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
Regulation
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
Discussions between House leaders and Senate Majority Leader Chuck Schumer have raised the possibility of taking action on stablecoin legislation during this summer’s session. This key area of financial technology is in need of regulatory clarity, and House Financial Services Chair Patrick McHenry and ranking member Maxine Waters recently met with Schumer to discuss this
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
Recently, the IRS criminal investigation chief, Guy Ficco, shared alarming statistics with CNBC regarding the rise of tax crimes involving cryptocurrency. Ficco pointed out that there has been a noticeable increase in what he refers to as “pure crypto tax crimes” falling under Title 26 of the US Code, specifically federal income tax violations. 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
Upon receiving a Wells notice from the US SEC, Hayden Adams, the founder of Uniswap, took to social media to express his frustration. He stated that he was not surprised by the SEC’s warning, but rather annoyed and disappointed. Adams also made it clear that Uniswap’s products are legal and criticized the SEC for its
The persistent disconnect between policymakers and technology often leads to regulations that overlook crucial aspects of new technologies. In the United States, lawmakers and regulators are faced with the daunting task of regulating emerging technologies such as blockchain and artificial intelligence. Senator Cynthia Lummis has recognized the importance of innovation in the financial sector 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
