After a consultation period concluded in February, Hong Kong’s financial regulators reported that they received 108 submissions from a variety of stakeholders regarding the licensing program initiative for fiat-referenced stablecoin (FRS) providers. The majority of respondents agreed that a regulatory regime for FRS issuers was necessary due to the increasing popularity of digital assets in
Regulation
Over the past seven years, the world of cryptocurrency has seen a significant increase in lobbying expenditures, according to a recent study by Social Capital Markets. The research has unveiled a staggering 1,386% surge in lobbying spend by crypto companies, jumping from $2.72 million in 2017 to $40.42 million in 2023. This exponential growth highlights
Recently, Coinbase, Ripple, and Andreessen Horowitz (a16z) have revealed their plans to send representatives to both the Republican National Convention (RNC) and the Democratic National Convention (DNC). This move demonstrates their commitment to advocating for policies that are favorable to the cryptocurrency industry. Politico reported on July 15 that these firms will first present their
In a recent development, South Korean lawmakers have put forth a bill to postpone the implementation of the crypto gain tax until 2028. This decision comes amid the prevailing negative sentiments surrounding the crypto industry. The ruling political party introduced the bill on July 12, highlighting concerns about the current investment sentiment towards virtual assets.
Elon Musk, the CTO and chairman of X, recently took to social media to make a bold accusation against the European Commission. He claimed that the EC had offered X an “illegal secret deal” to censor speech in order to avoid being fined in the EU. Musk stated that the Commission proposed that X “quietly
The Securities and Exchange Commission (SEC) recently announced the closure of its investigation into Hiro Systems and the Stacks blockchain without recommending any enforcement action. This news comes after more than three years of scrutiny, with the investigation commencing following the first-ever SEC-qualified offering by Stacks in 2019. The Stacks ecosystem has been lauded for
The SEC recently closed its investigation into Hiro and the Stacks blockchain without recommending any enforcement action after more than three years. The investigation began following the first-ever SEC-qualified offering by Stacks in 2019, making it a significant chapter in the history of the Bitcoin Layer-2 network. Despite the initial scrutiny, the Stacks ecosystem has
Decentralized Autonomous Organizations (DAOs) have been gaining prominence in the world of blockchain technology as innovative platforms for collaborative decision-making and goal achievement. Essentially, DAOs are blockchain-based communities designed to work towards a common objective, whether it be investing in startups or acquiring historical artifacts. These entities are seen as the future of corporate governance
The recent decision by the US Securities and Exchange Commission (SEC) to accept a proposal allowing exceptions for certain institutions affected by Staff Accounting Bulletin No. 121 (SAB 121) has sparked a wave of debate and discussion within the crypto industry. This move marks a significant shift in how financial institutions can approach the reporting
The US House of Representatives recently fell short in their attempt to overturn President Joe Biden’s veto and rescind SEC Staff Accounting Bulletin 121. Despite 228 House members voting in favor of HJ Res. 109 to end SAB 121, the resolution did not receive the necessary two-thirds majority to counter the presidential veto. A notable