In a latest X post, the pro-XRP lawyer, John Deaton has expressed concerns over the outdated regulatory framework applied by the US SEC in response to Michael Saylor’s interview. He shared that the SEC should be focused on ‘fraud, pump and dump schemes and the bad guys.’ The Need For Modernised Regulatory Framework He pointed out …
In the latest development, Paxos, the leading regulated blockchain and tokenization infrastructure platform, has announced that it has agreed to acquire Membrane Finance (Membrane), an Electronic Money Institution (EMI) based and licensed in Finland. The acquisition is subject to regulatory approval. Upon completion of the acquisition, Paxos will be a fully licensed EMI in Finland …
The Ripple-SEC saga seems far from over, but the possibility of a settlement or reduced fine could be on the table, as discussed by legal experts. Attorney Jeremy Hogan recently discussed an interesting aspect of Ripple’s ongoing legal battle with the SEC, particularly regarding the possibility of a settlement. In an interaction with John Deaton …
Amid the market’s bullish run, Taiwanese financial authorities vowed to review tax regulations to tackle the country’s crypto tax evasion issue. However, local reports noted the regulators might face difficulties implementing an effective digital assets-related tax framework. Related Reading: Elon Musk, RFK Jr. Support Pro-Bitcoin Howard Lutnick For Treasury Secretary Taiwanese Authorities To Review Tax […]
In a significant setback for Kraken, a California District Court judge has denied the exchange’s attempt to appeal a previous decision allowing the SEC’s lawsuit to proceed. Judge William Orrick ruled on Nov. 18 that Kraken’s motion for interlocutory appeal would only delay litigation without advancing its resolution. The SEC alleges that Kraken sold unregistered …
Nepal’s Financial Intelligence Unit (FIU), in its Strategic Analysis Report 2024, revealed that the country’s blanket ban on crypto trading has become a significant obstacle for fraud victims seeking to report their cases to authorities. Digital Asset Ecosystem In Nepal At A Glance The FIU is a division of Nepal Rastra Bank, the country’s central […]
Ripple has come a long way since its early days when reaching $1 seemed impossible. Now, with XRP surging past $1, some are even predicting that it could reach previous ATHs at $3.30. While this may sound far-fetched, recent rumors of SEC Chair Gary Gensler’s resignation and Ripple’s potential victory in its legal battle with …
In a significant move for regulated digital payments, Quantoz Payments, backed by Tether, Kraken, and Fabric Ventures, is set to release two MiCA-compliant stablecoins—EURQ and USDQ—on November 18. These euro and dollar-backed tokens are licensed by the Dutch Central Bank (DNB) as e-money tokens (EMTs), marking a major step in Europe’s push for a secure, …
Attorney John Deaton, a well-known advocate for XRP and supporter of friendly crypto regulations, recently faced a tough challenge in his first political campaign. Despite his popularity within the crypto community, Deaton struggled to win a Senate seat. He ran as a Republican candidate in Massachusetts and secured a nomination by defeating opponents Robert Antonellis …
As Donald Trump prepares to take office for another term, speculation is intensifying regarding the future of crypto regulation, particularly concerning the leadership of the US Securities and Exchange Commission (SEC). Recent social media posts by FOX journalist Eleanor Terret suggest that SEC Chairman Gary Gensler may be on the verge of resigning, possibly before Trump’s inauguration in January 2025. Pro-Crypto Candidates In The Running To Succeed Gensler According to sources close to the situation, Terret says Gensler’s resignation, which would leave his term, set to expire in 2026, uncompleted, is expected to be announced after Thanksgiving. However, while Gensler has faced heavy criticism during his tenure for his strict regulatory approach to the crypto industry, the identity of his successor remains uncertain. Related Reading: How Low Can Dogecoin Go Before Rallying Again? Expert Forecast Former Commodity Futures Trading Commission (CFTC) Chairman Christopher Giancarlo has dismissed rumors regarding his nomination, while several other candidates are being considered. Among the names in the mix are Dan Gallagher, Chief Legal Officer at crypto exchange Robinhood; Bob Stebbins, a partner at Willkie Farr; former SEC Commissioner Paul Atkins; and Paul Hastings lawyer Brad Bondi. Terret suggests that Gallagher, while initially reluctant to leave Robinhood, may reconsider as the dynamics of the administration’s appointments shift. Stebbins, who has close ties to Jay Clayton, a former SEC chairman, is rumored to be a favored candidate, though he lacks a crypto background. Still, sources suggest he would follow the Trump administration’s lead on digital assets. Atkins and Bondi are both known for their pro-crypto stance, advocating for a “lighter regulatory touch.” Atkins serves on the board of the Digital Chamber of Commerce and co-chairs its Token Alliance, focusing on token issuance growth. Bondi has been involved in advising decentralized finance (DeFi) projects, indicating a commitment to fostering innovation in the crypto space. Trump Plans Resource Allocation For CFTC Other names circulating in crypto circles include former CFTC Chair Heath Tarbert, former Acting Comptroller of the Currency Brian Brooks, and former SEC Investment Management Director Norm Champ. Champ recently expressed his willingness to serve if asked, signaling his interest in a potential role in the upcoming administration. In addition, pro-crypto SEC Commissioner Mark Uyeda is reportedly open to taking the chairmanship, possibly as acting chair, while fellow Commissioner Hester Peirce, dubbed the “crypto mom” of the agency, has privately indicated her disinterest in the role. Related Reading: Binance Dominates As Bitcoin Futures Volume Hits New Peaks Amid Historic Price Rally With these leadership changes on the horizon, Terret anticipates that the new SEC chair will be pro-crypto, while also being equipped to handle the broader responsibilities of the agency, which include oversight of public companies, the stock market, the bond market, private funds, and the consolidated audit trail (CAT). Compounding the speculation is the expectation that the Trump administration may also increase the CFTC’s role in cryptocurrency regulation. Terret asserts that the administration is considering allocating more resources to the CFTC, although the specifics of how this will be implemented remain unclear and would likely require additional funding. Featured image from DALL-E, chart from TradingView.com
US President-elect Donald Trump recently announced the creation of a new initiative known as the Department of Government Efficiency (DOGE) which will be led by Elon Musk and Vivek Ramaswamy. Its ultimate goal is to streamline federal operations and cut significant government spending by at least $2 trillion. The Winkelvoss Twin, Cameron Winklevoss took to …
Billionaire Elon Musk and Robert F. Kennedy Jr. sided with investor Howard Lutnick on Saturday in the debate over who President-elect Donald Trump should pick as his treasury secretary, as per a Reuters report. Musk’s endorsement has further amplified the debate over the Treasury Secretary pick. While Trump has not announced his nominee for the …
US President-elect Donald Trump recently announced the creation of a new initiative known as the Department of Government Efficiency (DOGE) which will be led by Elon Musk and Vivek Ramaswamy. Its ultimate goal is to streamline federal operations and cut significant government spending by at least $2 trillion, a target that various budget experts have …
The ongoing Ripple case could be dismissed by the SEC, especially in light of recent shifts in political leadership. With the outcome of the election possibly influencing the SEC’s regulatory approach, there is growing speculation that the agency may adopt a more flexible stance on high-profile crypto lawsuits, including those involving Ripple, Coinbase, Binance and …
The Hong Kong Monetary Authority (HKMA) has warned the public about two foreign-based crypto companies allegedly misrepresenting themselves as banks. The firms were found to have used the term “bank” when describing their products and services, potentially misleading consumers. HKMA Cracks Down On Crypto Firms Posing As Banks The HKMA, which also serves as Hong Kong’s central […]
According to the latest report from Reuters, The U.S. Attorney’s Office in Manhattan will now devote fewer resources to policing cryptocurrency crimes after securing several major convictions, including that of FTX founder Sam Bankman-Fried, a senior prosecutor said on Friday. Fewer Prosecutors To Work On Crypto Cases Scott Hartman, co-chief of the securities and commodities …
The Hong Kong Monetary Authority, in its latest press release, has cautioned the public about certain crypto firms that are posing as banks. This comes as local regulators intensify efforts to combat fraud amid the region’s push to establish itself as a crypto hub. It noted two overseas crypto firms that are not licensed banks …
While many countries are rushing to adopt central bank digital currencies (CBDCs), Norway is taking its time. A government committee has advised politicians to hold off on introducing a digital currency, even as cash use continues to decline. The group, in its report to Finance Minister Trygve Slagsvold Vedum, suggested that while there’s no immediate …
South Korea’s Financial Intelligence Unit (FIU) is reportedly investigating Upbit, one of the country’s leading cryptocurrency exchanges, over a staggering 600,000 alleged Know Your Customer (KYC) violations. The probe arises as the exchange seeks to renew its business license, with potential implications for its operations. Monopoly Concerns and Regulatory Scrutiny As per local news reports, …
Consensys CEO Joe Lubin anticipates a favorable shift for the crypto industry with Donald Trump’s reelection, expecting that many SEC cases against crypto firms could be “dismissed or settled.” Speaking at DevCon 2024 in Thailand, Lubin suggested that Trump’s pro-crypto stance and his pledge to remove SEC Chair Gary Gensler could potentially save the industry …
In a speech during the Practicing Law Institute and the 56th Annual Institute on Securities Regulation held in New York on Thursday, November 14, US SEC Chair Gary Gensler hinted he may be leaving the agency soon. In regards to the crypto market, Gensler highlighted that Bitcoin, Ethereum, and stablecoins are not securities. However, the …
Donald Trump is reportedly considering a groundbreaking plan to eliminate capital gains taxes on U.S.-issued cryptocurrencies. If implemented, this could make profits from popular digital assets like Cardano (ADA), Algorand (ALGO), Ripple (XRP), and Hedera (HBAR) tax-free for American investors. Sources close to Trump’s transition team say that the proposal would require crypto-issuing companies to …
Gary Gensler, the chair of the U.S. Securities and Exchange Commission, reiterated his call for cryptocurrency exchanges to register with the agency and highlighted the need for proper disclosures from those selling securities, as his tenure at the SEC may be nearing its conclusion. This comes amid Trump’s victory in the election and his threat …
President-elect Donald Trump’s proposal to create a national bitcoin reserve is gaining popularity across the country as several states are now considering implementing their own cryptocurrency reserves. In a remarkable development, The Pennsylvania House of Representatives introduced a bill today that, if passed, would allow the state to hold Bitcoin as a reserve asset on …
As the U.S. races to establish itself as a global crypto hub, China could face pressure to adapt its policies. If China does relax its crypto ban, the impact on the global crypto market could be substantial, opening new avenues for investment and adoption across Asia. While a complete policy reversal is uncertain, industry leaders …
The crypto market has seen a massive rally following Donald Trump’s victory in the US presidential elections. For the past week, the sector’s expectations for the newly elected pro-industry administration have grown as a clearer regulatory framework seems within reach. However, some believe the Securities and Exchange Commission (SEC) still needs to do more to […]
The UK government is set to introduce new crypto regulations this month, aiming to keep startups from being lured by Donald Trump’s pro-crypto policies in the US. The Treasury is preparing legislation focused on stablecoins and staking, to offer a clearer framework that could enhance the UK’s appeal as a digital asset hub. Industry insiders, …
In a groundbreaking move, Coincheck, a Japanese cryptocurrency exchange owned by Monex Group, has secured SEC approval to list on the Nasdaq, which makes it the first Japanese crypto exchange to do so. Coincheck is anticipated to make its debut as early as December 10th. Through a merger with Thunder Bridge Capital Partners IV (TBCP), …
President-elect Trump has nominated Fox News host Pete Hegseth as Secretary of Defense, marking a surprising choice. Hegseth, a decorated military veteran with combat experience in Iraq, Afghanistan, and Guantanamo Bay, is known for his “America First” non-interventionist stance on foreign policy. Trump praised him as “a Warrior for the Troops,” emphasizing his leadership qualities. …
Ripple’s case against the SEC, long seen as a landmark legal struggle for the crypto industry, may be nearing a resolution — or even a dismissal. Speculation has intensified following Donald Trump’s re-election and his pro-crypto stance, with Ripple CEO Brad Garlinghouse expressing hope for a favorable outcome. Garlinghouse, optimistic about a fresh approach from …