The Executive Office of US President Joe Biden has announced its stance on proposed legislation, H.J. Res. 109, that would allow highly regulated financial firms to act as custodians for Bitcoin and other cryptocurrencies. JUST IN: 🇺🇸 US President Joe Biden Administration says Biden would veto legislation that would allow highly regulated …
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According to local reports, the Australian Securities and Investment Commission (ASIC) has started legal procedures against two crypto companies and their directors for operating unlicensed in the country. Allegedly, the companies participated in an elaborate scheme that resulted in the loss of AU$ 160 million, worth $104 million, from investors. …
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The US Department of the Treasury’s Office of Foreign Assets Control (OFAC) announced a new round of sanctions on crypto-related companies linked to Russia. The measure is part of the US government’s efforts to combat OFAC-designated entities from evading sanctions through virtual asset services. OFAC Designates Russia-Linked Crypto Companies The …
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The European Securities and Markets Authority (ESMA) is stepping up its efforts to regulate the burgeoning cryptocurrency market with two key initiatives: establishing criteria for classifying these asset types as financial instruments and setting stricter rules for non-EU companies operating in the bloc. These moves come in response to the …
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Several firms have recently reduced their proposed fees, as revealed in the latest versions of their S-1 forms submitted to the U.S. Securities and Exchange Commission. This is in response to the ongoing industry competition, amplified by the anticipation surrounding the U.S. Securities and Exchange Commission’s (SEC) decision on spot …
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Bitcoin mining inherently involves high energy costs due to the operation of supercomputers. The world’s largest cryptocurrency Bitcoin (BTC) made substantial gains surging by 160% this year in 2023. The rally in Bitcoin and the broader crypto market has also helped some of the US-listed crypto companies recover from the …
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Behind the wave of companies moving or deploying initiatives in the UAE is regulation. The country has introduced regulatory frameworks for decentralized autonomous organizations (DAOs), virtual asset providers, metaverses and other Web3-related entities. By offering regulatory clarity and a clear path to compliance — amid a crackdown in the United …
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In a significant development, US Bankruptcy Judge Michael Kaplan has made a ruling to lift the stay suit, enabling the resumption of trial proceedings in the ongoing legal dispute between cryptocurrency lender BlockFi and failed crypto exchange FTX. According to recent reports, the decision paves the way for BlockFi and …
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Amid the ongoing global crackdown on financial crimes and terrorism funding, the US government recently highlighted concerns regarding the alleged inadequate efforts of some companies operating in the crypto asset space. The US government particularly points to the potential role of digital assets in facilitating illicit financial transactions, urging companies …
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For the most part, nonfungible tokens (NFTs) have two primary use cases: Buying and selling digital products (digital art, virtual fashion items) and building digital communities (exclusive memberships, access to events). These use cases can be easily adopted by brands and companies, such as fashion brands selling digital clothes, various …
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Top Stories This Week Grayscale files for new spot Bitcoin ETF on NYSE Arca Major cryptocurrency investment firm Grayscale Investments has filed a new application with the U.S. Securities and Exchange Commission for a new spot Bitcoin exchange-traded fund (ETF). The new filing aligns with Grayscale’s ongoing effort to convert …
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Crypto firms have been using the “major questions” doctrine to defends themselves against the enforcement actions of the regulations. However, it has its own flaws in place. Over the last year, multiple firms in the crypto space have engaged with regulators on different issues. These companies have been boldly questioning …
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