U.S. Senator Roger Marshall surprised many when he revealed that the American Bankers Association (ABA) played a vital role in formulating the divisive Digital Asset Anti-Money Laundering Act. In a speech delivered at the Parliamentary Intelligence-Security Forum, Marshall disclosed that Senator Elizabeth Warren had approached them with the legislation, and together, they sought assistance from
Regulation
The Central Bank of Ireland (CBI) has made an important move in the cryptocurrency industry by granting a license to Ripple Markets Ireland Limited, Ripple’s Irish subsidiary. The license allows Ripple to operate as a registered Virtual Asset Service Provider (VASP) in Ireland. This article analyzes the significance of this development and its potential impact
BlackRock, a leading asset manager, has recently submitted a new amendment to the S-1 filing for its spot Bitcoin ETF, the iShares Bitcoin Trust. The amendment includes significant changes and updates, indicating the ongoing discussions and transactions between BlackRock and the U.S. Securities and Exchange Commission (SEC). One notable update in the filing is the
The leaders of the UK Treasury recently presented a set of regulations known as the Digital Securities Sandbox (DSS) before the parliament. These regulations are designed to establish a controlled environment that enables companies and regulators to test new technology in financial markets. By overcoming existing regulatory obstacles, the DSS regulations have the potential to
Revolut, the popular digital banking and fintech platform, has announced a temporary suspension of its cryptocurrency trading services for its business clients in the United Kingdom. The decision comes as a response to anticipated regulatory changes set to be implemented in early 2024. This move is in line with Revolut’s commitment to adapting its business
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
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
