Tag: Regulation

CFTC commissioner calls for global industry standards in crypto regulation

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Caroline Pham, the commissioner of the Commodity Futures Trading Commission (CFTC), has recently called on regulators to provide clearer guidance on crypto assets in 2023.  In an interview with Bloomberg, Pham mentioned that discussions with global players over crypto regulations are currently ongoing. The government official said that there are many foreign discussions currently happening about global industry standards for crypto regulation. According to Pham, she has gone through more than 75 meetings with various parties to discuss various topics concerning crypto regulation. The CFTC commissioner highlighted that there are…

BIS Economists Recommend 3 Crypto Policies for Regulators Worldwide to Adopt – Regulation Bitcoin News

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Economists at the Bank of International Settlements (BIS) have recommended three policies regulators worldwide could adopt in order to deal with the risks posed by cryptocurrencies. “Authorities can now consider a variety of policy approaches and at the same time work to improve the existing monetary system in the public interest,” they advised. BIS Economists Discuss Crypto Policies The Bank of International Settlements (BIS) published a bulletin last week titled “Addressing the risks in crypto: laying out the options.” Authored by BIS economists Matteo Aquilina, Jon Frost, and Andreas Schrimpf,…

Regulatory Onslaught Is Just Beginning – Regulation Bitcoin News

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The Securities and Exchange Commission (SEC)’s former head of internet enforcement has warned the crypto industry that a “regulatory onslaught is just beginning.” His warning followed several recent enforcement actions the securities regulator took against major crypto firms. ‘SEC Regulatory Onslaught Is Just Beginning’ Former Securities and Exchange Commission (SEC) official John Reed Stark has warned the crypto industry of an escalating “regulatory onslaught.” Stark founded and served as chief of the SEC Office of Internet Enforcement for 11 years. He was also an SEC enforcement attorney for 15 years…

Authorities in Germany, Bulgaria, Serbia, Cyprus Take Down Crypto Scam Network – Regulation Bitcoin News

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Authorities in Germany, Bulgaria, Serbia, and Cyprus have taken down a cryptocurrency scam network in collaboration with Europol. “The suspects used advertisements on social networks to lure victims to websites covertly operated by the criminals, which offered seemingly exceptional investment opportunities in cryptocurrencies,” Europol detailed. Authorities Cracking Down on Cryptocurrency Scams Europol announced Thursday that authorities from Bulgaria, Serbia, Cyprus, and Germany, in collaboration with Europol and Eurojust, have taken down “call centers selling fake crypto.” The criminal network, operating through call centers, “lured victims into investing large amounts of…

Gemini, Bithumb, Nexo are fresh targets for regulation and prosecution

The United States Securities and Exchange Commission charged cryptocurrency lending firm Genesis Global Capital and crypto exchange Gemini with selling unregistered securities through Gemini’s “Earn” program. The Commodity Futures Trading Commission started the process of getting a default judgment in its case against Ooki DAO after the decentralized autonomous organization missed the deadline to respond to the lawsuit. It also filed suit against digital artist Avraham Eisenberg and charged him with two counts of market manipulation in connection with an exploit of the decentralized finance platform, Mango Markets. In South…

Korean Court Orders Crypto Exchange to Pay Customers Suffering From Service Outage – Regulation Bitcoin News

South Korea’s supreme court has upheld the ruling for Bithumb, the country’s largest cryptocurrency exchange, to pay damages to more than a hundred customers who filed a lawsuit claiming they suffered financial losses resulting from the exchange’s service outage. Bithumb Ordered to Pay Customers Over Service Outage The South Korean supreme court has issued a final ruling in a case involving a service outage at Bithumb, the country’s largest cryptocurrency exchange, Yonhap reported. The court has ordered Bithumb to pay damages totaling 251.4 million won ($203,120) to 132 investors who…

Indian Central Bank Chief Insists Crypto Should Be Banned — Warns ‘It Will Undermine Authority of RBI’ – Regulation Bitcoin News

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India’s central bank has reiterated its stance on banning cryptocurrencies like bitcoin and ether. The governor of the Reserve Bank of India (RBI) likened cryptocurrency trading to gambling. He warned that crypto “will undermine the authority of the RBI and lead to the dollarization of the economy.” RBI’s Governor Wants Crypto Banned The governor of India’s central bank, the Reserve Bank of India (RBI), Shaktikanta Das, emphasized the bank’s stance on crypto at the Business Today Banking and Economy Summit Friday. Das stressed that the central bank’s view is to…

US Lawmakers Create ‘Congress’ First Ever’ Digital Assets Subcommittee – Regulation Bitcoin News

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U.S. Congress’ “first ever” subcommittee on digital assets has been created as part of the House Financial Services Committee. “We want to create a regulatory legal framework for digital assets … that makes America a leader from an innovation point of view but also protects consumers and investors,” explained Congressman French Hill, who will lead the digital asset subcommittee. US Lawmakers Form ‘Congress’ First Ever Digital Assets Subcommittee’ The U.S. House Committee on Financial Services has created a subcommittee on “Digital Assets, Financial Technology and Inclusion.” Congressman Patrick McHenry (R-NC),…

SEC Chairman Warns Most Crypto Will Fail — Says ‘Don’t Get Caught up in FOMO, Fear of Missing Out’ – Regulation Bitcoin News

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The chairman of the U.S. Securities and Exchange Commission (SEC), Gary Gensler, has warned that most crypto tokens will fail. He has urged investors not to “get caught up in the FOMO, the fear of missing out,” emphasizing that crypto is a highly speculative, non-compliant asset class. Gary Gensler Expects Most Crypto to Fail SEC Chairman Gary Gensler gave some advice on cryptocurrency investing Wednesday during a Twitter spaces discussion hosted by the U.S. Army. Calling crypto a “highly speculative, volatile asset class,” Gensler stressed that most cryptocurrencies “are not…