cryptoregulation
On Wednesday, the House of Representatives passed the FIT21 bill with a 279-136 vote. This bill aims to set a clear regulatory framework for crypto assets. The vote saw bipartisan support, with 71 Democrats, including former House Speaker Nancy Pelosi, joining 208 Republicans in favor of the FIT21 bill. Patrick McHenry, Chair of the House Financial Services Committee, noted that the bill would “cement the United States’ global leadership” in technological innovation, invention, and adoption. However, the White House and SEC Chair Gary Gensler have expressed concerns about the bill’s potential ...
Invezz
The U.S. Congress has passed a bill targeting the SEC’s Staff Accounting Bulletin No. 121 (SAB 121). This action marks the first standalone crypto legislation seeking to reverse the requirement that crypto assets be recorded as liabilities on balance sheets. Passed last week, the legislation under the Congressional Review Act (CRA) seeks to repeal SAB 121. The bill mandates that entities holding crypto assets for clients recognize these assets and corresponding liabilities at fair value in their financial statements. SAB 121 faces criticismThis requirement has been heavily criticized for poten...
Invezz
The U.S. Senate voted 60-38 on Thursday to overturn the controversial Securities and Exchange Commission (SEC) crypto policy known as Staff Accounting Bulletin No. 121 (SAB 121). This move aligns with a similar effort by the House of Representatives to erase the policy. Despite this legislative push, President Joe Biden has pledged to veto the resolution, maintaining the policy’s enforcement. Bipartisan support and veto challengeThe vote saw a dozen Democrats joining a majority of Republicans in favor of overturning SAB 121, comfortably surpassing the simple majority needed for passage. Howeve...
Invezz
Regulators in Turkey have finalized a bill set to regulate cryptocurrencies in the nation. According to local reports, Abdullah Güler, Group Chairperson of the ruling Development and Justice Party (AK Party), chaired a meeting on this matter on May 12 to finalize the draft law. Treasury and Finance Minister Mehmet Şimşek noted earlier this year that these measures are nearing the final phase of technical studies and aim to enhance the operational standards of trading platforms. The draft law is scheduled to be presented to Parliament this week. Legitimising cryptocurrenciesThe proposed legisla...
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Binance is set to resume its cryptocurrency operations in India, according to the latest regulatory news around the world’s largest crypto exchange by trade volume. On Friday, an official of the Financial Intelligence Unit (FIU) said that the anti-money laundering watchdog had approved both Binance and KuCoin to offer services in the country. The two exchanges are the first offshore digital assets platforms to receive a regulatory nod from FIU, CoinDesk reported citing the AML agency’s head Vivek Aggarwal. KuCoin pays $41,000 fine, Binance awaits penalty confirmationAccording to the report, Ku...
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Terraform ecosystem’s sister tokens LUNA and UST collapse was preceded by founder Do Kwon’s tweet stating that he is deploying more capital. The tweet did not age well, two years post the crisis, Terraform Labs and founder Do Kwon are faced with $5.3 billion in penalties. Two year anniversary of Do Kwon’s promise to deploy more capitalOn May 9, Do Kwon assured the Terraform community that he is deploying more capital to tackle the de-peg of algorithmic stablecoin UST. On May 11, Kwon presented a strategy to re-establish UST’s peg. Kwon’s tweet from 2022 has resurfaced on X. In the two years si...
Invezz
Those who watch the Robinhood Markets Inc stock price closely might be forgiven for getting a little dizzy in past twenty-four hours – it’s certainly been a wild ride. Robinhood share prices rose 6.3% to $18.97 yesterday, over 6%, during extended US trading hours, to close at $17.99 on Wednesday. They then dipped all the way down to $17.60, Robinhood’s opening price today, before rallying slightly to $17.85. And this is after Tuesday’s similar stock price gymnastics, when share prices rose from a $17.75 opening all the way up to $18.26, only to close lower again at $17.99. What has caused all ...
Invezz
Nikolay Denisenko – the cofounder and chief technology officer of the Brighty app sees “potential for increased stability in the cryptocurrency market” following Bitcoin halving on April 19. Brighty is committed to mass adoption of cryptoDenisenko expects mainstream adoption on the back of increasing regulatory clarity to help with price appreciation and stabilisation over the long term. He reiterated Brighty’s commitment to making crypto assets more broadly accepted in an interview with Invezz today. Note that the Neobank has recently integrated Toncoin that Denisenko dubbed a “natural fit wi...
Invezz
Indonesia has taken a significant step toward tightening its oversight of the cryptocurrency industry with the establishment of the Crypto Asset Committee. This move by the Commodity Futures Trading Regulatory Agency (Bappebti) aims to enhance the monitoring and regulation of cryptocurrencies, now officially recognized as commodities within the country. Formation of the crypto asset committeeAnnounced during the BLK 2024 opening event in Jakarta on May 2, the formation of the Crypto Asset Committee is part of Indonesia’s efforts to integrate cryptocurrencies into its legal and regulatory frame...
Invezz
Binance CEO Richard Teng claims officials in Nigeria approached the exchange’s team and offered a secret crypto settlement proposal. Teng shared details of this shocking development in a blog post that highlights the ongoing legal troubles around Binance official Tigran Gambaryan. The Binance chief’s comments comes as news from Nigeria say the government is planning to ban naira from all peer-to-peer (P2P) platforms in the country. Binance CEO on Nigeria’s crypto landscapeOn May 7, Richard Teng, who replaced former Binance CEO Changpeng Zhao, wrote about why Tigran Gambaryan is innocent and sh...
Invezz
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