Tag: Regulation

US Lawmaker Calls on SEC Chair Gensler to Testify About His Crypto Regulatory Failures – Regulation Bitcoin News

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U.S. Congressman Tom Emmer has called on the chairman of the Securities and Exchange Commission (SEC), Gary Gensler, to testify before Congress and “answer questions about the cost of his regulatory failures.” The lawmaker stressed: “Gensler has repeatedly dodged Congress at the expense of investors … leaving us to learn about the SEC’s crypto investigations, like the one into FTX, through the media.” Lawmaker Wants SEC Chair Gensler to Testify Regarding Crypto Regulation U.S. Congressman Tom Emmer (R-MN) wants the chairman of the U.S. Securities and Exchange Commission (SEC), Gary…

FSB to lay out global standards for crypto regulation: Reports

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The FTX collapse spurred action from a global financial watchdog to give recommendations to regulate the crypto industry early in 2023.  The Financial Stability Board (FSB), an international organization that monitors the global financial system, has reportedly stated that it will be laying out steps to regulate crypto next year. According to Dietrich Domanski, the outgoing secretary-general of the FSB, mentioned that recent events have highlighted that it’s “urgent to address risks” within the space. He explained: “Many crypto market participants argue that authorities are hostile to innovation. I would…

Fugitive Do Kwon Now Staying in Serbia Report Says — Terraform Labs CEO Suggests SBF Is to Blame for UST Depeg – Regulation Bitcoin News

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A new report has claimed that Do Kwon, the fugitive CEO of Terraform Labs, is currently staying in Serbia. The report added that the South Korean government has engaged the Serbian government regarding the matter. Meanwhile, Kwon has accused Sam Bankman-Fried and Alameda Research of orchestrating events that led to the “depeg” of Terra’s once-stable coin UST. Do Kwon Getting Help in Serbia According to South Korean online publication Chosun, Do Kwon, the CEO of Terraform Labs who is wanted on charges of providing false information to investors, is living…

Full Ban on Crypto in Russia Would Be Counterproductive, Rosfinmonitoring Says – Regulation Bitcoin News

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Russian citizens and businesses already own cryptocurrencies, which is why a complete crypto ban would be counterproductive, according to a top executive of Rosfinmonitoring, Russia’s financial intelligence agency. At the same time, the regulator supports prohibiting payments with digital coins and their advertising. Rosfinmonitoring Backs Government’s Strategy to Strictly Regulate Cryptocurrencies in Russia The Federal Financial Monitoring Service of the Russian Federation (Rosfinmonitoring) supports the adoption of strict rules for cryptocurrencies, as per the regulatory concept approved by the government, the agency’s Deputy Director Herman Neglyad said in an interview…

FTX Co-Founder Sam Bankman-Fried Agrees to Testify Before US Congress – Regulation Bitcoin News

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The co-founder of collapsed crypto exchange FTX, Sam Bankman-Fried (SBF), has agreed to testify at one of the two congressional hearings set for next week. “I had thought of myself as a model CEO, who wouldn’t become lazy or disconnected,” Bankman-Fried claimed. Sam Bankman-Fried to Testify Before Congress Former FTX CEO Sam Bankman-Fried (SBF) has agreed to testify before the House Committee on Financial Services after the committee’s chair, Congresswoman Maxine Waters, politely tweeted inviting him to testify several times. “I still do not have access to much of my…

European Union to Put a 10,000-Euro Limit on Cash Payments; Transactions Over €1,000 in Crypto Will Be Scrutinized – Regulation Bitcoin News

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The states of the European Union have convened to establish a new limit on cash purchases and to strengthen the controls on cryptocurrency transactions. On Nov. 6 the bloc agreed to put a limit of €10,000 ($10,557) on cash payments and to exert stronger oversight on crypto transactions of over 1,000 euros ($1,055). European Union to Limit Cash Usage, Ostensibly to Fight Money Laundering The countries of the European Union have announced a set of new directives to make more difficult the usage of cash and other alternative currencies like…

Paraguayan Cryptocurrency Law Shelved After Presidential Veto – Regulation Bitcoin News

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The cryptocurrency and mining law that the Paraguayan Congress passed in June was finally shelved on Dec. 5. The document, which sought to bring order to crypto mining and exchange activities in Paraguay, was ultimately dropped after failing to obtain the votes needed to reject the presidential veto it received. Paraguayan Crypto Law Dropped After Support Wanes The Paraguayan cryptocurrency law that was introduced in Congress in 2021 was finally shelved after not receiving the support it needed in the Deputy Chamber. The project, which was vetoed in September by…

JPMorgan Chase CEO Jamie Dimon Likens Crypto to Pet Rocks — Calls for More Regulation – Featured Bitcoin News

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JPMorgan Chase CEO Jamie Dimon says crypto tokens are like pet rocks. The executive also believes crypto regulation should be strengthened, stating: “The regulators who beat up on banks should maybe focus a little more on crypto.” JPMorgan Chase’s Jamie Dimon Compares Crypto to Pet Rocks The chairman and CEO of global investment bank JPMorgan Chase, Jamie Dimon, talked about crypto and its regulation following the collapse of crypto exchange FTX in an interview with CNBC Tuesday. He was asked whether the FTX meltdown is contained and does not matter…

Lawmaker Pleads With Sam Bankman-Fried to Attend Congress Hearing on FTX — SBF Says He’ll Testify When He’s Ready – Regulation Bitcoin News

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Congresswoman Maxine Waters, chair of the House Committee on Financial Services, has politely asked former FTX CEO Sam Bankman-Fried (SBF) to attend a congressional hearing on the collapse of his cryptocurrency exchange. Bankman-Fried says he will testify when he has finished “learning and reviewing what happened.” Bankman-Fried Responds to Rep. Waters’ Invitation The U.S. House Committee on Financial Services will hold a congressional hearing on the collapse of crypto exchange FTX on Dec. 13. Congresswoman Maxine Waters (D-CA), the committee’s chair, has been trying to get former FTX CEO Sam…

Court in China Recognizes NFTs as Virtual Property Protected by Law – Regulation Bitcoin News

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A court in the Chinese city of Hangzhou has determined that non-fungible tokens, or NFTs, represent virtual property protected by the laws in the People’s Republic. The ruling comes from a case over a dispute between a customer and a platform hired to sell a collection of tokens. Hangzhou Internet Court Hears Case Involving Property Rights Over NFTs A court in Hangzhou, the capital of the eastern Chinese province of Zhejiang, has reviewed a dispute between a client and a local digital art platform which canceled a sale of NFTs…