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
Regulation
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 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
Circle, a well-known cryptocurrency company, made headlines on July 1 when it announced that it had secured an e-money license from France. This achievement is significant as Circle is now the first global stablecoin issuer to comply with the EU’s Markets in Crypto-Assets (MiCA) regulations. The license, granted by France’s financial regulator, the Autorité de
Cryptocurrency has revolutionized the financial industry, offering unprecedented challenges and opportunities for regulators worldwide. The European Union, in particular, has taken proactive steps to regulate the crypto space through the Markets in Crypto-Assets regulation (MiCAR). However, a critical gap exists within this regulatory framework when it comes to non-custodial crypto asset service providers. The Regulatory
Vitalik Buterin, the co-founder of Ethereum, has once again expressed his worries about the current state of cryptocurrency regulation, particularly in the United States. He raised a crucial point about a regulatory paradox that seems to hinder the growth and integrity of the industry. Buterin pointed out that the existing regulatory framework allows projects with
The recent decision by the US Supreme Court to overturn the Chevron doctrine has sparked a debate on its potential impact on crypto regulation, particularly with regards to the Securities and Exchange Commission (SEC). Economist Timothy Peterson believes that this ruling will limit the SEC’s interpretive power against Bitcoin and could lead to fairer regulations
Keisha Lance Bottoms, the future senior campaign adviser for Joe Biden, recently made headlines by emphasizing the nonpartisan nature of the crypto industry. According to Bottoms, crypto is not a political issue but rather a unifying force that has garnered bipartisan backing. She highlighted the growing interest in crypto and blockchain technologies among voters nationwide,
Paradigm has raised concerns over the European Securities and Markets Authority’s (ESMA) proposed regulations under the Markets in Crypto Assets Regulation (MiCA). In a detailed response to ESMA’s third consultation package, the firm outlined potential negative impacts on both EU citizens and the broader crypto ecosystem stemming inadvertently from some of the proposed rules. ESMA
Nigeria’s Securities and Exchange Commission (SEC) has issued a 30-day ultimatum for crypto exchanges and digital asset traders to re-register their businesses, warning of enforcement actions against non-compliance. This move comes as part of the Accelerated Regulatory Incubation Program (ARIP) for Virtual Assets Service Providers (VASPs), aimed at aligning existing rules on digital assets issuance,
Abra and its CEO, William “Bill” Barhydt, have recently come to a settlement with 25 US state regulators for operating without the necessary licenses to offer crypto trading services. The settlement includes a waiver of monetary penalties, with a focus on customer repayments totaling $82 million. Additionally, Abra has agreed to cease accepting crypto allocations
Louisiana Governor Jeff Landry recently signed a bill, HB 488, that prohibits the use of central bank digital currencies (CBDCs) in the state. This move is aimed at protecting the interests of individuals and businesses involved in the crypto mining industry. The bill ensures that governing authorities do not accept or require payments in CBDCs
Recent reports suggest that Coinbase, a prominent cryptocurrency exchange, may encounter regulatory challenges due to its adherence to the new Financial Accounting Standards Board (FASB) rules. These regulations shift the accounting and disclosure practices for cryptocurrencies from a cost-less-impairment model to a fair-value model. This change aims to provide a more accurate valuation of digital
Ripple, the prominent crypto company, is now facing legal battles after a US judge in California greenlit a lawsuit against the company. The lawsuit revolves around allegations of misleading statements made by Ripple’s CEO, Brad Garlinghouse. The lawsuit stems from a 2017 interview with the Business News Network where Garlinghouse stated, “I’m long XRP, I’m