Tag: Regulation

What Crypto Regulation May Bring in 2024

Amitoj Singh (India): The world’s largest democracy goes to elections next year and by June 2024, based on current state election trends and polls, Narendra Modi will return as India’s Prime Minister for a third term. With it, the same policies represented by his party, the Bharatiya Janta Party, are likely to be retained. That would mean India’s controversial and stiff crypto taxation policy may not see a change in 2024. A think tank study supports reducing the taxes – a 30% tax on crypto profits and a 1% tax…

Crypto Lobbying Surges in 2023 amidst Push for Stablecoin Regulation

The House Financial Services and House Agriculture Committees have advanced bills actively seeking to provide a clear regulatory framework to govern the crypro and stablecoin market.  In 2023, the crypto industry witnessed a substantial surge in lobbying efforts aimed explicitly at shaping stablecoin regulations and influencing legislative outcomes in the United States, Bloomberg reported. According to the report, lobbying on stablecoin legislation experienced a significant uptick this year, with 161 reports – a remarkable 79% increase compared to last year. The Rise of Stablecoins and Regulatory Urgency For clarity, Stablecoins…

Senator Warren Rally for Stringent Crypto Regulation in New Bill

Senator Elizabeth Warren has been a vocal advocate for crypto regulation, consistently highlighting the risks posed by unchecked illegal activities. United States lawmakers, led by Democratic Senator Elizabeth Warren of Massachusetts, have announced an extended coalition of Senate support for the bipartisan Digital Asset Anti-Money Laundering (AML) Act in a new push for crypto regulation. Senator Warren’s Call to Action As highlighted in a press release, the Senators unveiled a new Bill that comes in response to warnings against crypto from the Treasury Department, Department of Justice (DOJ), and other…

EU officials reach ‘historic’ AI regulation deal

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The EU Parliament and Council negotiators reached a provisional agreement on the rules governing the use of artificial intelligence on Friday, Dec 8. The agreement covers the governmental use of AI in biometric surveillance, how to regulate AI systems such as ChatGPT, and the transparency rules to follow before market entry. This covers technical documents, adherence to EU copyright, and sharing training content summaries.  The EU wants to be the first supranational authority with laws on AI, specifying how it is to be used beneficially while protecting against risks. The deal was…

Coinbase Faces SEC Charges amid Calls for Crypto Regulation Clarity

Coinbase CEO Brian Armstrong voiced frustration over the charges. He mentioned how his company has provided a lot of clarity to the SEC but the commission on the other hand is not making matters easier. Despite over 30 meetings with the SEC in the past 18 months aimed at gaining regulatory clarity, cryptocurrency exchange Coinbase was hit with charges in June for operating an unregistered securities exchange. This came after the company received a Wells Notice for potentially breaking securities law from the regulator in March, signaling an intention to…

Amnesty International head says AI innovation vs. regulation is ‘false dichotomy’

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The secretary-general of Amnesty International, Anges Callamard, released a statement on Nov. 27 in response to three European Union member states pushing back on regulating artificial intelligence (AI) models.  France, Germany and Italy reached an agreement that included not adopting such stringent regulations for foundation models of AI, which is a core component of the EU’s forthcoming EU AI Act. This came after the EU received multiple petitions from tech industry players asking the regulators not to over-regulate the nascent industry. However, Callamard said the region has an opportunity to…

Regulation is the main sticking point for crypto as bitcoin inches to another new 2023 high

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Bitcoin rallied to start the week, touched a new 2023 high to end it and suffered a brief drop in between, weighed down by the trouble at Binance. Bitcoin ended the week higher by about 4% after touching a new 2023 high on Friday above $38,000. Meanwhile, ether advanced 8%. Coin Metrics measures a week in crypto, which trades 24 hours a day, from 4:00 p.m. ET on a given Friday to the same time the following Friday. There was an array of events driving the price this week –…