The UK Law Commission recently published a scoping paper discussing the legal characterization of Decentralized Autonomous Organizations (DAOs) in the country. DAOs are blockchain-based communities that work towards a common goal, such as investing in startups or acquiring historical artifacts. However, the Commission highlighted the difficulties in defining DAOs, as there is a lack of
Regulation
The recent decision by the US Securities and Exchange Commission (SEC) regarding exceptions for certain institutions impacted by Staff Accounting Bulletin No. 121 (SAB 121) has sparked debate within the financial industry. This move is seen as a significant development in the realm of crypto accounting compliance and has the potential to shape the future
The recent vote in the US House of Representatives regarding HJ Res. 109 to rescind SEC Staff Accounting Bulletin (SAB) 121 ended in a disappointing outcome. While 228 House members voted in favor of ending SAB 121, 184 voted against the resolution and 21 abstained. This majority support was still insufficient to overturn the bulletin,
In a recent development, the US Securities and Exchange Commission (SEC) has officially closed its investigation into stablecoin issuer Paxos. This decision comes after over a year of uncertainty surrounding Paxos and its role in the issuance of the Binance USD (BUSD) stablecoin. On July 11, Paxos made an announcement revealing that they had received
The Commodity Futures Trading Commission (CFTC) chair Rostin Behnam has expressed a willingness for the agency to become a primary regulator for cryptocurrencies. This statement was made during a recent Senate Agriculture Committee hearing focused on digital commodities oversight. The discussion revolved around the CFTC’s request for expanded regulatory authority in the realm of cryptocurrencies.
Bitwise Chief Compliance Officer (CCO) Katherine Dowling recently shared insights regarding the progress of spot Ethereum ETFs, stating that they are nearing the final stages of approval. She mentioned that discussions with the Securities and Exchange Commission (SEC) have been positive and that the agency is receptive to conversations about new financial products. During an
Messari, a prominent US-based crypto market intelligence platform, has made a bold declaration of independence from the Securities and Exchange Commission (SEC). The CEO, Ryan Selkis, announced this decision, citing the regulator’s strict approach to the growing crypto industry. This move signifies Messari’s dissatisfaction with the SEC and its leadership under Chair Gary Gensler. In
South Korea’s Financial Supervisory Service (FSS) is taking proactive steps to tighten oversight of crypto trading platforms within its jurisdiction. The regulator recently announced that local exchanges will be required to establish a continuous monitoring system for unfair transactions and report any abnormal activities promptly. This move aims to eliminate fraudulent transactions and ensure compliance
Mike Novogratz, the CEO of Galaxy Digital, recently expressed his optimistic outlook for cryptocurrency regulation in the US, regardless of the outcome of the 2024 presidential election. He emphasized the importance of bipartisan support for the crypto sector, stating that it cannot afford to have one party in favor of it while the other opposes
Entrepreneur and billionaire Mark Cuban has recently called on the US Securities and Exchange Commission (SEC) to make adjustments to Form S-1 to accommodate token-based companies looking to register with the authorities. This request comes in response to SEC Commissioner Mark Uyeda’s concerns about the current challenges with crypto disclosure filings. Form S-1 is a
