The U.S. Accountability Office (GAO) has highlighted the pressing need for a government-wide approach to address significant regulatory gaps in the cryptocurrency industry. In its report titled “Blockchain in Finance,” the GAO emphasizes that while blockchain technology brings about numerous advantages, recent events such as the collapse of FTX have demonstrated the risks associated with
Regulation
Andrew Griffith, the Economic Secretary to the Treasury in the United Kingdom, has dismissed the recommendation made by the Parliament Treasury Select Committee to regulate cryptocurrency trading as gambling. In a response published on July 20, Griffith explained his reasons for rejecting the proposal. International Regulatory Standards and Risks The Treasury Committee had previously acknowledged
Officials have confirmed that Nevada courts have granted a petition from the Nevada Financial Institutions Division (NFID) to place Prime Trust, a prominent crypto custodian currently facing financial difficulties, into temporary receivership. The Eighth Judicial District Court of Nevada approved the petition, and John Guedry, a former executive at the Bank of Nevada and other
Crypto advocacy groups, including CoinCenter, have expressed their concerns over a Senate bill that aims to impose stringent regulations on individuals involved in decentralized finance (DeFi). The bill in question, known as the Crypto-Asset National Security Enhancement and Enforcement Act (CANSEE), has faced criticism for its potential legal implications. Introduced on July 19 by senators
U.S. lawmaker Ritchie Torres has written a letter to Securities and Exchange Commission (SEC) Chair Gary Gensler, urging the commission to reconsider its regulatory approach in the cryptocurrency industry. Torres’s plea comes in the wake of Judge Analisa Torres’s landmark ruling on June 13, which stated that the programmatic sales of XRP did not fall
The UK government has set its sights on becoming a global leader in artificial intelligence (AI), but experts argue that effective regulation is crucial for this vision to be realized. In a recent comprehensive analysis of the UK’s proposed AI governance model, the Ada Lovelace Institute highlights both the strengths and weaknesses of the approach.
The Financial Stability Board (FSB), an international body responsible for monitoring and providing recommendations for the global financial system, has recently released its finalized global regulatory framework for crypto-asset activities. In addition to this framework, the FSB has published several “high-level” recommendations for the regulation, supervision, and oversight of the crypto industry and its markets.
Republican Congressman Glenn Thompson from Pennsylvania is preparing to introduce a new cryptocurrency bill in the House of Commons this week. Thompson believes that the recent court ruling regarding Ripple will help garner support from Democrats for the legislation. According to Bloomberg News, the court ruling determined that programmatic sales of Ripple’s XRP to the
A representative named Eeon, claiming to speak on behalf of Binance customers, has made an attempt to enter an ongoing securities case involving the exchange company. Eeon, along with the affected customers, filed a document stating that they should be recognized as the relevant parties in this matter. They argue that the court order issued
Republican Presidential candidate Ron DeSantis has pledged to immediately put a stop to the implementation of a central bank digital currency (CBDC) if he is elected president. In an interview with Blaze Media, DeSantis stated that on his first day in office, he would ensure that the CBDC initiative is terminated. He expressed his belief