Politics, Legal & Regulation

June 9, 2023 @ 8:57 am By Omar Faridi  |  

Binance.US revealed on Thursday (June 8, 2023) that it will be suspending US dollar deposits and that its banking partners are getting ready to suspend fiat US dollar withdrawal options as early as June 13, 2023. This update has come a few days after US… Read More

June 8, 2023 @ 11:46 am By JD Alois  |  

As was previously covered, the UK Financial Conduct Authority (FCA) has proposed new marketing rules for crypto offerings. The rules aim to largely align with current financial product requirements while also incorporating a “cooling off period.” In brief, digital asset investors must acknowledge they can… Read More

June 8, 2023 @ 9:50 am By JD Alois  |  

Senator Cynthia Lummis, one of the most crypto-supportive members of the US Senate, has issued a statement regarding the Securities and Exchange Commission’s (SEC) decision to file an enforcement action against Coinbase (NASDAQ:COIN) – a company the SEC approved to go public. Lummis said the… Read More

June 8, 2023 @ 6:11 am By Omar Faridi  |  

The team at Gemini is pleased to announce that Gemini will soon “begin the process of acquiring a crypto license to serve customers based in the United Arab Emirates (UAE).” As a “forward-thinking,” global financial hub, the UAE is “continuing its tradition of leadership by… Read More

June 7, 2023 @ 8:30 pm By JD Alois  |  

The UK Financial Conduct Authority (FCA) has issued new rules for crypto promotions. The rules are said to align with other financial services offerings. CryptoUK, an association representing the UK’s digital asset industry, has issued a statement on the marketing rules. Su Carpenter, Director of… Read More

June 7, 2023 @ 7:01 pm By JD Alois  |  

The UK Financial Conduct Authority (FCA) has introduced new rules for the digital asset or crypto asset industry. The FCA describes the new rules as “tough,” incorporating a “cooling off period” for new investors – commencing on October 8, 2023. The marketing rules are part… Read More

June 7, 2023 @ 4:41 pm By JD Alois  |  

  SEC Commissioners Hester Peirce and Mark Uyeda have issued a public dissent of the Commission’s decision to deny CryptoFed DAO’s request to withdraw its registration statement and the motion to dismiss the case by the Division of Enforcement. In brief, in November 2021, the… Read More

June 7, 2023 @ 9:35 am By Barry James  |  

Reservations, Threats & Benefits In a recent conversation with Danny Kruger, a member of the Treasury Select Committee, we delved into the Bank of England’s Digital Pound Project and the broader implications of Central Bank Digital Currencies (CBDCs). This discussion is particularly timely, given that… Read More

June 7, 2023 @ 9:20 am By JD Alois  |  

The House Subcommittee on National Security, Illicit Finance, and International Financial Institutions, part of the Financial Services Committee, is holding a hearing today on the dominance of the dollar around the world as a reserve currency. The hearing is entitled Dollar Dominance: Preserving the U.S…. Read More

June 7, 2023 @ 8:56 am By Omar Faridi  |  

The Joint Regulatory Oversight Committee (JROC) has recently set out an ambitious program of work “to take forward recommendations for the next phase of open banking in the UK.” This involves “setting up dedicated workstreams to action the six key themes and priorities outlined in… Read More

June 6, 2023 @ 9:50 pm By JD Alois  |  

Last week, CI reported that the US House of Representatives passed several bills that aim to improve access to capital and to level the playing field for retail investors – including an update to the definition of an accredited investor. This week, the House has… Read More

June 6, 2023 @ 9:28 pm By JD Alois  |  

Following the hearing today on digital assets held by the House Committee on Agriculture, the House Financial Services Committee has scheduled its own hearing on digital assets. The Ag Committee oversees commodities and the Commodity Futures Trading Commission (CFTC), the main regulator of Bitcoin. Some… Read More

June 6, 2023 @ 9:04 pm By JD Alois  |  

The Securities and Exchange Commission (SEC) has filed an emergency action seeking a temporary restraining order to freeze the assets of Binance while requiring defendants to repatriate assets held for the benefit of customers of Binance.US. The SEC says the action is designed to protect… Read More

June 6, 2023 @ 6:49 pm By JD Alois  |  

The Competitive Enterprise Institute (CEI), Director of Finance Policy, John Berlau, has shared a comment on the Securities and Exchange Commission’s enforcement action targeting Coinbase (NASDAQ:COIN). Earlier today, the SEC filed charges against Coinbase, alleging that the crypto platform is operating as an unregistered securities… Read More

June 6, 2023 @ 3:21 pm By JD Alois  |  

The Securities and Exchange Commission’s one-two punch attacking Binance and Coinbase – two of the largest crypto exchanges in the world – may push other crypto marketplaces outside the US. As the US has struggled to craft new regulations to oversee the digital asset marketplace,… Read More

June 6, 2023 @ 10:32 am By JD Alois  |  

Following the revelation of charges filed against Binance and its founder, the Securities and Exchange Commission (SEC) has filed similar charges against Coinbase (NASDAQ:COIN) – the US’s only publicly traded crypto exchange. The charges against Coinbase include operating an unregistered securities exchange, acting a broker,… Read More

June 6, 2023 @ 10:07 am By JD Alois  |  

The Commodity Futures Trading Commission (CFTC) has approved an amended order of registration for Cboe Clear Digital, LLC (Cboe Clear) to clear additional products, including digital assets. The CFTC said he approval is subject to the terms and conditions specified in the order as a… Read More

June 6, 2023 @ 1:45 am By Barry James  |  

An Urgent Call for Good Governance In light of the latest phase of the ongoing – ‘Great Debate” on the Remaking of Money – ‘The Great Digital £ Debate’ during May and into June – it is clear that the advent of Central Bank Digital… Read More

June 5, 2023 @ 5:43 pm By JD Alois  |  

Shares in Coinbase (NASDAQ:COIN), the only publicly traded pure-play crypto exchange and digital asset ecosystem, sank over 9% today as the news filtered out that the Securities and Exchange Commission (SEC) had filed 13 individual charges against Binance, Binance.US and its founder Chengpang Zhao. As… Read More

June 5, 2023 @ 1:07 pm By JD Alois  |  

Long anticipated and finally here, the Securities and Exchange Commission (SEC) has filed 13 charges against Binance and its founder and CEO, Changpeng Zhao. Binance is the largest crypto exchange in the world, garnering around 60% of crypto trading. Zhao, who goes by CZ, is… Read More