Deutsche Bank has recently made headlines with its increased involvement in digital assets and tokenization by participating in the Monetary Authority of Singapore’s Project Guardian. This innovative initiative aims to test asset tokenization applications in a regulated environment, focusing on their viability and potential integration within financial markets. Joining forces with Memento Blockchain and Interop
Regulation
Two US lawmakers, Senators Cynthia Lummis and Ron Wyden, have recently taken a stand against the Department of Justice’s attempt to expand the definition of a money-transmitting business. They argue that the DOJ’s broad interpretation could potentially criminalize non-custodial crypto asset software services. The Senators emphasized that such an expansive interpretation contradicts both the clear
The International Monetary Fund (IMF) has advised Nigeria to consider regulating the use of digital assets by licensing international cryptocurrency exchanges. This suggestion was put forth in the IMF’s latest consultation report for Nigeria. The goal behind this recommendation is to strengthen the country’s economic stability and elevate its position within the African cryptocurrency landscape.
The proposed Financial Innovation and Technology for the 21st Century (FIT21) Act is gearing up for a potential House floor vote by the end of May, offering the crypto industry much-needed clarity on regulatory oversight. Advocated by House Financial Services Committee Chairman Patrick McHenry, this legislation aims to address the long-standing issues of market oversight
The European Securities and Markets Authority (ESMA) has recently launched a review of the rules governing crypto asset investments by UCITS (Undertakings for Collective Investment in Transferable Securities) in response to the European Commission’s call to keep up with market developments. This review aims to address the challenges and opportunities presented by the growing crypto
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
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
