Tag: Regulation

SEC Slaps Former Coinbase Manager With Insider Trading Charges — Identifies 9 Crypto Tokens as Securities – Regulation Bitcoin News

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The U.S. Securities and Exchange Commission (SEC) has announced insider trading charges against a former Coinbase manager, who has been arrested and is also facing criminal charges. The regulator has identified nine crypto tokens as securities in the complaint. U.S. Attorney Damian Williams says it is “the first-ever insider trading case involving cryptocurrency markets.” SEC Charges Former Coinbase Manager, His Brother, and a Friend — 9 Crypto Tokens Identified as Securities The U.S. Securities and Exchange Commission (SEC) announced Thursday “insider trading charges against a former Coinbase product manager, his…

‘The market is acting this way because there is no regulation’ says Skale Labs’ Konstantin Kladko

According to Kladko, a combination of naive investor protection mechanisms and lack of market regulation led to the recent DeFi “supercrash.” The recent cryptocurrency bear market has uprooted decentralized finance (DeFi) and centralized finance (CeFi) projects in the crypto space. But past performance is not always indicative of future results. For starters, Ethereum’s price has already recovered 48% in the past few days ahead of the looming Merge upgrade. At the annual Ethereum Community Conference in Paris, Cointelegraph spoke to Skale Labs’ co-founder Konstantin Kladko regarding the market crisis. Sklae…

US Lawmaker Slams SEC for Not Regulating in Good Faith — ‘Under Chair Gensler, SEC Has Become Power-Hungry’ – Regulation Bitcoin News

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A U.S. congressman has slammed the Securities and Exchange Commission (SEC) and Chair Gary Gensler for cracking down on companies outside the SEC’s jurisdiction. The SEC “is not regulating in good faith,” he said, adding that “Under Chair Gensler, the SEC has become a power-hungry regulator.” Rep. Emmer Slams SEC and Chair Gensler The director of the Division of Enforcement at the U.S. Securities and Exchange Commission (SEC), Gurbir Grewal, testified Tuesday before the U.S. House of Representatives Committee Financial Services’ subcommittee on Investor Protection, Entrepreneurship, and Capital Markets. During…

Reserve Bank of India Is Working on ‘Phased Implementation’ of Central Bank Digital Currency – Regulation Bitcoin News

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India’s central bank, the Reserve Bank of India (RBI), is working on a “phased implementation of a central bank digital currency (CBDC) in both wholesale and retail segments.” Necessary amendments have been made to the RBI Act, 1934 to allow the central bank to pilot and issue a digital currency. India’s Central Bank Digital Currency to Be Implemented in Phases A Reserve Bank of India (RBI) official and the minister of state in the Ministry of Finance have independently provided an update on the central bank’s progress in issuing a…

DOJ Seizes $500K in Ransom Payments, Cryptocurrency From State-Sponsored North Korean Hackers – Regulation Bitcoin News

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The U.S. Department of Justice (DOJ) has seized $500K in ransom payments and cryptocurrency from a state-sponsored North Korean group. “We are returning the stolen funds to the victims,” Deputy Attorney General Lisa O. Monaco said, adding that the seized funds include ransoms paid by health care providers in Kansas and Colorado. DOJ Seizes Crypto From North Korean State-Backed Group The U.S. Department of Justice (DOJ) announced Tuesday that it has seized and forfeited approximately $500K from North Korean ransomware actors and their conspirators. The department added that it has…

UK financial markets bill authorizes regulation of stablecoins, service providers

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The Financial Services and Markets Bill was introduced into the UK Parliament on July 20. The comprehensive bill, which was meant to preserve the UK’s leading place in the financial world post-Brexit, repealed retained EU laws, reformed certain insurance laws, supported victims of financial fraud and established new growth and competitiveness objectives. The bill also regulated stablecoins.  The presence of stablecoin regulation in the bill was confirmed the evening before in the programmatic speech delivered by Chancellor of the Exchequer Nadhim Zahawi. Although stablecoin regulation was intended to be part…

Nigeria Leads Africa in Regulating Digital Asset Space — Securities Regulator – Regulation Bitcoin News

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Nigeria has taken the lead in regulating digital assets in Africa, and is one of the countries looking keenly into governing the digital asset space, an executive director with the country’s securities regulator has said. The director also made clarifications on the different regulatory roles played by the central bank and the Nigerian Securities and Exchange Commission (SEC). Protecting Investors According to the executive director of Nigeria’s securities regulator, Dayo Obisan, his country is “leading in Africa in terms of making the rules and regulating into the digital asset space.”…

Central Banks, Governments Are ‘Way Behind the Curve’ in Regulating Cryptocurrencies – Regulation Bitcoin News

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Harvard Professor of Economics and former chief economist at the International Monetary Fund (IMF) Kenneth Rogoff says central banks and governments are “way behind the curve” in regulating cryptocurrencies. He added that officials throw out the idea of having central bank digital currencies (CBDCs) “to distract the conversation.” Harvard’s Professor on Cryptocurrency Regulation American economist Kenneth Rogoff discussed cryptocurrency regulation and central bank digital currencies (CBDCs) in an interview with Bloomberg Monday. Rogoff is the Thomas D. Cabot Professor of Public Policy and a professor of economics at Harvard University.…

Crypto Ban, Regulation Effective Only With Significant International Collaboration – Regulation Bitcoin News

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India’s finance minister has informed parliament that the central bank, the Reserve Bank of India (RBI), wants cryptocurrencies to be prohibited. However, she noted that “any legislation for regulation or for banning can be effective only after significant international collaboration.” Indian Finance Minister on Crypto Ban and Regulation Indian Finance Minister Nirmala Sitharaman answered some questions about cryptocurrency on Monday in Lok Sabha, the lower house of India’s parliament. Parliament Member Thirumavalavan Thol asked the finance minister whether the Reserve Bank of India (RBI) “has recommended for framing suitable legislation…

Dubai Regulator Grants Crypto Trading App OKX License to Extend Services in the UAE – Regulation Bitcoin News

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The Seychelles-based crypto trading app, OKX, recently became the latest virtual assets service provider to be granted a provisional licence to provide its services in the United Arab Emirates (UAE). The provisional licence allows OKX to extend certain exchange products and services to pre-qualified investors and financial service providers. OKX Allowed to Extend Certain Exchange Products The Dubai digital asset regulator, the Virtual Assets Regulatory Authority (VARA), recently granted the Seychelles-based crypto trading platform OKX a “provisional virtual assets license to provide services to qualified investors in the UAE.” According…