Regulation

Jon Cunliffe, Deputy Governor of the Bank of England, recently argued why he thinks cryptocurrencies could cause a financial crisis. He compares it to the dot-com bubble and especially to the 2008 market collapse. Crypto Weaves Itself into Financial Markets As reported by Bloomberg, Cunliffe's primary concern is that cryptocurrency has been interwoven into the financial system. As he points out, central banks are now offering crypto custody services to their clients. Furthermore, hundreds of specialist crypto hedge funds are…

SEC commissioner Hester Peirce, a.k.a. crypto mom, recently posted a transcript of her speech at the Texas Blockchain Summit. In her remarks, she re-characterizes SEC Chairman Gary Gensler's oft-used "Wild West" criticism to compliment crypto. But, then, she follows up with some very critical questions of the chairman's regulatory approach thus far. 'Lawless in Austin': Peirce's Speech She posted her speech on October 8th, but it only gained traction recently after Peirce shared it through her Twitter. Providing a link,…

The Biden administration is considering appointing a White House cryptocurrency czar in a new executive order. The official would coordinate with several other regulatory agencies to investigate the emerging asset class. The agencies would help provide regulatory recommendations and further information about the space. White House Prioritizes Crypto Oversight As Bloomberg reported, the appointment would be part of a government-wide effort to organize crypto regulation. Accordingly, the plan is to give organizations that pay little attention to crypto a responsibility. According…

BlockFi– a leading cryptocurrency lending institution– has recently filed for a Bitcoin Futures ETF with the SEC. Their request comes amidst growing excitement that the US could approve a Bitcoin ETF by the end of October. Blockfi’s Bitcoin Strategy ETF BlockFi’s proposed ETF would be listed on the Cboe BZX exchange, according to the company’s filing today. It seeks to purchase cash-settled Bitcoin futures contracts on the CME to accumulate capital. It would also invest in short-term fixed-income securities, alongside…

Steve Mnuchin– former Treasury Secretary of the United States– recently discussed stablecoins and FinTech investment opportunities. While he sees potential in blockchain technology and stablecoins, he also says they shouldn’t operate like “casino chips." Stablecoins and Casino Chips Mnuchin aired his thoughts earlier today in an interview with Bloomberg Invest Global. He begins stating that there’s “gigantic opportunity” in “real-time, cross border currencies,” and calls both blockchains and stablecoins “interesting”. [caption id="" align="aligncenter" width="755"] Steve Mnuchin. Source: NBC[/caption] However, he…

In line with Jerome Powell’s comments last week, SEC chairman Gary Gensler confirms he has no plans to ban cryptocurrency. Instead, the SEC’s approach remains strictly on regulating the space and protecting consumers. Regulation: Banning, Says Gensler Gensler clarified his stance during a House hearing today in response to a question from Republican lawmaker Ted Budd. Representative Budd led the charge to amend dubious phrasing on cryptocurrency regulation in last month’s infrastructure bill. He also proposed an anti-crypto-terrorism bill in…

Patrick McHenry– Republican House representative and ranking member of the House Financial Services Committee– continues fighting for the cryptocurrency industry. He recently presented a safe harbor bill designed to protect crypto-related startups from securities regulators.  The Clarity for Digital Tokens Act of 2021 McHenry’s bill was unveiled on Tuesday, before a committee hearing with SEC chairman Gary Genser. The proposed legislation seeks to “provide a safe harbor for transactions in certain tokens and other purposes.” It has been titled “The…

Brazil's Chamber of Deputies imposed new rules on crimes involving cryptocurrencies. The new guidelines include harsher penalties which increase from one to two-thirds. By introducing this law, Brazil could fight against laundering activities using digital currencies. The bill awaits review from the Plenary of the Chamber before passing it into law. A New Age of Regulation in Brazil? As of now, laundering suspects face a jail term of three to ten years. The culprits also attract heavy fines for engaging…

Edward Snowden– a former member of the CIA and famous whistleblower– recently reflected on one of his one-time Bitcoin purchases. He shows amazement at Bitcoin’s immense growth despite China’s complete ban, which he says “only made bitcoin stronger.” Snowden’s Admiration for Bitcoin Snowden’s comments came in response to one of his former tweets from March of 2020. At the time, Bitcoin underwent a steep price fall of over 50%, from around $9000 to under $4000 in just two days. Snowden…