In a recent letter addressed to Senator Cynthia M. Lummis and Congressman J. French Hill, Tether, the world’s largest stablecoin issuer, revealed that it had frozen 326 wallets containing $435 million worth of Tether (USDT) to assist law enforcement authorities in the United States. This move was in response to concerns raised by Lummis and
Regulation
The U.S. Securities and Exchange Commission (SEC) has recently denied a petition from cryptocurrency exchange Coinbase, in which Coinbase requested the development of new rules specifically for digital asset securities. The SEC’s decision comes after a lengthy period of back-and-forth between Coinbase and the securities regulator, with Coinbase originally submitting the petition in July 2022.
The Securities and Exchange Commission (SEC) has recently announced new disclosure requirements for material cybersecurity incidents, which are set to take effect later this month. These requirements have the potential to offer publicly listed crypto companies in the United States an opportunity to showcase their capabilities. However, it is essential to critically analyze the implications
The Financial Accounting Standards Board (FASB) has recently adopted revised accounting rules for Bitcoin. This decision has brought significant changes to the financial landscape for corporations as it introduces fair value accounting for Bitcoin. This move aligns the treatment of Bitcoin with other financial assets. A Watershed Moment in Corporate Finance The adoption of fair
Binance, a prominent cryptocurrency exchange, has recently submitted two crucial filings in response to an ongoing case initiated by the U.S. Securities and Exchange Commission (SEC). These filings aim to dismiss the SEC’s case against Binance and its former CEO, Changpeng Zhao, and challenge the allegations made by the regulatory body. In this article, we
The Chairman of the Commodities Futures Trading Commission (CFTC), Rostin Behnam, has expressed his belief that most cryptocurrencies should be classified as commodities under existing laws. However, he emphasizes the need for updated regulatory frameworks to account for the technological advances brought about by these digital assets. In an interview with CNBC, Behnam stressed that
In recent years, the Korean crypto industry has been plagued by devastating scandals, eroding investor confidence and creating a sense of urgency for regulatory intervention. On Dec. 11, the Korean Financial Services Commission (FSC) unveiled a comprehensive set of regulations under the Act on the Protection of Virtual Asset Users, signaling a new era of
Senator Elizabeth Warren’s announcement of an expanded coalition of Senate support for the Digital Asset Anti-Money Laundering Act marks a significant development in the ongoing effort to regulate cryptocurrencies. The bipartisan bill aims to mitigate the risks of illicit finance posed by digital assets by bringing them into greater compliance with anti-money laundering frameworks. This
The U.S. Securities and Exchange Commission (SEC) recently met with Fidelity to discuss the firm’s spot Bitcoin ETF application. This meeting, which took place on December 7th, involved several members of the SEC’s Division of Corporate Finance as well as representatives from CboeBZX. The primary focus of the meeting was a proposed rule change that
The major cryptocurrency exchange Binance has withdrawn its application for certain operations in Abu Dhabi. This decision comes as a result of a request from the Abu Dhabi Global Market (ADGM), the regulatory body responsible for overseeing these operations. The request, which came into effect on November 15, 2022, was officially withdrawn by Binance on
