Regulation

US gov attorneys to target individuals and gatekeepers for crypto prosecutions

US gov attorneys to target individuals and gatekeepers for crypto prosecutions

A group of high-level U.S. government attorneys has oulined their priorities for the enforcement and prosecution of individuals and companies that have committed crypto-related crimes. Enforcement officials from the U.S. Department of Justice (DoJ), Securities and Exchange Commission (SEC), and Commodity Futures Trading Commission (CFTC) spoke about the direction their agencies will take at a …

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Biden's pick for CFTC chair wants the agency to be a 'beat cop' with the authority to oversee 60% of digital asset market

Biden’s pick for CFTC chair wants the agency to be a ‘beat cop’ with the authority to oversee 60% of digital asset market

Acting chairperson of the Commodity Futures Trading Commission, or CFTC, Rostin Behnam has likened the government agency’s enforcement of the digital asset space to a beat cop on duty. At an Oct. 27 hearing of the U.S. Senate Committee on Agriculture, Nutrition, and Forestry to assume his position on a permanent basis, Behnam said to …

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US regulators are exploring policy for banks to handle crypto, says FDIC chair

US regulators are exploring policy for banks to handle crypto, says FDIC chair

Jelena McWilliams, the chairperson of the Federal Deposit Insurance Corporation, or FDIC, has said the agency is working with other regulators in the United States to explore “under what circumstances banks can engage in activities involving crypto assets.” In a speech at the Money20/20 fintech conference on Oct. 25, McWilliams said the FDIC, in coordination …

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Bank of Spain issues registration guidelines for crypto services

Bank of Spain issues registration guidelines for crypto services

The central bank of Spain is introducing new registration guidelines for local virtual currency service providers, or VASPs, including banking institutions. The Bank of Spain has issued instructions on VASP registration for Anti-Money Laundering, or AML, purposes, requiring institutions to submit their registration requests through an electronic registry, Cointelegraph en Español reported Oct. 25. Issuing …

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SEC expected to head U.S. stablecoin regulation and enforcement

SEC expected to head U.S. stablecoin regulation and enforcement

U.S. regulatory bodies have reportedly agreed that the Securities and Exchange Commission (SEC) will lead the United States’ efforts to regulate the stablecoin sector. According to an Oct. 26 Bloomberg report citing anonymous sources “familiar with the matter,” the SEC has reached an agreement with other U.S. agencies to take the reins on proposing legislation …

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Law Decoded: Post-ETF policy landscape and Novi fears, Oct. 18–25

Law Decoded: Post-ETF policy landscape and Novi fears, Oct. 18–25

The biggest regulatory story of the week, if not the year, has been the United States Security and Exchange Commission’s lack of opposition to the launch of the first-ever Bitcoin (BTC) exchange-traded funds, which took eight long years to materialize. While the first ETFs are tracking CME-traded Bitcoin futures rather than the asset’s spot price, the …

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CFTC reportedly investigating decentralized prediction platform Polymarket

CFTC reportedly investigating decentralized prediction platform Polymarket

New York-based decentralized prediction market Polymarket has come under investigations from the United States Commodity Futures Trading Commission (CFTC). According to an Oct. 23 report from Bloomberg citing anonymous sources, the CFTC is investigating whether Polymarket is allowing its customers to trade binary options and swaps that should be registered with the financial regulator. The …

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Texas Ethics Commission seeks pro-crypto rule for political contributions

Texas Ethics Commission seeks pro-crypto rule for political contributions

The proposal was filed with the Texas Secretary of State, which sought to address and clarify the reporting requirements of political contributions made with cryptocurrencies. According to the filing: “The new rule permits candidates, officeholders, and political committees to accept cryptocurrency. It does not distinguish between any types of cryptocurrencies, like Bitcoin.” If approved, cryptocurrency …

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Crypto breaks Wall Street’s ETF barrier: A watershed moment or stopgap?

Crypto breaks Wall Street’s ETF barrier: A watershed moment or stopgap?

But others, like Arca CEO Rayne Steinberg, had “mixed feelings” about the events. While pleased that a much-awaited crypto investment vehicle finally received regulatory approval — ending eight years of futility on the part of U.S. fund issuers — he had some misgivings about the product that finally met the approval of the SEC, specifically …

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Treasury official acknowledges most crypto transactions are 'legitimate' but still anticipates additional sanctions

Treasury official acknowledges most crypto transactions are ‘legitimate’ but still anticipates additional sanctions

Wally Adeyemo, the Deputy Secretary of the United States Department of the Treasury, said the department would likely be enforcing more sanctions on companies involved in illicit transactions related to ransomware payments. Speaking at an online event hosted by the Center for a New American Security with former Treasury Secretary Jack Lew and Ambassador Paula …

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Powerful blockchain lobby group urges Washington not to overregulate stablecoins

Powerful blockchain lobby group urges Washington not to overregulate stablecoins

A high-profile blockchain lobby group is urging United States lawmakers to adopt a “technology-neutral” approach when it comes to stablecoin regulation, arguing that dollar-pegged cryptocurrencies do not pose a system risk to the financial system. In a 17-page letter addressed to the President’s Working Group on Financial Markets, which includes regulators from the Department of …

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Russia aims to replace US dollar reserves with digital assets in long term

Russia aims to replace US dollar reserves with digital assets in long term

As Russia continues pushing de-dollarization, the Ministry of Foreign Affairs (MFA Russia) is reportedly considering replacing the United States dollar with not only traditional fiat currencies but also digital currencies. Aleksandr Pankin, Deputy Minister of Foreign Affairs of Russia, reiterated the country’s plans to reduce the U.S. dollar share in Russia’s international reserves and its …

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