Peirce did not state which agency should be responsible for regulating the crypto industry, and added that “having one regulator devoted to crypto could be problematic.” She did, however, suggest that crypto and the underlying blockchain technology that powers it could be “integrated into the back end of the financial system,” and therefore warrant the jurisdictions of the SEC. Source
After it was discovered that FTX was dealing with financial issues and the crypto exchange paused withdrawals, U.S. regulators started to take notice. On Nov. 10, 2022, California’s Department of Financial Protection and Innovation (DFPI) published a consumer alert and said the state regulator was “investigating the apparent failure of crypto asset platform FTX.” California’s Department of Financial Protection Investigates FTX, Publishes Consumer Warning Following the report that shows the U.S. Securities and Exchange Commission (SEC) and the Department of Justice (DOJ) are reportedly investigating FTX, California’s DFPI has published…
The Bahamas Securities Commission has frozen the assets of FTX Digital Markets and related parties. The financial regulator said the prudent course of action is to put the crypto firm “into provisional liquidation to preserve assets and stabilize the company.” Bahamas Securities Regulator Takes Action Against FTX The Securities Commission of the Bahamas announced Thursday that it has taken action to “freeze assets of FTX Digital Markets and related parties.” FTX Digital Markets is the Bahamian subsidiary of Sam Bankman-Fried’s FTX Trading Ltd., which owns and operates crypto trading platform…
The government of Indonesia wants to assign crypto supervision to the Asian nation’s financial watchdog in order to ensure better protection for investors. The move is part of a planned overhaul of regulations in the sector aimed at increasing oversight of the expanding digital assets market. Indonesia Mulls Over New Financial Legislation Designed to Tighten Crypto Rules Indonesian authorities intend to task the Financial Services Authority (OJK) with regulation, supervision and oversight of cryptocurrency investments, which have been booming in the country. The market is currently overseen by the Ministry…
U.S. Senator Elizabeth Warren says the implosion of crypto exchange FTX shows that the crypto industry needs “more aggressive enforcement.” She stressed: “I’m going to keep pushing SEC to enforce the law to protect consumers and financial stability.” However, many people pointed out that the Securities and Exchange Commission (SEC) has failed to provide clear crypto regulation, leading to U.S. investors using offshore exchanges like FTX. Senator Elizabeth Warren Wants Tougher Crypto Regulation Following the crisis at cryptocurrency exchange FTX, U.S. Senator Elizabeth Warren (D-MA) stressed that the crypto industry…
The U.S. Securities and Exchange Commission (SEC) and the Department of Justice (DOJ) are reportedly investigating cryptocurrency exchange FTX. The crypto firm is suspected of mishandling customer funds and breaking securities laws. Regulatory probes are among the key reasons why Binance walked away from the acquisition of FTX. U.S. Regulators and DOJ Investigate Crypto Exchange FTX Several U.S. authorities are reportedly probing FTX, the embattled cryptocurrency exchange founded by Sam Bankman-Fried. The U.S. Department of Justice (DOJ) and the Securities and Exchange Commission (SEC) are looking into the turmoil surrounding…
The White House said the administration of United States President Joseph Biden is monitoring the situation with the recent crypto market crash but deferred to independent regulators for any potential enforcement actions. In a Nov. 10 press briefing, White House Press Secretary Karine Jean-Pierre said Biden was aware of the ongoing situation with the crypto market, hinting at FTX’s liquidity crisis. According to the press secretary, the administration and financial agencies will “closely monitor” developments. “The administration […] has consistently maintained that without proper oversight, cryptocurrencies risk harming everyday Americans,” said…
Queen Maxima of the Netherlands has outlined multiple benefits central bank digital currencies (CBDCs) could bring, particularly in the area of financial inclusion. “Governments could use a digital euro to channel financial support to low-income households. This would deepen longer-term inclusion, and act as a gateway to other financial services,” she said. Queen Maxima Envisions a Better Future With CBDCs Queen Maxima of the Netherlands talked about central bank digital currencies (CBDCs) Monday at the “Towards a legislative framework enabling a digital euro for citizens and businesses” conference. She is…
Convinced that cryptocurrencies are affecting the tasks performed by monetary authorities around the world, the Dutch central bank has urged for comprehensive international regulations. The call comes after research into the development of crypto assets and policy responses. ‘Proper Regulation Indispensable for Risky Cryptos,’ Dutch Central Bank Insists Bitcoin, tether, and other digital coins are affecting many of the tasks and objectives of central banks and supervisory authorities, according to Steven Maijoor and Olaf Sleijpen, members of the Executive Board of De Nederlandsche Bank (DNB). The two presented a new…
The bank of Russia also suggested including digital assets trading into the traditional stock market infrastructure. Rules of access to the digital assets market should be harmonized with the ones for the traditional securities markets, so that unqualified investors can access both within the 100,000 rubles a year limit ($1,640) or more, if they successfully complete a financial literacy test, the report suggests. Source