Senator Elizabeth Warren recently testified before the Senate Armed Services Committee about the use of cryptocurrency in crime and sanctions evasion. During her testimony, Warren highlighted crypto’s use in funding weapons programs, supporting spying, and promoting cyber attacks. She noted that while much cryptocurrency-related crime is hidden, over $20 billion in illicit transactions took place
Regulation
Several New York lawmakers have shown their support for the state’s new Crypto Regulation, Protection, Transparency, and Oversight (CRPTO) Act. The proposed bill was unveiled by New York Attorney General Letitia James on May 5 and seeks to extend the regulatory authority over crypto companies. According to James, the proposed legislation aims to “tighten regulations
The Nigeria Federal Executive Council has given the nod to the National Policy on Blockchain formulated by the Federal Ministry of Communications & Digital Economy. This approval means that blockchain technology can now be officially used in the country. The government has established a steering committee led by the National Information and Technology Development Agency
New Brunswick’s provincial government has implemented a moratorium on energy access to crypto miners and other large-scale users due to concerns about additional load demand. N.B. Power, the main power company in the province, expressed concerns about the potential significant pressure that crypto mining could put on the energy supply. The cabinet order that endorsed
John Deaton, the founder of CryptoLaw and a lawyer representing Ripple, has accused the US Securities and Exchange Commission (SEC) of “exploiting legal uncertainty about crypto” to redefine what should be considered a security under the Howey test. Deaton argues that the regulator’s litigation against crypto companies is pushing the boundaries of what constitutes an
The Nigeria Securities and Exchange Commission (SEC) has announced that it will allow the tokenization of assets such as equities, property, and debt. The financial regulator is currently processing applications from digital exchanges and firms that will act as sub-brokers for trading tokenized coins backed by assets, fund managers, tokenized coins issuers, and crowd-funding intermediaries.
The crypto industry in the US has expressed its frustration at the country’s financial watchdogs, as they claim that regulators are making it “unfeasible or impossible” for crypto-related companies to operate in the country. This has led to a “universal conviction” among the industry that US financial watchdogs are unwilling to let crypto flourish, according
The U.S. Federal Deposit Insurance Corporation (FDIC) has released a comprehensive report on the reasons that led to the collapse of Signature Bank. The investigation found that the bank’s troubles were due to “poor management” and risky crypto deposits. Signature Bank was seized by regulators in March 2021 after experiencing an $18.6 billion bank run
Kenya has announced its decision to apply a 1.5% tax on commissions earned by foreign crypto companies from their customers. The new regulations encompass all foreign crypto exchanges that generate interest by facilitating the buying and selling of digital assets in Kenya. This move is an extension of the existing 1.5% digital tax service enforced
Cross River Bank has been issued a consent order by the Federal Deposit Insurance Corporation (FDIC) that demands further oversight, according to an announcement made on April 28. The FDIC has suggested that the bank has been engaging in “unsafe or unsound banking practices” regarding fair lending laws and regulations. As part of the order,
