Category: Regulation

Rep. Waters calls on Biden to reverse policies that let banks custody cryptocurrencies and stablecoin reserves

Rep. Waters calls on Biden to reverse policies that let banks custody cryptocurrencies and stablecoin reserves

Congresswoman Maxine Waters has released a wide array of recommended policy changes and approaches to president-elect Joe Biden — a list that includes the rescinding of guidance from the Office of the Comptroller of the Currency focused on banks, cryptocurrencies and stablecoins.  In September, the OCC said that federally chartered banks can hold reserve funds […]

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The SEC director who first spoke about ‘sufficient decentralization’ served his last day today

The SEC director who first spoke about ‘sufficient decentralization’ served his last day today

Friday is Bill Hinman’s final day as the Securities and Exchange Commission’s (SEC) Division of Corporation Finance director. Hinman’s departure was announced in late October, but the SEC did not disclose the exact date of his exit. Hinman has led the division since May 2017, focusing on modernizing disclosure and securities offering frameworks. In his […]

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Lawmakers cheer crypto-related elements included in Congressional defense funding bill

Lawmakers cheer crypto-related elements included in Congressional defense funding bill

Congress is inching closer to approving a multi-billion dollar defense spending authorization bill which, according to lawmaker statements, will include several elements related to cryptocurrency and blockchain. Senator Mark Warner of Virginia’s office put out a statement on December 3 which noted that the final National Defense Authorization Act (NDAA) text includes parts of the […]

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New Draft U.S. Law Will Make It Illegal to Issue Stablecoins Without Federal Reserve Approval

New Draft U.S. Law Will Make It Illegal to Issue Stablecoins Without Federal Reserve Approval

Three U.S. lawmakers have introduced a bill that will force private stablecoin issuers to obtain a banking charter (or license) and approval from the Federal Reserve before they can issue a stablecoin. Instigated by Rep. Rashida Tlaib, with support from Reps. Jesús García and Stephen Lynch – all of them Democrats – the proposed law […]

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The SEC is spinning out its FinHub initiative into a standalone agency office

The SEC is spinning out its FinHub initiative into a standalone agency office

The Securities and Exchange Commission announced today it is spinning out its Strategic Hub for Innovation and Financial Technology (FinHub) into a standalone office. Since 2018 the branch has spearheaded agency efforts on responsible innovation and has been the SEC’s main lens into the world of blockchain and crypto. Valerie A. Szczepanik, FinHub’s head, will […]

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Rep. Emmer voices opposition on new stablecoin regulation bill in Congress

Rep. Emmer voices opposition on new stablecoin regulation bill in Congress

U.S. Representative Tom Emmer (R-MN) has voiced opposition to a new draft bill that would make stablecoin issuers more beholden to the federal government.  The STABLE Act, introduced by Reps. Rashida Tlaib (D-MI), Stephen Lynch (D-MA) and Jesus Garcia (D-IL), would require issuers to obtain a banking charter. This means stablecoins would become a type of […]

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New Congressional bill says it would be ‘unlawful’ to issue stablecoins, ‘provide any stablecoin-related service’ without federal approval

New Congressional bill says it would be ‘unlawful’ to issue stablecoins, ‘provide any stablecoin-related service’ without federal approval

Three House Democrats have unveiled a new piece of legislation focused on the regulation of stablecoins issuers and companies that provide stablecoin-related services.  The draft bill, if approved, “would protect consumers from the risks posed by emerging digital payment instruments, such as Facebook’s Libra and other Stablecoins currently offered in the market, by regulating their […]

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More than 150 UK crypto firms are stuck in regulatory limbo as a crucial deadline approaches

More than 150 UK crypto firms are stuck in regulatory limbo as a crucial deadline approaches

Quick Take Crypto firms won’t be able to operate in the UK after January 10 if they aren’t registered with the FCA. Thus far only three companies have made it onto the register while another 160 applications await approval. This feature story is available to subscribers of The Block Daily. You can continue reading this […]

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Mastermind of Bitcoin Mining Ponzi Scheme Extradited to the US: $20 Million in Victims’ Funds Laundered

Mastermind of Bitcoin Mining Ponzi Scheme Extradited to the US: $20 Million in Victims’ Funds Laundered

The US government says it has extradited Gutemberg Dos Santos, the co-founder of the Airbit Club Ponzi scheme from Panama and he now awaits his trial in a Manhattan court. Dos Santos is facing charges relating to his role in perpetuating a “cryptocurrency” scam which defrauded victims of “tens of millions of dollars.” Fraudulent Claims […]

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Biden announces nomination of Janet Yellen to lead Treasury Department

Biden announces nomination of Janet Yellen to lead Treasury Department

President-elect Joe Biden has confirmed the nomination of former Federal Reserve Chair Janet Yellen as the next Secretary of the U.S. Treasury Department, the Biden transition team announced Monday.  If confirmed, Yellen will be the first woman ever to lead the department. She will also take the reins of a government department that has slowly […]

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