Latest News
By Federal Newswire | Jan 12, 2024
Patrick McHenry, Chairman of the House Financial Services Committee (NC-10), and French Hill, Chairman of the Subcommittee on Digital Assets, Financial Technology and Inclusion (AR-02), have issued a statement lauding the U.S. Securities and Exchange Commission's (SEC) approval of a spot Bitcoin exchange-traded fund (ETF). This announcement arrives over a decade after the cryptocurrency industry first sought approval for Bitcoin ETFs.
By Federal Newswire | Jan 12, 2024
U.S. Senators JD Vance (R-Ohio) and Thom Tillis (R-N.C.) have voiced their concerns over the breach of the U.S. Securities and Exchange Commission's (SEC) official account, asserting that it confused investors, impacted Bitcoin's price, and contradicted the SEC's mission. In a letter dated Jan. 9 to SEC Chair Gary Gensler, the senators sought answers to several questions about the breach by Jan. 23.
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By Federal Newswire | Jan 11, 2024
The U.S. Securities and Exchange Commission's (SEC) social media account was recently compromised, leading to the dissemination of false information regarding the approval of a bitcoin exchange-traded fund (ETF). This caused an initial surge in bitcoin prices before they plummeted. The incident has sparked calls from lawmakers and crypto industry participants for SEC Chair Gary Gensler to clarify how the breach occurred.
By Federal Newswire | Jan 10, 2024
The Chamber of Digital Commerce, a group advocating for the blockchain and digital asset industry, has appealed to House and Senate leadership to consider H.R. 1414, also known as the Keep Innovation in America Act. The purpose of this consideration is to provide clarity for participants in the digital asset market. Cody Carbone, Chief Policy Officer of the Chamber of Digital Commerce, expressed these concerns in a letter dated January 5, specifically addressing the uncertainty surrounding a new Internal Revenue Service (IRS) digital asset reporting requirement.
By Federal Newswire | Jan 9, 2024
Seth Hertlein, the Global Head of Policy at Ledger, a provider of digital asset wallets, stated that the 'Keep Your Coins Act' should not be necessary. He argued that the Constitution already safeguards Americans' right to private property. The act was introduced by U.S. Rep. Warren Davidson (R-Ohio) with the aim of preserving crypto users' ability to transact without involving a third-party intermediary.
By Federal Newswire | Jan 5, 2024
Jerry Brito, the Executive Director of Coin Center, a non-profit organization dedicated to research, education, and advocacy in the cryptocurrency ecosystem, has expressed concerns over the difficulties crypto users may face in complying with a new IRS rule pertaining to reporting crypto transactions. In a post on Coin Center's website, Brito revealed that his organization had filed a lawsuit against this rule in 2022; however, the case remains unresolved.
By Federal Newswire | Jan 4, 2024
The U.S. Department of Justice (DOJ) has declared its decision to abstain from pursuing a second trial against Sam Bankman-Fried, the founder and former CEO of cryptocurrency exchange FTX. Last year, Bankman-Fried was convicted on seven criminal charges related to the collapse of FTX and its associated hedge fund, Alameda Research, in 2022.
By Federal Newswire | Jan 3, 2024
U.S. Senator Cynthia Lummis (R-Wyo.) has voiced the need for comprehensive regulations in the cryptocurrency industry to provide clarity and protect consumers. In 2023, Lummis, alongside U.S. Senator Kirsten Gillibrand (D-N.Y.), introduced a bipartisan bill aiming to establish a federal regulatory framework for digital assets.
By Federal Newswire | Jan 3, 2024
The Crypto Council for Innovation (CCI), a global organization that advocates for digital assets through research and education, recently disclosed the results of a national survey conducted among crypto voters. The survey revealed that a significant majority of respondents would favor a candidate who seeks to establish clear regulations for the digital asset industry. These findings were released on January 3.
By Federal Newswire | Dec 21, 2023
Richard Teng, the Chief Executive Officer (CEO) of Binance, the world's largest cryptocurrency exchange, stated that American regulatory agencies have acknowledged the efforts Binance has made to enhance its compliance. Teng assumed the role of CEO in November as part of a settlement with the U.S. government to resolve historical compliance issues associated with Binance.
By Federal Newswire | Dec 21, 2023
Vietnam is home to a significant proportion of its population that engages with cryptocurrency. Approximately 17 percent of Vietnamese citizens have either used or currently possess crypto assets.
By Federal Newswire | Dec 21, 2023
The implications of receiving cryptocurrency donations on tax returns have been increasingly recognized over the past five years.
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By Federal Newswire | Dec 21, 2023
U.S. Representative Ritchie Torres (D-N.Y.) has expressed his belief that the amalgamation of blockchain technology and stablecoins could enhance financial services for impoverished Americans. In a post on X, Torres underscored the necessity for appropriate regulation in implementing blockchain and stablecoins.
By Federal Newswire | Dec 21, 2023
U.S. Representative Warren Davidson (R-Ohio), a member of the House Financial Services Committee, has expressed his support for the passage of his proposed Keep Your Coins Act. This legislation aims to maintain the ability of cryptocurrency users to conduct transactions without the need for a third-party intermediary. In a post on Dec. 19, Davidson stated that the bill would shield Americans from the introduction of a central bank digital currency (CBDC).
By Federal Newswire | Dec 20, 2023
On December 15, U.S. Securities and Exchange Commission (SEC) Commissioners Hester Peirce and Mark Uyeda expressed their dissent regarding the SEC's denial of Coinbase's rulemaking petition. The commissioners stated that they believe the SEC needs to address the issues raised by new technologies by soliciting input from the public and then issuing guidance or engaging in rulemaking.
By Federal Newswire | Dec 20, 2023
U.S. Representative Patrick McHenry (R-N.C.), Chairman of the House Financial Services Committee, has expressed criticism towards U.S. Securities and Exchange Commission (SEC) Chair Gary Gensler for rejecting a rulemaking petition from cryptocurrency exchange Coinbase on December 15. In a post on social media platform X, McHenry stated that the Financial Innovation and Technology (FIT) for the 21st Century Act would instruct both the SEC and the Commodity Futures Trading Commission (CFTC) to initiate rulemaking for the cryptocurrency industry, a move he believes would enhance...
By Federal Newswire | Dec 19, 2023
House Majority Whip Tom Emmer has criticized the U.S. Securities and Exchange Commission (SEC) for its refusal to provide clarity to the cryptocurrency industry, following the denial of Coinbase's petition for rulemaking on December 15. Coinbase, recognized as the largest crypto exchange in the United States, initially filed this petition in July 2022.
By Federal Newswire | Dec 13, 2023
In a commentary published by Fortune on Dec. 12, authors Omid Malekan and Brian Whitehurst challenged the crime-related labels that many officials have placed on cryptocurrency. They argued that while the unique nature of cryptocurrency presents challenges for regulators, it does not warrant such negative characterizations. Malekan is an author and adjunct professor at Columbia Business School, while Whitehurst serves as head of regulatory affairs and regulatory counsel at Lukka, a blockchain data solutions firm.
By Federal Newswire | Dec 13, 2023
Richard Teng, the Chief Executive Officer of Binance, the world's largest cryptocurrency exchange, has challenged the criticism from major traditional banks regarding cryptocurrency's involvement in illicit activities. According to Teng, data suggests that fiat currency, such as the U.S. dollar, is more extensively used for illegal purposes. His remarks followed comments made by JPMorgan Chase Chairman and CEO Jamie Dimon during a Congressional hearing where he claimed that crypto enables malicious actors to bypass anti-money laundering protocols and sanctions.
By Federal Newswire | Dec 13, 2023
U.S. Senator Bill Hagerty (R-TN) has voiced his belief that traditional banks may perceive the burgeoning cryptocurrency industry as a threat. However, he stressed that this should not deter bipartisan efforts to establish regulations for the crypto sector that encourage innovation. These comments were made in response to statements by JPMorgan Chase CEO Jamie Dimon during a Senate Banking Committee hearing on December 6.
