The US Treasury Department has laid out a comprehensive plan to tackle the risks posed by cryptocurrencies and other emerging technologies in its 2024 National Strategy for Combating Terrorist and Other Illicit Financing. The strategy aims to address the evolving threat environment where criminal organizations are increasingly using digital assets for illegal activities such as
Regulation
The recent signing of HB 3594 into law by Governor Kevin Stitt marks a significant milestone in Oklahoma’s stance on cryptocurrency. This bill, set to take effect on November 1, solidifies protections for individuals and businesses engaging in crypto-related activities within the state. Protecting Freedom of Use One of the key provisions of the new
Deutsche Bank has recently made headlines with its increased involvement in digital assets and tokenization by participating in the Monetary Authority of Singapore’s Project Guardian. This innovative initiative aims to test asset tokenization applications in a regulated environment, focusing on their viability and potential integration within financial markets. Joining forces with Memento Blockchain and Interop
Two US lawmakers, Senators Cynthia Lummis and Ron Wyden, have recently taken a stand against the Department of Justice’s attempt to expand the definition of a money-transmitting business. They argue that the DOJ’s broad interpretation could potentially criminalize non-custodial crypto asset software services. The Senators emphasized that such an expansive interpretation contradicts both the clear
The International Monetary Fund (IMF) has advised Nigeria to consider regulating the use of digital assets by licensing international cryptocurrency exchanges. This suggestion was put forth in the IMF’s latest consultation report for Nigeria. The goal behind this recommendation is to strengthen the country’s economic stability and elevate its position within the African cryptocurrency landscape.
The proposed Financial Innovation and Technology for the 21st Century (FIT21) Act is gearing up for a potential House floor vote by the end of May, offering the crypto industry much-needed clarity on regulatory oversight. Advocated by House Financial Services Committee Chairman Patrick McHenry, this legislation aims to address the long-standing issues of market oversight
The European Securities and Markets Authority (ESMA) has recently launched a review of the rules governing crypto asset investments by UCITS (Undertakings for Collective Investment in Transferable Securities) in response to the European Commission’s call to keep up with market developments. This review aims to address the challenges and opportunities presented by the growing crypto
Recently, US lawmakers have proposed a new bill that could have a significant impact on the world of cryptocurrency transactions. The bill, known as the Blockchain Integrity Act, aims to temporarily prevent financial institutions from engaging in transactions involving funds that have been through crypto mixers. The proposed legislation seeks to impose a two-year moratorium
Coinbase’s chief legal officer, Paul Grewal, recently took to social media to criticize US SEC Chair Gary Gensler for allegedly spreading misinformation about the legal status of cryptocurrencies. In a bold statement, Grewal urged Gensler to stop misleading the market by claiming that tokens are not securities. He pointed to previous court cases where the
Robinhood’s cryptocurrency division recently found itself in hot water after receiving a Wells Notice from the US Securities and Exchange Commission (SEC) on May 4th. The Commission’s staff, under the leadership of Gary Gensler, had been conducting an investigation into Robinhood’s cryptocurrency listings, custody practices, and platform operations. This ultimately led to a recommendation for
