal Deposit Insurance Corporation
While it’s undeniable that companies were significantly affected by the FTX debacle, retail investors like Jaime Zulueta – who recently just got married – also bore the burden of trusting a trading platform that ended up collapsing to oblivion. Speaking to Cointelegraph, Zulueta told the story of how he and his wife dealt with the
Hong Kong’s legislative council has passed a new amendment to its anti-money laundering (AML) and terrorist financing system to include virtual asset service providers. The latest legislation will establish a new licensing regime for virtual asset service providers, set to come into effect from June 1, 2023. The new amendment will subject crypto exchange service
Australian financial regulators are “working on options” for incorporating payment stablecoins into the regulatory framework for stored-value facilities. Such incorporation would be a part of broader reforms to the payments regulatory framework in the country. On Dec.8 the official site of the Reserve Bank of Australia published a report on stablecoins, assessing their recent developments,
A United States financial regulator is looking to gain feedback from the banking industry about how decentralized finance (DeFi) may affect the bureau’s efforts to stop financial crime. The Financial Crimes Enforcement Network (FinCEN) said it is “looking carefully” at DeFi, while the agency’s acting director, Himamauli Das, said the digital asset ecosystem and virtual
Crypto lending platform Genesis has informed its customers that its withdrawal freeze is likely to last “additional weeks” amid efforts to stave off a potential bankruptcy filing. In a Dec. 7 letter to its customers shared by Genesis to Cointelegraph, interim CEO Derar Islim — who took the temporary helm of the company in August
The United States House Financial Services Committee Chair Maxine Waters said a subpoena is “definitely on the table” for former FTX CEO Sam Bankman-Fried, who has been requested to testify at a Dec. 13 hearing looking into the collapse of FTX. In a Dec. 8 tweet Waters said that “lies are circulating” after a report from
United States Congressman Ritchie Torres has introduced bills in the House of Representatives to prohibit misuse of customer funds by cryptocurrency exchanges and to require exchanges disclose proof of reserves to the Securities and Exchange Commission (SEC). The short bills are intended to supplement other legislation that is passed on cryptocurrency, Torres said. Torres introduced
Fabio Panetta, an executive board member of the European Central Bank (ECB), proposed banning crypto assets with a significant environmental impact as part of efforts to address risks. In written remarks for the Insight Summit at the London Business School on Dec. 7, Panetta said harmonizing taxation around crypto between global jurisdictions could address some
An American legislator has asked the United States Government Accountability Office (GAO) to look into the performance of the Securities and Exchange Commission (SEC) regarding the recently failed crypto exchange FTX. Rep. Ritchie Torres wrote to U.S. Comptroller General Gene Dodaro on Dec. 6 requesting that the GAO, the federal legislative watchdog, conduct a review
Cryptocurrency mixing services are a divisive subject in the industry. Some advocate for the privacy-enabling features of these protocols while others maintain that they are mainly used for illicit means. For platforms like Tornado Cash, the mainstream verdict is “guilty as charged.” The infamous decentralized mixing protocol was sanctioned by the United States Office of Foreign