During a recent Senate hearing, Senator Tim Scott made a pointed critique of the current US administration, accusing them of unfairly targeting digital assets as the source of terrorism financing. Scott argued that the focus on cryptocurrencies ignores more traditional sources of funding, such as Iran’s $35 billion in oil exports and an additional $16
Regulation
In a recent testimony to the Senate Banking, Housing, and Urban Affairs Committee, US Treasury Deputy Secretary Adewale Adeyemo highlighted the increasing use of alternative payment mechanisms like Tether’s USDT stablecoin by Russia to bypass economic sanctions. This trend has raised concerns about the misuse of stablecoins for illicit activities, prompting government investigations and calls
The disconnect between policymakers and technology has resulted in regulatory gaps in overseeing emerging technologies like blockchain and AI. While some lawmakers, such as Senator Cynthia Lummis, have recognized the importance of innovation in the financial sector and proposed legislation like the Digital Asset Innovation Act, the current “regulation-through-enforcement” approach, as seen in the SEC’s
Lithuania is planning to implement strict licensing requirements for cryptocurrency firms by 2025. The goal is to regulate the industry more effectively as digital assets become more integrated into the financial system. According to Central bank board member Simonas Krepsta, the current number of 580 active firms in the country is expected to decrease significantly
Singapore has taken a proactive approach to enhancing its regulatory framework within the cryptocurrency industry. The Monetary Authority of Singapore (MAS) recently amended its Payments Service Act (PSA) to expand its jurisdiction and bolster user protection. These changes demonstrate Singapore’s commitment to becoming a cryptocurrency-friendly hub while prioritizing investor safeguarding. With the incorporation of three
Coinbase CFO Alesia Haas’s assertion that Ethereum is not a security brings attention to the ongoing regulatory uncertainty surrounding cryptocurrencies in the United States. The lack of a clear and comprehensive regulatory framework at the federal level has led to confusion and inconsistency in how different agencies view digital assets such as Ethereum. Haas advocates
When we look at the current landscape of AI, especially generative AI, it is evident that there are significant concerns regarding the transparency and openness of the models being developed and deployed. While many vendors claim to have “open” models, the reality is far from open. The lack of access to training data sets and
The recent announcement of the closure of the Binance-linked HKVAEX exchange has sent shockwaves through the cryptocurrency community. After withdrawing its application for an operational license in Hong Kong, the exchange is set to cease its services, leaving users with only a short window to withdraw their assets. While the exact reasons for HKVAEX’s application
Recently, the US Department of the Treasury and the Office of Foreign Assets Control (OFAC) imposed sanctions on the Palestinian news network Gaza Now on March 27. These sanctions were based on allegations that Gaza Now was supporting Hamas, a designated terrorist organization. In addition to sanctioning Gaza Now, the Treasury also targeted several cryptocurrency
Portugal’s National Data Protection Commission (CNPD) recently made the decision to ban Worldcoin from collecting biometric data for a period of three months. This ban stems from various reasons, including the lack of a mechanism for verifying the age of members, resulting in data collection from minors without parental consent. Furthermore, Worldcoin failed to provide