House Financial Services Committee Chairman Patrick McHenry has announced that new legislation, known as the Financial Innovation and Technology for the 21st Century (FIT21) Act, is on track for a potential House floor vote by the end of May. This legislation is designed to provide much-needed clarity regarding regulatory oversight for the crypto industry, addressing
Regulation
The European Securities and Markets Authority (ESMA) has recently launched a review to assess the rules governing crypto asset investments by UCITS (Undertakings for Collective Investment in Transferable Securities) funds. This review is part of a larger examination of the EU’s financial regulatory framework and has been initiated in response to a request from the
A new bill has been introduced by US lawmakers with the aim of imposing a temporary ban on financial institutions engaging in transactions involving funds that have passed through crypto mixers. The bill, named the Blockchain Integrity Act, has received support from Representatives Bill Foster, Brad Sherman, and Emmanuel Cleaver, in addition to Congressman Sean
Coinbase’s chief legal officer Paul Grewal recently took to social media to criticize US SEC Chair Gary Gensler for allegedly misinforming the public about the legal status of cryptocurrencies. Grewal argued that cryptocurrencies do not fall under the category of securities, despite Gensler’s claims in a CNBC interview that many digital assets are indeed classified
Robinhood’s crypto division recently found itself in hot water after receiving a Wells Notice from the US Securities and Exchange Commission (SEC) on May 4. The Gary Gensler-led Commission staff had been actively investigating Robinhood’s “cryptocurrency listings, custody of cryptocurrencies, and platform operations” before recommending an enforcement action against the company. This move led to
Rep. Maxine Waters has put forth a proposal to nominate Ms. Kristin Johnson for the role of Assistant Secretary for Financial Institutions at the US Department of Treasury. This recommendation is based on Johnson’s track record as a Commissioner of the US Commodity Futures Trading Commission (CFTC). Johnson’s Qualifications Rep. Waters highlighted Johnson’s extensive expertise
Fintech giant Block, which encompasses Square and Cash App, is facing intense scrutiny from federal prosecutors in the Southern District of New York. This investigation stems from allegations of significant compliance failures within the company. These compliance failures were brought to light by a former employee who disclosed lapses in the company’s transaction monitoring systems.
House Financial Services Committee Chairman Patrick McHenry recently accused SEC Chair Gary Gensler of misleading Congress regarding the classification of Ethereum during his testimony in April 2023. This accusation has brought to light escalating tensions over the regulatory approach to digital assets in recent months. Some industry participants have even gone as far as filing
DeFi, which has been gaining traction in the financial world, is now facing regulatory scrutiny from the SEC. The recent action against Uniswap by the SEC has raised valid concerns within the DeFi community about the future of this innovative sector. The issue at hand revolves around the trading of tokens on decentralized platforms like
Recently, US Senators Elizabeth Warren and Bill Cassidy have joined forces to address a pressing issue in the realm of illegal activities – the use of cryptocurrency in the trade of child sexual abuse material (CSAM). In a bipartisan letter sent to top US authorities, the senators highlighted the anonymity provided by cryptocurrencies as a