Regulation Financial News

12.05 / 07:03

regulation Bloomberg Federal Reserve ‘It’s going to get worse for banks’ — JPMorgan CEO on overregulation

The CEO of JPMorgan Chase — which recently took over failed First Republic Bank — believes there could be more pain ahead for United States banks if the Federal Reserve goes into crisis mode with overregulation.

12.05 / 03:23

Binance CFTC regulation SEC stake Binance.US seeking to cut Changpeng Zhao's majority stake: Report

Crypto exchange Binance US and its founder Changpeng Zhao (CZ) are reportedly looking for ways to reduce his stake in the firm, amid harsh scrutiny from United States federal regulators over the past year.

12.05 / 02:21

business Law regulation SEC coinbase Court US Chamber of Commerce slams SEC's ‘haphazard’ regulation efforts

The United States Chamber of Commerce has blasted the Securities and Exchange Commission (SEC) for its “haphazard, enforcement-based approach” to regulating the cryptocurrency industry on American soil.

11.05 / 23:33

regulation SEC banking Digital Asset us house committee Financial US House financial committee tells SEC they don’t like custody proposal

The chair of the United States House of Representatives Financial Services Committee and six subcommittee chairs have sent a letter to U.S. Securities and Exchange Commission (SEC) Secretary Vanessa Countryman voicing their concerns over the agency’s proposed advisory clients custody rule. They join a string of crypto industry figures in expressing their objections.

11.05 / 22:11

UPS Digital regulation SEC CEO Sec Chair us house services committee Financial US House Financial Services Committee Chair Rep. McHenry Accuses SEC Chair of Avoiding Answering Questions

House Financial Services Committee Chair Patrick T. McHenry accused US Securities and Exchange Commission Chair Gary Gensler of avoiding requests for information about cryptocurrency-related matters, going so far as to threaten a hearing if they don’t hear back soon.

11.05 / 22:11

Binance regulation coinbase UK Binance Criticizes US Crypto Regulations, Eyes UK for Better Oversight

Major crypto exchange Binance has criticized crypto regulations in the US, calling on the country to follow in Europe’s footsteps and provide clearer rules.

11.05 / 21:57

Blockchain Adoption regulation Banks Federal Reserve AML identity Reserve Federal Reserve's FedNow will integrate with Metal Blockchain

The Federal Reserve’s forthcoming instant payment service FedNow will be integrated with Metal Blockchain, according to a May 11 announcement from the Metal Blockchain team. The announcement said that the integration will allow Metal users to instantly convert funds to stablecoin and back again using FedNow’s “send/receive” function.

11.05 / 21:43

regulation Mobile Payments Safaricom M-Pesa receives Ethiopian mobile money license, ending state monopoly

The National Bank of Ethiopia (NBE) has issued a mobile money-service license to Safaricom M-Pesa Mobile Financial Service, it announced May 11. Previously, only Telebirr, part of the state-owned Ethio Telecom network, operated in that market.

11.05 / 20:37

Law regulation SEC coinbase Court 'The SEC’s actions have crippled a nascent industry' — Paradigm requests amicus brief for Coinbase

Paradigm, the crypto investment firm led by Coinbase co-founder Fred Ehrsam, has petitioned to file an amicus brief in support of Coinbase’s case against the United States Securities and Exchange Commission (SEC).

11.05 / 18:33

Ripple regulation SEC Watchdog sues SEC over FOIA access to docs on potential crypto conflict of interest

Watchdog group Empower Oversight Whistleblowers & Research (EMPOWR) has filed suit against the United States Securities and Exchange Commission to force the agency to comply with a Freedom of Information Act (FOIA) request for access to communications between former SEC officials and their former and future employers.

11.05 / 17:39

regulation Congress Silicon Valley GAO GAO cites exposure to digital assets in exploring collapse of Signature Bank

The United States Government Accountability Office, or GAO, has released its preliminary review of the failures of Silicon Valley Bank and Signature Bank — and included exposure to deposits from the cryptocurrency industry.

11.05 / 17:07

CBDC Payments regulation Central Bank BIS BIS issues comprehensive paper on offline CBDC payments

The Bank for International Settlements (BIS) is actively exploring opportunities for offline payments involving a central bank digital currency, or CBDC.

11.05 / 16:49

regulation Bittrex Crypto Exchange Withdrawals Bittrex Processed $425 Million in Withdrawals Since April 1, Claims Attorney Amid Bankruptcy Proceedings

The US and Maltese arms of crypto exchange Bittrex have processed $425 million in withdrawals since the platform announced plans to wind down US operations.

11.05 / 15:29

Adoption regulation IRS Taxes investigation Bitcoin How the IRS seized $10B worth of crypto using blockchain analytics

Blockchain analysis has been key in helping the United States Internal Revenue Service (IRS) seize an estimated $10 billion worth of cryptocurrency since it began investigating a broad body of crimes involving digital assets.

11.05 / 15:29

Law regulation crimes Terra Lawyers bail Do Kwon's lawyers propose $436K bail as authorities prepare for June trial

Authorities in Montenegro are moving forward with charges against Do Kwon and his former aide Han Chang-joon as lawyers for the Terra co-founder requested conditions for bail.

11.05 / 12:33

business regulation Europe European Union ChatGPT EU draft AI Act updated with public facial recognition ban

Lawmakers in the European Union have forwarded legislation concerning artificial intelligence (AI) to the next phase after concluding a vote from two lawmakers’ committees.

11.05 / 10:47

regulation Bitcoin Prison Fine Time Buying a car with Bitcoin gets $3.7M fine, prison time in Morocco

A crypto user who purchased a luxury car with Bitcoin (BTC) has faced a sentence of 18 months in prison and a $3.7 million fine in Morocco, which still considers the use of crypto as an illegal act.

11.05 / 10:27

Blockchain regulation SEC UK government U.S. Binance looks to the UK for regulation amid US crypto crackdown

Crypto exchange Binance has acknowledged that a crackdown on cryptocurrencies has made it challenging to conduct business in the United States, and it is now looking to be regulated in the United Kingdom.

11.05 / 06:49

Stablecoin Adoption regulation Tether Usd Coin Backed bail Fiat-backed stablecoins could be used to post bail in New York under proposed bill

A New York lawmaker has introduced a new bill that would see dollar-pegged stablecoins accepted as a legal form of payment for bail bonds.

11.05 / 06:49

regulation SEC Taxes Bitcoin Marathon Bitcoin Miner Bitcoin miner Marathon Digital hit with another SEC subpoena

Bitcoin (BTC) miner Marathon Digital has disclosed that it received another subpoena from the United States Securities and Exchange Commission (SEC) relating to its 100-megawatt data center in Hardin, Montana.

10.05 / 22:45

Law regulation Europe European Union Bitcoin Regulation UK government 3 takeaways from the European Union's MiCA regulations

The European Union has become the first major jurisdiction to pass a comprehensive crypto law, the Markets in Crypto-Assets (MiCA) regulation, which aims to provide legal certainty for the crypto industry and investors by establishing standard regulations and harmonized rules at the EU level.

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