Tag: Regulation

regulation and AI discussed at Money20/20

In an era marked by rapid digitalization, Tales From the Crypto, a panel at the Money20/20 event held today, offered deep insights into the emerging trends of crypto investments and the regulatory landscape. Steve McNew of FTI Consulting helmed the discussion, elucidating how digital asset custody platforms navigate the intriguing intersection of web2 and web3. Bridging the investment divide Martin Dave, co-founder of Palisade, a digital asset custody platform based in the UK and France, led the conversation. Palisade is a frontrunner in bridging the gap between traditional investments and…

US Treasury Secretary Yellen wants more crypto regulation

Amid escalating legal cases against prominent cryptocurrency platforms, Coinbase and Binance, U.S. Treasury Secretary Janet Yellen emphasized the need for stronger regulation to safeguard crypto users and investors. Treasury Secretary Janet Yellen made some remarks on CNBC’s Squawk Box, publicly supporting the U.S. financial regulatory bodies, including the SEC and CFTC, in their quest to keep crypto users and investors safe. This comes in the backdrop of recent legal cases against crypto giants Coinbase and Binance. But she didn’t give any specific comments on these individual lawsuits. Interestingly, her statements…

US House Agriculture Committee holds hearing on crypto regulation amid SEC lawsuits

Amid recent lawsuits by the Securities and Exchange Commission (SEC) against cryptocurrency exchanges Binance and Coinbase, the House Agriculture Committee convened a hearing to discuss the regulation of cryptocurrency spot markets. In the wake of lawsuits filed by the Securities and Exchange Commission (SEC) against prominent cryptocurrency exchanges Binance and Coinbase, the U.S House Agriculture Committee convened on June 6 for a twin panel hearing on the regulation of cryptocurrency spot markets. Leading off the proceedings, Chair of the Commodity Futures Trading Commission (CFTC) Rostin Behnam fielded questions from lawmakers,…

Coinbase reminds world it tried to ‘embrace regulation’ as SEC sues for violations

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“Coinbase has embraced regulation since we were founded over a decade ago,” the cryptocurrency exchange’s chief legal officer, Paul Grewal, told the United States Congress on June 6. “The SEC [Securities and Exchange Commission] allowed us to become a public company in April 2021, which makes us unique in the crypto industry.” Coinbase was sued by the SEC for alleged securities law violations on June 6, a day after the agency sued Binance and two and a half months after receiving a Wells notice warning the U.S.-based exchange of possible impending…

First Digital Group Launches FDUSD Stablecoin amid Hong Kong’s Regulation Move

FDUSD will not be used in Hong Kong until its stablecoin regulations are fully in place. First Digital Group announced the introduction of its USD stablecoin FDUSD. The company, which has its headquarters in Hong Kong, is launching the stablecoin on the Ethereum and BNB blockchains. Having a coin on multiple blockchains can facilitate better interoperability and broader adoption. It also heightens the chances of gaining access to a wider community and benefiting from each blockchain’s advantages. Lastly, this can also reduce the risk of over-dependence on one blockchain. The…

Microsoft Calls for Revised AI Regulation, Proposes Streamlined Five-Point Guidelines

Yesterday, Microsoft VC and President Brad Smith called for a new supervisory agency and proposed guidelines for effective AI regulation. Microsoft Corporation (NASDAQ: MSFT) has joined the discussion on artificial intelligence (AI) regulation, calling for oversight from a new federal agency. In addition to a proposed supervisory fed agency, Microsoft also stressed the need for “safety brakes” and licensing to avoid pitfalls in the sector. Furthermore, the Washington-based company called for an executive order that approves new restrictions on how the US government deploys AI tools. In a speech in…

Norges Bank urges nation to forge ahead with national crypto regulation

In a recently published report, Norway’s central bank, Norges Bank, has put forth a proposal, urging policymakers to carefully consider the creation of a comprehensive national strategy for regulating cryptocurrencies.  The report emphasizes the importance of leveraging existing regulations that address risks and enforcement measures while highlighting the crucial need for tailored regulations. Steps towards a robust framework Following the collapse of crypto exchange FTX, which began with the crypto exchange Binance selling its FTT tokens for “risk management reasons”, and the collapse of the Terra (LUNA) crypto token earlier…

International Securities Regulator IOSCO Proposes Norms for Crypto Regulation, Invites Feedback

“As the G-7 Finance Ministers and Central Bank communiqué of 13 May has once again reminded us, the time has come to put an end to the regulatory uncertainty that characterizes crypto activities. Today’s consultation paper received unanimous support from the IOSCO Board and is the outcome of an intense period of regulatory risk analysis, information sharing and capacity building,” said Jean-Paul Servais, chairperson of IOSCO in a statement to the press. Source