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
Regulation
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
The European Parliament’s recent approval of new Anti-Money Laundering Regulations (AMLR) has significant implications for Crypto Asset Service Providers (CASP) in Europe. These regulations require CASPs to implement stringent Know Your Customer (KYC) procedures to combat money laundering effectively. The new laws also include enhanced due diligence measures and checks on customers’ identity, in addition
Recent reports indicate that Nigerian authorities are ramping up their efforts to crack down on crypto trading in the country. This crackdown specifically targets peer-to-peer (P2P) platforms such as OKX, Binance, KuCoin, and Bybit. A circulating circular on social media platform X has outlined the directives issued by the Central Bank of Nigeria (CBN) regarding
In response to reports suggesting that state actors were using Tether’s USDT tokens to bypass US sanctions, the stablecoin issuer has announced its decision to freeze any addresses linked to sanctioned entities. A spokesperson for Tether stated that the company fully respects the Office of Foreign Assets Control (OFAC) SDN list and is dedicated to
In a bold move, the Blockchain Association and the Crypto Freedom Alliance of Texas have decided to take legal action against the US Securities and Exchange Commission (SEC). Their argument revolves around the recent sanctioning of a rule by the SEC that redefines the parameters for what constitutes a “dealer” of securities. According to the
Following controversies surrounding the SEC’s legal case against crypto firm DEBT Box, two lead SEC attorneys, Michael Welsh and Joseph Watkins, have resigned in April. The resignations came after the regulator reportedly planned to terminate both lawyers if they did not resign. Bloomberg reported on these resignations, noting that neither Welsh nor Watkins responded to