Despite approaching the issue from vastly different angles, the two sides were able to agree on a few basics as the bill passed out of committee. Debate in the United States House Financial Services Committee during the markup of the CBDC Anti-Surveillance State Act on Sept. 20 occasionally wandered beyond strictly financial and technical issues.…
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Ted Cruz, the U.S. Republican senator from Texas, expressed his optimism on Friday, stating he’s “bullish on bitcoin,” after a recent interview with Forbes released on September 8. During the conversation, Cruz highlighted emerging reports indicating that bitcoin mining is positively impacting Texas’ power grid, commonly referred to as the Electric Reliability Council of Texas…
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Michael Barr expressed “strong concern” about stablecoins and appreciation of legislative efforts to address them at the Philadelphia Fed’s fintech event. The Federal Reserve Bank vice chairman spoke at the Philadelphia Fed’s fintech event on Sept. 8 about what the central bank’s role is in financial innovation. Research and supervision was the short answer, with…
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The government in Seoul intends to submit new legislation tailored to facilitate the tracking and freezing of crypto used to fund the weapons programs of North Korea. A bill has been drafted after extended consultations between ministries with the aim to make South Korean sanctions more effective and improve the country’s cybersecurity.
South Korean Government…
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The committee members suspect the Fed is trying to hold up Congressional efforts to pass stablecoin legislation by restricting banks’ actions. The Federal Reserve is seemingly running interference with congressional efforts to regulate stablecoins, according to a letter recently sent to Fed Chairman Jerome Powell. The letter came from Chairman of the U.S. House of…
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On Wednesday, Democratic Congresswoman Maxine Waters (D-CA) criticized PayPal’s launch of its new dollar-backed stablecoin, PYUSD, as she believed the company should have waited for federal regulatory approval before proceeding. “I am deeply concerned that PayPal has chosen to launch its stablecoin while there is still no Federal framework for regulation,” she said in a…
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The Russian government has legally recognized digital currencies issued by other nations, local crypto media reported. The respective legislative changes have been made alongside the adoption of a dedicated law regulating the introduction of Russia’s own digital ruble. Amendments Legalizing Foreign CBDCs Enter Into Force in Russia Russian authorities have granted digital currencies of other…
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President Vladimir Putin has signed into law a bill on the introduction of the digital ruble in the Russian Federation. The new legislation, which legalizes and regulates the use of Bank of Russia’s digital currency for payments and other transactions, will enter into force on Aug. 1. President Putin Greenlights Law Introducing Digital Ruble as…
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In a report requested by Rep. Maxine Waters, the country’s top watchdog is carefully neutral but dissatisfied with agencies’ abilities to work together. The United States Government Accountability Office (GAO), a Congressional watchdog agency, has released a report it completed in June on the regulatory framework for the use of blockchain in finance. The 77-page…
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The upcoming FCA meeting is aimed at providing regulatory clarity for the digital asset ecosystem — cryptocurrencies, blockchain development and stablecoin payments. The Chairman of the House Financial Services Committee (FSC), Patrick McHenry, announced a markup of a few legislations, three aimed at providing regulatory clarity for the digital asset ecosystem — cryptocurrencies, blockchain development…
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