According to a recent white paper published by four members of the law firm Cooper & Kirk, PLLC, U.S. bank regulators are attempting to “drive crypto businesses out of the financial system.” The paper, titled “Operation Chokepoint 2.0,” claims that after laying the groundwork by labeling lawful businesses as “reputationally risky,” federal bank regulators, with…
Read more
Leaders from Japan, the United States, the United Kingdom, Canada, France, Germany, and the European Union are expected to outline a global cooperative strategy for digital assets in May. The next G7 meeting might bring a push from the seven biggest democracies for tougher regulations on cryptocurrencies around the world, Kyoto news agency reports on…
Read more
The German government has allocated $1.2 million in funding for a metaverse game being developed by Flying Sheep Studios. The company, based in Cologne, will use the funds for the development of a game called Star Life, which will also include blockchain elements in the form of non-fungible tokens (NFTs). Flying Sheep Studios Raises $1.2…
Read more
Two U.S. senators cited the collapse of FTX when writing to the PCAOB chair Erica Williams in January, but now suggest improper auditing could have affected three banks as well. United States Senators Elizabeth Warren and Ron Wyden have cited the recent collapse of three major banks to call on the Public Company Accounting Oversight…
Read more
According to the proposal, individuals caught violating the prohibitions could face a two-year prison sentence and a 30,000 euro fine. French lawmakers have proposed a ban on the promotion of certain financial products and services by electronic means, including crypto assets, in order to protect consumers from potential risks. The proposed amendment is to Bill…
Read more
The trade association said many banks in the U.K. had begun imposing blanket bans on dealing with crypto firms “instead of taking a risk-based and case-by-case approach.” The self-regulatory trade association CryptoUK has proposed providing a ‘white list’ of registered firms in the United Kingdom to address banks limiting or banning transactions to crypto companies.…
Read more
The Lone Star State is already home to many crypto and blockchain firms as well as miners taking advantage of the regulatory-friendly environment. Cody Harris, member of the Texas House of Representatives, has introduced a resolution aiming to have the legislature say the “Bitcoin economy is welcome” in the state. In a resolution released on…
Read more
The invitation was mediated by former CFTC Commissioner Mark Wetjen, who joined FTX US as the head of policy and regulatory strategy in November 2021. Before crypto exchange FTX and its founder Sam Bankman-Fried (SBF) got tied down with allegations of misappropriation of users’ funds, SBF was among the most influential crypto entrepreneurs. Before FTX…
Read more
Finding the right balance between regulations and banking institutions is important for Schiff, considering that Puerto Rico regulators closed down Schiff’s bank due to non-compliance. The recent fall of major banks in the United States and the need for federal intervention reignited discussions to identify the most effective ways to safeguard the crumbling economies. Comparing…
Read more
After Credit Suisse Group AG announced it would borrow 50 billion Swiss francs from the Swiss National Bank, UBS Group AG is reportedly considering acquiring the banking giant. However, UBS is requesting that the government issue a backstop to protect against any losses if it purchases Credit Suisse. According to unnamed sources familiar with the…
Read more
