Search Results for: U.S

The U.S. is still in the “basic research” phase of developing a central bank digital currency (CBDC), according to Federal Reserve Vice Chairman, Michael Barr. He highlighted the importance of gaining backing from legislative bodies, addressing risks posed by stablecoins, and establishing a competent regulatory framework before proceeding with any initiatives.

Crypto startup LBRY plans to challenge a New Hampshire court’s ruling requiring it to register with the U.S. Securities and Exchange Commission (SEC) and pay a hefty fine. Similar to the ongoing Ripple Labs-SEC situation, this takes us to the debate on balancing necessary regulatory safeguards without hampering the innovative potential in the crypto and blockchain sphere.

MicroStrategy is expected to report its bitcoin holdings without disclosing impairment losses, thanks to a new amendment by the Financial Accounting Standards Board (FASB). This could potentially erase MicroStrategy’s cumulative impairment losses of $2.23 billion since the start of its bitcoin strategy in 2020.

The SEC recently settled with Linus Financial over their unregistered cryptocurrency lending product. While no penalties were levied due to Linus’ cooperative actions, this incident underscores the importance of clear categorization in line with regulations. The SEC’s stringent stance continues to create uncertainties in crypto markets, sparking a potential battle between cryptos and regulatory authorities.

“U.S. regulatory body, CFTC, has charged DeFi protocols Opyn, 0x, and Deridex for conducting illegal derivatives trading via blockchain protocols and smart contracts. The protocols have accepted the penalties, implying cooperation for a swift resolution. The response raises questions about the future handling of similar DeFi controversies.”

Coinbase, a top crypto exchange, aims to expand to non-U.S. markets, prioritizing countries with clearer crypto regulations. The company’s strategy includes acquiring licenses, setting operations, and registering in these markets. It points to a lack of crypto-forward regulation in the U.S., potentially impacting its influence in the crypto field.

The recent DeFi regulation by the U.S. Commodity Futures Trading Commission (CFTC) has stirred concerns in the crypto community. The fines and cease orders, for alleged non-compliance with registration requirements, could potentially undermine blockchain’s decentralization and autonomy, deterring innovation. Balanced regulation is necessary for investor protection and blockchain development.

U.S. Commodity Futures Trading Commission’s Commissioner, Caroline Pham, calls for a limited pilot program to help the U.S. catch up with crypto-friendly regulatory frameworks. Pham’s proposed program would foster open, transparent, competitive crypto markets while ensuring retail investor protection. The balance between innovation and regulations is crucial for a sustainable crypto future.

“Ryan Salame, ex-co-CEO of FTX Digital Markets, pleaded guilty to fraud charges, triggering discussions on the need for tighter crypto regulations. As crypto markets’ impact on traditional finance grows, a regulatory framework to mitigate risks and protect investors becomes imperative. This case highlights the role of individual accountability and ethical conduct in maintaining the industry’s credibility.”

“The indictment against FTX’s founder, Sam Bankman-Fried, for alleged violation of campaign finance laws and connections to a multibillion-dollar fraud gains momentum as key figures, including Ryan Salame, plead guilty. This saga highlights the intersection of finance, politics, and blockchain, shedding light on the potential misuse of this potent mix and prompting questions regarding customer safeguarding and innovation enhancement.”

The Financial Accounting Standards Board (FASB) plans to adopt fair-value accounting for cryptocurrencies, allowing businesses to immediately reflect gains and losses in their income statements. This could encourage more businesses to accept digital currencies as assets. However, concerns about their volatility continue to pose hesitations.

Sen. Bill Hagerty critiques SEC Chair Gary Gensler’s stance towards crypto, stating it stifles innovation and drives potential investors and companies overseas. He advocates for basic stablecoin regulations instead of comprehensive measures to improve the environment for U.S. crypto operations.

“The Open Network (TON) blockchain has pivoted into a Swiss-based non-profit, focusing on fostering the TON ecosystem and broadening its adoption. The TON Foundation plans to stimulate TON-centric scholarly and creative ventures, while making strides towards transparency and community-driven governance in a quest to become the primary platform for Web3 dapps.”

“The Ripple CTO expressed optimism about the U.S. regulatory landscape, citing the court ruling that dismissed the classification of Ripple’s XRP as a security. This decision denotes a potential shift away from the rigorous scrutiny that the cryptocurrency industry faced. Despite previous reluctance, judges are showing skepticism towards SEC cases, which may benefit the industry via prompted legislative changes. These legal triumphs mark potential shifts in the regulatory arena, offering hope to industry participants.”

Mairead McGuinness, European Commissioner for Financial Stability emphasizes cautious approach to digital euro implementation. As cash loses popularity and commerce digitalizes, a future with digital central bank public money is anticipated. The transition could massively impact cross-border payments and global financial sectors, hence the need for careful scrutiny.

The upcoming US presidential race sees prominent “crypto candidate” Ron DeSantis in competition with other pro-crypto candidates. Amid this, the potential influence of Donald Trump’s crypto assets for 2024 raises intriguing questions for the future of cryptocurrency in the US.