US Federal Reserve Chair Jerome Powell recently made a statement during a Senate Banking Committee hearing, where he emphasized that the Fed is far from adopting or recommending a central bank digital currency (CBDC). Powell sought to allay fears regarding privacy concerns, asserting that the Federal Reserve would not support a system that allows for
Regulation
The Securities and Exchange Commission (SEC) recently filed a joint motion requesting the court to take additional action against Binance.US. The SEC claims that the exchange has failed to comply with regulatory requests for information on customer assets. They argue that Binance.US’s inspections have been insufficient, critical questions have been left unanswered, and the firm
The Indian government recently made a significant announcement requiring technology companies to seek government approval before publicly releasing artificial intelligence (AI) tools still in development or deemed “unreliable.” This move comes as part of India’s efforts to oversee the deployment of AI technologies, with a focus on ensuring accuracy and reliability in tools available to
Recently, the Securities and Futures Commission (SFC) in Hong Kong issued a warning to the public about suspicious websites impersonating licensed crypto exchanges in the city-state. The notice highlighted that these fraudulent sites were using the image and branding of Hash Blockchain Limited and OSL Digital Securities Limited to deceive users. This deceptive tactic has
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
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