Binance.US, the US-based unit of cryptocurrency exchange Binance, has suspended dollar withdrawals from its platform amid an ongoing legal battle with the US Securities and Exchange Commission (SEC). Customers can no longer directly withdraw US dollars and must convert their funds to stablecoins or other digital assets. This move effectively transitions Binance.US into a crypto-only […]
In the ongoing debate surrounding the issuance of a central bank digital currency (CBDC) in the United States, Federal Reserve Board member, Bowman, has expressed skepticism. While various arguments have been put forth in favor of a CBDC, such as addressing payment system frictions, promoting financial inclusion, and providing access to safe central bank money, […]
In the absence of specific policies, the regulation of cryptocurrency in the United States has fallen into the hands of judges in bankruptcy proceedings. This situation has both positive and negative implications for the industry. On the positive side, it allows for flexibility and adaptability in addressing the unique challenges posed by cryptocurrencies in bankruptcy […]
Cryptocurrency investors in Europe are currently not protected under European Union regulations, and it will take several years for these protections to be implemented. The European Securities and Markets Authority (ESMA) has stated that the investor protections outlined in the Markets in Crypto-Assets Regulation (MiCA) will not come into effect until at least December 2024. […]
The Basel Committee of the Bank of International Settlements (BIS) has proposed new regulations that would require banks to disclose their exposure to cryptocurrencies. The committee, which serves as a global regulatory platform for banks, aims to establish standardized disclosure guidelines for banks’ crypto asset exposures. The proposed regulations would require banks to provide quantitative […]
In a significant policy change, Binance US, the American arm of global cryptocurrency exchange Binance, has decided to withdraw FDIC insurance coverage for user funds. This move comes amidst an ongoing legal battle with the US Securities and Exchange Commission (SEC), which has accused the exchange of violating federal securities laws. Previously, Binance US users […]
Fintech payments company Ripple has posted a job opening for a shareholder communications senior manager, leading many to speculate that the company is planning to go public. The role involves direct communication with shareholders, which is typically associated with publicly traded companies. The chosen candidate will be responsible for developing communication strategies for investors and […]
The G20, an intergovernmental forum consisting of 19 countries, the European Union, and the African Union, has embraced a regulatory roadmap proposed by the International Monetary Fund (IMF) and the Financial Stability Board (FSB) for the regulation of digital currencies. The roadmap emphasizes the implementation of comprehensive regulatory policies and advocates for supervision of the […]
California Governor has approved a new regulatory framework for cryptocurrencies, known as the Digital Financial Assets Law. Under this legislation, individuals and businesses involved in digital asset activities will be required to obtain a regulatory license, similar to banks and money transmitters. This move aims to bring more oversight and control to the crypto industry […]
Top US cryptocurrency exchange Coinbase is pressuring the US Securities and Exchange Commission (SEC) to respond to a rulemaking petition it submitted last year. Coinbase is seeking clarification from the SEC on how securities laws apply to digital assets. The exchange’s chief legal officer, Paul Grewal, criticized the SEC’s previous update on the matter as […]
