On June 17, David Hirsch, the enforcement chief in charge of crypto assets at the SEC, announced his departure from the agency after almost nine years of service. He expressed pride in the work accomplished by the Crypto Assets and Cyber Unit team under his leadership. Hirsch took on the role of leading the SEC’s
Regulation
Throughout history, the evolution of currency has played a crucial role in shaping human societies. From the simplicity of bartering to the establishment of standardized coins and paper money, currency has been a fundamental aspect of organizing and advancing communities. However, the post-World War II transition to fiat currency marked a significant shift in the
Asset tokenization, including the tokenization of securities, has been gaining attention for the potential benefits it offers. SEC commissioner Mark Uyeda highlighted the advantages, pointing out that representing asset rights with a digital token on a blockchain can enhance security, transparency, and immutability. He also mentioned that tokenization eliminates the need for intermediaries, making transactions
The European Banking Authority (EBA) has recently released a set of comprehensive guidelines focusing on recovery plans for issuers of asset-referenced tokens (ARTs) and e-money tokens (EMTs) under the Markets in Crypto-Assets (MiCA) regulation. This regulation aims to provide a framework for the issuance and management of digital tokens in the European Union. It covers
Coinbase recently expressed disapproval of the SEC’s proposed $2.6 billion budget for the 2025 fiscal year. The cryptocurrency exchange highlighted the lack of allocation towards real crypto rulemaking in the budget, which instead focused on enforcement measures. This criticism sheds light on ongoing tensions between regulatory bodies and industry players in the crypto space. The
In a recent hearing before the Senate Committee on Appropriations, CFTC chair Rostin Behnam discussed the agency’s readiness to take on additional responsibilities in the crypto market. Behnam emphasized that the CFTC is well-equipped to oversee crypto commodities as they fall under the agency’s existing regulatory framework. He refuted the idea that the CFTC would
Recently, Terraform Labs CEO Chris Amani made a significant announcement regarding the future of Terra. In light of a $4.5 billion settlement with the SEC, Amani stated that Terra will transition into becoming a community-driven project. This decision comes as the company prepares to wind down its operations. Amani emphasized the need for the community
The recent report by the EU Innovation Hub for Internal Security sheds light on the challenges law enforcement agencies face in tracking and recovering illicit digital assets. The report emphasizes how cryptocurrencies, with their heavy reliance on public-private key cryptography, present unique obstacles for law enforcement efforts. It points out the significant gaps in tracking
Tokenization in the financial industry has been gaining significant traction in recent years. Nadine Chakar, the global head and managing director of DTCC Digital Assets, presented a compelling case for the benefits of tokenization in her testimony before the House Financial Services Subcommittee on Digital Assets. She emphasized the transformative potential of tokenizing real-world assets
The market is currently underestimating the significance of Washington’s evolving attitude toward cryptocurrencies. According to Bitwise CIO Matt Hougan, there has been a significant shift in the US political landscape regarding crypto in recent weeks. While historically a partisan issue, with Republicans generally supporting and Democrats showing resistance, we are now seeing a more positive