The Hong Kong Securities and Futures Commission (SFC) recently issued a warning to virtual asset trading platforms (VATPs) regarding their practices. The SFC emphasized the potential legal and regulatory consequences faced by these platforms. This warning comes as a response to the SFC’s observations of unlicensed VATPs engaging in non-compliant activities, such as falsely claiming
Regulation
Cryptocurrency regulation in the United States has been an ever-evolving landscape, and financial technology company Revolut has recently made an announcement that it will be “suspending” its crypto services in the US. This decision comes as a result of the uncertainties surrounding the regulatory environment and the crypto market in the US. Starting on September
US Senators, led by Elizabeth Warren, have written a letter to Treasury Secretary Janet Yellen and IRS Commissioner Daniel Werfel, urging them to take prompt action in implementing new tax reporting requirements for digital asset brokers. This call for action is based on the Infrastructure Investment and Jobs Act (IIJA), a bipartisan measure enacted nearly
U.S. Securities and Exchange Commission (SEC) Chairman Gary Gensler has once again expressed his concerns about the cryptocurrency sector, highlighting the prevalence of fraud and inadequate investor protections. Speaking in an interview with BBTV, Gensler acknowledged the presence of trustworthy participants in the crypto space but reiterated his worries about the speculative nature of the
Jason Lowrey, the renowned author of “Softwar: A Novel Theory on Power Projection and the National Strategic Significance of Bitcoin,” has stirred up speculation by withdrawing his book from public access. This unexpected move has left both readers and academics wondering about the reasons behind it. Even the prestigious MIT, where Lowrey presented his thesis
Following regulatory challenges in various European territories, Binance, a leading digital asset exchange, has achieved a significant milestone by becoming the first exchange to be granted an Operational Minimum Viable Product (MVP) license by Dubai’s Virtual Assets Regulatory Authority (VARA). Binance has been encountering hurdles with regulators in Germany, the Netherlands, and the U.K., making
U.S. Senator Elizabeth Warren has gathered unlikely allies in her reintroduction of the Digital Asset Anti-Money Laundering Act on July 28. The legislation, focusing on mitigating national security risks associated with cryptocurrencies, has garnered support from the Wall Street banks. This surprising alliance signifies a common understanding of the need to crack down on crypto.
The Internal Revenue Service (IRS) has recently released new guidelines regarding the taxation of cryptocurrency staking rewards. These guidelines state that taxpayers who participate in staking on a proof-of-stake blockchain and subsequently receive additional cryptocurrency units as validation rewards must include the value of these rewards in their gross income for the taxable year they
In a recent tweet, SEC Commissioner Hester Peirce expressed her concern regarding the regulator’s discouragement of efforts to provide more transparency for the cryptocurrency industry. This comes in response to a statement made by the SEC’s chief accountant, Paul Munter, who cautioned accounting firms against misrepresenting their findings while performing audit duties for crypto firms.
In a recent interview on TechCrunch’s Chain Reaction podcast, Ripple CLO Stuart Alderoty discussed the significance of a ruling regarding the securities status of the XRP token. This ruling, which resulted in a legal victory for Ripple against the U.S. Securities and Exchange Commission (SEC), could have implications for two other ongoing cases involving Coinbase