Regulation

Coinbase CEO Brian Armstrong has urged United States citizens to take action and email their representatives to vote “yes” on the Financial Innovation and Technology for the 21 Century Act (FIT21), which may provide regulatory clarity for crypto.  On July 26, lawmakers voted in favor of FIT21 and the Blockchain Regulatory Certainty Act. The bills

A federal judge overseeing the criminal case against Sam Bankman-Fried, also known as “SBF,” will reportedly consider revoking the former FTX CEO’s $250 million bail based on allegations of intimidation against Caroline Ellison.  In a July 26 hearing in United States District Court for the Southern District of New York, individuals on site reported Assistant U.S.

Canada’s financial watchdog is proposing changes to its capital and liquidity approach to crypto assets, according to an announcement on July 26. According to the Office of the Superintendent of Financial Institutions (OSFI), the proposed rules will simplify institutions’ approach to perceived crypto risks, defining four categories of crypto assets and their capital treatment. OSFI

On July 25, the United States Senate backed bipartisan legislation mandating U.S. companies to report any investments in Chinese technologies.  In an overwhelming vote of 91 to 6, the Senate supported the amendment to the National Defense Authorization Act (NDAA), which is anticipated to be implemented later in 2023. The amendment will require U.S. companies

The government of Palau is set to begin a pilot project for a United States dollar-backed stablecoin on July 26. The new coin will be issued on XRP Ledger. The country will release the first Palau Stablecoins (PSCs) in the pilot project to government employees. This comes after several days of testing using volunteers to

The Abu Dhabi Global Market Financial Services Regulatory Authority has granted its Financial Services Permission for cryptocurrency firm Rain to offer brokerage and custody services to residents.  In a July 25 announcement, Rain said the regulatory approval will allow certain United Arab Emirates-based institutional and retail users to “buy, sell, trade, and store virtual assets”

Wyoming is beginning its work on the state’s stablecoin, or, as it’s called officially, the “stable token” project, by opening a job position for a head of the stable token commission. The potential executive will lead a team, responsible for making a proper legislative framework for the project.  The position was opened on the federal

Last week was marked by two new legislative initiatives for the crypto industry in the United States. Senator Jack Reed sponsored a bipartisan bill that would tighten Know Your Customer (KYC) and Anti-Money Laundering (AML) regulations and sanctions requirements for decentralized finance (DeFi). The bill would subject DeFi operations to the same requirements as “other

Coinbase CEO Brian Armstrong has reportedly said United States lawmakers have a renewed focus on regulatory clarity in the crypto space following talks with key officials. According to a July 24 Axios report, Armstrong met with U.S. lawmakers on July 20 ahead of discussions and votes on pieces of legislation aimed at providing regulatory clarity

The Chairman of the House Financial Services Committee (FSC), Patrick McHenry, announced a markup of a few legislations, three aimed at providing regulatory clarity for the digital asset ecosystem — cryptocurrencies, blockchain development and stablecoin payments. The Committee on Financial Services will meet on July 26 to markup H.R. 4763, the Financial Innovation and Technology

San Francisco’s Federal Reserve Bank is seeking a crypto architect for a central bank digital currency (CBDC) project, reveals an Indeed job posting. According to the role description, the employee will work on CBDC research and development. The position is full-time and hybrid, with an annual salary starting at $134,900, requiring candidates to have “knowledge of

Terraform Labs faces a “big hill to climb” as the progress of its various projects in development are constantly being impeded by frequent accusations, according to Terra’s new interim CEO Chris Amani. During a July 20 Twitter Spaces, titled A Terra Community Talk, Amani joined several Terra employees to discuss the challenges ahead for Terra

Amidst speculations that a potential appeal by the US SEC could negatively impact the crypto market, Pro-XRP lawyer, Attorney John Deaton has made it clear that even in the event of an appeal by the agency, it would not significantly affect XRP holders. After the judge’s ruling stating that the programmatic sale of XRP tokens

Payment protocol Ripple has recently applied for a registration as a crypto asset firm with the United Kingdom’s Financial Conduct Authority (FCA), a spokesperson for the firm told Cointelegraph. The company is also seeking a payments license in Ireland as part of its massive investment in the region. The registration was submitted after Ripple’s partial

Bankrupted crypto lender Celsius Network reached two settlements that allows it to return assets to customers and end its bankruptcy proceedings, according to court filings on July 20.  The settlements will be analyzed by Judge Martin Glenn at a hearing on August 10 and address $78.2 billion in unsecured claims. Any responses and objections should

The U.S. Securities and Exchange Commission has suggested that it may appeal a recent ruling on the Ripple Labs lawsuit, which deemed XRP to not be a security when sold to retail investors. The SEC argues that the ruling goes against “fundamental securities laws principles” such as the Howey Test, which determines what falls under

Gabriel Bankman-Fried, the brother of former FTX CEO Sam Bankman-Fried, had a plan to survive a global catastrophe using funds from the now-defunct cryptocurrency exchange. According to a July 20 filing with the United States Bankruptcy Court for the District of Delaware, Gabriel planned to purchase the island nation of Nauru in the Pacific using

The husband and wife alleged to have laundered billions of dollars worth of Bitcoin connected to the 2016 Bitfinex hack have reached a plea agreement with authorities in the United States. According to records filed with U.S. District Court in the District of Columbia on July 21, Ilya Lichtenstein and Heather Morgan are scheduled to

The national cryptocurrency exchange, announced by the Indonesian government a week ago, has begun to function, according to a statement from the country’s Commodity Futures Trading Supervisory Agency (CFTRA). The platform will be the only space in the country where the legal exchange of digital assets is allowed.  CFTRA confirmed the opening of the exchange

A bill to create a regulatory framework for digital assets has been introduced by Republican members of the Agriculture and Financial Services Committees of the United States House, the result of several months of joint effort by the two committees. The 212-page bill — called the Financial Innovation and Technology for the 21st Century Act