A newly released comprehensive report by the Digital Assets and Blockchain Technology Subcommittee of the CFTC sheds light on the risks and challenges that come with the burgeoning field of Decentralized Finance (DeFi). Spearheaded by CFTC Commissioner Christy Goldsmith Romero, the report highlights the lack of clear responsibility and accountability within DeFi systems as a
Regulation
The Chair of the U.S. Securities and Exchange Commission (SEC), Gary Gensler, has issued a cautionary advisory concerning investments in crypto assets. With the deadline for the approval of a spot Bitcoin exchange-traded fund (ETF) looming, Gensler took to social media to emphasize the risks associated with investing in cryptocurrencies. He highlighted regulatory non-compliance, volatility,
The much-anticipated approval of a spot Bitcoin ETF by the U.S. Securities and Exchange Commission (SEC) remains uncertain, according to recent updates from industry insiders. Despite initial speculation and optimism, several reporters and analysts have revised their predictions and delayed the expected timeline for approval. This has left investors eagerly awaiting further developments. TechCrunch reporter
The rapid advancement of artificial intelligence (AI) technology has raised concerns about its potential risks and impact on society. In response to these growing concerns, Senator Steve Padilla (D-San Diego) has proposed two bills, Senate Bills 892 and 893, aimed at establishing a robust and ethical AI framework in California. This article critically analyzes Senator
The United States Securities and Exchange Commission (SEC) is reportedly on the verge of approving spot Bitcoin exchange-traded funds (ETFs). This news comes as a relief to at least a dozen asset managers who have been eagerly awaiting the regulatory green light. According to sources, the SEC is expected to inform applicants of its decision
A recent development has left the U.S. Securities and Exchange Commission (SEC) in turmoil. U.S. Congressman Warren Davidson, with the support of House Majority Whip Tom Emmer, has taken a bold stance by advocating for the firing of SEC Chair Gary Gensler in 2024. The rationale behind this move is rooted in allegations of corruption
The Chinese government has recently taken significant steps to regulate the use of cryptocurrencies in illegal foreign exchange (forex) trading. In a joint statement issued by the Supreme People’s Procuratorate and the State Administration of Foreign Exchange (SAFE) on December 28, authorities urged prosecutors and forex regulators to intensify supervision to combat financial fraud and
The South Korean government has made a significant announcement regarding its plans to enhance transparency and accountability in the public sector. On December 27, the Ministry of Personnel Management revealed that it will implement a unified public official asset disclosure service, which will include the registration of cryptocurrency holdings. This move is aimed at addressing
Indian financial regulators are expressing significant reservations about the integration of cryptocurrencies into the country’s economic framework. They believe that there is no economic upside in making them regulated financial instruments. This cautious approach is based on the potential threats that these digital assets pose to macroeconomic stability. The Central Bank’s Stance Senior officials from
The Japanese government has made a significant decision regarding the taxation of crypto assets held by corporations. According to the latest reports, the imposition of unrealized gains tax on these assets will be terminated. This new policy change is set to take effect on April 1, 2024, coinciding with Japan’s fiscal year. This move by