The US Treasury Department is taking steps to address the risks posed by cryptocurrencies and other emerging technologies through comprehensive regulations. In its 2024 National Strategy for Combating Terrorist and Other Illicit Financing report, the Treasury has identified digital assets as a key area of focus. The goal is to prevent illicit actors from exploiting
Regulation
Oklahoma recently made headlines with the signing of a new bill, HB 3594, into law by Governor Kevin Stitt. This bill, set to take effect on November 1, is aimed at protecting crypto-related rights within the state. One of the key aspects of this legislation is that the Oklahoma state government is now prohibited from
Deutsche Bank has recently showcased a heightened interest in digital assets and tokenization by becoming a part of the Monetary Authority of Singapore’s Project Guardian. This initiative is designed to test asset tokenization applications within a regulated environment, with a specific focus on assessing the feasibility and potential integration of such technologies within financial markets.
Two US lawmakers, Senators Cynthia Lummis and Ron Wyden, have recently voiced their opposition to the Department of Justice’s attempt to broaden the definition of a money-transmitting business. They argue that this expansion could potentially criminalize non-custodial crypto asset software services. In a letter to US Attorney General Merrick Garland, the lawmakers expressed their concerns
The International Monetary Fund (IMF) has recommended that Nigeria embrace the regulated use of digital assets by licensing international crypto exchanges. The watchdog made the proposal in its latest consultation report for Nigeria. The move aims to bolster the country’s economic stability while enhancing its status within the African crypto sector. The recommendation comes amid
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
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