Coinbase recently expressed its objection to the Securities and Exchange Commission’s (SEC) $2.6 billion budget request for the 2025 fiscal year. In a statement to CryptoSlate, a representative from Coinbase criticized the SEC’s focus on enforcement rather than creating meaningful regulations for the crypto industry. The exchange highlighted the lack of clarity in regulatory guidelines
Regulation
The European Banking Authority (EBA) recently released detailed guidelines pertaining to recovery plans for issuers of asset-referenced tokens (ARTs) and e-money tokens (EMTs) as part of the broader Markets in Crypto-Assets (MiCA) regulation. ARTs are digital tokens that are backed by assets such as commodities, real estate, or a diversified basket of assets. On the
In a hearing before the Senate Committee on Appropriations, CFTC chair Rostin Behnam addressed the agency’s readiness to take on additional responsibilities in the crypto market. Despite concerns that the agency would be overwhelmed, Behnam firmly stated that the CFTC is equipped to handle the regulation of crypto commodities. He emphasized the existing gap in
As Terraform Labs CEO Chris Amani announced the winding down of the company in light of a $4.5 billion SEC settlement, he emphasized that Terra will transition into a community-led project. Amani expressed the need for the community to take over ownership of the chain moving forward. Several teams and developers have shown interest in
The recent report released by the EU Innovation Hub for Internal Security sheds light on the significant impact of cryptocurrencies on law enforcement efforts. The report highlights how cryptocurrencies, which heavily rely on public-private key cryptography, present unique challenges and opportunities for law enforcement agencies. The use of decentralized methods like privacy coins, layer-2 networks,
DTCC Digital Assets global head and managing director Nadine Chakar recently testified before the House Financial Services Subcommittee on Digital Assets, advocating for the benefits of tokenization in the US financial markets. Chakar emphasized the transformative potential of tokenizing real-world assets and discussed DTCC’s role in modernizing the financial industry through digital securities and tokenization
In a recent memo, Bitwise CIO Matt Hougan highlighted the shifting attitudes in Washington towards cryptocurrencies. He pointed out that the US political landscape has taken a more positive stance towards crypto in recent weeks, which has not been fully reflected in the market. According to Hougan, if the impact of these changes had been
The upcoming House Appropriation budget has the potential to prevent the US Securities and Exchange Commission (SEC) from implementing its controversial Staff Accounting Bulletin 121 (SAB 121). According to FOX Business reporter Eleanor Terrett, who broke the news on June 4, the budget includes a provision that would bar the SEC from using appropriated funds
In a recent blog post titled “How to get regulatory clarity for crypto,” Coinbase CEO Brian Armstrong has called for a united effort to secure regulatory clarity for the crypto industry. He emphasized the need for supporting pro-crypto political candidates and voting out anti-crypto incumbents. Armstrong highlighted the substantial investment Coinbase has made in policy
President Joe Biden recently made headlines by vetoing H.J. Res. 109, a resolution aimed at overturning the SEC’s controversial SAB 121 rule. In his statement, Biden defended SAB 121 as a representation of the SEC staff’s technical expertise, emphasizing the importance of the rule in protecting consumers and investors. Biden also highlighted a political divide
Speculation is swirling around the launch date of US spot Ethereum ETFs, with Bloomberg ETF analyst Eric Balchunas suggesting that a launch by the end of June is a “legit possibility.” While a mid-June launch may be a “long shot,” Balchunas anticipates that the latest date for the launch could be July 4. These expectations
In a groundbreaking move, SEC commissioner Hester Peirce put forth a visionary proposal on May 29 for a shared digital securities sandbox between the US and the UK. This innovative idea aims to extend the existing joint digital securities sandbox (DSS) of the Bank of England and FCA to include US firms. The implications of
Senator Cynthia Lummis has been a vocal advocate for pro-crypto legislation in the US. She firmly believes that the crypto market has the potential to play a crucial role in the country’s economy, as long as the opportunity is not wasted. Lummis and other like-minded lawmakers have been working diligently to educate their colleagues about
The US District Court for the District of Utah has made a significant ruling in the case involving the Securities and Exchange Commission (SEC) and DEBT Box. The court dismissed the SEC’s case against DEBT Box without prejudice and imposed over $1.8 million in fines against the watchdog for bad faith conduct. These fines, consisting