Category: Regulation
The Impact of SEC’s Exceptions on Crypto Accounting Compliance
Recently, the US Securities and Exchange Commission (SEC) made a significant move by accepting a proposal with exceptions for certain institutions affected by the controversial Staff Accounting Bulletin No. 121 (SAB 121). This news has caused quite a stir in the financial industry, especially in the realm of crypto accounting compliance. The SEC’s decision allows…
The Battle Over SAB 121: A Closer Look at the Recent House Vote
The recent vote in the US House of Representatives regarding SEC Staff Accounting Bulletin (SAB) 121 has sparked controversy and debate among lawmakers. With 228 House members voting to end SAB 121, 184 voting against the resolution, and 21 abstaining, the outcome fell short of the two-thirds majority needed to override President Joe Biden’s previous…
The SEC’s Investigation into Paxos and Stablecoins
The US Securities and Exchange Commission (SEC) has concluded its investigation into stablecoin issuer Paxos. Paxos announced on July 11 that the SEC had issued an investigations termination notice on July 9, confirming that no enforcement action would be taken against Paxos Trust Company regarding the Binance USD (BUSD) stablecoin. This decision comes more than…
The CFTC’s Role in Regulating Crypto: A Closer Look
The Commodity Futures Trading Commission (CFTC) Chair, Rostin Behnam, recently expressed openness to the idea of the agency becoming a primary regulator for cryptocurrencies. During a Senate Agriculture Committee hearing on digital commodities oversight, Behnam highlighted the need for more regulatory authority in the crypto space. This raises questions about the role of the CFTC…
The Future of Spot Ethereum ETFs
The Chief Compliance Officer of Bitwise, Katherine Dowling, recently mentioned that spot Ethereum ETFs are on the verge of approval. She highlighted that the SEC has been receptive to discussions about various financial products. In a recent interview with Bloomberg on July 9, Dowling stated that the SEC and ETF issuers are resolving fewer issues…
The Republican Party’s Embrace of Bitcoin and Crypto in the 2024 Election Platform
The Republican Party has taken a bold step by including Bitcoin and cryptocurrency in its official platform for the upcoming 2024 election, marking a significant shift towards embracing digital assets and blockchain technology. This move reflects former President Trump’s recent statements and signals a broader trend within the party to recognize the importance of these…
The Battle for Independence: Messari’s Stand Against the SEC
In a bold move, Messari, a prominent US-based crypto market intelligence platform, has decided to break away from the Securities and Exchange Commission (SEC). The CEO of Messari, Ryan Selkis, made a public statement on July 7, denouncing the SEC and its Chair Gary Gensler. Selkis declared, “I’ve declared independence from the SEC and its…
Former Solicitor General Accuses US Regulators of Stifling Crypto Industry
Former Solicitor General Donald B. Verrilli, who now works as the senior legal strategist for Grayscale Investments, has voiced concerns about US regulators intentionally stifling the growth of the crypto industry through debanking practices. He, along with former Solicitor General Paul Clement, filed a joint amicus brief pointing out the regulatory challenges faced by digital…
The Future of Crypto Regulation in South Korea
South Korea’s Financial Supervisory Service (FSS) has unveiled plans to increase supervision of cryptocurrency trading platforms within its jurisdiction. The aim is to crack down on fraudulent transactions and ensure the integrity of the crypto market. The regulator’s recent announcement requires local exchanges to implement a continuous monitoring system for detecting unfair transactions and report…
The Future of Cryptocurrency Regulation in the US
Galaxy Digital CEO Mike Novogratz recently discussed the future of cryptocurrency regulation in the US, regardless of the outcome of the 2024 presidential election. He emphasized the importance of bipartisan support for the crypto sector, stating that it cannot afford to have one party supporting it while the other opposes it. Despite some opposition from…
The Impact of Mark Cuban’s Suggestions on Form S-1 for Token-Based Companies
Billionaire investor Mark Cuban has recently advocated for changes to Form S-1 to make it easier for token-based companies to register with the SEC. This suggestion comes after SEC Commissioner Mark Uyeda criticized the agency’s current approach to crypto disclosure filings as “problematic.” Form S-1 is a registration statement required by the SEC for domestic…
The Bahamas to Expand Access to Central Bank Digital Currency Through Commercial Banks
The Bahamas is taking steps to boost adoption of its central bank digital currency (CBDC) known as the “Sand Dollar” by providing access through commercial banks. This move aims to make it easier for individuals to utilize the digital currency for various transactions. Governor of the Central Bank of The Bahamas, John Rolle, mentioned that…
The Aftermath of Silvergate Capital’s Settlement: A Closer Look
In a recent development, Silvergate Capital agreed to a settlement of $50 million with the Securities and Exchange Commission (SEC) while facing demands from the Federal Reserve governors and California financial regulators for an additional $63 million in fines. The SEC accused Silvergate Capital, its subsidiary Silvergate Bank, and two executives of providing false information…
The Impact of Political Leadership on Solana ETF Approval
The recent revelation by VanEck’s Head of Digital Assets Research, Matthew Sigel, regarding the company’s Solana spot ETF proposal betting on Donald Trump’s victory in the US presidency raises interesting questions about the impact of political leadership on regulatory decisions. The deadline for VanEck’s application coincides with the aftermath of the US Presidential elections in…
