The U.S. House Committee on Financial Services has given Securities and Exchange Commission (SEC) Chair Gary Gensler an ultimatum to respond to its inquiries. On May 9th, the lawmakers requested that the SEC provide the committee with internal non-public documents related to its activities, including charges against bankrupt FTX founder Sam Bankman-Fried, crypto regulations, and
Regulation
Several New York lawmakers have shown their support for the state’s new Crypto Regulation, Protection, Transparency, and Oversight (CRPTO) Act. The proposed bill was unveiled by New York Attorney General Letitia James on May 5 and seeks to extend the regulatory authority over crypto companies. According to James, the proposed legislation aims to “tighten regulations
Senator Elizabeth Warren recently testified before the Senate Armed Services Committee about the use of cryptocurrency in crime and sanctions evasion. During her testimony, Warren highlighted crypto’s use in funding weapons programs, supporting spying, and promoting cyber attacks. She noted that while much cryptocurrency-related crime is hidden, over $20 billion in illicit transactions took place
The UK’s Financial Conduct Authority (FCA) is taking measures to curb the threat of money laundering posed by illegal cryptocurrency ATMs in the country. The regulator recently collaborated with local police to conduct inspections of sites in Exeter, Sheffield, and Nottingham. While crypto ATMs are legal, they must be registered with the FCA before they
The Nigeria Federal Executive Council has given the nod to the National Policy on Blockchain formulated by the Federal Ministry of Communications & Digital Economy. This approval means that blockchain technology can now be officially used in the country. The government has established a steering committee led by the National Information and Technology Development Agency
New Brunswick’s provincial government has implemented a moratorium on energy access to crypto miners and other large-scale users due to concerns about additional load demand. N.B. Power, the main power company in the province, expressed concerns about the potential significant pressure that crypto mining could put on the energy supply. The cabinet order that endorsed
John Deaton, the founder of CryptoLaw and a lawyer representing Ripple, has accused the US Securities and Exchange Commission (SEC) of “exploiting legal uncertainty about crypto” to redefine what should be considered a security under the Howey test. Deaton argues that the regulator’s litigation against crypto companies is pushing the boundaries of what constitutes an
The Nigeria Securities and Exchange Commission (SEC) has announced that it will allow the tokenization of assets such as equities, property, and debt. The financial regulator is currently processing applications from digital exchanges and firms that will act as sub-brokers for trading tokenized coins backed by assets, fund managers, tokenized coins issuers, and crowd-funding intermediaries.
The crypto industry in the US has expressed its frustration at the country’s financial watchdogs, as they claim that regulators are making it “unfeasible or impossible” for crypto-related companies to operate in the country. This has led to a “universal conviction” among the industry that US financial watchdogs are unwilling to let crypto flourish, according
The U.S. Federal Deposit Insurance Corporation (FDIC) has released a comprehensive report on the reasons that led to the collapse of Signature Bank. The investigation found that the bank’s troubles were due to “poor management” and risky crypto deposits. Signature Bank was seized by regulators in March 2021 after experiencing an $18.6 billion bank run