Regulation

The Biden administration recently released its long-awaited stablecoin report – and one government official isn’t entirely on board. Pat Toomey – Republican Senator and ranking member of the Senate Banking Committee –disagrees with treating stablecoins issuers as banks. Amid a booming crypto market and allegations against Tether, he adds fuels the fire surrounding crypto regulations. Toomey: Stablecoin Issuers Aren’t Banks Pat Toomey shared his thoughts on the report in an interview with Yahoo Finance earlier today. The Senator acknowledged that…

Ted Cruz – Republican Senator and Representative of Texas – wants to impose an El Salvador-esque mandate on Capitol Hill. He has put forward a brand new legislative proposal that would require all of its vendors to accept crypto payments. Also, Cruz has proven extremely supportive of cryptocurrencies before. And, his proposal could help other politicians become more familiar with the technology. Ted Cruz’s Proposal Two days ago, the Senator submitted the ‘‘Adopting Cryptocurrency in Congress as an Exchange of…

The Australian Securities and Investments Commission (ASIC) just released new guidelines on establishing crypto ETPs in the country. Alongside numerous regulatory requirements, the commission is tentatively permitting Bitcoin and Ethereum backed spot ETFs to launch. Incredibly, they are also willing to evaluate other cryptocurrency's suitability as underlying assets for such products. Australia's Approach to Crypto ETFs ASIC revealed its openness to digital asset ETFs in response to the crypto industry earlier today. This was a follow-up to the commission's consultation paper…

Continue reading Rand Paul: Cryptocurrency Could Reach World Reserve Status

Could the Chinese government reconsider its stance against cryptocurrencies? The country's National Development and Reform Commission (NDRC) recently published a report seeking public opinion on the matter. China has dictated multiple bans on Bitcoin over the past 8 years. However, the government may have the motivation to not altogether reject its adoption. China Consults the Public Earlier today, the commission published its report to its website under the "Soliciting Opinions" (translated) category. It states that central departments have revised one…

New York State has ramped up its crackdown against the cryptocurrency space. Attorney General Letitia James recently ordered two crypto lending platforms to close their operations within the state. New York Combats Unregistered Securities It confirmed Attorney General James’s motion in a press release from her government website earlier today. Her actions are part of an effort to protect New Yorkers from so-called “virtual currency schemes.” The AG sent a letter to two unnamed cryptocurrency lending platforms, demanding they cease…

Tether was hit with more legal repercussions amid rising concerns about its fiat currency backing. The stablecoin issuer is set to pay $41 million as settlement for allegations that it lied about its reserves. In the same case, Bitfinex received an accompanying charge. The CFTC Strikes against Tether and Bitfinex The news dropped this Friday when the Commodity and Futures Trading Commission (CFTC) issued a press release on the matter. Earlier in the day, the agency settled charges against Tether,…

Coinbase, a highly popular cryptocurrency exchange, is taking steps to advance the regulatory conversation in the United States. The company just released a 30-page policy proposal with suggestions on how policymakers should address the industry. Experts, opinion leaders, and government officials across the country have contributed to its development. ‘Safeguarding America’s Financial Leadership’ The proposal, ‘Safeguarding America’s Financial Leadership,’ was revealed in a Coinbase blog post on Thursday. Though the entire proposal is reasonably dense, the blog post offers a…

The crypto community just received another significant green light from a world superpower. Russian President Vladimir Putin recently stated that cryptocurrency “has the right to exist and can be used as a means of payment.” Russia Accepts Crypto Putin aired his thoughts in a recent interview with CNBC, when discussing alternative settlement means for crude oil contracts. Several months ago, Russia’s Deputy Prime Minister suggested that the country forgo dollar-denominated contracts in response to US sanctions. This spurred questions of…