Rostin Benham, the Chairman of the Commodity Futures Trading Commission (CFTC), stated in an interview with Bloomberg’s Odd Lots podcast on May 18 that the agency does not have the legal authority to regulate cash crypto markets. Benham mentioned that the CFTC only has a limited authority to police cash markets if there is fraud
Regulation
The US Department of Justice (DOJ) has charged a Nevada man, Bryan Lee, for his involvement in a cryptocurrency scheme called CoinDeal. Lee was accused of conspiring with Neil Chandran, the leader of CoinDeal, to defraud investors through Chandran’s companies. The Scheme Chandran’s companies, including ViMarket, claimed to be developing virtual reality (VR) and “metaverse”
The head of the Financial Action Task Force (FATF), T Raja Kumar, has called on G7 nations to take a more proactive approach to regulating the crypto industry. Kumar made the call in a letter published ahead of the G7’s 2023 Summit, where the group will discuss the regulation of cryptocurrencies and the overall industry.
On May 18, the Digital Assets Financial Technology Inclusion Committee held a hearing to discuss stablecoin policy. The committee aims to pass legislation supporting stablecoins as a recognized payment method. The meeting was opened by Congressman French Hill. He highlighted the need to pass the appropriate regulatory framework to allow stablecoins to be used as
The Office of the New York Attorney General took action against Coin Cafe, a crypto company that charged extremely high fees to wallet users. The company advertised its wallet service as free and did not inform users of its actual fee structure, resulting in New York residents being charged tens of thousands of dollars in
U.S. Representative Tom Emmer has introduced a new bill, the Securities Clarity Act, to provide more clarity on the classification of digital assets and to specify the jurisdiction of each regulator. The bill would amend the securities laws to include “investment contracts asset” and enable crypto projects to operate in a compliant manner. Emmer believes
The Economic and Financial Affairs Council of the European Union has given the Markets in Crypto Assets (MiCA) regulation the final green light. The council, which is made up of finance ministers from all 27 member states, unanimously adopted the regulation on May 16th following the final parliamentary vote on April 20th. Two additional legislations
Coinbase, a leading cryptocurrency exchange, announced on May 12 that it has established a Global Advisory Council. The new council is created to help Coinbase stay abreast of changing regulatory landscapes as it continues to expand its operations. The council will be composed of seasoned experts with extensive regulatory expertise. The council will include Senator
The U.S. Chamber of Commerce has voiced its support for Coinbase and the cryptocurrency industry. The Chamber has criticized the Securities and Exchange Commission (SEC) for its approach to cryptocurrency regulations in a court filing dated May 9. According to the advocacy group, the SEC has deliberately used a “haphazard, enforcement-based approach” to muddy the
A new bill proposed by New York lawmaker Latrice Walker suggests using fiat-collateralized stablecoins as a valid method for bail bond payments. The bill aims to add fiat-backed stablecoins to the existing payment options such as cash, insurance bonds, and credit cards. Stablecoin Inclusion The proposed New York Assembly Bill 7024 does not mention any