Latest News
By Federal Newswire Report | Mar 27, 2023
Crypto exchange company Coinbase has repeatedly asked the U.S. Securities and Exchange Commission (SEC) for regulatory clarity, but the requests have gone unanswered, and the SEC has now sent the company a "Wells notice" warning of possible enforcement action, said Paul Grewal, Coinbase chief legal counsel.
By Juliette Fairley | Mar 23, 2023
Two U.S. Commodity Futures Trading Commission (CFTC) appointees, who were featured speakers at the D.C. Blockchain Summit this week, want the SEC and CFTC to create a framework that would classify digital assets.
By Federal Newswire Report | Mar 23, 2023
Kevin Werbach, the chairperson of legal studies and business ethics at the University of Pennsylvania's Wharton School, said that as the U.S. irons out necessary digital asset regulations, it should make a distinction between stablecoin issuers that are based in the U.S. and those that are not, and should also take into consideration which companies have been pro-compliance and those that have not. While some analysts have expressed concerns that regulatory crackdowns in the U.S. could push innovation overseas, Werbach told the Federal Newswire that he does not believe that will necessarily be the case.
By Federal Newswire Report | Mar 23, 2023
A cryptocurrency mixer that processed over $3 billion in illegal transactions on the darknet has been taken down and its Vietnamese operator charged with money laundering.
By Federal Newswire Report | Mar 22, 2023
While some digital asset analysts have voiced concerns that the actions the U.S. Securities and Exchange Commission (SEC) has taken against stablecoins could push innovation out of the U.S. into other countries, two economists told the Federal Newswire that they don't share those concerns. Steve H. Hanke, a professor of applied economics at Johns Hopkins University, and Matt Sekerke, a fellow at the Johns Hopkins Institute for Applied Economics, Global Health and the Study of Business Enterprise, said they believe stablecoin issuers will not leave the U.S. because they benefit from access to the U.S. dollar and financial institutions.
By Federal Newswire Report | Mar 20, 2023
Some experts have expressed concern that U.S. actions targeting stablecoins could threaten the U.S. dollar's (USD) global prominence, but Benn Steil, a senior fellow and the director of international economics at the Council on Foreign Relations, told the Federal Newswire that he believes the USD will not be weakened by stablecoins pegged to other currencies.
By Federal Newswire Report | Mar 16, 2023
The U.S. Securities and Exchange Commission (SEC) has stepped up its enforcement actions in the cryptocurrency industry after the November bankruptcy filing of crypto exchange FTX and has recently begun targeting stablecoins, sparking concerns that the industry could shift away from the U.S. dollar and peg itself to a different country's currency.
By Federal Newswire Report | Mar 10, 2023
While lawmakers were discussing Twitter during a House Judiciary Select Subcommittee hearing on the weaponization of the federal government, Rep. Stacey Plaskett (D-U.S. Virgin Islands) alluded to Changpeng Zhao (CZ), the CEO of Binance, the largest crypto exchange in the world, who also owns a stake in Twitter. Plaskett said that although CZ is a Canadian citizen, he is a “Chinese national.” Crypto influencer and analyst Chris Blec and CZ himself said on Twitter that Plaskett's comments implied racism and discrimination.
By DOJ Newswire Report | Mar 10, 2023
Media entities have recently tried to equate the movement of cryptocurrency between wallets with illicit misuse of customer funds. Binance, the world’s largest cryptocurrency exchange by volume, explained in a blog post that moving assets between hot and cold wallets is a regular function of crypto exchanges that serves to protect user funds while ensuring liquidity, which is different from the criminal misuse of funds perpetrated by the now-bankrupt exchange FTX.
By State Newswire Report | Mar 10, 2023
The Infrastructure Investment and Jobs Act (IIJA), which President Biden signed into law in Nov. 2021, introduces two new reporting requirements for individuals and businesses that conduct transactions using digital assets.
By Andy Nghiem | Feb 22, 2023
Binance, the world's largest crypto exchange by volume, said that after a turbulent year for the crypto industry, prioritizing risk management, transparency, disclosures and security is paramount to restoring trust in the industry. Binance recently released a policy paper, which outlines actionable framework detailing the company’s efforts to build a secure crypto ecosystem with a foundation of trust and safety and which contains guidelines for all centralized exchanges (CEXs) to raise the bar in these critical areas.
By DOE Newswire Report | Feb 21, 2023
Professor Linda Jeng of the Georgetown Institute of International Economic Law was one of three witnesses who testified at the Feb. 14 Senate Banking Committee hearing on crypto, titled "Crypto Crash: Why Financial System Safeguards are Needed for Digital Assets.” In her testimony, Jeng said that as federal lawmakers and regulators debate how to proceed with crypto regulation in the wake of the collapse of FTX, she wanted to highlight the value that blockchain technology can bring to other industries, such as the energy sector.
By State Newswire Report | Feb 20, 2023
Professor Linda Jeng of the Georgetown Institute of International Economic Law recently testified that as federal lawmakers and regulators debate how to proceed with crypto regulation in the wake of the collapse of FTX, they should keep in mind that crypto is being used around the world as a bridge to enable more people to access financial opportunities and as a tool to bring aid to communities in need.
By Commerce Newswire Report | Feb 15, 2023
Financial experts told the Senate Banking, Housing and Urban Affairs Committee on Feb. 14 that the years with cryptocurrency have shown ample evidence of the “dire harm” it inflicts throughout society.
By Commerce Newswire Report | Feb 15, 2023
A New York regulator has instructed Paxos to stop issuing the fiat-backed stablecoin Binance USD (BUSD), and the U.S. Securities and Exchange Commission (SEC) has reportedly notified Paxos that enforcement action is coming under the premise that BUSD is an unregistered security. Crypto analysts and experts are questioning how stablecoins could meet the definition of a security, arguing that stablecoins do not pass the Howey Test. Changpeng Zhao (CZ), the Canadian CEO and founder of Binance, the world's largest crypto exchange, assured users that their funds are safe and they can still redeem BUSD.
By Commerce Newswire Report | Feb 14, 2023
Brian Armstrong, the CEO of crypto exchange Coinbase, said that although the U.S. Securities and Exchange Commission (SEC) has fined another crypto company for not registering its staking services as a security, he believes staking services are not securities, and he is willing to go to court if necessary to defend that claim.
By Commerce Newswire Report | Feb 10, 2023
Changpeng Zhao (CZ), the Canadian CEO and founder of Binance, the world's largest crypto exchange, said in a recent tweet that regulation can benefit the crypto industry and ultimately lead to more mainstream adoption by providing guidance and confidence to both those who provide crypto services and those who use them.
By Commerce Newswire Report | Feb 8, 2023
A White House blog post said that the administration has been researching the potential risks posed by cryptocurrency for the last year and assessing how different authorities can mitigate those risks.
By Commerce Newswire Report | Feb 7, 2023
U.S. Sen. Tim Scott, a ranking member on the Senate Committee on Banking, Housing and Urban Affairs, said that working to develop a framework for the regulation of digital assets is one of his top priorities for this Congressional session.
By Commerce Newswire Report | Feb 6, 2023
Binance, the world's largest crypto exchange, announced that it would delist the token BEAM.
