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US Senators Cynthia Lummis and Kirsten Gillibrand are to propose a new legislation known as the ‘Responsible Financial Innovation Act’, aimed at regulating cryptocurrencies and digital assets. The bill plans to classify most cryptocurrencies as commodities and enforce crypto exchanges to store consumer assets in third-party trusts, enhancing security. Critics argue it may also create unintended consequences.

Namibia’s National Assembly is taking steps towards regulating cryptocurrencies and their service providers, with penalties for non-compliance including a N$15 million fine or 10-years jail. The proposed legislation establishes a Regulatory Authority aimed at safeguarding consumer interests, preventing market manipulation and fostering innovation in virtual assets.

The cryptocurrency market is evolving towards maturity and adapting to regulatory mandates, with traditional finance standards becoming the norm to accommodate institutional investor demand. Lincoln Bartlett, Head of Trading at Anchorage Digital, notes that safer environments, increased regulatory scrutiny, and advanced trading platforms are essential for crypto’s broader adoption.

Blockchain Australia plans to tackle crypto payment restrictions imposed by Australian banks, including the Commonwealth Bank, head-on by using real data. The industry body stresses individuals’ inherent right to decide financial matters and aims to implement consumer education programs on crypto benefits and identifying scams. The future of Australia’s blockchain industry significantly depends on banks adopting targeted methods while maintaining economic freedom.

Nigeria’s SEC declared Binance Nigeria Limited as “illegal” and ordered operations to cease. This follows Nigeria passing the Finance Act 2023, imposing a 10% capital gains tax on digital assets. Binance faces ongoing lawsuits, highlighting challenges for crypto exchanges in adapting to changing regulatory landscapes and emphasizing the importance of vigilance and awareness for market stability.

SEC Chair Gary Gensler dismisses the notion that crypto assets and exchanges are special, emphasizing the importance of following established financial regulations. The crypto community seeks a balance between regulatory oversight and fostering innovation, stressing the need for a regulatory environment that supports the industry’s rapid growth without compromising investor protection.

SEC’s lawsuit against Binance has stirred the crypto community, with Cardano’s Charles Hoskinson calling it an attempt to implement “chokepoint 2.0” and promote Central Bank Digital Currencies. This has sparked a debate between “freedom and authoritarianism,” highlighting the importance of the fundamental principles and nature of cryptocurrencies now at stake in the face of regulatory actions.

Japan’s recent legal framework for stablecoins signals a move towards bridging traditional and decentralized finance, while the US faces regulatory hurdles and uncertainty. Japanese banks are now preparing to issue stablecoins as the country embraces distributed ledger technology for faster, cheaper payment systems.

The Financial Action Task Force (FATF) clarified that it doesn’t require member countries to ban virtual assets and service providers. Instead, FATF stresses understanding and mitigating money laundering and terrorist financing risks, while implementing preventive measures similar to those in traditional financial institutions. This highlights nations’ struggle in finding a regulatory balance for cryptocurrencies.

The International Organization of Securities Commissions (IOSCO) seeks public comment on policy recommendations for crypto and digital asset markets, addressing market abuse, client asset protection, and disclosures. Their Fintech Task Force aims to establish a regulatory agenda for fintech and cryptocurrency industries, with oversight from the Monetary Authority of Singapore. Recent events highlight the need for increased regulation, and IOSCO’s initiative seeks to create a more secure environment in the digital asset industry.

Sen. Tim Scott announces his bid for US president with a focus on establishing a digital assets regulatory framework that safeguards consumers and encourages innovation. As the ranking member of the Senate Banking Committee, Scott aims to develop a comprehensive approach covering blockchain, digital assets, and consumer protection, emphasizing consumer safety, accessibility, and industry growth.

During the G7 summit, President Biden criticized a debt deal for protecting wealthy tax cheats and crypto traders, while US Treasury Secretary Janet Yellen warned of catastrophic consequences if an agreement isn’t reached. This highlights ongoing tensions between supporting the expanding crypto market and ensuring fair responsibility, as the US debt ceiling deadline approaches and the future of crypto regulation remains uncertain.

SEC chairman Gary Gensler asserts that cryptocurrency companies must adhere to existing regulations, emphasizing that new technology doesn’t exempt them from public policies. Gensler also addresses the centralized nature of many crypto enterprises, stressing the importance of striking a balance between fostering innovation and protecting financial integrity.

EBA Chair José Manuel Campa emphasizes the need for stablecoins to adhere to sensible guardrails, as central banks should have the right to veto if they threaten monetary policy or financial stability. MiCA’s introduction will regulate all crypto-related activities in the EU, ensuring stablecoin issuers comply with vital regulations while considering central banks’ role.

European Banking Authority Chair José Manuel Campa calls for central bank veto powers over large stablecoins, citing concerns for financial stability and public policy. The upcoming Markets in Crypto Assets (MiCA) regulation sets guidelines and requirements for stablecoin issuers, including stringent authorization and supervision processes.