The CEO of global investment bank JPMorgan, Jamie Dimon, says that bitcoin has no intrinsic value and “regulators are going to regulate the hell out of it.” He emphasized: “If people are using it for tax avoidance and sex trafficking and ransomware, it’s going to be regulated, whether you like it or not.” JPMorgan’s Boss…
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Federal Reserve Chairman Jerome Powell confirmed during a hearing before the House Financial Services Committee that he has no intention to ban or limit the use of cryptocurrencies. He also commented on the regulation of stablecoins. Powell Says ‘No Intention to Ban’ Crypto The chairman of the Board of Governors of the Federal Reserve System,…
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The Monetary Authority of Singapore (MAS), the country’s central bank, has formally approved two companies to provide crypto services. One is the brokerage arm of DBS, the largest bank in Singapore and Southeast Asia. The other is Independent Reserve, a crypto exchange and OTC trading desk. Singapore’s Central Bank Formally Approves DBS and Independent Reserve…
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Former federal prosecutor Katie Haun says that regulators really need to take stock of the fact that we’re beyond just financial use cases of cryptocurrency. “There’s much more to crypto than that,” she said, adding that “Regulation cannot be one size fits all.” Haun further said that crypto is not the Wild West and the…
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Former U.S. treasury secretary and chief economist at the World Bank, Larry Summers, says cryptocurrency will do better regulated in a sound way instead of being treated as a libertarian paradise. Larry Summers Sees Crypto Benefiting From Strong Regulation Lawrence Summers, who served as the Secretary of the Treasury in the Clinton administration and director…
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A U.S. senator has asked the chairman of the U.S. Securities and Exchange Commission (SEC), Gary Gensler, to provide clear guidance on cryptocurrency regulation. The senator stated that in many enforcement actions, “the SEC did not identify the securities involved or the rationale for their status as securities, which would have provided much-needed public regulatory…
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Coinbase CEO Brian Armstrong has stated that SEC won’t meet with the firm, while asserting the 50% of Washington officials are concerned over the risks of crypto. Coinbase CEO Brian Armstrong claims that the U.S. Securities and Exchange Commission (SEC) is the only government branch that is not willing to meet with the firm. Speaking…
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The president of the European Central Bank (ECB), Christine Lagarde, says cryptos are not currencies, adding that they are “highly speculative, suspicious occasionally, and high intensity in terms of energy consumption.” She also discussed the need for stablecoin regulation and central bank digital currencies (CBDCs). Lagarde: ‘Cryptos Are Not Currencies. Full Stop’ ECB President Christine…
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The chairman of the U.S. Securities and Exchange Commission (SEC), Gary Gensler, explained that there is not enough investor protection in cryptocurrency. He added that the securities regulator needs more funding and manpower to effectively regulate the crypto sector. SEC Chair Gensler Says More Funding Needed to Regulate Crypto Space SEC Chairman Gary Gensler detailed…
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Crypto is now a legal method of payment for commercial transactions in the Island nation. Resolution 215 of 2021 issued by the Banco Central de Cuba (BCC) — the country’s central bank — recognizing cryptocurrencies like Bitcoin (BTC) is now in effect. According to Cuba’s official state news agency Prensa Latina, the order became official on Wednesday.…
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