The European Securities and Markets Authority (ESMA) recently issued a warning that investors in the European Union (EU) will not be adequately protected under the EU’s crypto asset market rules until the end of 2024, at the earliest. This comes despite the EU being the first global jurisdiction to endorse regulatory rules for crypto assets.
Regulation
Cathie Wood, the CEO and CIO of ARK Invest, recently spoke about the pending spot Bitcoin ETF applications in an interview with CNBC. As ARK Invest is actively pursuing a spot Bitcoin ETF, Wood provided insights into the current state of her company’s application. She mentioned that they had responded to the SEC’s request for
California Governor Gavin Newsom has recently given his approval to a new cryptocurrency regulation bill, signaling a significant shift in his stance on digital assets. The legislation, known as the Digital Financial Assets Law, introduces stricter regulations for crypto businesses operating in California. These regulations are set to take effect in July 2025 and aim
In a significant turn of events, the U.S. Securities and Exchange Commission (SEC) has chosen not to challenge a recent court ruling that deemed its rejection of Grayscale Investments’ application to create a spot bitcoin exchange-traded fund (ETF) unjust. In August, the District of Columbia Court of Appeals in Washington declared the SEC’s refusal invalid,
Two U.S. Senators, Elizabeth Warren and Angus S. King, Jr., have stepped up their efforts to prompt the U.S. Department of the Treasury and the Internal Revenue Service (IRS) to expedite the implementation of proposed tax reporting rules for cryptocurrency brokers. In a joint letter to the regulators, the senators expressed their concerns regarding the
The Federal Open Market Committee (FOMC) held a meeting in September to discuss the current economic environment and its impact on monetary policy. Despite facing a complex set of challenges, the committee confirmed its commitment to raising interest rates, with many participants anticipating at least one more increase in the near future. One of the
The United Kingdom’s Financial Conduct Authority (FCA) has taken action against Binance’s local partner, Rebuildingsociety.com. The FCA has prohibited Rebuildingsociety.com from approving financial promotion content from unauthorized individuals or entities. The regulator has instructed the company to revoke any previous approvals granted to unlicensed entities. In addition, Rebuildingsociety.com must inform its clients that it cannot
Elon Musk finds himself in a difficult situation as he attempts to contest the U.S. Securities and Exchange Commission (SEC). The SEC recently announced legal action against Musk seeking to compel him to comply with a subpoena related to his acquisition of Twitter (now X). Despite receiving the subpoena in May, Musk attempted to avoid
On October 5th, Elon Musk, the owner and Chief Technology Officer of X (formerly Twitter), took to Twitter to voice his opinion on the state of the United States’ regulatory agencies. In a tweet, Musk called for a comprehensive overhaul of these agencies and the establishment of a commission to punish individuals who have abused
The Bank for International Settlements (BIS) and central banks within the Eurosystem have joined forces to launch an innovative project called Project Atlas. This proof of concept aims to delve into the economic impact of crypto assets and decentralized finance (DeFi). Through a collaborative effort between the BIS Innovation Hub Eurosystem Centre, De Nederlandsche Bank,
Kenya’s Ad hoc committee has conducted investigations into the actions of Worldcoin, a company accused of mining data from Kenyans through the scanning of their irises in exchange for cryptocurrency tokens. The committee, led by Narok West MP Gabriel Tongoyo, has alleged that Worldcoin’s activities constitute acts of espionage and pose a threat to the
In a recent filing on September 22nd, it has been alleged that the co-founders of the now-defunct Terra blockchain project had planned to carry out fraudulent transactions during the development of the project. The Securities and Exchange Commission (SEC) claimed that Terraform Labs, the company behind the Terra blockchain, collaborated with a payments app called
Crypto exchange Coinbase has made a significant breakthrough in the global financial market by receiving regulatory approval from the Bermuda Monetary Authority (BMA). This approval allows Coinbase to offer perpetual futures to non-U.S. retail customers, furthering its mission to modernize the global financial system. This move demonstrates Coinbase’s commitment to providing economic freedom and opportunity
Ripple’s chief legal officer, Stuart Alderoty, has made a bold claim regarding the upcoming appearance of Gary Gensler, the U.S. Securities and Exchange Commission (SEC) Chairman, before the Senate Committee on Financial Services. Alderoty argues that Gensler may make misleading statements during his testimony. Specifically, he suggests that Gensler might assert the existence of a