Tag: Digital

Senators Elizabeth Warren and Roger Marshall’s Digital Asset Anti-Money-Laundering Act Won’t Stop Money Laundering, But it Could Ban Crypto

If the Warren-Marshall legislation fails the necessary test, does it do more harm than good? After all, money laundering is terrible. Shouldn’t the legislation be passed even if it only helps on the margins? Here is where the harms of the legislation, namely requiring those that develop software and validate transactions on a blockchain to register as financial institutions, are so problematic. The problem is these individuals can’t practically register as a financial institution. The authors of this legislation know this and further know that requiring software developers and validators…

Galaxy Digital Executed its First OTC Options Trade as Demand for On-Chain Options Ramps Up

The ability to trade bilateral options tied to cryptocurrencies with Galaxy removes credit risk, which is normally associated with traditional OTC options trades, Galaxy said in a statement. This is because users send their collateral to a smart contract rather than to a counterparty, making the user less exposed to the counterparty and what they might be doing with one’s collateral. Source

Congressional crypto hearing illustrates political stalemate on digital assets

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On May 10, the United States House of Representatives Financial Services Committee and Agriculture Committee held their first joint hearing on digital asset regulation. The event felt like a logical continuation of another recent hearing where representatives lambasted Securities Exchange Commission Chair Gary Gensler for perceived regulatory overreach.  The principal narrative, articulated by the hearing’s initiators, was that Congress should intervene with its own regulatory project to provide certainty, stop “regulation through enforcement” and address the competition between regulating agencies. But maybe it actually shouldn’t, believe many lawyers as well.…

Governor Ron DeSantis Bans Digital Dollar in Florida, Other States Prepare to Emulate Decision

The decision of Governor DeSantis to ban CBDCs in Florida has drawn criticism from some legal experts. Ron DeSantis, Governor of Florida recently signed a bill prohibiting the use of central bank-issued digital currencies (CBDCs) in the state. And now, his move may have set a precedent for other states to follow. For DeSantis and many more like him, a CBDC defeats the aim of decentralization being that it is controlled by a centralized entity – the government. They also argue that through CBDCs, governments may eventually be able to…

Biden Administration ‘Crypto Tsar’ Says DOJ will Target Digital Asset Exchange Platforms – Regulation Bitcoin News

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According to Eun Young Choi, the head of the crypto unit at the U.S. Department of Justice (DOJ), the United States has resolved to target digital platforms because they are making it easy for criminals and money launderers. Choi said the DOJ hopes taking action against entities such as crypto exchanges is “going to have a multiplier effect.” DOJ to Target Mixers and Tumblers The U.S. Department of Justice (DOJ) will target digital asset exchange platforms and entities providing mixers and tumblers which are used to obfuscate the trail of…

Anchorage Digital opens up DeFi voting for custody clients

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Institutional clients of crypto custody firm Anchorage Digital can now voice their concerns on proposals for tokens they hold without paying hefty gas fees. According to a May 16 statement, Anchorage will integrate off-chain, gasless multi-governance client Snapshot to allow its “token-holding community users” to vote on governance proposals with their tokens, without incurring any gas fees. Anchorage Digital is pleased to announce that clients can now participate in Snapshot voting using their Anchorage Digital address. Our WalletConnect integration enables: + Voting from within qualified custody with no movement of…

Bitcoin enthusiasts assert moving Dutch gold would have been easier with digital assets

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Share Share on Twitter Share on LinkedIn Share on Telegram Copy Link Link copied De Nederlandsche Bank (DNB) revealed that it recently completed the transportation of 15 billion euros worth of gold bars, coins, and banknotes on Dutch roads over the past four weeks. The operation involved relocating the Dutch stock of gold and banknotes from the Haarlem vault to the new Cash Center in Zeist. Bitcoin proponents pointed out that it would have been much cheaper and easier if DNB used digital assets instead. Not the first time moving…