• Skip to primary navigation
  • Skip to main content
  • Skip to primary sidebar
  • Skip to footer
  • About us
  • Write for us
  • Terms and Conditions
  • Privacy Policy
  • Disclaimer
  • Contact
  • All Posts
  • Advertise

TronWeekly

Crypto World News

  • Home
  • Education
    • Best TRON Wallets
    • Beginner’s guide to TRON
  • Opinion
    • Tron Tokens
    • Market Analysis
  • Industry
    • Tron Exchange
    • Project Review
  • Press Release
  • Advertise
  • About us
    • The Team
    • Editorial Policy
    • Write for us
    • Privacy Policy
    • Disclaimer
    • Terms and Conditions
    • Contact
You are here: Home / Archives for Crypto Regulations

Crypto Regulations

European Union Enacts MiCA Legislation: A Game-Changer for Crypto Regulation

June 1, 2023 by Mohammad Ali

The European Union has significantly regulated crypto by formally implementing the Markets in Crypto-Assets (MiCA) legislation. After approximately three years since its introduction by the European Commission, the eagerly awaited cryptocurrency regulatory framework was officially signed into law on May 31.

The signing ceremony involved Peter Kullgren, Sweden’s minister for rural affairs, and Roberta Metsola, the President of the European Parliament. Throughout the legislative process, the MiCA framework underwent extensive deliberations among EU lawmakers, with different bill components being discussed across various bodies, ultimately culminating in its final approval in 2023.

EU news 🇪🇺

MiCA has been officially signed into law today by the European Parliament President Roberta Metsola and Swedish Rural Affairs Minister Peter Kullgren (Sweden holds the presidency of the Council of the EU atm).

Next steps:
1) Publication in the official journal of… pic.twitter.com/qY8QPnEZ9A

— Patrick Hansen (@paddi_hansen) May 31, 2023

MiCA: EU’s Comprehensive Regulatory Framework For Crypto Assets

MiCA, a comprehensive attempt by the EU to regulate services related to cryptocurrencies, fills the gaps left by existing legislation. It aims to create a harmonized framework for cryptocurrencies and associated services across the Union, fostering innovation, ensuring fair competition, and safeguarding consumer protection and market integrity.

By implementing these regulations, the EU intends to facilitate the growth and expansion of cryptocurrency service providers cross-border. The new legislation will come into force 20 days after its publication in the official journal of the EU. Specific provisions for stablecoins and other crypto-assets will gradually apply over the next year and a half.

Provisions concerning stablecoins are set to take effect in July 2024, while most other provisions will be implemented by January 2025. This phased approach allows the market time to adjust to the regulatory changes. MiCA legislation provides a license for cryptocurrency exchanges and wallet providers, enabling them to conduct operations throughout the European Union’s 27 member countries.

Additionally, stablecoin issuers will be required to hold appropriate reserves, ensuring stability and mitigating potential risks associated with these digital assets. These provisions aim to enhance transparency, security, and accountability within the crypto industry.

The introduction of MiCA follows its initial proposal by the European Commission in 2020. The legislation drew attention and controversy when lawmakers considered inserting environmentally minded provisions that could have impacted proof-of-work technology used by Bitcoin.

While the crypto industry broadly welcomes the regulation, there is anticipation regarding future laws that may cover other areas, such as staking, non-fungible tokens (NFTs), and decentralized finance (DeFi).

The enactment of MiCA heralds a new era of crypto regulation in the European Union, marking a significant milestone in shaping the global landscape of the digital asset industry. With tailored rules for the sector, the EU aims to foster innovation, protect consumers, and ensure fair competition, setting an example for other jurisdictions worldwide.

Related Reading: | Binance’s Strategic Talent Reallocation Amidst Layoffs & Regulatory Challenges

Filed Under: News, World Tagged With: Crypto, Crypto Regulations, european union, MiCA

EU Council Unanimously Approves MiCA: Breakthrough Milestone In Establishing Clear Crypto Regulations

May 17, 2023 by Mohammad Ali

After a voting procedure on May 16, the Council of the European Union (EU) has granted its ultimate endorsement to the highly anticipated legislation known as Markets in Crypto-Assets (MiCA), paving the way for it to become an officially recognized and standardized law. All 27 Finance Ministers representing the European Union member states voted to implement the MiCA bill, which also involved adjusting various associated regulations and directives.

MiCA Mandates EU Authorization And AML Measures For Crypto 

The European Parliament and the European Union member states have approved the Markets in Crypto-Assets (MiCA). As per the regulations outlined in the MiCA, any cryptocurrency business catering to customers located within the bloc must secure authorization from the EU and adhere to safeguards to deter money laundering (AML) and the funding of extremist groups.

In conjunction with the EU parliament’s endorsement of the MiCA, two additional legislative measures – one of the transmissions of fund-related information and another addressing particular crypto-assets – were also sanctioned simultaneously.

The Council has just adopted the first-ever EU rules on markets in crypto-assets and services.

The new regulation aims to improve transparency, preserve financial stability and increase consumer protection while fostering innovation. #DigitalFinanceEU #MiCA

— EU Council (@EUCouncil) May 16, 2023

EU Council’s New Crypto Law To Establish Harmonized Regulatory Framework

As per the Council’s official statement, the forthcoming crypto law aims to establish a unified regulatory framework within the European Union. This development is seen as an enhancement, considering the international nature of crypto assets, and it represents an advancement from the existing scenario where certain member states rely solely on national legislation.

In a statement, Elisabeth Svantesson, the Chair of the meeting and Sweden’s Minister for Finance said she was “pleased” with the adoption, representing the last stage of the legislative process.

Recent events have confirmed the urgent need for imposing rules which will better protect Europeans who have invested in these assets, and prevent the misuse of crypto industry for the purposes of money laundering and financing of terrorism.

The EU Council emphasized its focus on promoting transparency and compliance in the wider crypto market, stating:

The new rules cover issuers of utility tokens, asset referenced tokens and so-called ‘stablecoins’. It also covers service providers such as trading venues and the wallets where crypto-assets are held.

Furthermore, the Council acknowledged that the approval addresses an existing gap in EU legislation by ensuring that the legal framework does not impede the utilization of emerging digital financial instruments. It affirms that these innovations fall under the scope of financial regulation and align with the risk management protocols established within the European Union.

The European Parliament formally approved the MiCA legislation on April 20, paving the way for the Council’s ultimate endorsement. Following this development in the crypto industry,

BTC Price

Following this development in the crypto industry. As of writing, BTC is trading at $27,103, indicating a 0.34% decline within the last hour. This contrasts with a 1.02% decline in the last 24 hours.

Related Reading: | Navigating Ripple’s Regulatory Uncertainty: Perspectives From The XRP Community |

BTCUSDT 2023 05 16 16 38 58
Source: Tradingview.com

Filed Under: News Tagged With: Crypto Regulations, european union, MiCA

Coinbase: SEC Remains Defiant, Says Enforcement Actions Would Continue

May 16, 2023 by Lipika Deka

In response to Coinbase’s request for a rulemaking petition, the SEC argued that “No statute or regulation requires the Commission to take such action on a specific timeline,” asking the court to deny the mandamus filing.

The exchange’s accusations that the Commission has secretly decided to deny the petition but is withholding its decision in order to avoid judicial review were similarly dismissed by the US regulator as unfounded.

Next, SEC defended its enforcement action against Coinbase and others saying “Agencies routinely enforce existing rules while considering further amendments to regulatory requirements.”

The chair of the United States Securities and Exchange Commission Gary Gensler has hit back at Coinbase’s petition forcing the agency to provide a clear stance on crypto regulation, asserting that there are already adequate laws in place.

The commission’s latest response came after Third Circuit ordered the regulator to respond to Coinbase’s second Writ of Mandamus within 10 days.

On April 24, the trading firm filed a narrow action in federal court to compel the SEC to respond yes or no to its July 2022 petition.

The July 2022 petition asked that the SEC “propose and adopt rules to govern the regulation of securities that are offered and traded via digitally native methods,” referring to digital assets like cryptocurrencies.

“The SEC is required by law to respond to petitions within a reasonable time, but they have not yet responded to our petition from last July, which is why we filed our action in court today.” Paul Grewal wrote in the Twitter thread.

Another interesting point brought up by the SEC was that Chair Gensler’s public statements on digital assets should not be taken as official guidance or policy declarations from the agency.

Coinbase- SEC Distance Itself Away From Gensler’s Comments

This is crucial because Gensler was asked about the dispute with the crypto exchange, the rules on crypto, and why “the SEC doesn’t publish rules for that market,” during a May 15 keynote speech at the Financial Markets Conference.

He still insists that “the rules have already been published.” With the exception of Bitcoin, the majority of crypto assets, in the SEC chair’s current opinion, fall under the securities definition of an investment contract.

“If the public is investing money and anticipating profit based upon the efforts of others, in a common enterprise, that’s a security,” Gensler said, adding:

“There’s financial intermediaries, nodes in the network, and they need to come into compliance if they’ve got securities on their platforms.”

Filed Under: News Tagged With: Coinbase, Crypto Regulations, SEC

Hong Kong Crypto Firms Prepare For New Licensing Requirements In May

April 28, 2023 by Mohammad Ali

Hong Kong’s Securities Futures Commission (SFC) has stated that it will be introducing guidelines for crypto licensing in May, intending to provide more clarity to its digital currency ecosystem. This has been a long-awaited move by the SFC.

According to Bloomberg, Hong Kong, which wants to be a crypto hub, will announce guidelines for crypto exchanges intending to open there in May, quoting Hong Kong Securities and Futures Commission (SFC) CEO Julia Leung.

It will offer a clear structure for businesses in Hong Kong’operatingnow-your-customer (KYC) protocols, and anti-money laundering (AML) regulations may be included.

Reports indicate that the guidelines will cover various topics related to digital asset trading, custody, and issuance. This announcement is part of Hong Kong’s efforts to establish itself as a prominent centre for the cryptocurrency industry in Asia.

Hong Kong has hosted several cryptocurrency exchanges and associated ventures in recent years. However, the absence of explicit regulations has made it challenging for these entities to operate with confidence.

Hong Kong Wants To Be The Top Crypto Hub In Asia

Although Hong Kong has been trying to adopt a more lenient attitude towards digital currencies, there are still concerns about how it might affect the industry’s ties with mainland China. This is because cryptocurrency trading and mining were initially prohibited in China in 2017.

Last year, BitMEX founder and former CEO Arthur Hayes added his voice to the discussion, saying that Hong Kong’s ability to attract digital currency businesses will depend on its access to Chinese customers.

“Hong Kong’s position as the most important crypto hub began to tumble gradually at first, and then quickly with the imposition of its zero-COVID policies. But now, it looks like something curious is happening,” he wrote, adding that “it is the ordinary wealthy Chinese people that power the Hong Kong economy.“

The government of Hong Kong is sure that their efforts will be successful.

Hui claimed that over 80 companies were interested in opening shops in Hong Kong. These included wallets, payment service providers, security organisations, blockchain infrastructure providers, and exchanges.

Last month, Nikkei Asia also revealed that several Chinese cryptocurrency businesses, including securities firms and banks interested in enabling customers to trade Bitcoin and Ethereum on authorised exchanges, have their sights set on Hong Kong.

The launch of a new trading platform for Bitget’s Hong Kong customers has been announced in the interim. Per a statement last week, BitgetX Hong Kong plans to apply for a licence under the Hong Kong Virtual Asset Service Provider (VASP) regulations.

While Hong Kong aspires to become Asia’s next hub for digital assets, certain cryptocurrency platforms have decided to cease operations there. On April 24, Bitget, a cryptocurrency exchange with over $1.4 billion in assets under management, announced that as of June 1, it would stop providing cryptocurrency services in Hong Kong.

Some forecasts suggest that Hong Kong could soon surpass Singapore to become the premier cryptocurrency centre in Asia. However, the potential risks associated with digital currencies, such as fraud and money laundering, remain a cause for concern.

Related Reading: | Ripple Vs. Zakinov Crucial Hearing: High Stakes Class Action Hearing Begins Today |

BTC 1D
Source: Coinmarketcap.com

Filed Under: News, World Tagged With: Crypto Adoption, Crypto Regulations, Cryptocurrency, Hong kong, SFC

The Bank Of Korea Can Now Conduct Investigations Into Local Crypto Exchanges-Report

April 25, 2023 by Mohammad Ali

The Bank of Korea (BOK) has been granted the power to conduct on-site inspections and demand financial documents from crypto exchanges functioning within the nation, enabling it to investigate local cryptocurrency exchanges, according to a local news media report.

The Bank of Korea’s primary goal is maintaining price stability nationwide. The bank can then manage and enhance the economy thanks to this duty.

Crypto Exchanges in South Korea to Face Oversight from Local Bank

The central bank will be able to supervise the operations of exchanges closely, thanks to the additional rights, and, if necessary, take appropriate action. If exchanges transgress laws governing digital assets, this includes the authority to levy penalties and withdraw licenses.

The decision was made in mounting worries about the threats cryptocurrencies may bring to economic and financial stability. The Bank of Korea is prepared to take more measures to prevent concerns like tax evasion and money laundering from occurring.

However, to take such action, the bank must have the authorization it obtained last week from a representative of the Political Affairs Committee of the National Assembly. According to the article, the Federal Service Commission (FSC) will formally announce the bank’s stance during a subcommittee meeting on April 25. The upcoming summit might hasten the implementation of the nation’s digital asset legislation.

Furthermore, Kim Han-gyu, a politician from the Democratic Party, stated that the FSC favors the central bank’s new authority to regulate and require transaction data from exchanges of digital assets. The FSC did note, however, that it would not add this event to the bill.

Crypto Regulations And Policies In South Korea

The regulatory framework concerning cryptocurrency in South Korea is intricate, but it encompasses the safety and protection of investors and consumers involved in the industry. The country’s approach towards crypto regulations is significantly shaped by the government’s attitude towards this field of business.

BTCUSDT 2023 04 25 12 09 08
Source: Tradingview.com

Related Reading: | XRP Prefunding Debate: Ripple’s CTO Addresses Controversy & Risk Involved |

Filed Under: News Tagged With: bank of Korea, Crypto, Crypto Regulations, Cryptocurrency

G20 Unites To Tackle Crypto Risks: India’s Presidency Leads The Way

April 12, 2023 by Ammar Raza

In a recent announcement, the G20 revealed its efforts to address the potential hazards linked to cryptocurrency investments. The intergovernmental forum, comprising 19 countries and the European Union, has taken the initiative to establish a unified framework that all nations can adopt to tackle this issue. 

The plan is to develop this framework under the leadership of India’s presidency, with the ultimate aim of mitigating the associated risks of investing in cryptocurrency.

Addressing at the Peterson Institute for International Economics in Washington DC, Nirmala Sitharaman, India’s finance minister, has emphasized the need for coordinated global crypto policies in light of numerous ecosystem collapses that have impacted investors worldwide. 

Sitharaman believes that piecemeal reforms will not suffice to address the global scope of digital currencies. She cited the importance of cryptocurrencies in the discussions under the #G20India presidency and revealed the intention to develop a common framework for all countries to deal with this matter.

The G20’s objective is not only to implement reforms in the crypto sector but also to facilitate collaboration among economies worldwide in resolving issues of debt distress and hyperinflation that affect smaller nations like Ghana and Sri Lanka.

However, India’s G20 presidency will conclude on November 30th, 2023, providing approximately seven months to establish blanket crypto reforms that could be implemented worldwide.

Crypto Regulation Globally

The regulatory landscape for digital currency is in flux as different countries try to find ways to regulate this asset class. In the US, authorities are approaching regulation hot-and-coldly, with some pushing for a unified framework.

As a result of concerns about money laundering, con artists, and cybercrime, it would let the sector thrive while others are tightening regulations. The UK is also considered a crypto-friendly country, but money laundering and fraud concerns linger. 

In Canada, authorities have issued their first federal rules for digital currencies, treating them as a commodity for income tax purposes. With the initiation of a pilot project by the central bank to develop a digital reality, which the general public is anticipated to utilize by the end of 2024, Brazil has been a leader in the crypto policy. 

While these various strategies contribute to the uncertainty surrounding digital currency regulation, they also offer chances for investors and innovators to profit from this quickly developing asset class.

Related Reading | Bitcoin Mining: Bitmain Hit With Hefty Fine, NC County Considers Halting Mining

Filed Under: News, World Tagged With: Crypto Regulations, Cryptocurrency, G20

Australian Cryptocurrency Watchdogs’ New Plans To Secure Its Consumers

February 3, 2023 by Aishwarya shashikumar

Australia sought to expand the regulations and change the regulatory environment surrounding cryptocurrency. In order to determine which digital assets will be subject to legal regulation, the administration declared that it would publish a consultation paper in the early months of 2023.

According to regulators, the paper’s findings will serve as the foundation for a new “strategic strategy” for the payments system. The government was apparently improving the rules governing bitcoin providers among other things.

In order to regulate the cryptocurrency ecosystem in the country, Australia is reportedly considering giving the securities regulator more resources, including staff.

Australian Cryptocurrency Regulatory Aspects

The Australian Securities & Investments Commission [ASIC] is growing its digital asset team and enforcement measures, according to a statement released by Treasurer Jim Chalmers on Friday. The Australian Competition & Consumer Commission [ACCC] is also intensifying its initiatives to limit bitcoin ransomware schemes.

The declaration made a point of how “more crooks” are looking to get paid using this unique asset type. In 2022, losses associated with cryptocurrency payments reached a total of $221 million.

The government is also trying to change how crypto assets are licensed and kept. The portion of bitcoin assets that are now exempt from the regulatory framework for financial services will continue to get the majority of attention. In his statement, Chalmers said,

“We will establish a set of obligations and operational standards for crypto asset service providers to ensure they adequately safe‑keep assets for customers.“

The agency also made it clear that consultations on the framework’s design for custody and licensing will start “mid-2023.” Additionally, the Australian Treasury has published a consultation paper on token mapping. Which components of the cryptocurrency ecosystem will be regulated will be decided by the same.

The three reasons the government is acting on cryptocurrency are “protecting consumers, protecting our financial system, and cracking down on criminals.”

This is why we're taking action on crypto. pic.twitter.com/17HG5nhsTz

— Stephen Jones MP (@StephenJonesMP) February 2, 2023

Finally, the nation is using a “multi-stage method” that consists of three components. To be more precise, they entail enhancing consumer protection, enhancing enforcement, and developing a framework for its token mapping reform.

The treasurer claimed that while the previous administration experimented with cryptocurrency policy, it never took the time to future-proof its regulatory structures. He however added,

“We are acting swiftly and methodically to ensure that consumers are adequately protected and true innovation can flourish.“

Filed Under: News, Altcoin News, Bitcoin News, World Tagged With: Australia, Crypto Regulations, Cryptocurrency

Stringent Licensing Of Cryptocurrency Firms Immediate Necessity :French Central Bank Governor

January 6, 2023 by Aishwarya shashikumar

The governor of the Bank of France, Francois Villeroy de Galhau, has called for stricter licensing rules for cryptocurrency businesses in France, noting the present unrest in the cryptocurrency markets.

The central bank governor said France shouldn’t wait for impending EU cryptocurrency rules to establish mandatory licensing for regional Digital Asset Service Providers during a speech in Paris on January 5. (DASPs).

In addition to other rules, the Markets in Crypto Assets bill (MiCA) from the European Parliament is anticipated to go into effect at some point in 2024.

In his speech, Villeroy reportedly addressed the nation’s financial sector, making the following remarks,

“All the disorder in 2022 feeds a simple belief: it is desirable for France to move to an obligatory licensing of DASP as soon as possible, rather than just registration.”

The Financial Markets Authority (AMF), the nation’s market regulator, currently requires “registration” from crypto firms offering crypto trading and custody.

A DASP license is voluntary, and those who hold one are obligated to adhere to a number of rules regarding how businesses should be organized, run, and funded.

However, none of the 60 crypto companies registered with the AMF are currently holding a DASP license.

Cryptocurrency Firm Regulation, End Product Of Amendment

Villeroy’s request comes after Hervé Maurey, a member of the Senate Finance Commission, presented an amendment in December 2022 to get rid of a provision allowing businesses to operate without a license.

Even if or when MiCA becomes legislation and institutes a licensing regime, businesses in France are now permitted to operate without a license until 2026.

The measure will be the subject of parliamentary discussion beginning in January.

Since September 2020, MiCA has been slowly making its way through the EU parliament.

Through trilateral talks between the EU Council, European Commission, and European Parliament, it was approved on October 10, 2022, by the Committee on Economic and Monetary Affairs (ECON) of the European Parliament.

The last Plenary vote on MiCA was moved from December 2022 to February 2023. The delay, according to European Parliament member Stefan Berger, was caused by “the enormous amount of work for the lawyer linguists, given the length of the legal text,” he told local media in November 2022.

Filed Under: News, World Tagged With: central bank of france, crypto firms, Crypto Regulations, Cryptocurrency, european union

Cryptocurrency Leash Tightening In UK? Here’s What Ashley Alder Has To Say

December 15, 2022 by Aishwarya shashikumar

Governments from all over the world are taking the initiative to regulate the cryptocurrency industry. Undoubtedly, the market has become exceedingly unstable as a result of the consecutive failures of crypto businesses this year. Regulators have voluntarily intervened as a result of clients losing billions. For instance, Australia’s crypto rules will probably get stricter in 2023.

Now, it appears that the UK may do the same. In a recent Financial Times article, Ashley Alder, the incoming chair of the Financial Conduct Authority, noted that when the agency obtains expanded regulatory authority over the industry, crypto firms intending to establish enterprises in the UK will face an uphill battle.

YFX64KEMDRNENGB7CALDMY3M3A
Ashley Ian Alder, Chief Executive Officer of the Securities and Futures Commission

He stated,

“I think it [crypto] should be regulated further.”

Money Laundering Easier With Cryptocurrency Firms

Alder noted that in his opinion, cryptocurrency platforms were “deliberately elusive,” encouraged money laundering on a large scale, and produced “massively unfavorable risk” while speaking at a cross-party Treasury Select Committee.

Alder, the current Chief Executive of the Securities & Futures Commission in Hong Kong, further explained,

“Our experience to date of [crypto] platforms, whether FTX or others, is that they are deliberately evasive, they are a method by which money laundering happens in size.”

The way businesses in the sector “package a whole set of activities which are generally isolated… gives rise to substantially unfavorable risk,” he continued, including the possibility of conflicts of interest and improper asset management.

The FCA has struggled with its current burden, on the other hand. It is currently in the middle of a transformation program. MPs questioned Alder on why only a third of people trusted the FCA’s leadership. Alder responded,

“You could only hope that would improve.”

The new Chair also admitted that there were “perennial doubts about operational efficiency” and a view that the FCA had not “secured appropriate protection for consumers.” Alder declared that he intended to relocate to the UK in January. Notably, the following month, he will take over as FCA Chair.

The UK has stated that it will extend tax benefits for investment managers to cover crypto assets, therefore it is important to keep this in mind. The U.K. should function as a major worldwide hub for cryptocurrency, according to Prime Minister Rishi Sunak. The Treasury declared it will expand its current tax relief to the cryptocurrency sector.

The UK will provide tax benefits for investment managers that use cryptocurrency

The FCA, however, chose not to address whether or not its incoming Chair’s opinions differed from those of the administration.

Filed Under: News, World Tagged With: Ashley Alder, Crypto Regulations, Cryptocurrency, Securities and Futures Commission, UK

Senate Banking Committee And Treasury To Join Hands For Crypto Legislation

December 1, 2022 by Aishwarya shashikumar

The chairman of the US Senate Banking Committee, Sherrod Brown, has urged Treasury Secretary Janet Yellen to collaborate with lawmakers and banking authorities on comprehensive crypto legislation “in the wake of FTX’s downfall.”

In a letter dated Nov. 30 and addressed to Yellen, the Senate Banking Committee Chair, Brown demanded that the Treasury secretary works with authorities to address cryptocurrency by suggestions made by the FSOC. The “alarming fraud,” “liquidity crunch,” and insolvency of the cryptocurrency exchange FTX were referenced by the Senate Banking committee chair as examples of financial dangers that shouldn’t “spillover into traditional financial markets and institutions.”

According to Senate Banking Committee Chair, he requests that they work together with the other financial regulators to further develop the recommendations from the FSOC Report, including the creation of legislation that would give regulators the power to monitor and otherwise control the activities of affiliates and subsidiaries of crypto asset entities. As stated in the FSOC Report, individual regulatory bodies currently do not have a thorough understanding of the operations of crypto-asset businesses.

He further added,

“As the FTX failure makes clear, given crypto asset entities’ broad use of proprietary crypto tokens combined with opaque financial arrangements and the reliance on arbitrary valuation and data sources, the financial regulatory agencies should continue to find ways to enhance entity and crypto asset disclosures, market integrity, and transparency.”

FSOC Recommends Other Regulators Along With Senate Banking Committee

In response to U.S. President Joe Biden’s executive order on cryptocurrencies, the Financial Stability Oversight Council (FSOC) published a report in October that examined potential regulatory gaps and financial stability concerns of digital assets. The council suggested lawmakers enact legislation to specify which “rulemaking authority,” i.e., the Securities and Exchange Commission or the Commodity Futures Trading Commission, will be in charge of policing specific aspects of the cryptocurrency spot market. The report, according to Yellen at the time, offered “a sound framework for policymakers,” but no timetable for action.

Brown’s retort was the most recent from American lawmakers to weigh in on FTX’s insolvency and potential regulatory and legal action. Senators Elizabeth Warren and Sheldon Whitehouse wrote a letter to the Justice Department on November 23 urging them to “examine the collapse of the exchange with the utmost thoroughness” and consider bringing criminal charges against those responsible for misconduct at FTX. In order to address the failure of the cryptocurrency exchange, committees in both the House of Representatives and the Senate will hold separate hearings in December.

Filed Under: News, World Tagged With: Crypto Regulations, Cryptocurrency, FSOC, Senate Banking committee, US Treasury

  • Go to page 1
  • Go to page 2
  • Go to page 3
  • Interim pages omitted …
  • Go to page 13
  • Go to Next Page »

Primary Sidebar

Recent Posts

  • Litecoin Price Surges Before Halving as AltSignals Raises $876k During Presale June 1, 2023
  • XRPL Pioneer Reveals Groundbreaking Trading Approach June 1, 2023
  • May Madness: Over 15 Billion SHIB Tokens Burned In 191 Transactions June 1, 2023
  • Cardano Community Split in Response to Meme Coin Market Surge June 1, 2023
  • Binance’s Exit Boosts Kraken’s Popularity Among Canadian Crypto Traders June 1, 2023

Footer

News

  • Altcoin News
  • Bitcoin News
  • Blockchain
  • Tron News
  • World

Digest

  • Meet the Founder
  • Price Winning Article
  • DeFi
  • Cyber Security
  • Crypto Scam

Industry

  • Project Review
  • Technology
  • Fintech
  • Tron Exchange
  • New in Town

Tron Universe

  • Event and Tron Parties
  • New in Town
  • Tron Tokens

Follow Us

Subscribe US

Copyright © 2023 · Tron Weekly. All Rights Reserved. NOTE: Tron Weekly is an independent crypto news site that adheres to the strict journalism policy anchored on transparency, trust, and objectivity, we have no affiliation with the TRON Foundation, its founder Justin Sun or any other cryptocurrency firm.