Day: May 12, 2023

Bakkt delisted 25 of 36 crypto tokens on its acquired trading platform Apex Crypto as part of its regular review process, focusing on clients’ best interests and compliance with regulatory guidance. Many dropped tokens were connected to DeFi and NFT ecosystems, leading to skepticism and questions about Bakkt’s decision.

U.S. Senators James Risch and Bob Menendez reintroduce the Accountability for Cryptocurrency in El Salvador Act, addressing potential risks surrounding El Salvador’s Bitcoin adoption as legal tender. The bill demands a report examining the nation’s cybersecurity, economic stability, and influence on its Bitcoin Law.

Bakkt has decided to delist numerous digital assets, including prominent DeFi tokens, in response to regulatory guidance and industry developments. This move raises questions about the future for investors and projects while highlighting the significance of ongoing regulatory developments and the impact on the cryptocurrency landscape.

Binance exits the Canadian market amidst regulatory pressures from the Canadian Securities Administrators (CSA), following new rules introduced on February 22. The regulations classify stablecoins as securities and impose stricter requirements on market participants, raising concerns about balancing investor protection and stifling industry growth.

The major questions doctrine, a legal principle in U.S. administrative law, could potentially diminish the SEC’s authority in regulating the cryptocurrency industry. Kraken’s Chief Legal Officer, Marco Santori, believes this concept is relevant as lawmakers deliberate on cryptocurrency regulations and should be considered by the SEC and CFTC.

The US is considering adopting Europe’s cryptocurrency regulation model, MiCA, for increased transparency, security, and consumer protection. However, concerns about privacy, personal freedom, and stifling innovation must be balanced in this evolving regulatory landscape.

House Democrats are considering a separate stablecoin bill, highlighting a rift with the parallel Republican effort. Addressing stablecoins is a key priority for US lawmakers overseeing crypto operations. The Democratic bill focuses on consumer protection, granting the Federal Reserve veto power over issuer registration, while the Republican version empowers states to regulate issuers.

Coinbase forms Global Advisory Council, featuring former US lawmakers and industry leaders, aiming to better understand global cryptocurrency policies and navigate market intricacies. This proactive approach showcases Coinbase’s dedication to engaging with policymakers and experts, benefiting the entire crypto community and promoting growth within the blockchain sector.

Binance, the world’s largest crypto exchange, announced withdrawal from Canada due to new regulatory guidance on stablecoins and investor limits. This decision impacts the exchange’s operations and Canadian users, while Binance expresses interest in returning under more favorable regulations.

Binance ceases operations in Canada amid challenging regulatory environment and stricter requirements for stablecoins and investor limits. CEO Changpeng Zhao expresses intention to collaborate with Canadian regulators for crypto regulatory framework development, while Coinbase maintains presence in the country.

Binance is withdrawing from the Canadian market due to new stablecoin guidance and investor limits for crypto exchanges, joining other crypto businesses like OKX and dYdX. The exit raises concern over reduced competition and innovation in Canada, while highlighting the ongoing tension between regulators and cryptocurrency companies.

Florida Governor Ron DeSantis recently signed a bill barring the use of centralized digital dollars, intensifying the state’s opposition to central bank digital currencies (CBDCs). The move reflects the ongoing debate between supporters of cryptocurrencies and proponents of CBDCs, with concerns about government control, privacy, and financial inclusion shaping the future of digital assets.

Coinbase launches its Global Advisory Council, including former US lawmakers Patrick Toomey, Tim Ryan, and Patrick Maloney, to navigate crypto regulations. The council aims to collaborate with regulators, shaping the future of cryptocurrency and bridging the gap between regulators and innovators.