Search Results for: United States

The United States Senate has passed the 2024 National Defense Authorization Act that targets crypto mixers, crypto trading institutions, and anonymous coins. The bill draws provisions from the Digital Asset Anti-Money Laundering Act and the Responsible Financial Innovation Act for improved oversight on crypto-based activities. Key measures include examination standards for crypto, preventing FTX-style events, and studies to curb anonymous crypto transactions.

“A recent report by the United States Government Accountability Office (GAO) shows significant regulatory gaps in the crypto assets market. It highlights the need for unified coordination to counter blockchain risks and establish a timely response system. Particularly, the report emphasizes rising concerns around stablecoins and decentralized finance’s escalating risks to the crypto and macro economy.”

“Ripple Labs gains in its court case against the SEC, prompting a surge in Ripple’s token XRP price. However, this attracted scam artists imitating the company in fictitious giveaways and airdrops, exploiting crypto wallets. This ongoing case could shape the future of digital assets regulation in the United States.”

The United States Federal Trade Commission has imposed a $4.7 billion fine on the crypto company Celsius amidst their bankruptcy process. The crypto community is divided in opinion, with calls for transparency and clear communication. The case reveals larger concern about the regulatory strategies toward blockchain technology and cryptocurrencies.

“Congressman Ritchie Torres has raised concerns about a ‘sweetheart deal’ between the United States Securities Exchange Commission (SEC) and Prometheum, a digital assets platform. Torres highlights the SEC’s lack of transparency in the handling of digital assets law enforcement and its supposedly failed process of registering digital asset platforms.”

Binance has launched a fully regulated brokerage in Kazakhstan, offering government-regulated cryptocurrency trading services. This move comes amid regulatory challenges faced by the exchange in the United States and the United Kingdom, showcasing Binance’s commitment to compliance and fostering growth in the crypto industry.

Binance launches a regulated digital asset platform in Kazakhstan amid regulatory troubles in the West. The platform offers crypto and fiat-focused services and aims to mitigate regulatory risks facing the exchange in the United States and Europe.

The United States Court of Appeals for the Third Circuit has retained jurisdiction in Coinbase’s pursuit of regulatory clarity from the SEC, demonstrating the importance of transparent crypto regulations. This development marks a potentially pivotal moment for the future of the cryptocurrency industry in the United States, as the forthcoming SEC report could significantly impact the market.

Hong Kong welcomes global virtual asset trading operators, including Coinbase, with the region’s Securities and Futures Commission (SFC) accepting crypto trading platform license applications. This move offers potential growth and friendlier regulations amid increasing scrutiny on cryptocurrency exchanges in the United States and other countries.

Binance.US reveals staggering losses of $181 million in 2022 despite financial backing from BAM Management. Legal action against Binance and similar scrutiny on Coinbase reflect a broader crackdown on cryptocurrency within the United States, raising critical questions about crypto’s place in the global financial landscape.

The US SEC’s recent lawsuits against Binance and Coinbase have raised concerns about criteria used to determine which cryptocurrencies are considered securities. Market capitalization of these “crypto securities” exceeds $100 billion, yet clear regulations are lacking, leading to uncertainty about the future of crypto in the United States.

The SEC accuses Coinbase of acting as an illegal unregistered securities exchange, raising questions over its authority to regulate crypto exchanges. The case’s outcome could significantly impact future cryptocurrency regulations in the United States, as Congress may need to clarify which agency holds jurisdiction over such matters.

The United States Financial Services Committee has scheduled a hearing on June 13 titled “The Future of Digital Assets: Providing Clarity for the Digital Asset Ecosystem.” It aims to discuss critical issues concerning digital assets and provide clarity for the crypto community.

The draft bill by the United States House Financial Services Committee and House Agriculture Committee proposes a pathway for certain crypto assets to be labeled as digital commodities, offering regulatory clarity for crypto firms. However, it also raises concerns over digital assets’ classification and potential limitations due to increased regulatory measures.

Coinbase CEO Brian Armstrong emphasizes concerns over the lack of regulatory clarity on cryptocurrencies in the United States, arguing that restrictive policies drive innovation away and weaken national security. As countries worldwide adopt central bank digital currencies (CBDCs), the US may struggle to keep pace due to unclear regulations, potentially affecting national security and global financial dominance.

Crypto fintech firm Unbanked announced its closure due to the harsh regulatory environment for cryptocurrencies in the United States. Despite partnerships and attempts to operate legally, excessive costs, wasted time, and unfulfilled funding led to the company’s downfall. Unbanked’s situation raises concerns about whether strict regulations hinder the long-term growth and mainstream acceptance of cryptocurrencies.

Strike establishes its international headquarters in El Salvador, highlighting the country’s friendly crypto atmosphere compared to the uncertain regulatory climate in the United States. The move showcases the importance of a favorable regulatory environment for the growth of the global crypto ecosystem.

Ukraine’s National Anti-corruption Bureau (NABU) is probing the crypto sector to unmask money launderers in collaboration with the United States Embassy and the US State Department. Aiming to scrutinize cryptoassets, the largest training program in NABU’s history will educate participants on combating cryptocurrency-related crimes and ensure that crypto is no longer a means to hide corruption.