Tag: Regulation

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Basel Banking Committee Proposes Stricter Guidelines to Classify Stablecoin as Less Risky Than Unbacked Cryptocurrencies

December 14, 2023

BIS building in Basel, Switzerland. Source: Adobe/doganmesut The Basel Committee for Banking Supervision (BCBS) wants to tighten rules to classify stablecoins as less risky assets than Bitcoin (BTC) and other unbacked cryptocurrencies. In a recent consultative paper, the international standard setter proposed 11 rules to guide banks’ exposure to crypto assets highlighting areas such as…
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SEC Meets With Blackrock, Fidelity, Franklin Templeton, and Grayscale to Discuss Their Spot Bitcoin ETF Applications

December 14, 2023

The U.S. Securities and Exchange Commission (SEC) has held multiple meetings with spot bitcoin exchange-traded fund (ETF) issuers regarding their applications. “The SEC is busier than Santa’s elves,” said a Bloomberg ETF analyst, noting that Blackrock, the world’s largest asset manager, recently met with the SEC three times. More Spot Bitcoin ETF Issuers Meeting With…
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Indian Government Provides Update on Crypto Regulation

December 14, 2023

The Indian government has responded to questions during a parliamentary session regarding crypto regulation in India. The government emphasized the valuable guidance provided by the IMF-FSB synthesis paper presented at the G20 summit, noting that this paper offers a framework for both G20 and non-G20 nations to develop “clearer policies on crypto assets.” Government Provides…
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FCA Has Dealt With 1,400 Cases Related to Unregulated Crypto Activity, UK Regulator Reveals

December 13, 2023

The U.K. Financial Conduct Authority (FCA) has revealed that it has dealt with over 1,400 crypto cases between January 2020 and June 2023. The regulator noted that “a shortage of crypto skills meant the FCA took longer than planned to register crypto-asset firms under money laundering regulations.” 1,400 Cases Related to Unregulated Crypto-Asset Activity The…
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Senate Coalition Grows to Crack Down on Crypto’s Use in Illicit Finance

December 13, 2023

U.S. Senator Elizabeth Warren’s bill to crack down on crypto’s use in illicit finance has gained more support among lawmakers. “The Treasury Department is making clear that we need new laws to crack down on crypto’s use in enabling terrorist groups, rogue nations, drug lords, ransomware gangs, and fraudsters to launder billions in stolen funds,…
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New York AG Secures $22 Million Settlement From Kucoin for Unregistered Trading Activities

December 12, 2023

In a recent legal development, New York Attorney General Letitia James has successfully obtained over $22 million from Kucoin, a well known crypto trading platform. This settlement arises from Kucoin’s alleged failure to register as a securities and commodities broker-dealer and its misrepresentation as a crypto exchange. New York AG Clinches Settlement From Kucoin Over…
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US Presidential Candidates Tackle Crypto Issues at Groundbreaking Forum

December 12, 2023

Highlighting the increasing significance of digital assets in American politics, several presidential candidates from the Republican and Democratic parties came together at the Crypto Presidential Forum to discuss their visions for the future of cryptocurrency in the U.S. Crypto Takes Center Stage in Crypto Presidential Forum In a historic event at St. Anselm College in…
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Lawyer Says Senator Elizabeth Warren Conspires With SEC Chair Gary Gensler, Violating Her Oath

December 12, 2023

Lawyer John Deaton claimed U.S. Senator Elizabeth Warren has violated her oath as a member of the Senate Banking Committee. Deaton alleges that Warren, tasked with overseeing the U.S. Securities and Exchange Commission (SEC), “conspired” with close friend and SEC Chair Gary Gensler, providing him with pre-arranged questions and suggested answers for a Senate hearing.…
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Financial Giant Fidelity Discusses Spot Bitcoin ETF Application With SEC

December 11, 2023

Financial services giant Fidelity recently met with the U.S. Securities and Exchange Commission (SEC) regarding its spot bitcoin exchange-traded fund (ETF) application. Like Blackrock, the world’s largest asset manager, Fidelity appears to be pushing to use the in-kind creation model for its spot bitcoin ETF. Fidelity’s Meeting With SEC Officers from financial services giant Fidelity…
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SEC Warns Crypto Investments Can Be ‘Exceptionally Risky’

December 11, 2023

The U.S. Securities and Exchange Commission (SEC) has renewed its warning that investments in crypto assets can be “exceptionally risky.” The regulator stressed that crypto-related investments “continue to be replete with fraud, including bogus coin offerings, Ponzi and pyramid schemes, and outright theft where the project promoter simply disappears with investors’ money.” SEC’s Crypto Investment…
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