Regulation

With network hash rate at all-time highs, energy-use concerns still plague Bitcoin’s reputation, including among government officials. According to familiar sources, a US congressional subcommittee is preparing a hearing on the environmental impact of Bitcoin mining. Bitcoin’s Energy Consumption The Oversight and Investigations subcommittee of the House Energy and Commerce Committee is preparing the hearing, reported The Block on Wednesday. They are preparing a witness roster that can account for energy use as it pertains to proof-of-work Bitcoin mining. Proof-of-work…

While Crypto.com’s advertising spree sees no sign of slowing down, it hasn’t been sitting well with all parties. The digital asset exchange recently had two of its ads banned by UK regulators for containing misleading content. This comes following intense public scrutiny of another of the company’s ads featuring Matt Damon. Encouraging Risky Behavior The UK’s Advertising Standards Authority (ASA) reported the bans on Wednesday. The first of the ads mentioned appeared in the Daily Mail app on September 1st.…

Last year, we saw policymakers worldwide divided over the topic of crypto regulations. Overall, we have observed all sorts of legal treatments: from direct national bans to local adaptation as legal virtual currencies. It is not yet clear which path this debate will take in 2022. However, surprisingly, one of the leading representatives of the IMF has taken an essential step towards a crypto-friendly world. According to Gita Gopinath - chief economist at the IMF - the need for a…

Anonymous crypto transfers might become history in South Korea. Major South Korean exchanges will ban transfers to non-verified wallets, following a decision by Coinone. The businesses are adapting to new regulations set by the government. Exchanges including Upbit, Bithumb, and Korbit, will follow a similar decision by a Korean crypto exchange, Coinone.  On Wednesday, Coinone announced it would no longer allow deposits and transfers from unverified private wallets. The decision came as a result of new stricter regulations in Korea. The…

Voyager Digital – a cryptocurrency broker offering simultaneous access to cryptocurrencies on multiple exchanges – has run into some legal trouble. It is now facing a lawsuit alleging that it misled customers by charging hidden fees on transactions. However, Voyager said the accusations are bunk and plan to deal with the matter “through the appropriate legal channels. Lawsuit Against Voyager As reported by Bloomberg, it filed the lawsuit in federal court in Miami on Christmas Eve. It alleges that Voyager…

Though the crypto industry has made unprecedented strides in 2021, various hurdles limit its development. Sam Bankman Fried – CEO of crypto exchange FTX – recently outlined some key issues he thinks the community should address heading into the new year. Ranging from regulation to transaction throughput, he is ready for “slow, hard work” in fleshing out a truly decentralized internet. Where We Are The young billionaire detailed his thoughts in a lengthy Twitter thread on Monday. He said it…

India's crypto future remains uncertain. Crypto remains a heated topic in India as the new bill appears to be delayed again. The bill is listed for the winter session of the Parliament, which will end on Dec. 23. It is unlikely that the bill will pass by that time. Moreover, a similar statement was also listed for earlier sessions this year. The government is reportedly considering more changes to the proposed bill. However, sources also cited needing more time to…

The Russian Central Bank is seeking to ban crypto investments. Reports say that Russian monetary authorities are concerned with a growing number of crypto transactions. Namely, they see these transactions as a risk for economic stability. Moreover, authorities are concerned with the supposed use of crypto in money laundering. For years, Russian authorities spoke out against crypto. The central bank spoke about the risk of its use for money laundering and terrorism. In 2020, Russia gave crypto legal status but banned…

Pat Toomey – a crypto-supportive Republican senator – recently spoke at a congressional hearing discussing stablecoins and their risks. He proposed that stablecoin issuers should operate under three different regulatory models – including under bank charter. This comes following the stablecoin report’s release last month, which recommended that chartered banks only issue them. Three Models For Stablecoin Issuers On Tuesday, the hearing titled “Stablecoins: How Do They Work, How Are They Used, and What Are Their Risks?” happened. While there,…