Tag: Regulation

US House stablecoin hearing focuses on competing bills for regulation

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State versus federal regulation was a key issue in the hearing on stablecoins in the United States House of Representatives on May 18. The House Committee on Financial Services’ new Subcommittee on Digital Assets, Financial Technology and Inclusion heard testimony from five experts as it considered two proposed bills to regulate stablecoins. There were two draft bills under consideration by the subcommittee. The Republican bill was published in April ahead of a hearing on stablecoin in the Financial Services Committee. Ranking member Maxine Waters later introduced a competing draft based…

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…

EU finance ministers approve MiCA crypto regulation

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European Union Council members have given the final green light on the highly-anticipated Markets in Crypto-Assets (MiCA) legislation following a voting process on May 16. 27 Finance ministers representing the EU’s member states voted in favor of passing the MiCA bill as well as amendments to a number of regulations and directives relating to the new legislation. Two more pieces of legislation, including regulation on information accompanying transfers of funds and certain crypto-assets, were also adopted by the EU parliament in conjunction with MiCA’s adoption. Related: Industry leaders and policymakers react to…

EU Council approves MiCA for clear crypto regulation

European Union Council members have given the final green light on the highly-anticipated Markets in Crypto-Assets (MiCA) legislation following a voting process on May 16. 27 Finance ministers representing the EU’s member states voted in favor of passing the MiCA bill as well as amendments to a number of regulations and directives relating to the new legislation. Two more pieces of legislation, including regulation on information accompanying transfers of funds and certain crypto-assets, were also adopted by the EU parliament in conjunction with MiCA’s adoption. Related: Industry leaders and policymakers react to…

US-based Crypto Companies Threaten to Move Businesses Abroad due to Unfavorable SEC Regulation

A growing number of US-based crypto companies are considering leaving the country due to increasingly harsh SEC crackdowns. Following a harsh crackdown by the Securities and Exchange Commission (SEC) in the US, several crypto companies threatened to leave the country. On Sunday, reports stated that these US-based crypto players are testing their lobbying power limits with the bold threats issued. CNBC described the crypto-regulatory standoff as a ‘poker game’, in which the firms hope to force the SEC to accept their demands. Executives at crypto companies like Coinbase (NASDAQ: COIN) and Ripple oppose increasing SEC pressure to…

Russian Companies ‘Actively’ Using Crypto, Russia to Adopt 4 Relevant Laws, Official Says – Regulation Bitcoin News

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Russian lawmakers intend to soon approve four bills designed to regulate various aspects of cryptocurrencies, a high-ranking member of the Russian parliament announced. Meanwhile, Russian companies are already using digital assets in cross-border settlements, the official noted. Russian Legislature to Vote on Crypto Laws by End of July The State Duma, the lower house of the Russian parliament, plans to adopt four crypto-related laws during its spring session which ends on July 30, according to Anatoly Aksakov, chairman of the parliamentary Financial Market Committee. The bills are tailored to regulate…

Leaked Memo Suggests Democrats on US House Committee Were Told to Support Party Position on Crypto Regulation – Featured Bitcoin News

Democratic Party members of the U.S. House Committee on Financial Services were handed a memo instructing them to back the party’s position on crypto regulation moments before the commencement of the hearings on May 10. According to the party’s leaked memo, Democrats on the committee were expected to point to the Republican Party’s lack of interest in protecting investors. The memo also said the U.S. Securities and Exchange Commission (SEC) should be allowed to “continue to lead the regulation of the U.S. crypto market.” Republicans Accused of Undermining the SEC…

French Crypto Trader Jailed for 18 Months for Buying a Ferrari With Bitcoin – Regulation Bitcoin News

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A French crypto trader, Thomas Clausi, is currently jailed in Morocco where he was convicted of the crime of purchasing a Ferrari using bitcoin. Clausi’s arrest and subsequent jailing came after a woman, who sold him a Ferrari for $440,000 in April 2021, filed a complaint against the crypto trader when the price of the crypto asset had dropped to just over $30,000. Crypto Trader Ordered to Pay Fine of $3.7 Million A 21-year-old Frenchman and crypto trader, Thomas Clausi, is currently serving a jail term in Morocco for allegedly…

US Chamber of Commerce slams SEC’s ‘haphazard’ regulation efforts

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The United States Chamber of Commerce has blasted the Securities and Exchange Commission (SEC) for its “haphazard, enforcement-based approach” to regulating the cryptocurrency industry on American soil.  In an amicus brief filed to the U.S. Court of Appeals on May 9, the U.S. Chamber of Commerce threw its full weight behind Coinbase, accusing the SEC of deliberately creating a precarious and uncertain landscape for crypto companies operating in the country. “The SEC has deliberately muddied the waters by claiming sweeping authority over digital assets while deploying a haphazard, enforcement-based approach,” it…