Proposed legislation by US lawmakers could potentially disrupt the activities of financial institutions involved in processing transactions through crypto mixers. This bill, named the Blockchain Integrity Act, is aimed at imposing a temporary ban on such transactions to investigate their potential risks and implications. Crypto mixers are services that enable users to mix different cryptocurrency
Regulation
The ongoing debate surrounding the regulatory status of cryptocurrencies has once again come into the spotlight. Coinbase chief legal officer Paul Grewal recently took to social media to challenge US SEC Chair Gary Gensler’s assertions regarding the classification of digital assets. Grewal accused Gensler of misleading the market by claiming that numerous cryptocurrencies should be
In recent news, Robinhood’s crypto division came under scrutiny from the US Securities and Exchange Commission (SEC), receiving a Wells Notice on May 4. The Commission staff, led by Gary Gensler, had been investigating Robinhood’s cryptocurrency listings, custody practices, and platform operations before recommending an enforcement action. Despite attempts to register with the regulator, Robinhood
Recently, Rep. Maxine Waters has put forth the nomination of Ms. Kristin Johnson, a current Commissioner of the US Commodity Futures Trading Commission (CFTC), for the position of Assistant Secretary for Financial Institutions at the US Department of Treasury. Waters praised Johnson’s expertise in financial regulation and her dedication to maintaining the integrity of financial
Recently, Fintech giant Block has come under scrutiny by federal prosecutors from the Southern District of New York. Allegations of significant compliance failures involving its main business units — Square and Cash App have arisen. Federal prosecutors launched a probe after a former employee disclosed lapses in the company’s transaction monitoring systems. According to sources
House Financial Services Committee Chairman Patrick McHenry has accused SEC Chair Gary Gensler of misleading Congress concerning the classification of Ethereum during his testimony in April 2023. The accusation comes amid escalating tensions over the regulatory approach to digital assets in recent months, with some industry participants filing lawsuits against the watchdog for overstepping its
The recent SEC action against Uniswap has raised concerns about the regulatory future of the DeFi space. The SEC alleges that certain tokens traded on Uniswap, such as those issued through ICOs, constitute investment contracts and, therefore, securities. Uniswap is accused of enabling the trading of these tokens without appropriate registration and regulatory oversight, thus
US Senators Elizabeth Warren (D-Mass.) and Bill Cassidy (R-La.) have jointly called for authorities to take decisive action against the utilization of cryptocurrency in the distribution of child sexual abuse material (CSAM). In a bipartisan letter penned on April 26 to Attorney General Merrick Garland and Secretary of Homeland Security Alejandro Mayorkas, the lawmakers emphasized
The recent approval of new Anti-Money Laundering Regulations (AMLR) by the European Parliament has significant implications for Crypto Asset Service Providers (CASP) in Europe. These regulations aim to combat money laundering and terrorist financing by imposing stringent Know Your Customer (KYC) procedures on obligated entities. The new laws require obligated entities, including banks, assets and
Nigerian authorities have taken a firm stance on crypto trading, with a recent focus on peer-to-peer (P2P) platforms such as OKX, Binance, KuCoin, and Bybit. A trending circular on social media has been circulating, detailing the Central Bank of Nigeria’s (CBN) directive for financial institutions to identify and impose restrictions on individuals or entities transacting
In response to reports of state actors utilizing Tether’s USDT tokens to circumvent US sanctions, Tether has made the decision to freeze any addresses linked to sanctioned entities. A spokesperson for the firm emphasized Tether’s commitment to respecting the Office of Foreign Assets Control (OFAC) SDN list and promptly freezing sanction addresses to adhere to
The Blockchain Association and the Crypto Freedom Alliance of Texas are pushing back against the US Securities and Exchange Commission (SEC) through legal action. They argue that the SEC exceeded its authority by implementing a rule that redefines the concept of a “dealer” of securities. According to the groups, this move was unjust and in
Following a series of controversies, two SEC lawyers, Michael Welsh and Joseph Watkins, have decided to resign from their positions as lead attorneys in the legal case against crypto firm DEBT Box. The decision to resign came after the regulator made it clear that they would be terminated if they did not step down from
In response to the rapid growth and increasing complexity of the digital assets industry, the Hong Kong Securities and Futures Professionals Association (HKSFPA) has proposed the establishment of independent self-regulatory organizations (SRO) specifically dedicated to overseeing the sector. This initiative aims to enhance the regulatory landscape in Hong Kong to support innovation and security within