Regulation

The Bank of Thailand will soon outline specific rules for the crypto industry to protect investors and the financial system. They will arrive in the form of a consultation on the “Financial Landscape” from the nation’s central bank next month. Thailand’s Rules On Crypto Central Bank Governor Sethaput Suthiwartnarueput explained the objectives of the forthcoming paper in an interview with Bloomberg on Monday. He said it would look for consensus regarding the “red lines” for the green finance and digital…

The Nigerian central bank remains hostile to anything crypto besides a CBDC. Still, one high-level minister is defending the industry. Clem Agba, minister of state for budget and national planning, is calling for more precise and more welcoming regulation of the space. Like the United States, Nigeria struggles to classify crypto assets using existing financial terms correctly. Fighting For Crypto In Nigeria Minister Agba spoke about regulating the industry at a conference this Thursday, as reported by Bloomberg. He said…

Bitcoiners have maintained that inflation is here to stay for months, and politicians wake up to that reality. Janet Yellen – Treasury Secretary of the United States – recently admitted that rising prices in the US are no “transitory” phenomenon. Her words echo those of Federal Reserve Chairman Jerome Powell, who said days ago that we should “retire” the term. Inflation Isn’t Ending Soon, Says Yellen Yellen offered her inflation forecast during a Reuters-sponsored event on Thursday. According to the…

The current and former chairmen of the Securities and Exchange Commission show little partisan disagreement. Earlier today, Democrat chairman Gary Gensler and his Republican predecessor Jay Clayton called on exchanges to register with the commission. Both justify their actions by the motivation to protect investor concerns, as Gensler commonly puts it. Register Or Else, Say SEC Chiefs The SEC chiefs aired their thoughts during a Fireside chat at the Digital Asset Compliance & Market Integrity Summit on Wednesday. The event…

Following months of ongoing battles and legal pressure, Ripple is finally making some progress in its lawsuit with the SEC. CEO Brad Garlinghouse said he expects the case to finally end next year. Lawsuit Update From Brad Garlinghouse Brad Garlinghouse – CEO of Ripple – elaborated on the lawsuit’s latest development in an interview with CNBC on Monday. The lawsuit began in December of 2020, with the SEC accusing Ripple of selling $1.3 billion worth of XRP in an unregistered…

Not so long ago, banks were skeptical and outright against the adoption of cryptocurrencies. However, the crypto market has had unprecedented growth in the last few years. Furthermore, it addressed the misconceptions concerning digital currencies. In 2021, it shouldn’t come as a surprise that the tables have turned. Now, banks see the crypto space in a new light. However, only recently, New York regulators wanted to gain more control over Bitcoin. Fortunately, the Wall Street executives managed to influence banks…

A small but dedicated alliance of crypto-friendly senators continues against damaging industry language in the Infrastructure bill. Representatives Patrick McHenry and Tim Ryan have signed bipartisan legislation to fix onerous tax reporting requirements on crypto “brokers”. This follows similar efforts from senators Cynthia Lummis and Ron Wyden earlier this week. The Keep Innovation In America Act McHenry unveiled his regulatory amendment in a press release on Thursday. The legislation – titled the “Keep Innovation in America Act” – would slash…

Amid stifling regulations from uninformed US financial regulators, crypto exchanges are creating recommended frameworks for the industry in their stead. Binance is the latest to do so, after it recently launched its list of “10 fundamental rights for crypto users. The list includes both freedoms and protections Binance believes every human deserves when interacting with Crypto. Here are the exchange’s rights recommendations – alongside some of Crypto Adventure’s commentary. Binance's Decalogue Every human being should have access to financial tools,…

A global banking regulator will review its strict proposal for crypto regulation after pushback from central banks. Basel Committee on Banking Supervision said it would revisit its proposal on capital requirements for crypto. The current proposal treated crypto as one of the riskiest asset classes. As a result, significant banks opposed the regulation to limit their involvement in crypto. Due to the backlash, the Basel Committee went back to the drawing board. The regulator restated its commitment to a "conservative"…