Over the past decade or so, countries around the world have resorted to seizing cryptocurrencies. The United States government stands at the forefront, boasting crypto holdings of almost $15.27 billion. This substantial stash includes 212.847k BTC and 45.654k ETH. US Leads with Holdings of $15.27B Silk Road is perhaps the most infamous case where the...Read More
The Office of Foreign Assets Control (OFAC) has escalated its enforcement efforts by tightening its grip on individuals and entities operating within the financial services and technology sectors in Russia, particularly those involved in virtual assets, enabling evasion of US sanctions. The enforcement agency claimed that these individuals and entities played a crucial role in...Read More
The introduction of spot Bitcoin ETFs has attracted a fresh influx of investors, driving a notable increase in trading volume. This trend has generated a wave of optimism that extends beyond Bitcoin itself. But this hasn’t made the launch of a spot Ethereum ETF any earlier as the US Securities and Exchange Commission (SEC) is...Read More
In a move against the Biden administration’s plans to introduce a “digital dollar,” five United States senators have united to introduce legislation prohibiting central bank digital currencies (CBDCs). Led by Senator Ted Cruz, the group, including Senators Bill Hagerty, Rick Scott, Ted Budd, and Mike Braun, introduced the CBDC Anti-Surveillance State Act on February 26,...Read More
The ad was launched less than a week after US President Joe Biden was accused of killing the US dollar by Russia’s President Vladimir Putin in a recent interview. In its latest ad released on Feb.12, Coinbase used an animated Abraham Lincoln on a penny (or 1-cent coin), saying that it used to mean something....Read More
Digital asset investment products experienced a $1.18 billion increase in inflows last week, according to CoinShares. This figure, however, did not surpass the previous high set in October 2021 when futures-based Bitcoin ETFs garnered a total of $1.5 billion. The latest edition of “Digital Asset Fund Flows Weekly Report” further revealed that the trading volumes...Read More
While Bitcoin continued to break records throughout 2023, the kiosks providing the option to acquire cryptocurrencies using cash or debit cards have been on a decline. According to Coin ATM Radar, the total count of crypto ATMs worldwide has dwindled from 37,827 on January 1, 2023, to 33,628 on January 1, 2024, marking a noticeable...Read More
With the United States struggling to bring about regulatory clarity for the crypto space, the ongoing discord between two pivotal watchdogs sparks concerns about potential implications. The head of the Commodities Futures Trading Commission (CFTC), Rostin Behnam, has once again indicated that most crypto assets are considered commodities according to existing laws. He also acknowledged...Read More
Amid increased regulatory scrutiny in the United States, Europe has become an attractive destination for crypto firms. Galaxy Digital, the crypto venture led by US billionaire Mike Novogratz, is now venturing into the European market for greener pastures. As part of this expansion, the company has appointed Leon Marshall, formerly an executive at the crypto...Read More
Tether is one of the leading global purchasers of US Treasury bills. According to Paolo Ardoino, the stablecoin issuer’s chief technology officer, USDT has now amassed a substantial $72.5 billion in US Treasury bonds. This places Tether in the 22nd position worldwide, surpassing countries like the United Arab Emirates, Mexico, Australia, and Spain in terms of...Read More
In a landmark ruling, Hong Kong’s High Court declared crypto as property that can be held in trust. This marks the first time such a decision regarding asset class has been made in the city-state. The ruling, which was handed down in liquidation of a case involving the now-defunct crypto exchange Gatecoin, essentially puts crypto...Read More
The US government has been very critical of the crypto space, especially over the past few months. Its upcoming actions could trigger potential sell pressure in the near future, even as investors currently do not exhibit any bearish behavior. Prominent analytic firm, CryptoQuant, has identified four important dates – 26 May 2023, 7 August 2023,...Read More
On Wednesday, the United States Department of Justice announced an international cryptocurrency enforcement action. The Department arrested the founder of BitZlato – a Chinese crypto exchange involved in servicing financial criminals The DOJ broke the news on Wednesday, alongside representatives from the FBI, OFAC, and the Financial Crimes Enforcement Network (FinCEN). OFAC administers the US...Read More
The decentralized stablecoin protocol MakerDAO has committed to converting $500 Million of its DAI reserves into bonds and U.S. treasuries. This marks the decentralized autonomous organization (DAO)’s the first investment in high-quality government debt. As MakerDAO explained over Twitter, MKR holders voted to deploy its peg stability module’s USDC on liquid bonds, using its recently...Read More
The once notoriously high yields provided by crypto lending services are now struggling to compete with more traditional, safer options. While yields for 3-month treasury bills slowly rise, AAVE’s lending rates on USDC have slumped massively since May. Rates for the two products have now crossed one another, meaning government debt is offering a better...Read More
The US Justice Department has seized roughly $500,000 in digital payments and cryptocurrency from ransomware attacks launched by North Korean hackers. Deputy Attorney General Lisa Monaco said that US authorities have begun returning funds to relevant victims. The North Korean hackers attacked health care organizations in Kansas and Colorado last year by encrypting their computer...Read More
Huobi’s subsidiary, HBIT, has received a license from the US Financial Crimes Enforcement Bureau’s (FinCEN) Money Services Business Registration (MSB). This will help the cryptocurrency exchange to conduct digital currency-related business in the US in the future. Huobi’s US Push The Chinese cryptocurrency exchange attempted to enter the US market in 2018 but withdrew immediately....Read More
A group of US lawmakers introduced this Monday the “E-CASH” Act, a bill directed to the US Treasury Department to encourage the entity to develop a digital version of the dollar. E-Cash Is not CBDC, but a Complement to it Democratic Representative Stephen Lynch is the principal sponsor of the ECASH Act, a legislative proposal...Read More
Washington and the broader electorate in the United States are sharply divided along partisan lines. But there may be scope for finding common grounds with regard to the upcoming crypto bill. Republican Senator and long-time Bitcoin supporter Cynthia Lummis has received support from New York Senator Kirsten Gillibrand for the much-awaited crypto legislation. A member...Read More
Janet Yellen – Secretary of the US Treasury and former Fed Chair – recently discussed cryptocurrency’s benefits, risks, and relationship with Russia on CNBC’s Squawk Box. While she recognized the industry’s growth, she also noted numerous risks it poses to both consumers and the financial system. Regulating the Risks In conversation with Andrew Sorkin, Yellen...Read More
Earlier this month, the US Treasury Department released three-yearly reports covering money laundering, terrorist financing, and proliferation financing – all of which extensively discussed virtual assets. While noting many of their risks in these areas, they note that fiat currency and traditional networks are still far more commonly used than crypto in illicit finance. Crypto...Read More
The White House, alongside the European Commission, Canada, the United Kingdom, Germany, and Italy, announced in the late hours of Saturday evening that they would be expelling certain Russian banks from the SWIFT payment system. In a joint statement, the parties wrote that: “This will ensure that these banks are disconnected from the international financial...Read More
Bitcoin automated teller machines (BATMs) will become the next target for regulators, as world governments tighten screws on money laundering. According to Ciphertrace CTO John Jeffries, crypto-cash machines will attract “greater…regulatory focus” in a bid to rein-in alleged cross-border illicit financial transfers. Jeffries urged “the need for more uniform regulatory enforcement and compliance” as governments...Read More
Democrats from the House of Representatives have introduced legislation that would pay eligible Americans $2,000 a month until U.S. unemployment numbers return to pre-covid-19 levels. Under the proposal, any American citizen 16-years or older making less than $130K per year would receive monthly funding from the federal government. Also read: Minting Basic Income – US...Read More
In this roundup, we cover a wide range of regulatory developments in the crypto space. Much has transpired in the U.S., including a new crypto bill, SEC’s proposal, lawmakers seeking answers from the IRS, and the state of Michigan signing several crypto bills into law. We also cover France’s first-approved initial coin offering, a proposal...Read More
Eight lawmakers have sent a letter to the IRS seeking answers to new questions stemming from the latest crypto tax guidance. They pointed out a number of major issues including unwarranted tax liabilities for crypto users who unwillingly receive forked or airdropped coins. Also read: Regulatory Roundup: Crypto ‘Inevitable’ in India, China Rankings, NY Streamlines...Read More
American politicians want to regulate cryptocurrencies. The sooner this voting can take place, the better.. A global regulatory framework for cryptocurrencies will not be easy to implement. More Crypto Regulation in the US Even so, US Congress expects big things from its Cryptocurrency Act of 2020. It will undergo a round of voting in the...Read More
Fidelity Investments is expanding its crypto services to European clients after seeing increasing potential in this market. The expansion builds upon the company’s U.S. crypto business. “We’ve seen significant interest and engagement by the institutional community, which show no signs of slowing,” the company revealed. Also read: Regulatory Roundup – Crypto ‘Inevitable’ in India, China...Read More
China is the clear blockchain tech leader at the moment and the US is in danger of missing out entirely if it doesn’t even get off the starting line. China Leading the Way There have been no mistaking China’s intentions when it comes to blockchain technology. President Xi Jinping’s public endorsement of digital ledgers sent...Read More
In this regulatory roundup, we cover the U.S. SEC approving a bitcoin futures fund, the new IRS tax form targeting crypto owners, and several more steps taken by the U.S. government toward crypto regulation. We also cover India’s central bank digital currency plan, South Korea’s crypto taxation plan, and the European Commission’s announcement regarding stablecoins....Read More
