The US House of Representatives recently failed to garner enough votes to overrule President Joe Biden’s earlier Veto and rescind SEC Staff Accounting Bulletin 121. The vote, which took place on July 11, showed that 228 House members voted in favor of HJ Res. 109 to end SAB 121, while 184 voted against the resolution,
Regulation
The US Securities and Exchange Commission (SEC) has officially closed its investigation into stablecoin issuer Paxos. This decision comes after over a year of scrutiny and a Wells notice that suggested potential enforcement action against Paxos Trust Company regarding the Binance USD (BUSD) stablecoin. However, on July 9, Paxos received a termination notice from the
The recent Senate Agriculture Committee hearing shed light on the Commodity Futures Trading Commission’s (CFTC) willingness to step up as a primary regulator for cryptocurrencies. This shift in focus could mark a significant paradigm shift in the oversight of digital assets. In response to Senator Roger Marshall’s inquiry about the CFTC taking the lead in
The Chief Compliance Officer of Bitwise, Katherine Dowling, recently made a statement regarding the progress of spot Ethereum ETFs. According to Dowling, these ETFs are nearing approval, with the SEC showing a positive attitude towards discussing new products within the crypto sector. Dowling mentioned in an interview with Bloomberg that both the SEC and ETF
The Republican Party has made a notable move by including Bitcoin and other cryptocurrencies in their official platform for the upcoming 2024 election. This decision was influenced by former President Trump’s recent statements and represents a broader shift within the party towards embracing digital assets and blockchain technology. The platform emphasizes the party’s opposition to
In a bold move, Messari, a prominent US-based crypto market intelligence platform, has announced its independence from the Securities and Exchange Commission (SEC). The CEO, Ryan Selkis, made a strong statement on July 7, denouncing the SEC and its chair, Gary Gensler, for their stringent approach to regulating the emerging cryptocurrency industry. Selkis declared that
The former Solicitor General Donald B. Verrilli, who previously served during the Obama administration, has accused US regulators of deliberately stifling the crypto industry through debanking practices. Verrilli, who now holds the position of Grayscale Investments’ senior legal strategist, made these accusations in a joint amicus brief filed with Paul Clement, the former Solicitor General
The Financial Supervisory Service (FSS) in South Korea has announced plans to tighten oversight of crypto trading platforms under its jurisdiction in order to eliminate fraudulent transactions. This move comes as part of a broader effort to enhance consumer protection and market stability in the crypto sector. The regulator has outlined the need for local
Galaxy Digital CEO Mike Novogratz has expressed optimism regarding the regulatory environment for cryptocurrencies in the United States, regardless of the outcome of the 2024 presidential election. He emphasized the importance of bipartisan support, stating that it is crucial for the advancement of the crypto sector. According to Novogratz, having both parties backing innovation in
Recent discussions surrounding the registration process for token-based companies have brought to light the inadequacy of the current Form S-1 requirements. Billionaire investor Mark Cuban and SEC Commissioner Mark Uyeda have shed light on the challenges faced by crypto issuers, urging the SEC to consider modifications to accommodate the unique characteristics of these companies. Form