The Responsible Financial Innovation Act will establish guardrails “to prevent another FTX-style event from occurring” in the wake of the 2022 market crash and bankruptcies. United States Sens. Cynthia Lummis and Kirsten Gillibrand will reintroduce legislation aimed at establishing a comprehensive regulatory framework for digital assets. The U.S. lawmakers said they would reintroduce the Responsible…
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On July 12, 2023, onchain data shows the U.S. government transferred 9,800 bitcoins (BTC), worth just over $300 million. These bitcoins originally came from James Zhong’s Silk Road hack. In March, the Department of Justice also moved a similar amount of bitcoins associated with Silk Road. Silk Road Bitcoin Stash Controlled by the Feds Moves,…
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The group raised concerns over Prometheum’s changing position on crypto regulatory clarity and under what circumstances the firm obtained a special purpose broker-dealer license. The United States-based crypto advocacy group Blockchain Association has submitted a letter to the Securities and Exchange Commission’s (SEC) Office of Inspector General calling for an investigation into crypto firm Prometheum.…
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Republican members of Congress stepped up their allegations of Prometheum’s ties to the Chinese Community Party, claiming potentially false or misleading statements to the SEC. Six members of the United States Congress have called on the U.S. Securities and Exchange Commission (SEC) and Department of Justice to investigate Prometheum, claiming the firm has ties to…
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Income tax, property tax, VAT, corrective taxation — there is a tax goldmine out there for governments, but they will have to think hard about accessing it. Governments have yet to address all the ways crypto might be taxed, the International Monetary Fund (IMF) has realized, and the amount of taxes not imposed or collected…
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Following a third reading in the House of Lords, the Economic Crime and Corporate Transparency Bill will return to lawmakers to consider changes before being signed into law. Lawmakers in the upper house of the Parliament of the United Kingdom are moving forward with legislation aimed at expanding authorities’ ability to target cryptocurrencies used for…
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Companies operating in the U.K. will have only “four routes to lawfully communicate cryptoasset promotions” in order to be in compliance with the FCA’s regime. The United Kingdom’s Financial Conduct Authority, or FCA, has announced that all crypto asset firms marketing to users in the country must be in compliance with its financial promotions regime…
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South Korea’s crypto bill aims to establish a basis for imposing penalties and liability for damages caused by unfair cryptocurrency trading. South Korea’s government is taking steps to protect cryptocurrency investors from implosions like Do Kwon’s Terra ecosystem by passing a new crypto bill. On June 30, the National Assembly passed the Virtual Asset User…
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The report, which consists of 16 separate proposals, highlights the advantages and potential of blockchain technology in various sectors. Canadian lawmakers in the House of Commons have shown their support for blockchain technology and cryptocurrencies in a report released by the Standing Committee on Industry and Technology (INDU). The report, which consists of 16 separate…
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The U.S. SEC was at the top of BlockFi creditor’s list with a $30 million settlement balance from February 2022. The United States Securities and Exchange Commission (SEC) has agreed to postpone the payment of a $30 million fine from bankrupt crypto lender BlockFi until creditors are paid back. The amount represents the balance of…
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