The hearing was filled with a heavy amount of criticizing the SEC, urging to take matters of regulation into Congress’ hands and empowering the CFTC. On May 10, the United States House of Representatives Financial Services Committee and Agriculture Committee held their first joint hearing on digital asset regulation. The event felt like a logical…
Read more
Authorities in Pakistan intend to prohibit all internet-based crypto services despite significant digital-asset investments made by Pakistanis. The decision comes as government officials in Islamabad take a strong stance against the legalization of cryptocurrencies like bitcoin. Crypto ‘Will Never Be Legalized in Pakistan,’ Minister Tells Senators Pakistan’s government announced on Wednesday its decision to suspend…
Read more
A related report by the FDIC chief risk officer cited poor management as “the root cause of Signature Bank’s failure.” Investigations into the collapse of Signature Bank point toward illiquidity circumstances and poor management. However, the Federal Deposit Insurance Corporation (FDIC) chairman, Martin Gruenberg, believes the bank’s failure to understand the risks associated with cryptocurrencies…
Read more
Speculation swirled on Wednesday on whether the US government’s Bitcoin holdings were being sold off in the thousands. In a tweet, Steven or @Dogetoshi, research director at The Block, found transactions labeled as “Gov: DOJ Confiscated funds.” It then seemed to be a user mistake. Crypto veteran Adam Cochran echoed that and said that a…
Read more
The ratings agency looked at five areas of interconnectedness between the crypto ecosystem and traditional finance; its lack of firm conclusions may be telling. Rating provider S&P Global has examined whether or not there is a relationship between crypto assets and macroeconomics in a new report. Its conclusion is a firm “maybe” and the details…
Read more
Ripple’s CEO reveals $200 million spent defending the SEC lawsuit, and laments about U.S. crypto regulation and a politics-first policy, advising entrepreneurs to avoid the United States. Ripple has spent $200 million defending the case brought against it by the United States Securities Exchange Commission (SEC), according to CEO Brad Garlinghouse. Garlinghouse dropped the figure…
Read more
Under a bill proposed by New York Attorney General Letitia James, crypto exchanges could be required to reimburse users who were the victims of fraud. Letitia James has reportedly proposed legislation that would give the New York Attorney General’s office more authority to regulate the crypto industry. In a May 5 announcement, the NY AG’s…
Read more
The partnership will enable BNP Paribas China’s corporate clients to make payments using the digital yuan through an e-CNY management system. The French bank BNP Paribas is collaborating with the Bank of China (BOC) to promote China’s digital currency, the digital yuan, to its corporate clients, the South China Morning Post reported. The partnership will…
Read more
Zimbabwe’s central bank plans to sell gold-backed digital tokens at $10 for individuals and $5,000 for corporations. Zimbabwe’s central bank has set a price for its gold-backed digital tokens. The country is planning to sell its gold-backed digital currency to investors starting May 8. The tokens will be sold at a minimum price of $10…
Read more
Asking exchanges to identify users might seem like a minor inconvenience, but could it drive DeFi firms overseas, and would crypto users even care? Cryptocurrencies were designed to be anonymous or pseudonymous, so there is an inherent tension when protocols come up against jurisdictional authorities. In the United States, the blockchain and cryptocurrency sector has…
Read more
