The political landscape of the United States plays a significant role in shaping the regulatory environment for the cryptocurrency sector. As the 2024 presidential elections approach, the positions of candidates on digital currency regulation have been brought to the forefront, particularly by experts like Alex Thorn, head of research at Galaxy Digital. A recent analysis
Regulation
On October 10, 2023, the U.S. Securities and Exchange Commission (SEC) brought charges against Cumberland DRW, a notable crypto market maker located in Chicago, for allegedly functioning as an unregistered securities dealer. The SEC’s complaint asserts that since March 2018, Cumberland has engaged in trading activities involving over $2 billion in cryptocurrencies that fall under
In recent years, stablecoins have gained considerable traction as a crucial component of the digital economy. Their potential to revolutionize payment systems and create new demand for US Treasury securities has not gone unnoticed. Senator Bill Hagerty (R-TN), a prominent figure in the Senate Banking Committee, has taken a significant step in addressing the regulatory
In a recent discussion on Fox Business, SEC Commissioner Mark Uyeda expressed significant concerns about the Securities and Exchange Commission’s (SEC) handling of cryptocurrency regulation. He characterized the agency’s approach as a “disaster for the whole industry,” particularly due to the lack of clear guidelines. Uyeda’s statements surfaced amidst mounting tensions between the SEC and
The United Arab Emirates (UAE) has taken a significant step forward in the realm of cryptocurrency by exempting digital asset transactions from the nation’s 5% value-added tax (VAT). This amendment, documented on October 4, is set to assess its impact starting November 15, 2024, while simultaneously applying retroactively to transactions made since January 1, 2018.
The legal confrontation between Ripple Labs and the United States Securities and Exchange Commission (SEC) has drawn considerable attention within the cryptocurrency ecosystem. The complexities of this case highlight larger issues surrounding digital asset regulation in the United States, particularly as Ripple recently filed a notice of cross-appeal to the Second Circuit Court. This critical
On October 10, 2023, South Korea’s Financial Services Commission (FSC) unveiled a significant development in the regulatory landscape of digital assets by announcing the formation of a Virtual Asset Committee. This new body aims to facilitate the approval process for spot crypto exchange-traded funds (ETFs) and is portrayed as a crucial advisory group for overseeing
Taiwan is taking a significant leap in the realm of digital finance by preparing to launch a pilot program for digital asset custody services. Announced by Taiwan’s Financial Supervisory Commission (FSC) on October 8, this initiative seeks to position Taiwan as a competitive player in the global digital asset marketplace. This strategic move is part
On October 8, 2023, Crypto.com made headlines by filing a lawsuit against the United States Securities and Exchange Commission (SEC), an action that underscores the intensified friction between cryptocurrency firms and federal regulators. This lawsuit not only marks a critical juncture for the company but also signals broader tensions in the rapidly evolving landscape of
In recent years, stablecoins have emerged as pivotal assets in the realm of digital currencies, gaining traction particularly due to their pegging to fiat currencies like the US dollar. These cryptocurrencies have carved a niche for themselves, transcending their origins in the virtual asset ecosystem to become integral tools in various forms of international trade.