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
Regulation
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 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
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
The European Securities and Markets Authority (ESMA) recently issued a warning about the high concentration levels in the crypto market. The agency expressed concerns about the potential impact of a single asset or exchange failure on the entire crypto ecosystem. ESMA found that a small number of assets, such as Bitcoin (BTC), Ethereum (ETH), and
Lithuania is set to impose strict licensing requirements on crypto firms by 2025, a move that will significantly reduce the number of companies able to operate in the country. Central bank board member Simonas Krepsta stated that out of the 580 firms currently active in Lithuania, only a limited few will be able to obtain
The Monetary Authority of Singapore (MAS) has recently made significant amendments to its Payments Service Act (PSA) in a bid to boost user protection and strengthen its jurisdiction within the cryptocurrency industry, as announced in a statement on April 2. These revisions are in line with Singapore’s goal of solidifying its position as a cryptocurrency-friendly
In the realm of generative AI, the concept of openness is not as clear-cut as it may seem on the surface. While different vendors may claim to be open by sharing model weights, documentation, or tests, the reality is quite different. The training data sets, which are crucial for validating and verifying models, are often
