The US Securities and Exchange Commission (SEC) recently made headlines by accepting a proposal that includes exceptions for certain institutions affected by the controversial Staff Accounting Bulletin No. 121 (SAB 121). This decision is aimed at easing the burden on banks and brokerages when it comes to balance sheet reporting related to crypto assets. Under
Regulation
The US House of Representatives recently fell short in their attempt to overrule President Joe Biden’s veto of HJ Res. 109, which aimed to rescind SEC Staff Accounting Bulletin (SAB) 121. Despite 228 House members voting in favor of ending SAB 121, the outcome did not meet the two-thirds vote threshold required to counter a
The US Securities and Exchange Commission (SEC) has officially closed its investigation into stablecoin issuer Paxos. This decision comes after over a year since the SEC issued a Wells notice against Paxos Trust Company regarding the Binance USD (BUSD) stablecoin. However, a recent federal judge’s ruling stated that BUSD sales did not violate securities law,
The statement made by CFTC Chair Rostin Behnam during the Senate Agriculture Committee hearing regarding the possibility of the CFTC serving as the primary regulator for digital assets raises significant questions about the current regulatory landscape. Behnam’s assertion that the CFTC has the capacity, expertise, and experience to take on this role is a bold
Katherine Dowling, the Chief Compliance Officer (CCO) of Bitwise, recently indicated that spot Ethereum ETFs are nearing the final stages of approval. In an interview with Bloomberg on July 9, Dowling mentioned that discussions with the Securities and Exchange Commission (SEC) have been positive, with fewer issues to address in each S-1 amendment. This progress
The Republican Party has made a surprising move by including Bitcoin and crypto in their official platform for the upcoming 2024 election. This shift reflects the influence of former President Trump’s statements and signals a broader acceptance of digital assets and blockchain technology within the party. The platform opposes the creation of a central bank
In a surprising turn of events, the leading US-based crypto market intelligence platform, Messari, has made a bold declaration of independence from the Securities and Exchange Commission (SEC). The CEO of Messari, Ryan Selkis, announced on July 7th that the platform will be taking a strong stance against the regulator, citing reasons for their decision.
Former Solicitor General Donald B. Verrilli, now serving as Grayscale Investments’ senior legal strategist, has accused US regulators of intentionally stifling the crypto industry through debanking practices. Verrilli, along with Paul Clement, highlighted bipartisan concerns about the regulatory environment for digital assets. In a joint amicus brief filed on behalf of Custodia Bank, they criticized
The Financial Supervisory Service (FSS) in South Korea is taking steps to tighten oversight of cryptocurrency trading platforms in order to eliminate fraudulent transactions. This move comes as part of the country’s efforts to regulate the crypto industry and protect investors. New Monitoring System One of the key measures announced by the FSS is the
Galaxy Digital CEO Mike Novogratz has shared his optimistic outlook on the regulatory environment for cryptocurrencies in the US. He emphasized the importance of bipartisan support, stating that crypto should not be a partisan issue. Despite some opposition from lawmakers like Senator Elizabeth Warren, Novogratz believes that the majority of US politicians are leaning towards
