Regulation

Human rights advocates across the globe have sent US lawmakers a letter defending cryptocurrencies. Specifically, 21 human rights defenders from 20 countries teamed up to pen the letter. The human rights defenders highlighted the importance of cryptos in countries with collapsing or broken fiat currencies. In the letter, the humanitarians said they and tens of millions of other people living under authoritarian regimes and unstable economies rely on Bitcoin (BTC) and stablecoins. According to them, BTC offers financial inclusion and…

This post was updated to clarify that most cryptocurrencies would still be governed by the SEC under the Lummis-Gillibrand bill.   Cynthia Lummis’s long-awaited regulatory bill has arrived, providing legal clarity across multiple major sectors of the crypto industry. Here are the biggest takeaways from the legislation, including info on which cryptos are securities, and taxation of crypto transactions. The Responsible Financial Innovation Act would – if passed – would classify the two top cryptocurrencies right now as commodities –…

A leaked draft bill from the United States began to spread earlier on Twitter today, drawing the attention of several crypto influencers. The crypto-related proposal looks to advocate a much more stringent regulatory environment for the blockchain industry. Possible Blow to the Crypto Industry The leaked draft suggests precise restrictions to put the developing crypto space in line with the law. The draft, now circulating on Twitter, focuses on various crypto entities, such as decentralized finance (DeFi), decentralized autonomous organizations…

New York Senators have passed a bill that prohibits the use of carbon power sources to mine cryptocurrencies. CNBC reported this development, noting that the Senators voted in Albany earlier today. The bill passed after some undecided Senators voted in its favor. The bill passed the state assembly in April. Its next stop is Governor Kathy Hochul's desk. Hochul can either pass the bill into law or veto it. Should Hochul sign the bill, New York will become the first…

President Biden and his administration are working on policy solutions for minimizing the environmental effects of Bitcoin mining. As more hash power migrates to the U.S, critics have begun claiming that it could threaten US climate goals. The Proof-of-Stake Question As reported by BloombergTax on Thursday, the new report is expected in August and will push federal agencies towards ensuring more “responsible” mining. However, it's unclear if those recommendations will lead to effective policy action. Costa Samaras, principal assistant director…

The newly-founded “global community of technologists” has sent a letter to US Congress advocating skepticism of the crypto industry. The group – featuring 26 computer scientists and academics – combats the positive spin put forth by cryptocurrency lobbyists thus far. No Real Benefits Thursday’s letter – directed toward House and Senate Leaders alike – argues that crypto assets are not “unreservedly good”. It calls for the creation of a regulatory “safe haven” from so-called “risky, flawed, and unproven digital financial…

The Commodity Futures Trading Commission (CFTC) has filed a lawsuit against Gemini Trust Company LLC. The regulator alleges that the New York-based crypto exchange was deceptive in responding to questions regarding a BTC-backed futures contract.  At present, the CFTC is asking for monetary penalties against the exchange, and other punitive measures, which include stopping Gemini from trading commodities. The CFTC's Complaints The crypto trading firm and its staff, headed by billionaire twins Cameron and Tyler Winklevoss, are currently under fire.…

Senator Cynthia Lummis (R-WY) has given a specific date for when her long-awaited crypto regulator bill will be unveiled. The legislation will help to sort cryptocurrencies under appropriate regulatory labels and federal jurisdictions. According to a tweet from the senator on Friday, the final version of her bill will be released on Tuesday, June 7th. Lummis has spent months working on the bill alongside Senator Kirsten Gillibrand (D-NY), announcing it as early December 2021. The bill will reportedly provide sweeping…

Cardano Founder Charles Hoskinson has shared details of a week-long trip to Washington D.C, where he met with US lawmakers to discuss crypto-related policies. In a Youtube video, Hoskinson related his conversations which he says are another step towards changing how regulatory entities view the crypto industry. Crypto Policies in Need of Major Work Charles Hoskinson has reportedly spent the past few days mulling over the best course for regulation. In fairness, Hoskinson has always pushed clarity in government interactions…