Regulation

United States Securities and Exchange Commission Chair Gary Gensler has again backed a proposed rule that would extend asset custody rules to more cryptocurrencies, saying investors need more protection. The commission’s Investor Advisory Committee has proposed expanding 2009 rule designed to reduce the risk of advisers embarking on Ponzi schemes to all asset classes, including

Cryptocurrency exchange Coinbase announced that it had terminated its partnership with Silvergate Bank as its United States dollar banking partner, citing an ongoing investigation. In a tweet, the exchange said: “In light of recent developments & out of an abundance of caution, Coinbase is no longer accepting or initiating payments to or from Silvergate.“ The

An investor with nearly $2 million worth of funds frozen in bankrupt cryptocurrency lender BlockFi has filed a class-action complaint against its founders, two directors and crypto exchange Gemini. In a Feb. 28 complaint filed in the U.S. District Court for the District of New Jersey, investor Trey Greene accused the defendants of numerous wrongdoings,

Around 20% of banks have exposure to crypto assets, a Bank for International Settlements (BIS) report released Feb. 28 found. The majority of those banks are in the Western Hemisphere.  According to the report — which is based on data from the first half of 2022 — 17 Group 1 banks reported approximately 2.9 billion

A move by Binance.US to acquire assets belonging to the bankrupt crypto lending firm Voyager Digital has been favored by 97% of Voyager’s customers. A Feb. 28 court filing shows an overwhelming majority of Voyager Digital account holders are in favor of the buyout from the United States-based arm of the crypto exchange Binance. Bankruptcy

Yaya Fanusie, a cryptocurrency researcher and former CIA analyst, believes the United States government’s relatively slow start on central bank digital currency (CBDC) development may result in it losing its grip on the global financial system. Fanusie, the policy head at crypto advocacy group, the Crypto Council for Innovation, explained in a Feb. 28 Bloomberg interview,

Coinbase has launched a grassroots political campaign to promote pro-crypto policies, according to a Feb. 28 Twitter thread from the company. The company said that the #Crypto435 campaign is intended to “grow the crypto advocacy community and share tools and resources,” so that crypto users can make their voices heard in all 435 congressional districts.

According to a deputy governor, the United Kingdom is not ready to issue a central bank digital currency (CBDC) just yet, as the Bank of England (BoE) doesn’t have enough expertise. There is more than a 50% chance that the central bank of the United Kingdom would issue a CBDC, but the regulator doesn’t have

The United Kingdom’s bank regulator, the Prudential Regulatory Authority (PRA), will propose rules for issuing and holding digital assets, Bank of England (BOE) executive director of the Prudential Policy Directorate Vicky Saporta said in a speech at the bank Feb. 27. The rules will be developed with consideration for Basel III rules and the Financial

Robinhood Markets has revealed thait had received an investigative subpoena from the United States Securities Exchange Commission (SEC) over its digital asset business’ crypto listings, custody and platform operations. In a 10-K filing, the brokerage said it received the investigative subpoena in December shortly after crypto exchange FTX filed for bankruptcy in November, and after “several

Binance branded stablecoin, Binance USD (BUSD), is a dollar-backed stablecoin issued by blockchain infrastructure platform Paxos Trust Company, and is the third largest stablecoin after Tether’s (USDT) and Circle’s USD Coin (USDC). Paxos has claimed in the past that BUSD is fully backed by reserves held in either fiat cash or United States Treasury bills.

Yuzo Kano, the co-founder of Japan-based cryptocurrency exchange bitFlyer, is seeking to reinstate himself as CEO in a shareholders meeting next month, in an apparent bid to reinvigorate what he claims is a stagnating firm.  Kano resigned in 2019 following a series of management disputes but is now determined to reinvigorate the crypto firm and

The Financial Stability Board (FSB), the International Monetary Fund (IMF), and the Bank for International Settlements (BIS) will deliver papers and recommendations establishing standards for a global crypto regulatory framework, the group of the 20 biggest economies of the world — collectively known as G20 — announced on Feb. 25. According to a document summarizing

A Colombian court recently hosted its first legal trial in the metaverse, with the court magistrate saying it felt “more real than a video call,” according to a recent report. According to a Reuters report published on Feb. 24, Colombia’s Magdalena Administrative Court held a court case in the metaverse on Feb. 15 involving participants

While FTX customers across the world patiently await Sam Bankman-Fried’s (SBF) legal conclusion in hopes of getting back their investments, users of FTX Japan have started withdrawing all of their funds. On Nov. 7, 2022, crypto exchange FTX and its subsidiaries halted all funds withdrawal after SBF was accused of misappropriating users’ funds. The domino

Top Stories This Week Unsealed superseding indictment against Sam Bankman-Fried includes 12 criminal charges Former FTX CEO Sam Bankman-Fried (SBF) was charged on four new criminal counts by a federal judge presiding over his case. According to a superseding indictment, there are now 12 criminal charges against Bankman-Fried, including eight conspiracy charges related to fraud

The final vote on the European Union’s much-awaited set of crypto rules, known as the Markets in Crypto Assets (MiCA) regulation, was recently deferred to April 2023. It was not the first delay — previously the European lawmakers rescheduled the procedure from November 2022 to February 2023.  The setback, however, was caused solely by technical

The Central Bank of Jordan is closer to its next step toward a retail central bank digital currency (rCBDC) with the completion of an International Monetary Fund technical report on the country’s markets. The IMF conducted a three-month mission last year to assist the bank with preparations for a CBDC feasibility report. The IMF released

Lawyers representing former FTX CEO Sam Bankman-Fried in federal court have requested an extension to file a proposal related to his bail conditions. In a Feb. 24 filing with the United States District Court for the Southern District of New York, Mark Cohen of Cohen & Gressler said the legal team wanted until March 3

The International Monetary Fund (IMF) recently made another anti-crypto move, opposing crypto becoming a legal tender. In response, crypto community members quickly fired back and expressed disagreement on Twitter.  The IMF’s executive board recently endorsed a crypto asset policy framework that did not grant crypto assets an official currency or legal tender status. The executives