Day: March 30, 2023

Fair crypto laws ‘possible’ in the US but needs ‘a lot of work’ — Crypto Council advisor

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There are still industry executives that remain hopeful the United States will develop laws to treat crypto fairly, however, an advisory to the Crypto Council for Innovation warns it will take “a lot of work.” Speaking to Cointelegraph on March 29 at the World of Web3 (WOW) Summit in Hong Kong, Crypto Council for Innovation advisor and co-founder of Odsy Network, Sean Lee, said that fair treatment of the crypto industry is possible in the United States. He commented that financial reform was addressed following the 2008 financial crisis so…

SEC’s Gensler seeks $2.4B in funding to chase down crypto ‘misconduct’

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United States Securities and Exchange Commission Chair Gary Gensler has thrown his support behind U.S. President Joe Biden’s request to allocate a record $2.4 billion in funding for the regulator, highlighting the ongoing need to crack down on “misconduct” in the cryptocurrency industry. In prepared testimony for the March 29 budget hearing with the House Appropriations Committee, Gensler said the additional funding was needed to keep up the pace of innovation, adding: “Rapid technological innovation in the financial markets has led to misconduct in emerging and new areas, not least…

UK Government Drops Plan to Launch NFT With Royal Mint – Regulation Bitcoin News

The U.K. government has confirmed that it is not proceeding with a plan to launch a non-fungible token (NFT). British Prime Minister Rishi Sunak asked the Royal Mint to create an “NFT for Britain” while he was serving as the Chancellor of the Exchequer last year as part of his efforts to make the U.K. a global hub for crypto-asset technology and investment. Britain Drops NFT Plan Parliament Member Harriett Baldwin, chair of the House of Commons Treasury Select Committee and a member of the NATO Parliamentary Assembly, asked the…

Bitcoin price briefly hits $29K despite recent Binance crackdown

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The price of Bitcoin (BTC) briefly tipped over $29,000 on March 30, recording a new high for the year, despite recent United States regulatory crackdowns on crypto firms and related uncertainty.  According to Cointelegraph Markets Pro, the price of Bitcoin reached $29,132.82 on March 30, reaching levels seen just before the collapse of cryptocurrency exchange FTX in early November 2022. Bitcoin’s price over 24 hours. Source: Cointelegraph Markets Pro The increase comes despite a range of regulatory crackdowns in recent days, such as the United States Commodity Futures Trading Commission…

Elon Musk and tech execs call for ‘pause’ on AI development

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More than 2,600 tech leaders and researchers have signed an open letter urging for a temporary “pause” on further artificial intelligence (AI) development, fearing “profound risks to society and humanity.” Tesla CEO Elon Musk, Apple co-founder Steve Wozniak and a host of AI CEOs, CTOs and researchers were among the signatories of the letter, which was authored by the United States think tank Future of Life Institute (FOLI) on March 22. The institute called on all AI companies to “immediately pause” training AI systems that are more powerful than GPT-4…

EU Lawmakers Vote to Impose €1,000 Limit on Unidentified Crypto Transactions – Regulation Bitcoin News

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EU lawmakers have voted in favor of imposing a €1,000 limit on crypto transactions where the customer cannot be identified. “Entities, such as banks, assets and crypto assets managers, real and virtual estate agents, and high-level professional football clubs, will be required to verify their customers’ identity, what they own and who controls the company,” the European Parliament emphasized. Lawmakers Vote on New EU Regulation On Tuesday, members of the European Parliament (MEP) from the Economic and Monetary Affairs Committee (ECON) and the Civil Liberties, Justice and Home Affairs Committee…

FTX lawyers, creditors slam SBF’s petition to get legal fees reimbursed

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Sam Bankman Fried’s new petition to have his legal expenses reimbursed has been met with fierce objection from lawyers representing the crypto exchange and its creditors committee. As per previous reporting by Cointelegraph, Bankman-Fried’s lawyers had filed a motion on March 15 seeking to have his court costs covered by directors and officers (D&O) insurance policies, which if approved by the judge would see him placed at the top of the payout queue. Defense costs are covered in most policies (after a deductible) but insurers have provisions for selection of…

World’s Largest Asset Manager Blackrock Predicts No Fed Rate Cuts This Year – Economics Bitcoin News

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The world’s largest asset manager, Blackrock, does not see the Federal Reserve cutting interest rates this year. “That’s the old playbook when central banks would rush to rescue the economy as recession hit. Now they’re causing the recession to fight sticky inflation – and that makes rate cuts unlikely, in our view,” said the firm’s strategists. Blackrock’s Interest Rate Prediction Blackrock, the world’s largest asset manager, published weekly commentary Monday explaining the state of the U.S. economy and why it does not see the Federal Reserve cutting interest rates this…

Bitcoin BTC Price Rises Over $28.3K Despite Binance Legal Woes

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Bitcoin (BTC) has added almost 72% to $28,500 this year, its best quarterly gain in two years, CoinDesk data shows. Arca Chief Investment Officer Jeff Dorman weighed in. Plus, Binance’s on-chain balance remains high, despite U.S. regulators charging Binance for violating U.S. federal law this past week. Braden Perry, Kennyhertz Perry partner and former CFTC senior trial lawyer, shared his views on the future of crypto regulation. And, Journey’s Chief Metaverse Officer Cathy Hackl reacted to Metaverse Fashion Week. Original