Tag: Regulation

US Lawmaker Launches Bill to Prohibit the Fed From Issuing Digital Currency Directly to Individuals – Regulation Bitcoin News

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A U.S. lawmaker has introduced a bill in Congress to prohibit the Federal Reserve from issuing a central bank digital currency (CBDC) directly to individuals. “It is important to note that the Fed does not, and should not, have the authority to offer retail bank accounts,” he stressed. Bill Introduced to Prohibit the Fed From Issuing CBDC Directly to Consumers U.S. Congressman Tom Emmer (MN-06) announced Wednesday that he has “introduced a bill prohibiting the Federal Reserve from issuing a central bank digital currency (CBDC) directly to individuals.” He explained…

OCC Chief Hsu Says Regulation Could Boost Stablecoin Innovation

Regulating stablecoin issuers like banks could encourage innovation in the crypto industry, according to top U.S. banking regulator Michael Hsu. Speaking at an event on Thursday, Hsu – the acting comptroller of the Office of the Comptroller of the Currency (OCC) – told attendees that increased regulations for the stablecoin industry could also make innovations longer-lasting. “While innovation thrives in uncertain environments, solid foundations can help,” Hsu said. “Especially when it comes to money and trust.” As the stablecoin market continues to grow, surpassing $150 billion last year, lawmakers and…

Regulation, Web 3, Billing: Predictions for 2022

“By the end of the year, all of the notable RIAs in this space are going to be in. I don’t necessarily mean allocating, but just doing something whether it’s education, webinars, tax planning, estate planning.” In this episode of “On Purpose,” host Tyrone Ross dives into his predictions for crypto and the wealth management industry in 2022. Perhaps this will be the year for regulation in areas like stablecoins, investor protections and securities designations. How would this change the role of the…

India Seizes Assets in $162M Morris Coin Cryptocurrency Investment Scheme – Regulation Bitcoin News

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Indian Enforcement Directorate has seized assets worth approximately $5 million in connection with an alleged cryptocurrency scam involving Morris coin that has duped investors out of $162 million. The crime proceeds were used to buy cryptocurrencies. India Authorities Seize Assets in Alleged Crypto Scam Case India’s Enforcement Directorate (ED), a specialized financial investigation agency under the Department of Revenue, Ministry of Finance, has seized assets valued at 36.72 crore rupees ($5 million) in connection with a cryptocurrency scam. The ED began investigating the scheme after a first information report (FIR)…

US Federal Trade Commission Warns Consumers About Falling for Crypto ATM Scam – Regulation Bitcoin News

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The U.S. Federal Trade Commission (FTC) has warned consumers about scams involving cryptocurrency ATMs. “There’s a new spin on scammers asking people to pay with cryptocurrency,” the FTC described. FTC’s Warning About Scams Involving Cryptocurrency ATMs The U.S. Federal Trade Commission (FTC) issued a scam alert involving cryptocurrency ATMs Monday. The consumer notice, posted by Cristina Miranda from the FTC’s division of consumer and business education, states: There’s a new spin on scammers asking people to pay with cryptocurrency. “It involves an impersonator, a QR code, and a trip to…

SEC Chair Gensler Discusses How Securities Laws Apply to Crypto Tokens — Won’t Say if Ethereum Is a Security – Regulation Bitcoin News

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The chairman of the U.S. Securities and Exchange Commission (SEC), Gary Gensler, has explained how securities laws apply to cryptocurrency tokens as he outlined the commission’s priorities in regulating the crypto space. “Our role at the SEC is to ensure that the public still gets basic protection,” he stressed. SEC Chair Gary Gensler on Cryptocurrency Regulation SEC Chair Gary Gensler discussed cryptocurrency regulation and the agency’s 2022 regulatory agenda on CNBC Monday. The chairman explained that, in general, “If you are raising money from the public, and the public is…

Ramp expands presence in US with FinCEN regulation

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On Tuesday, crypto-fiat gateway payments platform Ramp announced that its U.S. subsidiary Ramp Swaps LLC had received its registration as a Money Service Business with the Department of Treasury’s Financial Crimes Enforcement Network. The regulatory greenlight enables Ramp to do business in 38 states across the United States. Besides the development, Ramp also has regulatory clearance with the United Kingdom’s Financial Conduct Authority and Poland’s Financial Supervision Authority. Ramp allows users to buy crypto directly in their wallets and decentralized applications, or DApps. Last year, the company grew its transaction…

UK Lawmakers Form Crypto and Digital Assets Group to Ensure Regulation Supports Innovation – Regulation Bitcoin News

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U.K. lawmakers have formed the Crypto and Digital Assets Group to ensure that new rules for the crypto industry support innovation. “We are at a crucial time for the sector as global policymakers are also now reviewing their approach to crypto and how it should be regulated,” said the British parliament member who will chair the group. British Lawmakers Form Crypto and Digital Assets Group U.K. parliament members and members of the House of Lords have formed the Crypto and Digital Assets Group, the Financial Times reported Friday. Scottish National…

Estonia Offers to Share Crypto Experience With US to Identify Best Practices for Digital Assets – Regulation Bitcoin News

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Estonian Finance Minister Keit Pentus-Rosimannus has offered to share her country’s experience in regulating cryptocurrencies with the U.S. in a discussion with Treasury Secretary Janet Yellen. Estonia Offers to Share Crypto Experience With the US U.S. Treasury Secretary Janet Yellen and Estonian Finance Minister Keit Pentus-Rosimannus reportedly discussed cryptocurrency regulation during a video call Friday. Among the topics discussed by the two was Estonia’s proposed new cryptocurrency regulation, ERR News reported. “The U.S. is one of Estonia’s most important partners in the field of security, and also in financial matters.…

Mai Capital Predicts Tough Year for Crypto — Expects Bitcoin and Ethereum to Do Well Once Regulations Come Into Focus – Regulation Bitcoin News

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Mai Capital Management’s chief equity strategist and regional president, Chris Grisanti, has predicted that this year will be tough for crypto largely due to regulations. However, he expects established cryptocurrencies, such as bitcoin and ether, to “do quite well” once regulations come into focus. Equity Strategist’s Crypto Predictions Mai Capital Management’s Chris Grisanti shared his outlook for the cryptocurrency market in an interview with CNBC Thursday. Grisanti, CFA, is chief equity strategist and regional president of Mai Capital Management, a wealth management firm that provides planning and investment advisory services.…