Tag: Regulation

UK High Court Rules to Set Aside Interim Proprietary Injunction Against Binance – Regulation Bitcoin News

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A high court in the United Kingdom recently set aside a proprietary injunction that was issued against the crypto exchange Binance. In its application challenging the injunction, Binance said the action had been taken without notice. Binance also said it could not comply with the injunction since it was granted after the fraudulently acquired crypto assets in question were moved. Claimant Proceeded Against Binance Without Notice A United Kingdom high court recently ruled to set aside an interim proprietary injunction against the cryptocurrency exchange Binance. The interim injunction, which required…

U.S. SEC Changes Its Mind on Officially Labeling Digital Assets in Hedge Fund Regulation

“The SEC is a regulator that requires transparency from its registrants, but it is continuing to withhold regulatory clarity by not defining digital assets,” said Anne-Marie Kelley, a partner at Mercury Strategies who was a longtime SEC official. She suggested the commission may have deleted the definition because “any recognition of digital assets uniqueness as a novel product weakens their litigation stance that digital assets are securities and subject to the SEC securities laws.” Source

British MP Lisa Cameron calls for cryptocurrency regulation

According to British MP Lisa Cameron, she refrains from investing in cryptocurrency to maintain objectivity in legislation, but she still recognizes the need for ongoing regulation. During the Consensus 2023 conference in Texas, Cameron reveals the foundation for her advocacy in cryptocurrency policies.  A global hub for crypto-asset technology Dr. Lisa Cameron is a U.K. Parliament member who serves as the chair of the Crypto and Digital Assets All Party Parliamentary Group (APPG) and the Foreign Affairs APPG and works alongside prime minister Rishi Sunak, who has shown an interest…

British MP Lisa Cameron is ‘not invested personally’ in crypto but advocates for regulation

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Lisa Cameron, a Member of Parliament in the United Kingdom since 2015, may not have used the Bitcoin Lightning Network in her time as a lawmaker, but spends a lot of her time in office focused on digital assets. Speaking to Cointelegraph at the Consensus 2023 conference in Austin, Texas on April 28, Cameron said she first started advocating for crypto-related policies in the U.K. government following one of her constituents being the victim of a rug pull. Since then, the lawmaker has gone on to chair the country’s Crypto…

US Court Orders Operator of South African Bitcoin Ponzi Scheme to Pay Over $3.4 Billion – Regulation Bitcoin News

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Johann Steynberg, the founder and CEO of Mirror Trading International, has been ordered to pay over $1.73 billion in restitution to victims of his bitcoin ponzi scheme. The court has also ordered Steynberg to pay a civil monetary penalty of a similar amount. The Commodity Futures Trading Commission (CFTC) conceded that orders requiring payment of funds “may not result in the recovery of any money lost because wrongdoers may not have sufficient funds or assets.” ‘Largest Fraudulent Scheme Involving Bitcoin’ in the History of the CFTC A United States Federal…

What the Gensler hearing means for US crypto regulation and policy

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Gary Gensler, the United States Securities Exchange Commission (SEC) chair, recently appeared before the U.S. House of Representatives Financial Services Committee for a hearing regarding his leadership of the regulatory agency.  The hearing, with Gensler as the only witness, promised to be unpleasant for the SEC chair, with the federal agency’s actions during Gensler’s leadership since spring 2021 coming under scrutiny. From the introduction by the committee chair, Representative Patrick McHenry, Gensler was under fire for the SEC’s perceived overreach and approach of regulation through enforcement. McHenry stressed that the…

Brazil Bans Telegram Temporarily Due to Alleged Lack of Collaboration in Fight Against School Violence – Regulation Bitcoin News

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A federal judge in Brazil has ordered the temporary suspension of Telegram in the country and established hefty fines due to the supposed lack of collaboration of the company in a national crusade against school violence. Telegram failed to deliver information regarding the actions it is taking against neo-Nazi groups, and now it has been blocked by most internet providers in Brazil. Brazil Blocks Access to Telegram Apps A federal judge ordered a nationwide ban on Telegram, the popular messaging app, on April 26, due to its perceived lack of…

Global Crypto Regulation Needs Coordination, not Duplication, Legal Experts Say

Regulators worldwide have been working for several years to determine how best to coordinate international crypto regulation. Earlier this month, the European Parliament approved the European Union’s crypto-assets framework, the Markets in Crypto-Assets Regulation (MiCA), which some observers have said could form a template for other jurisdictions. Even so, each country or region has issues that are area specific, the panelists said. Source

Crypto Innovation and Regulation Can Co-Exist, Top Industry Executives Agree

The wide-ranging discussion came as the industry rebounds from a calamitous year that saw a number of major crypto-focused firms implode and trust in digital assets wane. Regulators, particularly in the U.S., are now eyeing crypto to an unprecedented degree and some observers believe the scrutiny will hurt the industry’s growth, or at least shift the balance of power outside the U.S. The panelists discussed new challenges for liquidity and prime brokerage, how custodial services will change, regulatory issues and requirements for exchanges to prove their reserves. Source