According to the Connecticut Department of Banking, commissioner Jorge Perez revealed that the regulator has reached a settlement with the crypto automated teller machine (ATM) and kiosk operator Bitcoin of America. As part of the settlement, Bitcoin of America will pay $86,000 in restitution, and the firm will be required to cease operations in Connecticut.…
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The group’s policy head doubted a divided Congress can create crypto legislation but said it doesn’t give regulators absolute authority in the interim. Despite attempts to police cryptocurrency through enforcement actions, United States financial regulators “are bound by legal reality” and Congress will ultimately decide crypto regulations the policy expert for the crypto advocacy group…
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Johnson wants to protect customers in a way that reduces the risk of crises, and proposes a number of amendments to existing crypto regulation. Commodity Futures Trading Commission (CFTC) Commissioner Kristin Johnson has urged Congress to adopt legislation that “closes the current gap in the oversight of crypto spot markets.” During a speech at the…
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The commissioner warnes that vulnerabilities seen within the crypto markets are similar to those seen during the global financial crisis and calls for the agency to be given additional authority. Commodity Futures Trading Commission’s (CFTC) Christy Goldsmith Romero has pointed to the collapse of the Terra ecosystem and its flow-on effects as an example of…
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The FTX founder said a knowledge test for derivative retail customers “could make sense” but it doesn’t need to be specific to crypto. The founder and CEO of cryptocurrency exchange FTX, Sam Bankman-Fried has backed the idea of knowledge tests and disclosures to protect retail investors but said it shouldn’t just be crypto-specific. Bankman-Fried tweeted…
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The commissioner said the potential of blockchain and cryptocurrency to change existing markets necessitates a new retail investor protection office similar to that of the SEC. Commodity Futures Trading Commissioner (CFTC) Caroline Pham has proposed the creation of an “Office of the Retail Advocate” aimed at expanding the CFTC’s consumer protection mandate. Pham referred to…
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Ripple Lawyer Argues SEC Chair Gensler Has Prejudged Crypto Asset Cases
Recently, Gary Gensler, the chairman of the U.S. Securities and Exchange Commission (SEC), expressed his opinion in a detailed interview with New York Magazine’s Intelligencer regarding why he believes crypto assets other than bitcoin are securities. However, Stuart Alderoty, Ripple’s chief legal officer, argues that Gensler must “recuse himself from voting on any enforcement case…
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