Regulation Financial News

19.05 / 13:09

regulation Crypto Exchange Customers NY Attorney General Secures $4.3 Million Refund for Coin Cafe Customers Misled by Hidden Fees

The New York Attorney General’s office has ordered crypto trading platform Coin Cafe to repay $4.3 million to users for charging hidden fees.

19.05 / 08:39

business regulation Senate Reserve Texas proof-of-reserve bill passes through the Senate

The legislation that could oblige exchanges to maintain reserves “in an amount sufficient to fulfill all obligations to customers” made it one step closer to reality in the state of Texas. The bill passed through a Senate vote and now awaits only the state governor's signature.

19.05 / 07:29

regulation security Derivatives Bitcoin Regulation TradFi Crypto should become a regular part of TradFi within 5-10 years: Exchange CEO

Crypto needs to establish itself as a “brand new” component of traditional finance, rather than try to squeeze itself into existing financial products, suggests the CEO of crypto exchange Bittrex Global.

19.05 / 07:29

BLOCK regulation USDT Platform Bitcoin Lawyers Top Argentine Lawyers Hit Out at Crypto ‘Ban’ – Will Government Respond?

Top Argentinian lawyers have criticized the government’s partial “ban” on crypto trading.

19.05 / 06:35

business Binance regulation exchanges BTC Markets saga Australian Australian exchanges dispel debanking fears amid Binance saga, but risks loom

Australian-based cryptocurrency exchanges have lined up to quash contagion fears after the payments provider for Binance Australia was told to offboard the exchange, though some have warned risks still loom.

19.05 / 06:03

Stablecoin regulation Tether Circle Congress Paxos Stablecoin issuers have spent over $1.3M lobbying Congress since 2022

Stablecoin issuers including Tether, Circle, and others have spent well over a million dollars lobbying lawmakers on Capitol Hill since the start of 2022, according to recent data.

19.05 / 04:59

regulation Congress Chamber of Digital Commerce Lobby Blockchain arms race risks being won by ‘adversarial nations’ — US crypto lobby group

A blockchain lobbying group backed by the likes of Goldman Sachs, Citi Group, Circle and Fidelity has urged the United States Congress to pass a legal framework for digital assets or risk falling behind other nations.

19.05 / 04:59

business regulation Fraud FTX Court Bankruptcy Deal FTX pursues $244M clawback from ‘wildly inflated’ Embed acquisition deal

FTX’s leadership is looking to claw back more than $240 million from insiders and executives that benefited from FTX's "wildly inflated" acquisition of stock-clearing platform Embed in September.

19.05 / 04:59

Law regulation Trading Fraud Bitcoin Coin Cafe ordered to repay $4.3M in fees that ‘wiped out’ investors’ Bitcoin accounts

Cryptocurrency trading platform Coin Cafe has been ordered to repay $4.3 million to its users after allegedly charging “exorbitant and undisclosed fees" for storing Bitcoin on the platform — leading to some accounts being drained entirely of its funds.

18.05 / 19:53

business Government Law defi regulation Bitcoin Bitcoin Miami panel rejects ‘fight’ rhetoric against regulators

A trio of speakers in attendance at Industry Day, May 18, during the Bitcoin 2023 event in Miami held a discussion on government regulation and how the cryptocurrency industry should fight back against the “anti-crypto army.”

18.05 / 18:37

Blockchain Stablecoin regulation Congress hearing us house US House stablecoin hearing focuses on competing bills for regulation

State versus federal regulation was a key issue in the hearing on stablecoins in the United States House of Representatives on May 18. The House Committee on Financial Services’ new Subcommittee on Digital Assets, Financial Technology and Inclusion heard testimony from five experts as it considered two proposed bills to regulate stablecoins.

18.05 / 17:57

Stablecoin regulation House Financial Services lawmakers hearing Lawmakers Reveal Differences on Stablecoin Bills in House Hearing — Will They Find Consensus?

House Democrats and Republicans are seemingly divided on how to regulate stablecoins but are finding consensus that some form of legislation is needed.

18.05 / 16:45

Provident Twitter regulation Progressive Action FATF FATF President Calls on G-7 To Take the Lead To Regulate Crypto Ahead of Japan Summit

The president of a global money laundering and terrorist financing watchdog is calling on the G-7 to put an end to “lawless spaces” and to take the lead to regulate cryptocurrencies.

18.05 / 15:15

Government Law Adoption regulation us government Congress hearing Congressional crypto hearing illustrates political stalemate on digital assets

On May 10, the United States House of Representatives Financial Services Committee and Agriculture Committee held their first joint hearing on digital asset regulation. The event felt like a logical continuation of another recent hearing where representatives lambasted Securities Exchange Commission Chair Gary Gensler for perceived regulatory overreach.

18.05 / 14:15

business regulation Europe European Union ChatGPT Italy sets aside millions for workers at risk of AI replacement

Italy’s back and forth with the emergence of artificial intelligence (AI) continues, after lawmakers in the country announced funds for those at risk of losing their jobs to automation.

18.05 / 13:17

regulation FATF IMF Pakistan Finance Minister Says Country Will Never Legalize Crypto, Cites FATF Regulations

Pakistan Finance Minister has said the country will not legalize crypto trading, citing regulations by the Financial Action Task Force (FATF).

18.05 / 11:33

business CBDC Ripple regulation HKMA e-HKD Ripple to demonstrate tokenization in HKMA e-HKD pilot program using new CBDC platform

Ripple will participate in the Hong Kong Monetary Authority’s (HKMA’s) digital Hong Kong dollar (e-HKD) central bank digital currency (CBDC) pilot program by showcasing a real estate asset tokenization solution. The company will reveal its new CBDC platform at the same time.

18.05 / 11:33

business regulation Banks Wells Fargo settlement Wells Fargo to pay $1B in shareholders lawsuit settlement

Financial services firm Wells Fargo has reached a settlement in a class-action lawsuit, agreeing to pay shareholders $1 billion. The lawsuit alleged that the bank had misled its shareholders about its efforts to resolve the 2016 fake accounts scandal.

18.05 / 09:37

ETF regulation SEC security Grayscale Bitcoin Bitwise Grayscale and Bitwise distance themselves from Ether futures ETF plans

Two prominent crypto asset managers — Grayscale Investments and Bitwise Asset Management — have halted their Ether (ETH) futures exchange-traded fund (ETF) plans amid growing scrutiny from United States regulators.

18.05 / 09:37

regulation Court Terra bail Montenegro prosecutors appeal against Do Kwon’s bail terms

Terra co-founder Do Kwon’s bail is now in question after the State Prosecutor’s Office filed an appeal against it. Kwon is still wanted for extradition by South Korea and has criminal charges to answer in the United States.

18.05 / 08:09

business regulation Fraud FTX Deal Fried Sam FTX leadership sues Sam Bankman-Fried over $220M deal made prior to bankruptcy

FTX lawyers are suing former CEO Sam Bankman-Fried, co-founder Zixiao Wang, and former senior executive Nishad Singh over the $220 million acquisition of stock-clearing platform Embed, alleging lack of due diligence.

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