After a period of fluctuation, the crypto market is once again gaining momentum. The market cap is currently at $1.15 trillion, up 0.3% from the low point of $1.13 trillion a few days ago. Bitcoin has been leading the bullish charge, with a gain of almost 2% in the past week. Ripple’s XRP token has
Rosbank, one of Russia’s leading financial institutions, has announced its plans to become the first major bank to provide cross-border cryptocurrency transactions. The move comes as Rosbank collaborates with B-Crypto, a Russian fintech service that offers a technical solution for customers to participate in digital currency transactions across borders. Rosbank has emphasized that these transactions
Advocates of cryptocurrency have expressed their support for a new draft legislation that seeks to provide clarity on defining whether digital assets are securities or commodities. The proposed legislation, introduced by Republican lawmakers in the US House Financial Services Committee and the House Agriculture Committee, is aimed at regulating digital assets and establishing a framework
The US Commodity Futures Trading Commission (CFTC) is considering revisiting its regulatory oversight on risk management requirements for swap dealers and futures commission merchants. The agency has issued an advanced notice of proposed rulemaking that welcomes public comments on the matter. The CFTC Commissioner Christy Goldsmith Romero has highlighted the need for closer examination of
Denish Sahadevan, a 31-year-old social media influencer, has pleaded guilty to several criminal charges related to money laundering using cryptocurrency. The US Department of Justice (DoJ) recently released a statement accusing Sahadevan of fraudulently obtaining over $1.2 million in government relief loans. The influencer, better known as Danny Devan on social media, admitted to committing
The Washington DC-based Blockchain Association has filed an amicus brief in support of the crypto think tank Coin Center’s lawsuit against the US Treasury Department over its sanctions against Tornado Cash. The Treasury sanctioned the crypto mixer in August, claiming that it laundered more than $7 billion worth of virtual currency and effectively banning Americans
On June 2, Republican House members released a draft bill that aims to establish clear roles for regulators in the cryptocurrency industry. The bill is designed to separate the regulation of cryptocurrencies as securities from the regulation of cryptocurrencies as commodities. The Proposed Rules The bill proposes that the U.S. Securities and Exchange Commission (SEC)
Republican lawmakers in the US House Financial Services Committee and the House Agriculture Committee have come together to draft legislation aimed at regulating digital assets. The legislation, called the Digital Asset Market Structure Discussion Draft, seeks to clarify when a digital asset would be considered a security and therefore regulated by the Securities and Exchange
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
A recent study commissioned by the European Parliament has suggested that all crypto assets should be considered as transferable securities by default. Proposed Exemption The study’s authors proposed that an intermediary associated with a crypto asset could receive an exemption from a national competent authority (NCA) to avoid being classified as a security. NCAs are