In a groundbreaking move, Oklahoma has taken a bold step by becoming the first US state to legally protect the right to self-custody Bitcoin. By passing the new bill, residents in Oklahoma can now hold, control, and use digital assets without any state interference. This legislation, known as the ‘Bitcoin Rights’ bill or HB3594, was
Regulation
In recent years, the US Treasury Department has recognized the increasing risks posed by cryptocurrencies and other emerging technologies. These digital assets have become a key focus in the Treasury’s efforts to combat terrorist financing, money laundering, and cybercrime. Criminal organizations are leveraging these technologies to carry out illegal activities, highlighting the urgent need for
Oklahoma has taken a significant step in the world of cryptocurrency by signing into law a bill that protects crypto-related rights. The bill, approved by Governor Kevin Stitt, is set to come into effect on November 1. Under the new law, the state government is barred from prohibiting, restricting, or impairing the use of crypto
Deutsche Bank has recently displayed a keen interest in digital assets and tokenization, showcasing its commitment to innovation and technological advancement in the financial sector. By joining the Monetary Authority of Singapore’s Project Guardian, the bank has taken a significant step towards exploring the potential of asset tokenization applications in a regulated environment. This initiative
Two US lawmakers, Senators Cynthia Lummis and Ron Wyden, have taken a stand against the Department of Justice’s (DOJ) attempt to broaden the definition of a money-transmitting business. They believe that the DOJ’s expansive interpretation could potentially lead to the criminalization of non-custodial crypto asset software services. In a letter addressed to US Attorney General
The House Financial Services Committee Chairman, Patrick McHenry, recently announced that new legislation aimed at providing the crypto industry with greater clarity regarding regulatory oversight is scheduled for a potential House floor vote by the end of May. This proposed legislation, known as the Financial Innovation and Technology for the 21st Century (FIT21) Act, seeks
The International Monetary Fund (IMF) has voiced its recommendation for Nigeria to embrace the regulated use of digital assets by licensing international crypto exchanges. This move is aimed at improving the economic stability of the country and bolstering its position within the African crypto sector. The proposal comes in the wake of a recent crackdown
The European Securities and Markets Authority (ESMA) is currently conducting a review of the regulations surrounding crypto asset investments by UCITS (Undertakings for Collective Investment in Transferable Securities). This review is part of a larger examination of the EU’s financial regulatory framework, prompted by the European Commission’s (EC) request to ensure that UCITS rules are
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
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