Policy and Regulation
Senator Tommy Tuberville proposes a bill in support of crypto retirement plans
The Alabama senator says the government shouldn’t interfere with how users invest their retirement savings He plans to introduce the Financial Freedom Act to this effect The DoL and Senator Elizabeth Warren already took moves opposing Fidelity Investments’ plan to offer crypto investments for retirement plans At the end of April, Fidelity Investments announced the launch of a new service that would allow employees in the 23,000 companies it serves to complete Bitcoin investment of up to 20% of the 401(k) pension plan. With the provision, users would be able to invest in crypto without the involvement of crypto exchanges The DOL had warned against such an offering The recent move by Fidelity meant that the retirement plan provider had directly contravened guidance issued by the Department o...
Cynthia Lummis’ crypto bill won’t address NFTs or environmental concerns
Wyoming Senator Cynthia Lummis has said the bill she’s preparing intends to regulate cryptocurrencies in the same categories as traditional assets She said NFTs are hard to categorise, hence will not be covered in the coming bill Wyoming Senator Cynthia Lummis has revealed more details about the planned pro-crypto regulatory framework that she is expected to table in collaboration with New York Democrat Senator Kristin Gillibrand. Speaking to Axios in an interview published earlier this week, the US senator explained that the coming bill would regulate from an angle such that digital assets fall under the same categories in which traditional assets are regulated. Lummis explained that the bill would see the regulatory ‘wand’ split and shared between the Commodity Futures Trading Comm...
Monthly Report: The Central Africa Republic follows El Salvador’s footsteps in Bitcoin adoption
Kraken exchange offers traders the first Dirham trading pairs following the recent UAE licensing Central Africa Republic follows El Salvador in adopting a Bitcoin as legal tender Fort Worth, Texas, to become the first city mining cryptocurrency. Cuba is issuing licenses to persons/organisations that want to operate digital assets Deus Finance suffers another flash loan exploit in less than two months, this time losing more than $13.4 million. Here are last month’s top headlines across the crypto regulation, adoption, mining and crime verticals Kraken approved to operate in UAE as Bybit launches crypto options trading Following the wave of licensing of crypto entities in the Middle East, Kraken revealed on April 26 that it had been approved by the Abu Dhabi Global Market (ADGM) to oper...
The Brazilian Senate passes a Bill to regulate Crypto Transactions
Brazilian Senator, Flávio Arns, presented a bill on crypto transaction regulation to the Senate on Tuesday night and the Senate passed the bill. Now the bill will be taken to the Brazilian Chamber of Deputies for voting, however, the executive branch can turn it down if adopted. According to the legislation, crypto firms will be regarded as Virtual service providers and will have to operate within the Brazilian financial system guidelines notwithstanding strict adherence to the financial institutions against crimes. Execution of duties However, should the measure be passed, then the Brazilian Securities and Exchange Commission will be restricted from overseeing the crypto market, though it will be in charge of the Initial Coin Offerings (ICOs), but the decision to determine the body that w...
ECB official blasts the ‘lawless frenzy of risk-taking’ associated with crypto
Fabio Panetta has proposed heavier taxes and more stringent anti-money laundering requirements He argued that the continued correlation of crypto assets with the equities could be potentially destructive to the financial system Italian economist and ECB board member in charge of steering the creation of a digital Euro, Fabio Panetta, has called for coordinated efforts by global regulatory authorities to launch additional measures toward regulating the cryptocurrency sector. Regulating crypto-assets According to an extract from a published speech, Panetta argued the idea of cryptocurrencies to create a trustworthy coin remains a dream, observing that currently, crypto tokens take long periods to transfer and are a source of instability and insecurity. Labelling crypto a Ponzi sch...
ECB official blasts the ‘lawless frenzy of risk-taking’ associated with crypto
Fabio Panetta has proposed heavier taxes and more stringent anti-money laundering requirements He argued that the continued correlation of crypto assets with the equities could be potentially destructive to the financial system Italian economist and ECB board member in charge of steering the creation of a digital Euro, Fabio Panetta, has called for coordinated efforts by global regulatory authorities to launch additional measures toward regulating the cryptocurrency sector. Regulating crypto-assets According to an extract from a published speech, Panetta argued the idea of cryptocurrencies to create a trustworthy coin remains a dream, observing that currently, crypto tokens take long periods to transfer and are a source of instability and insecurity. Labelling crypto a Ponzi sch...
Illegal crypto miners in Iran to face stricter penalties
The government has warned illegal miners of heavier penalties to come Illicit mining of crypto affects the power availability for household and industrial use Iran is cracking the whip harder as it contends with the fact that unauthorised mining is setting a strain on the country’s energy supply. The government is set to impose legislation containing heavier punishment for those caught mining crypto assets illegally. Hitting the dodgy miners hard According to a report published by the Tehran Times on Saturday, the move is meant to avoid blackouts and punish those using subsidised electricity for illegal crypto mining operations. Fines could rise threefold, and jail time increased by up to five times. An official with the country’s Power Generation, Distribution, and Tr...
Ireland to enforce rule outlawing crypto donations to political parties
The government is working on a draft that will bar political parties from taking donations in cryptocurrency The ban represents efforts by the country to counter cyber-interference from Russia Fear of cyber-interference in Irish elections from Moscow has pushed the government of Ireland to ban political parties from accepting crypto donations. It is also understood that the government is looking to impose other measures such as regulations to curb the spreading of false information via social platforms as part of the new political integrity rules. This will be enforced by a new commission that would have the authority to regulate online electoral information upon its establishment. The parties shall further be required to comply with...
UK defines a new plan as it seeks to become a global crypto hub
The UK will legalise the use of stablecoins to settle payments The government is also embracing NFTs, with plans to mint one this summer The Treasury Economic Secretary John Glen insisted on the need to adopt dynamic regulations The UK has shared a new plan with a series of measures toward becoming a global hub for crypto-asset technology. As per a statement published yesterday, the Chancellor of the Exchequer Rishi Sunak noted that the measures would empower firms to invest, scale and establish innovative projects in the country. “We want to see the businesses of tomorrow – and the jobs they create – here in the UK, and by regulating effectively, we can give them the confidence they need to think and invest long-term,” he noted. Stablecoins as a payment option At the top ...
SEC chair reveals a proposed joint regulatory role with the CFTC
SEC chair Gary Gensler said commodities and securities in trading platforms are currently intertwined He also blasted the market-leading stablecoins’ lack of a direct right of redemption and raised conflict of interest concerns Chairman of the US Securities and Exchange Commission (SEC) Gary Gensler spoke on a number of issues around crypto-assets and their regulation at the Penn Law Capital Markets Association Annual Conference yesterday. As usual, Gensler insisted on the need to protect the investor from losses in the crypto space, such as the $14 billion stolen last year, and the best way his commission does it is by regulation. The SEC chair suggested a stricter regulatory framework to govern market makers in crypto. Gensler is for the idea of registering crypto platforms so that...
Grayscale considering lawsuit if SEC rules against its BTC Trust conversion
The digital assets management firm is not sparing any resources in converting its Bitcoin Trust offering to a Bitcoin ETF Grayscale CEO noted that the firm would go to all lengths to achieve the goal, including a legal battle with the SEC Pressure is mounting on the US Securities and Exchange Commission (SEC) in regards to a spot crypto ETF approval. The regulator has stood its ground, rejecting most Bitcoin ETF applications filed by asset managers and other financial institutions. The SEC recently rejected proposals from the Bitcoin-focused investment firm NYDIG and fund management company Global X. In January, the Gary Gensler-led agency punted (not the first time) on the NYDIG spot Bitcoin ETF proposal before finally delivering the blow this month. Thus far, the list of rejected spot bi...
EU Parliament to vote on a new crypto wallet and transfer proposal
The upcoming vote follows a rejected proposal to limit proof-of-work cryptocurrencies The latest revision, among other changes, seeks to strictly manage crypto transfers involving self-hosted wallets Following last week’s rejection of a proposal (in the Markets In Crypto Assets bill) seeking to restrict Proof of Work (PoW) mining, a new EU report focusing on crypto transfers has been tabled. In a Saturday Twitter thread, Unstoppable Finance’s Patrick Hansen shared that the EU Parliament’s Committee on Economic and Monetary Affairs is set to hold a vote targeting ‘unhosted’ wallets. Hansen, who previously reported on the rejected MiCA proposal, stated that the proposal would crack down on these wallets. He added that the draft piece contains ‘absolute red...
