Worldcoin, a global World ID verification project, has recently claimed that its demand doubled during the first week of its launch. Despite the initial regulatory challenges it faced across multiple jurisdictions, the release of new Orbs worldwide contributed to the surge in weekly verifications. This growth adds to the already high verifications rate the project
Regulation
In a recent letter, US Senators, led by Elizabeth Warren, have called for prompt action to implement new tax reporting requirements for digital asset brokers. The need for these requirements stems from the Infrastructure Investment and Jobs Act (IIJA) enacted nearly two years ago, which aimed to address the estimated $50 billion crypto tax gap
In a recent statement shared on Kenya’s Ministry of the Interior official Facebook page, it was announced that the Kenyan Government has suspended the activity of Worldcoin, the digital identity crypto project. This comes as a response to concerns regarding the project’s collection of biometric data, specifically, iris and eyeball data. The Capital Markets Authority
Miami mayor Francis Suarez recently found himself embroiled in controversy when it was revealed that his presidential campaign received a massive $500,000 donation from PassionForest, LLC, a crypto firm. The donation, made on October 28, 2022, attracted the attention of the Campaign Legal Center, which filed a complaint on July 25, 2023, alleging that PassionForest
Binance, the leading digital asset exchange, has made history by becoming the first exchange to receive an Operational Minimum Viable Product (MVP) license from Dubai’s Virtual Assets Regulatory Authority (VARA). This achievement is particularly significant as Binance faces regulatory challenges in various European countries. With the Operational MVP license, Binance FZE, the Dubai subsidiary, can
In recent years, the rapid growth of the digital asset industry has raised concerns about regulatory oversight and consumer protection. Recognizing the need for clarity and innovation in this evolving landscape, the House Financial Services Committee has advanced several pieces of legislation. These proposed bills aim to address critical issues surrounding digital asset regulation and
The United States Securities and Exchange Commission’s (SEC) Commissioner Hester Peirce recently expressed her concerns regarding the regulator’s approach to transparency in the cryptocurrency industry. In a tweet on July 27, Peirce questioned why the SEC wants to discourage good-faith efforts to provide more transparency for the crypto scene. Her comments were in response to
The Chairman of the U.S. Securities and Exchange Commission (SEC), Gary Gensler, has once again expressed his concerns about the cryptocurrency sector, highlighting its prevalence of fraud and inadequate investor protections. In an interview with BBTV, Gensler acknowledged the presence of reputable actors in the industry but emphasized the speculative nature of the crypto market
The U.S. Accountability Office (GAO) has recently released a report titled “Blockchain in Finance”, which sheds light on the pressing need for comprehensive regulation in the crypto industry. The report highlights the significant regulatory gaps that exist, particularly in relation to spot cryptocurrency markets and stablecoins. While the potential benefits of blockchain technology, such as
In a recent interview, Stuart Alderoty, the Chief Legal Officer (CLO) of Ripple, discussed the potential implications of a favorable ruling on the securities status of the XRP token. This ruling, which went in favor of Ripple in mid-July, could play a significant role in two ongoing cases initiated by the U.S. Securities and Exchange
