Policies
Wyre imposes up to a 90% withdrawal limit for all users
Crypto payment platform Wyre modified its withdrawal policy to limit users from cashing out up to 90% of their assets just days after two former employees allegedly hinted the possibility of a shutdown. On Jan. 7, 2023, Wyre imposed a withdrawal limit on its platform, citing “the best interest of our community.” Following the policy modification, Wyre users can withdraw up to 90% of their crypto funds as the company explores strategic options to circumvent the prolonged bear market. We are modifying our withdrawal policy. While customers will continue to be able to withdraw their funds, at this time, we are limiting withdrawals to no more than 90% of the funds currently in each customer account, subject to current daily limits. — Wyre (@sendwyre) January 7, 2023 In addition, the company ap...
Shiba Inu developer says WEF wants to work with project to ‘help shape’ metaverse global policy
The volunteer project lead and developer for Shiba Inu known only as ‘Shytoshi Kusama’ has reported on social media that the World Economic Forum, or WEF, wants to work with the meme-based cryptocurrency on global policy. In a poll posted to Twitter on Nov. 22, Kusama said the WEF had “kindly invited” the Shiba Inu (SHIB) project to collaborate on “MV global policy.” The Shiba Inu developer seemed to be referring to policy on the metaverse. Crypto and blockchain have sometimes been under discussion at WEF events, but partnering with a popular meme token would seemingly be a first for the organization. “Yes I am serious,” said Kusama. “We would be at the table with policy makers and would help shape global policy for the MV alongside other giants like FB (bye Zuck), Sand, Decentraland etc.”...
38% of US voters will consider candidates’ position on crypto in midterms: Survey
Roughly a third of eligible voters in the United States will be “considering crypto policy positions” when choosing candidates in the 2022 midterm elections, according to a new survey. In the results of a 2,029-person survey conducted by The Harris Poll between Oct. 6 and 11, 57% of likely midterm voters say they would be more likely to vote for a political candidate interested in staying informed about cryptocurrencies, while 38% said they would consider positions on crypto policy when voting in the midterms. The survey, initiated by Grayscale Investments, also suggests that crypto regulation is a bipartisan issue, with 87% of Democratic and 76% of Republican respondents saying they want clarity from the U.S. government. “Voters and lawmakers alike have been hearing about crypto, and...
New regulatory bill grants Uruguayan Central Bank control over the nation’s crypto industry
The Uruguayan government has introduced legislation to the parliament that accelerates the regulation of the crypto space in the country and establishes the central bank as the regulatory authority. Introduced on Sept 5, the bill strives to clarify the country’s regulatory framework for cryptocurrency assets, stating that all companies that provide digital asset-related services, including initial coin offerings (ICOs) are under the supervision of the Superintendency of Financial Services (SSF), a central bank entity. Cryptocurrency exchanges, custody services and any financial services relating to these digital assets should also adhere to Anti-Money Laundering regulations and best practices. Additionally, the document defined four types of digital assets: stablecoins, governan...
New finance minister Kwasi Kwarteng leaves crypto policy in the UK unclear
Recently elected Conservative Party Leader and Prime Minister of the United Kingdom Liz Truss has appointed Kwasi Kwarteng as the country’s newest chancellor of the exchequer, or chief financial minister. In a Tuesday announcement, Truss’ office named Kwarteng as the next U.K. finance minister, replacing Nadhim Zahawi, who served as chancellor of the exchequer for three months following Rishi Sunak’s resignation in July. Kwarteng was most recently the U.K. government’s secretary of state for business, energy and industrial strategy in addition to being a Member of Parliament since 2010. The Rt Hon Kwasi Kwarteng MP @KwasiKwarteng has been appointed Chancellor of the Exchequer @HMTreasury.#Reshuffle pic.twitter.com/6YQy0YuQPs — UK Prime Minister (@10DowningStreet) September 6, 2022 Queen El...
Crypto firms failed to deliver ‘promised benefits’ from lawmaker-backed incentives, says nonprofit
The Tech Transparency Project, or TTP, a research initiative of the United States-based nonprofit watchdog group Campaign for Accountability, has released a report claiming crypto firms “provided little in return” for state governments offering financial incentives. In a report released Thursday, the TTP said that many crypto firms based in certain U.S. states have “reaped special benefits” for setting up operations while not always delivering jobs, economic growth or tax benefits for residents. According to the group, crypto lobbyists worked on behalf of firms to gain tax breaks and discounted energy prices while state governments have “faced budget shortfalls, surging energy consumption and serious environmental damage.” A new TTP report outlines favorable laws and tax breaks given...
Final candidates for next UK prime minister have made pro-crypto statements
Rishi Sunak, the former chancellor of the Exchequer, and Liz Truss, Secretary of State for Foreign, Commonwealth and Development Affairs, two of the final candidates to become the next prime minister for the United Kingdom, have both previously expressed pro-crypto views. With Prime Minister Boris Johnson soon to be out of office, Sunak and Truss are competing to be the next leader of the Conservative Party and the country, with their views on digital assets likely to influence financial policy. Under Johnson, Sunak requested that the country’s Royal Mint create a nonfungible token as part of an effort to make the United Kingdom a global crypto hub. A member of Parliament who served as chancellor from 2020 until resigning in July, Sunak previously said the U.K. government would prioritize ...
US Treasury calls for public comment on digital asset policy, following Biden’s executive order
The United State Department of the Treasury has requested comments from the public on the potential opportunities and risks of digital assets in compliance with President Joe Biden’s executive order from March. In a Tuesday announcement, the U.S. Treasury said it was asking for input from the public that will “inform its work” in reporting to the president the possible implications of digital assets on the financial markets and payment infrastructures. Biden’s executive order directed the Treasury Department to take the lead among other government agencies in developing policy recommendations aimed at mitigating both systemic and consumer risks around cryptocurrencies. “For consumers, digital assets may present potential benefits, such as faster payments, as well as potential risks, includ...
CFTC commissioner appoints senior policy adviser experienced in digital asset regulation
In a Friday announcement, Pham said Keaghan Ames will be her counselor and senior policy adviser at the CFTC starting May 23. Ames worked at Credit Suisse for more than two years as vice president and head of U.S. regulatory policy, which included advising executives on digital assets regulation. He will be joining the CFTC from the Institute of International Bankers, where he has been the director of government affairs since July 2021. Sworn in as a commissioner in April, Pham is one of five heads serving at the CFTC under chair Rostin Behnam — all of whom were appointed by United States President Joe Biden. Pham is the latest commissioner to join the CFTC following the confirmation of Christy Goldsmith Romero, Summer Mersinger and Kristin Johnson. NEWS: CFTC Commissioner Pham Announces A...
Utah Governor approves of blockchain and digital innovation task force
After nearly a three-year-long discussion about establishing a task force to oversee blockchain and crypto initiatives, the governor of Utah, Spencer Cox, signed a bill to create the Blockchain and Digital Innovation Task Force. The Utah State Legislature first saw the introduction of the house bill (H.B. 335) in early February 2022, which took nearly two months to pass through several senates, house and fiscal actions before finally being signed by Governor Cox on March 24. Some of the primary duties assigned to the task force involve making policy recommendations related to blockchain and related technologies. A part of the bill reads: “[The task force shall] develop and introduce recommendations regarding policy pertaining to the promotion in the state of the adoption of blockchain, fin...
US Senate confirms Lael Brainard as Fed vice chair
After weeks of delays due, in part, to partisan obstructionism, the United States Senate has confirmed the nomination of Lael Brainard, a member of the Federal Reserve’s board of governors, as the next vice chair of the central bank. In a 52–43 vote on the Senate floor on Tuesday, U.S. lawmakers confirmed Brainard a vice chair of the Federal Reserve for four years, potentially beyond her term as a governor ending in January 2026. Brainard was one of four nominees waiting for approval since Republican lawmakers in the Senate Banking Committee boycotted a February committee, which would have sent the prospective Fed vice chair’s nomination to the full Senate. In addition to Brainard, the Senate will likely soon vote on the nominations of prospective Fed chair Jerome Powell, who h...
President Biden announces former Ripple adviser as pick for Fed vice chair for supervision
Following the withdrawal of former Federal Reserve Board governor Sarah Bloom Raskin, United States President Joe Biden has announced his intention to nominate former Obama administration official and law professor Michael Barr as the central bank’s vice chair for supervision. In a Friday announcement, the White House said Barr was Biden’s pick to supervise the Federal Reserve and set the regulatory agenda for its leadership. Barr was on the advisory board of Ripple Labs from 2015 to 2017, served as the Treasury Department’s assistant secretary for financial institutions under former President Barack Obama, and taught courses on financial regulation at the University of Michigan. According to the White House, he was “a key architect” of the Dodd-Frank Act — legislation that continues to in...
