From fiat banknotes to fractional reserve banking, the notion of what constitutes money in the U.S. has changed over time. But is the time right for e-cash? On March 11, United States President Joe Biden issued an executive order in which he encouraged the Federal Reserve to continue research on a prospective U.S. central bank…
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Infrastructure firms will now have to report within 24 hours if they make a ransomware payment. “This surely will be a game changer.” 2020 was a record year for ransomware payments ($692 million), and 2021 will probably be higher when all the data is in, Chainalysis recently reported. Moreover, with the outbreak of the Ukraine-Russia…
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The agency’s $365 million proposed FY2023 budget includes significant allocation for CPAs and whistleblowers. The U.S. Commodity Futures Trading Commission, or CFTC, has released its Fiscal Year 2023 (FY2023) budget request, seeking $365 million. This marks a 9.9% increase over the previous year and 20% over FY2021. The commission regulates the country’s derivatives market and…
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Some jurisdictions are introducing digital assets as tax payment options while others levy hefty taxes on crypto gains. It was relatively quiet in the digital asset policy department last week, as regulators and lawmakers in most key jurisdictions retreated to their offices to do the necessary homework. In the U.S., federal agencies got on with…
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Senator Cynthia Lummis has won support from a Democrat senator for her new digital asset bill. United States Senator from New York Kirsten Gillibrand revealed working with Senator Cynthia Lummis on a broad-based regulatory framework for the crypto industry on Thursday during a live event in Washington, D.C. As Gillibrand specified, she and Lummis are undertaking…
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El Salvador’s President Nayib Bukele publicly called out Reuters for spreading “FUD” about delays in the country’s $1 billion ‘volcano bond.’ El Salvador President Nayib Bukele took to Twitter on Wednesday evening, hitting out at a Reuters report claiming Binance CEO Changpeng Zhao (CZ) was flying in to save El Salvador’s Bitcoin Bond. “Please don’t…
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The bill would direct federal agencies to scrutinize how El Salvador implements its Bitcoin law. El Salvador president Nayib Bukele reacted to the news that the recently proposed Accountability for Cryptocurrency in El Salvador Act (ACES) had passed the U.S. Senate Foreign Relations Committee and will now head to a full Senate vote. The 40-year…
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Crypto comes to the Persian Gulf, U.S. Congress moves sideways, Australia is looking at regulating DAOs. Last week got off to an antsy start as the clause that many interpreted as a direct route to ban proof-of-work-(PoW)-based cryptocurrencies made a sudden comeback to the draft of the European Union’s key directive on digital assets. Many…
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“Overburdensome” — Eight members of Congress have expressed concern that Gary Gensler’s scrutiny of crypto firms is unfairly suffocating the industry. In a bipartisan letter put forward by Republican Minnesota Congressman Tom Emmer, a cohort of Congress members has written to Securities and Exchange Commission (SEC) Chairman Gary Gensler, challenging the regulator’s scrutiny of cryptocurrency…
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A flurry of research and reporting is the first step toward a coherent crypto policy, while action remains months or years in the future. United States President Joe Biden signed the Executive Order on Ensuring Responsible Development of Digital Assets on March 9. The order had been expected for several months, giving some in the…
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