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
Regulation
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
The upcoming House Appropriation budget has created a stir by potentially preventing the US SEC from implementing its highly debated Staff Accounting Bulletin 121 (SAB 121). FOX Business reporter Eleanor Terrett brought this news to light on June 4, suggesting that the bill includes a provision that would prohibit the SEC from using allocated funds
In a recent blog post titled “How to get regulatory clarity for crypto,” Coinbase CEO Brian Armstrong stressed the urgent need for regulatory clarity in the crypto industry. He highlighted the significant investments made by Coinbase in policy initiatives and reiterated the company’s dedication to supporting these efforts as crypto regulations evolve globally. Armstrong emphasized
President Biden recently vetoed H.J. Res. 109, a resolution that aimed to overturn the SEC’s SAB 121 rule. In his statement, Biden highlighted that he believes SAB 121 represents the considered technical views of SEC staff. He emphasized the importance of the rule in setting guardrails for accounting practices to protect consumers and investors. Biden’s
As the cryptocurrency market continues to evolve, the potential launch of US spot Ethereum ETFs is generating a significant amount of buzz. Bloomberg ETF analyst Eric Balchunas recently stated that there is a “legit possibility” that these ETFs could be launched by the end of June. While an earlier mid-June launch is considered a long
SEC commissioner Hester Peirce recently put forward a groundbreaking proposal for a shared digital securities sandbox between the United States and the United Kingdom. This initiative aims to extend the existing digital securities sandbox operated jointly by the Bank of England and the Financial Conduct Authority (FCA) to include participation from US firms. The proposal,