The Blockchain Association has shown its support for the coin mixer Tornado Cash by filing an amicus brief to support a CoinCenter case that defends the coin mixer. The CEO of the Blockchain Association, Kristin Smith, has stated that Tornado Cash is simply a tool and punishing the tool itself simply because it can be
Regulation
Silvergate Bank, which is known for being crypto-friendly, has been instructed to wind down its operations. The Federal Reserve Board issued a consent order to Silvergate Capital Corporation and Silvergate Bank on June 1, 2022. The company had initially announced voluntary self-liquidation on March 8, 2022. Shutdown Plan The order requires Silvergate Bank to submit
The US Commodities and Futures Trading Commission (CFTC) has released a warning related to the clearing of digital assets. The CFTC’s Division of Clearing and Risk (DCR) has seen derivatives clearing organizations (DCOs) and applicants expand their offerings, with some related to digital assets. The DCR has expressed concern about “potentially heightened risks” associated with
Bybit, the cryptocurrency exchange, has halted all its services and products being offered in Canada until further notice due to regulatory developments in the country. The exchange announced on May 30 that Canadian nationals and residents of the country would no longer be able to open new accounts with the exchange starting May 31. Bybit
The Digital Asset Mining Energy (DAME) excise tax, a proposed 30% tax on energy costs for cryptocurrency miners, was not included in the latest Fiscal Responsibility bill aimed at tackling the Debt Ceiling crisis. The tax drew widespread criticism from stakeholders within the crypto-mining sector and U.S. lawmakers. The news of the omission has been
Russia has decided to halt its plans to create a national cryptocurrency exchange and instead formulate regulations that allow private companies to establish their own exchanges. The head of the State Duma committee on the financial market, Anatoly Aksakov, informed local media Izvestiya on May 29 of the change in strategy. He disclosed that the
CoinEx announced on May 29 that it is launching a new cryptocurrency exchange for users in Hong Kong. The new exchange will be called BitHK and will operate in compliance with Hong Kong’s Guidelines for Virtual Asset Trading Platform Operators. CoinEx has also stated that it will apply to operate as a Virtual Asset Service
UK Prime Minister Rishi Sunak is seeking to update his government’s guidelines for regulating artificial intelligence (AI) development. The government aims to ensure public safety as the technology is advancing rapidly, and some of its uses are unknown. New Regulations to be Implemented According to The Guardian, Sunak’s government published a white paper in March.
On May 27, Beijing released a white paper titled “Internet 3.0 Innovation and Development,” which aims to support and advance Internet 3.0 (web3) and the metaverse, according to Chinese media, ThePaper. However, Binance CEO Changpeng Zhao (CZ) pointed out on Twitter that the timing of the white paper’s publication is just days before the June
Gemini and Genesis have requested the dismissal of the Securities and Exchange Commission’s (SEC) lawsuit regarding their Earn product. The SEC had alleged that the contract setting up the Earn program was a security, but Gemini’s lawyer, Jack Baughman, has argued that the contract was never sold and therefore does not constitute a security. Earn