In recent discussions surrounding the evolution of financial structures, notable voices such as Federal Reserve Governor Christopher Waller have underscored the premise that decentralized finance (DeFi) is unlikely to supplant traditional financial systems in their entirety. Speaking at the Vienna Macroeconomics Workshop on October 18, Waller navigated the complexities of integrating DeFi into the existing
Regulation
Recent reports highlight an alarming escalation in cyberattacks targeting the cryptocurrency industry, prompting the European Securities and Markets Authority (ESMA) to advocate for stricter cybersecurity measures. As the European Union prepares to implement the Markets in Crypto-Assets Regulation (MiCA) by December 2024, ESMA is urging lawmakers to mandate comprehensive external cybersecurity audits for cryptocurrency companies.
The cryptocurrency landscape is often characterized by its volatility, responding sharply to market sentiment, technological advancements, and, importantly, regulatory developments. A notable instance occurred on October 14, 2023, when Vice President Kamala Harris introduced a regulatory framework designed to protect digital asset owners, particularly focusing on Black Americans. This announcement catalyzed a significant rally in
The ongoing legal tussle between Coinbase and the U.S. Securities and Exchange Commission (SEC) highlights significant tensions within the regulatory landscape governing cryptocurrencies. At its core, this legal battle revolves around Coinbase’s quest for internal documents from the SEC that may unveil the agency’s enforcement strategies toward the burgeoning crypto industry. Central to this conflict
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
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