Tether, a stablecoin issuer, recently worked closely with the US Department of Justice and the FBI to seize $1.4 million USDT linked to a tech support scam network. The scam targeted vulnerable elderly individuals through deceptive pop-up ads, tricking them into thinking their devices had been compromised. Victims were then coerced into transferring their funds
Regulation
The recent release of the Biden administration’s proposed budget for 2025 has sparked discussions among investors and experts alike. With provisions aimed at implementing regulatory measures targeting digital assets, the proposed budget is expected to have significant implications for the cryptocurrency industry. By addressing loopholes that have allowed wealthy crypto investors to benefit disproportionately, the
The recent ban imposed by Spain on Worldcoin’s data collection and usage has raised concerns over the company’s compliance with EU GDPR rules. Despite Worldcoin’s claims of being fully compliant with the EU’s data protection laws, Spanish regulators have accused the company of spreading inaccurate and misleading information globally. This lack of clarity surrounding the
The discussion around central bank digital currencies (CBDC) has been a hot topic globally, with various countries exploring the idea of a government-backed digital currency. US Federal Reserve Chair Jerome Powell recently addressed lawmakers regarding the Fed’s stance on CBDC during a Senate Banking Committee hearing on monetary policy. Powell emphasized the importance of privacy
Recently, the Indian government made an announcement that technology companies must seek government approval before publicly releasing artificial intelligence (AI) tools that are still in development or are deemed “unreliable.” This decision underscores India’s commitment to managing the deployment of AI technologies in order to ensure accuracy and reliability in the tools available to its
The Securities and Futures Commission (SFC) in Hong Kong recently issued a warning to the public regarding suspicious websites that are impersonating licensed crypto exchanges in the city-state. According to the notice released on Mar. 4, these fraudulent websites are trying to deceive users by using the image and branding of well-known exchanges like Hash
Senator Elizabeth Warren has recently made headlines with her stance on the cryptocurrency industry. In a recent interview, Warren expressed a willingness to engage with the industry, but only if players adhere to regulatory standards similar to those in traditional finance. She raised concerns about the industry’s reluctance to crack down on illegal activities such
The recent move by a group of Senate Republicans to restrict the Federal Reserve’s capacity to introduce a central bank digital currency (CBDC) sheds light on the lack of understanding among lawmakers about the potential benefits of digital currencies. The proposed bill, named the Central Bank Digital Currency Anti-Surveillance State Act, is a reactionary response
The Energy Information Administration (EIA) recently faced backlash from members of the crypto mining sector, leading to the suspension of a survey aimed at collecting data from crypto mining firms. The lawsuit, launched by Riot Platforms and the Texas Blockchain Council, raised concerns about the EIA’s data collection practices, prompting the agency to halt enforcement
South Africa recently unveiled plans to integrate digital payments and cryptocurrencies into its financial system as part of its 2024 budget. The government aims to boost the economy, particularly for marginalized communities, through increased collaboration between the public and private sectors to foster financial innovation. The primary goal is to improve access to digital payment
