The controversy surrounding Binance in Nigeria has escalated with the House of Representatives Committee on Financial Crimes issuing an ultimatum to Binance CEO Richard Teng. The committee requested Teng to appear before them by March 4 due to alleged involvement in financial crimes such as money laundering and terrorism financing. Failure to comply with the
Regulation
Hungary is taking steps to introduce a new legislative proposal that would allow banks, investment funds, and asset managers to offer services involving Bitcoin and other cryptocurrencies. This initiative, as reported by Bloomberg Law on March 1, represents a significant advancement in Hungary’s financial sector. The proposed laws are expected to take effect on June
The Chamber of Digital Commerce recently filed an amicus curiae in defense of crypto exchange Kraken amidst a lawsuit brought forth by the US SEC. This action was taken to highlight the overreach of the SEC in attempting to regulate the digital asset industry through enforcement actions without proper legislative authority. By speaking out against
A group of Senate Republicans, led by Senator Ted Cruz of Texas, is pushing for legislation to limit the Federal Reserve’s ability to introduce a central bank digital currency (CBDC). This move highlights the growing debate over privacy and government involvement in financial transactions, with potential implications for the 2024 presidential campaign. The proposed bill,
The Energy Information Administration (EIA) recently halted its survey of crypto mining firms following a lawsuit from industry members. Riot Platforms and the Texas Blockchain Council filed the lawsuit on Feb. 22 against the EIA, the Department of Energy, the Office of Management and Budget (OMB), and their respective heads. The EIA announced that it
In recent developments, House Majority Whip Tom Emmer has expressed his concerns regarding government agencies under the Biden administration collecting data on Bitcoin mining firms. Emmer criticized the Office of Management and Budget (OMB) for approving a request from the Energy Information Administration (EIA) that imposes a “new, mandatory information collection regime” on the Bitcoin
South Africa recently unveiled bold plans to integrate digital payments and cryptocurrencies into its financial ecosystem, with a specific focus on empowering marginalized groups. The country’s 2024 budget outlined initiatives aimed at fostering a digital economy through collaborative efforts between the public and private sectors to drive financial innovation. The primary goal is to enhance
The European Central Bank (ECB) officials have taken a firm stance on Bitcoin, asserting that the cryptocurrency holds no intrinsic value despite its recent surge in price. Ulrich Bindseil and Jürgen Schaaf, in a blog post dated Feb. 22, argued that the approval of multiple exchange-traded funds (ETFs) in the US does not change Bitcoin’s
In a recent report by Bloomberg Law, it was revealed that Ladan Stewart, a key member of the US Securities and Exchange Commission’s (SEC) legal team, has decided to step down from her role at the agency to join a pro-crypto law firm. Stewart, who previously served as Regional Trial Counsel in the SEC’s Crypto
In a bold move amidst the tightening global crypto regulations, Backpack Exchange, a crypto platform founded by former FTX executives, is expanding its reach to 11 US states. This expansion includes states like California, Colorado, Indiana, Missouri, and Wyoming. CEO’s Vision CEO Armani Ferrante, in a recent announcement on the social media platform X, expressed