Search Results for: First Digital

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.

The US House Financial Services Committee’s digital assets panel debated on stablecoin regulations, highlighting divides between Republican and Democratic ideas. Both parties do align in addressing risks to consumers and maintaining the US dollar’s role in global commerce. Lawmakers are paying heightened attention to stablecoin regulations and wider crypto topics, marking progress in US oversight of the industry.

The U.S. Bankruptcy Court approved Voyager Digital’s liquidation plan, enabling the return of approximately $1.33 billion in crypto to customers. This marks the third bankruptcy plan for Voyager, following Binance.US’s withdrawal from a previous agreement. Initial customer payments will be made in crypto or cash, with future litigations possibly impacting further distributions.

Greenland Financial Technology Group, a subsidiary of Greenland Holdings, becomes the first state-owned Chinese company to apply for a virtual asset trading license in Hong Kong, with plans to establish a dedicated company for virtual asset trading, including cryptocurrencies, NFTs, and carbon emission-related products. This move signifies the significant potential of Hong Kong’s virtual asset market and its potential as a global crypto hub.

Texas legislators voted overwhelmingly in favor of amending the state’s Bill of Rights to recognize the right of individuals to possess and utilize digital currencies. Bill HJR 146 seeks to protect Texans’ financial privacy and shield them from the unstable dollar, emphasizing the significance of alternative currencies. Critics argue that embracing digital currencies presents market volatility risks and security concerns.

Marathon Digital experienced a 12% drop despite reporting better-than-expected Q1 results, possibly due to an SEC subpoena regarding potential securities law violations. As cryptocurrency-linked sector faces a downturn, companies like Marathon and Hut 8 Mining adapt and diversify their business models amid regulatory scrutiny.

Bitcoin mining firm Marathon Digital Holdings is facing an SEC subpoena regarding potential violations of federal securities laws, specifically transactions with related parties and its Montana data center facility. Despite this, the company reported a reduced net loss and record Bitcoin production in Q1 2023, with its CEO maintaining an optimistic outlook for the year.

Marathon Digital Holdings, a major US-based crypto mining company, has received a subpoena from the SEC regarding Montana Data Center and potential securities laws violations. With regulatory compliance in the spotlight, adhering to standards can foster a secure environment, fostering trust and adoption in the cryptocurrency industry.

Berlin-based fintech startup Unstoppable Finance is preparing to launch Europe’s first compliant “DeFi-native bank” and a fiat-backed Euro-pegged stablecoin in line with the European Union’s MiCA guidelines. The team previously established Germany’s first regulated crypto exchange and founded Unstoppable Finance in 2021, known for its Ultimate DeFi wallet.

Sen. Elizabeth Warren plans to reintroduce the Digital Asset Anti-Money Laundering Act, aiming to curb money laundering and terrorist financing in crypto. The bill focuses on law enforcement and national security, extending KYC requirements and prohibiting transactions with digital asset mixers.

Kenya’s Finance Bill 2023 proposes a 3% tax on digital assets, including cryptocurrencies and NFTs, and a 15% tax on online content monetization. While some view this as official recognition of digital assets in Kenya, others argue it amounts to targeted harassment, with advocacy group Cryptocurrency Kenya calling for universal application of digital taxes.

Kenya’s Finance Ministry proposed a 3% tax on digital asset transfers, hinting at a trend of taxing cryptocurrencies without formal regulation. This arises amid increased global adoption, highlighting the need for clear regulatory frameworks to ensure market stability, investor protection, and encourage blockchain industry growth.

The SEC recently finalized new Form PF rules but chose not to adopt the previously proposed definition of “digital assets,” leaving the crypto community navigating a landscape of regulatory uncertainty regarding assets based on distributed ledger or blockchain technology.

The SEC recently removed the first formal definition of “digital asset” from its latest hedge fund rule, explaining that the term is still under consideration. This comes amidst the commission’s ongoing efforts in addressing crypto regulation and integrating digital assets into existing rules. However, the lack of an official definition leaves room for debate among industry stakeholders.