Coinbase, a prominent crypto company, faced repercussions from the UK Financial Conduct Authority (FCA) as they were fined £3.5 million for Anti-Money Laundering violations. The FCA highlighted CB Payments Limited’s repeated breaches of guidelines, leading to the substantial penalty. Despite an initial fine of £5 million, a settlement discount reduced it to £3.5 million. This
Regulation
The founders of Andreessen Horowitz (a16z), Ben Horowitz and Marc Andreessen, recently took part in a discussion where they openly criticized the Biden-Harris Administration’s handling of the cryptocurrency industry. They highlighted a series of regulatory challenges that they believe are stifling innovation and growth in the sector. One of the main criticisms was directed at
The Russian State Duma has recently passed a bill that legalizes Bitcoin mining and allows for the use of cryptocurrencies in international trade. This bill, which has been in the works for several years, is set to go into effect on September 1 pending final approval. The decision was made after a session where 404
The United States House of Representatives recently approved the Financial Technology Protection Act in an effort to crack down on the use of digital platforms for illicit activities and terrorism financing. This bill, introduced by Representative Zach Nunn, aims to establish a governmental working group that will focus on combating terrorism and illicit financing in
The Digital Chamber recently reached out to Vice President Kamala Harris, urging her to adopt a forward-looking approach to digital assets and blockchain technology. They emphasized the immense potential that these technologies hold for innovation, economic growth, and financial inclusion. The urgency for a more progressive stance stemmed from the Biden/Harris Administration’s cautious approach that
CEO and founder Brian Korshain expressed strong optimism regarding the potential impact of former President Donald Trump’s endorsement of Bitcoin. He mentioned that Trump’s rumored plan to designate Bitcoin as a strategic reserve asset for the US government is “possible” but could face significant challenges in implementation. Korshain highlighted the anticipation surrounding Trump’s upcoming keynote
10x Research’s analysis on President Joe Biden’s potential withdrawal from the 2024 presidential race and its implications for the upcoming election raises significant concerns about the future of the crypto industry. The firm’s assertion that former President Donald Trump would secure a “decisive victory” in the election without credible opposition poses challenges for the regulatory
The Basel Committee on Banking Supervision recently announced the release of its final disclosure framework for banks’ crypto exposures. This framework, known as DIS55, aims to enhance transparency and ensure a consistent regulatory approach in the fast-growing field of digital assets. The new standards are set to take effect on Jan. 1, 2026. Under the
Recent developments in Hong Kong’s financial regulatory environment have highlighted the growing importance of stablecoins in the digital asset landscape. The Monetary Authority (HKMA) and the Financial Services and Treasury Bureau (FSTB) have recently concluded a consultation period over a licensing program initiative for fiat-referenced stablecoin (FRS) providers. This initiative aims to address the potential
The landscape of lobbying in the crypto industry has seen a significant shift over the past seven years, as highlighted by a recent study conducted by Social Capital Markets. The study reveals an astonishing 1,386% increase in lobbying expenditures by crypto companies, soaring from $2.72 million in 2017 to a staggering $40.42 million in 2023.
