Regulation Financial News

08.12 / 08:33

markets business regulation Funding Genesis Trading Crypto lender Genesis Crypto lender Genesis has no solution yet for withdrawal halts

Crypto lending platform Genesis has informed its customers that its withdrawal freeze is likely to last “additional weeks” amid efforts to stave off a potential bankruptcy filing.

08.12 / 04:27

regulation FTX SBF subpoena is 'definitely on the table,' says Rep. Maxine Waters

The United States House Financial Services Committee Chair Maxine Waters said a subpoena is "definitely on the table" for former FTX CEO Sam Bankman-Fried, who has been requested to testify at a Dec. 13 hearing looking into the collapse of FTX.

08.12 / 00:23

regulation SEC Congress reserves Crypto consumer protection, proof of reserves bills introduced into US Congress

United States Congressman Ritchie Torres has introduced bills in the House of Representatives to prohibit misuse of customer funds by cryptocurrency exchanges and to require exchanges disclose proof of reserves to the Securities and Exchange Commission (SEC). The short bills are intended to supplement other legislation that is passed on cryptocurrency, Torres said.

07.12 / 23:59

regulation Environment Ban ECB ECB official proposes ban on tokens with an 'excessive ecological footprint'

Fabio Panetta, an executive board member of the European Central Bank (ECB), proposed banning crypto assets with a significant environmental impact as part of efforts to address risks.

07.12 / 22:13

regulation SEC FTX GAO Rep. Torres asks US GAO to investigate SEC ‘failure’ to protect public against FTX

An American legislator has asked the United States Government Accountability Office (GAO) to look into the performance of the Securities and Exchange Commission (SEC) regarding the recently failed crypto exchange FTX.

07.12 / 18:29

defi regulation crimes Cybercrime Mixers Into the storm: The murky world of cryptocurrency mixers

Cryptocurrency mixing services are a divisive subject in the industry. Some advocate for the privacy-enabling features of these protocols while others maintain that they are mainly used for illicit means.

07.12 / 16:39

Government regulation Bitcoin Bank of Russia wants to ban miners from selling crypto to Russians

The Russian central bank continues to maintain an extremely negative stance on cryptocurrencies, proposing to ban local miners from selling coins to local people.

07.12 / 14:19

Stablecoin regulation Terra Japan recommends against algorithmic backing in stablecoins

After passing its landmark legislation on stablecoins in June, Japanese regulators are considering complementing it by restricting the algorithmic backing of stablecoins. The intention comes as a recommendation from the Financial Service Agency (FSA) and was repeated by the country’s Vice Minister for International Affairs, Tomoko Amaya.

07.12 / 13:19

Law regulation Bitcoin lawmakers Department US lawmakers US lawmakers want State Department to justify crypto rewards and disclose payouts

The United States lawmakers have proposed an amendment to the State Department Basic Authorities Act of 1956 that includes information on crypto rewards and payouts.

07.12 / 10:47

business regulation Court Bankruptcy Terra Luna 3AC subpoenas issued as dispute grows over claims of Terraform dump

A federal judge overseeing Three Arrows Capital’s (3AC’s) bankruptcy proceedings has signed an order approving subpoenas to be delivered to 3AC’s former leadership, including co-founders Su Zhu and Kyle Davies.

07.12 / 05:31

Law regulation Grayscale Bitcoin Fir Tree fund sues Grayscale in effort to force changes to Bitcoin Trust

Fir Tree Capital Management has filed a lawsuit against Grayscale Investments demanding information that could be used to force changes to the way it runs its flagship Bitcoin Trust.

07.12 / 01:13

Law regulation crimes FTX Fried Sam Sam Bankman-Fried hires defense attorney as US authorities probe FTX: Report

Former FTX chief executive officer Sam Bankman-Fried has reportedly hired Mark Cohen, a former federal prosecutor, to act as his defense attorney.

07.12 / 00:05

Government Law regulation South America Paraguay's legislature fails to reverse presidential veto on crypto regulation law

The Chamber of Deputies, the lower house of Paraguay's bicameral legislature, failed to move forward on a bill aimed at promoting crypto mining through the use of surplus electricity following a veto from President Mario Abdo Benítez.

06.12 / 22:11

Law regulation policies financial stability Financial Financial Stability Board aims to address crypto-related issues following 'failure of FTX'

The international monitoring body Financial Stability Board, or FSB, called for a global framework aimed at regulating and supervising crypto in the wake of FTX’s collapse, also saying it would assess vulnerabilities associated with decentralized finance.

06.12 / 19:55

regulation lawmakers US lawmakers US lawmakers request answers from Silvergate over ties to FTX: Report

Three members of the United States Senate have reportedly penned a letter to Silvergate Bank requesting information about any relationship with FTX and business entities under former CEO Sam Bankman-Fried.

06.12 / 15:37

regulation Bank of England UK government UK crypto services UK crypto bill to restrict services from abroad: Report

Despite the Conservative Party's rhetorical embracement of crypto under the new Prime Minister Rishi Sunak, the upcoming regulatory framework will reportedly tighten scrutiny over the industry. The legislation updates will broaden the powers of the financial regulator and probably limit foreign companies’ operations in the United Kingdom.

06.12 / 15:37

regulation Court Bankruptcy Celsius Restructuring Plan Court sets new deadline for Celsius restructuring plan

Bankrupt crypto lender Celsius was granted an extension on its exclusivity period until Feb. 15, 2023. The court approval would give the troubled crypto lender another couple of months to file for a Chapter 11 restructuring plan.

06.12 / 14:17

regulation FTX Fried Sam hearing us house services Financial US House Financial Services Chairwoman Maxine Waters Says it is ‘Imperative’ That Sam Bankman-Fried Attends Hearing on 13 December After – This is What Happened

The Financial Services Committee Chair Maxine Waters has demanded Sam Bankman-Fried participate in the upcoming U.S. House committee’s hearing and testify on the collapse of his crypto empire.

06.12 / 14:17

regulation SEC Securities Crypto Lender Nexo to Leave the USA After Discussions with Regulators Hit a Stalemate

Major crypto lender Nexo will be leaving the United States over the next few months, as the company was unable to reach an agreement with the country's regulators.

06.12 / 13:29

regulation Fried Sam hearing Texas enforcers want Sam Bankman-Fried to attend the hearing in February: Law Decoded

Welcome to Law Decoded, your weekly digest of all the major developments in the field of regulation.

06.12 / 09:41

Government regulation Senate A loophole allowed FTX to secure its Aussie license without full checks: ASIC's Longo

Joseph Longo, the chairman of the Australian Securities and Investments Commission (ASIC) is calling for a regulatory loophole to be closed that allowed FTX to acquire an Australian Financial Services License (AFSL) in the country without the full suite of checks.

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