The recent action taken by the SEC against Uniswap has sent shockwaves through the decentralized finance (DeFi) industry. The SEC alleges that certain tokens traded on Uniswap constitute securities, raising concerns about the platform’s compliance with federal securities laws. This move by the SEC highlights a broader regulatory trend targeting decentralized platforms and raises questions
Regulation
US Senators Elizabeth Warren and Bill Cassidy have recently called for stringent measures to combat the use of cryptocurrency in the illegal trade of child sexual abuse material (CSAM). In a bipartisan letter addressed to Attorney General Merrick Garland and Secretary of Homeland Security Alejandro Mayorkas, the senators highlighted the pseudonymity of cryptocurrencies as a
The recent approval of new Anti-Money Laundering Regulations by the European Parliament has significant implications for Crypto Asset Service Providers (CASP) operating in Europe. These regulations mandate the implementation of stringent Know Your Customer (KYC) procedures to combat money laundering within the crypto industry. CASPs, including banks, asset managers, and real estate agents, are now
Recent reports reveal that Nigerian authorities are ramping up their efforts to crack down on crypto trading in the country, specifically targeting peer-to-peer (P2P) platforms such as OKX, Binance, KuCoin, and Bybit. A circulating document on social media platforms has highlighted the Central Bank of Nigeria’s (CBN) directive to financial institutions to identify individuals or
In a bold move, the Blockchain Association and the Crypto Freedom Alliance of Texas have decided to take legal action against the US Securities and Exchange Commission (SEC). Their argument revolves around the SEC sanctioning a rule that redefines the parameters for what constitutes a “dealer” of securities. According to these groups, the SEC’s actions
In a recent statement to CryptoSlate, stablecoin issuer Tether declared its commitment to freezing any addresses associated with sanctioned entities. This decision comes after reports surfaced suggesting that certain state actors were using Tether’s USDT tokens to bypass US sanctions. A spokesperson for the firm emphasized, “Tether respects the Office of Foreign Assets Control (OFAC)
The recent resignation of two SEC lawyers, Michael Welsh and Joseph Watkins, comes as no surprise given the controversies surrounding their handling of the legal case against crypto firm DEBT Box. According to reports, the two attorneys resigned in April after facing pressure from the regulator. It is concerning that neither lawyer responded to requests
The Hong Kong Securities and Futures Professionals Association (HKSFPA) has put forward a proposal to establish independent self-regulatory organizations (SRO) specifically dedicated to overseeing the digital assets sector. This initiative comes in response to the rapid growth and increasing complexity of the industry. The goal is to enhance the regulatory landscape in order to support
The impending MiCA regulation is set to reshape the crypto industry, requiring crypto companies to ensure compliance for a smooth transition. As MiCA seeks to bring clarity and security to the crypto-asset market, companies operating in this space need to make significant adjustments to their processes to align with the new regulatory environment. MiCA mandates
The US SEC recently filed an amended complaint in its case against Justin Sun and other defendants, arguing that Sun’s alleged visits to the US should grant it the jurisdiction required to pursue legal action. According to the regulator, Sun traveled extensively to the US while he and several companies carried out unregistered offers and
The recent introduction of the Lummis-Gillibrand Payment Stablecoin Act has sparked controversy within the crypto industry. Critics, including former Blockchain Association member Jake Chervinsky, have expressed strong opposition to the proposed bill. Chervinsky labeled the act as “deeply flawed” and warned that it would only allow for centralized and custodial stablecoins. He emphasized the importance
The provincial government of Buenos Aires has taken legal action against Worldcoin for allegedly violating consumer laws with its user agreement. The government claims that the agreement contains abusive clauses that allow Worldcoin to interrupt services without providing repair or reimbursement to users. Additionally, users are required to surrender their rights to collective complaints, with
Discussions between House leaders and Senate Majority Leader Chuck Schumer have raised the possibility of taking action on stablecoin legislation during this summer’s session. This key area of financial technology is in need of regulatory clarity, and House Financial Services Chair Patrick McHenry and ranking member Maxine Waters recently met with Schumer to discuss this
The issue of data ownership on the blockchain presents a challenging dilemma. On one hand, there is a desire for transparency and immutability that can disrupt the control of data by large entities. However, on an individual level, there is also a need for personal autonomy over one’s own data. Finding a balance between these