Tag: Regulation

Fed’s Brainard Calls for Sound Regulation of Crypto Financial System to Be Established ‘Now’ – Regulation Bitcoin News

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Federal Reserve Vice Chair Lael Brainard has stressed the importance of establishing sound regulation for the crypto financial system “now before the crypto ecosystem becomes so large or interconnected that it might pose risks to the stability of the broader financial system.” Fed Vice Chair Brainard on Crypto Regulation Lael Brainard, the vice chair of the Board of the Federal Reserve Governors, talked about crypto regulation and decentralized finance (defi) Friday at a Bank of England conference in London. She began by referencing recent volatility in the crypto market, stating…

US Treasury Delivers Crypto Framework to Biden as Directed in Executive Order – Regulation Bitcoin News

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The U.S. Treasury Department has delivered a framework for crypto assets to President Joe Biden, fulfilling its obligation as directed in the executive order on crypto that the president issued in March. U.S. Treasury Secretary Delivers Crypto Framework to Biden The U.S. Department of the Treasury published a fact sheet titled “Framework for International Engagement on Digital Assets” Thursday. It states that the Secretary of the Treasury has delivered to President Joe Biden “a framework for interagency engagement with foreign counterparts and in international fora as directed in the President’s…

US Regulator Probes Bankrupt Crypto Lender Voyager Over Claims of FDIC Insurance – Regulation Bitcoin News

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The Federal Deposit Insurance Corporation (FDIC) is probing crypto lender Voyager Digital over claims that it is FDIC-insured. The crypto firm previously explained that through its strategic relationships with Metropolitan Commercial Bank, “all customers’ USD held with Voyager is FDIC insured.” Voyager Probed by FDIC The Federal Deposit Insurance Corporation (FDIC) is looking into Voyager Digital Ltd. (TSE: VOYG) and its marketing of deposit accounts for cryptocurrency purchases, Reuters reported Thursday, citing confirmation by an FDIC official. The FDIC is an independent agency created by Congress to maintain stability and…

Fed vice chair Brainard urges faster crypto regulation, touts role for stablecoin

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Regulate now or regret it later, United States Federal Reserve Board vice chairperson Lael Brainard told an audience at a Bank of England conference in London on Friday. Crypto has the same basic risks as tradition finance and needs “strong guardrails,” Brainard claimed, pointing to the recent downturn in market as proof.  Brainard spoke the most general terms throughout her speech. She highlighted recent performance issues in cryptocurrency, such as volatility, correlation with risky equities, liability to bank runs and other risks associated with traditional finance, and over-collateralization as a…

US Treasury Develops ‘Framework’ for International Crypto Regulation

CryptoX – Cryptocurrency Analysis and News Portal The fact sheet, which is the first report published as a result of U.S. President Joe Biden’s executive order on crypto, said the framework “is intended to ensure that … America’s core democratic values are respected,” pointing to consumer, investor and business protection, the safety of the global financial system and interoperability. Source The post US Treasury Develops ‘Framework’ for International Crypto Regulation appeared first on CryptoX. CryptoX Portal

Russian State Duma Adopts Law Banning Payments With Digital Financial Assets – Regulation Bitcoin News

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The lower house of Russian parliament has adopted a law prohibiting the use of digital financial assets in payments. To implement the restriction, exchange operators have been obliged to reject transactions which make it possible to employ these assets as a means of payment. Russian Parliament Approves Legislation Preventing Digital Financial Asset Payments The majority in the State Duma, the lower house of Russia’s Federal Assembly, has supported the adoption of a bill banning payments for goods and services using digital financial assets (DFAs) within the Russian Federation. Under current…

Crypto Needs Enhanced Regulatory and Law Enforcement Frameworks – Regulation Bitcoin News

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The Bank of England says “extreme volatility” in the crypto market “underscores the need for enhanced regulatory and law enforcement frameworks.” The British central bank has warned that crypto prices could fall further. Bank of England Calls for Enhanced Crypto Regulation The Financial Policy Committee of the British central bank, the Bank of England (BOE), said Tuesday that the “extreme volatility” in crypto prices in recent months underscores vulnerabilities in the crypto market, Bloomberg reported. Citing a $2 trillion reduction in the total market capitalization of crypto assets, the Bank…

Elon Musk’s Boring Company to Accept Dogecoin Payments for Rides on Las Vegas Transit System Loop – Regulation Bitcoin News

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Elon Musk’s Boring Company will accept the meme cryptocurrency dogecoin as payment for rides on its Las Vegas transit system Loop. Musk confirmed that he is “supporting Doge whenever possible.” Tesla already accepts the meme crypto for some merchandise and Spacex will soon follow suit. Elon Musk’s Boring Company to Accept Dogecoin Payments The Boring Company, founded by Tesla CEO Elon Musk, will accept the meme cryptocurrency dogecoin for rides on Loop, its Las Vegas transit system, CNN reported Wednesday. Musk previously said that The Boring Company’s goal “is to…

Singapore Considers Imposing New Restrictions on Crypto Trading – Regulation Bitcoin News

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The Monetary Authority of Singapore (MAS) has told Parliament that the central bank is considering imposing additional restrictions on cryptocurrency trading. They include “placing limits on retail participation, and rules on the use of leverage when transacting in cryptocurrencies.” MAS Considers New Restrictions on Crypto Trading Tharman Shanmugaratnam, the minister in charge of the Monetary Authority of Singapore (MAS), answered a parliamentary question about the regulation of cryptocurrency Monday. Murali Pillai, a member of the Singapore Parliament, asked whether the MAS “intends to implement further restrictions on cryptocurrency trading platforms…