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
Regulation
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
Recently, Rep. Maxine Waters has put forth the nomination of Ms. Kristin Johnson, a current Commissioner of the US Commodity Futures Trading Commission (CFTC), for the position of Assistant Secretary for Financial Institutions at the US Department of Treasury. This nomination has sparked discussions within the financial and crypto communities. Qualifications and Expertise Rep. Waters
The Fintech giant Block is currently facing scrutiny from federal prosecutors in the Southern District of New York due to allegations of significant compliance failures involving its main business units, Square and Cash App. These allegations emerged after a former employee disclosed multiple lapses in the company’s transaction monitoring systems. The former employee provided internal
The recent accusations made by House Financial Services Committee Chairman Patrick McHenry against SEC Chair Gary Gensler have raised serious concerns about transparency and consistency within the agency. McHenry’s statement, released on April 30, suggests that Gensler intentionally evaded questions from Congress regarding the classification of Ethereum as a security during his testimony in April
The recent action taken by the SEC against Uniswap has sent shockwaves through the decentralized finance (DeFi) industry. The SEC alleges that certain tokens traded on Uniswap constitute securities, raising concerns about the platform’s compliance with federal securities laws. This move by the SEC highlights a broader regulatory trend targeting decentralized platforms and raises questions
US Senators Elizabeth Warren and Bill Cassidy have recently called for stringent measures to combat the use of cryptocurrency in the illegal trade of child sexual abuse material (CSAM). In a bipartisan letter addressed to Attorney General Merrick Garland and Secretary of Homeland Security Alejandro Mayorkas, the senators highlighted the pseudonymity of cryptocurrencies as a
The recent approval of new Anti-Money Laundering Regulations by the European Parliament has significant implications for Crypto Asset Service Providers (CASP) operating in Europe. These regulations mandate the implementation of stringent Know Your Customer (KYC) procedures to combat money laundering within the crypto industry. CASPs, including banks, asset managers, and real estate agents, are now
Recent reports reveal that Nigerian authorities are ramping up their efforts to crack down on crypto trading in the country, specifically targeting peer-to-peer (P2P) platforms such as OKX, Binance, KuCoin, and Bybit. A circulating document on social media platforms has highlighted the Central Bank of Nigeria’s (CBN) directive to financial institutions to identify individuals or
