In a Friday announcement, Pham said Keaghan Ames will be her counselor and senior policy adviser at the CFTC starting May 23. Ames worked at Credit Suisse for more than two years as vice president and head of U.S. regulatory policy, which included advising executives on digital assets regulation. He will be joining the CFTC
Regulation
The European Central Bank (ECB) is planning to launch a prototype of the digital euro in 2023. In the next five years, Europe could have its own central bank digital currency (CBDC) up and running. However, there are still many questions surrounding the prospective digital currency. In what form could it be issued? Is the
The Shanghai High People’s Court has issued a document in which it states that Bitcoin is subject to property rights laws and regulations. That finding was made in relation to a lawsuit filed in a district court in October 2020 involving the recovery of a loan of 1 Bitcoin (BTC). The lower court recognized Bitcoin
The Federal Ministry of Finance (BaFin) published a 24-page document on Tuesday outlining clear income tax rules for cryptocurrency and virtual assets. Tax practitioners, businesses and individual taxpayers now have clear direction on the tax requirements for acquiring, trading and selling cryptocurrencies. The key takeaway is that individuals who sell BTC or ETH more than 12
The administration of the newly-elected President of South Korea, Yoon Suk-yeol, wastes no time in his drive to maintain the country’s stature as a center for innovation, as South Korea hopes to roll out comprehensive crypto legislation in 2023 and institutionalize the sector by 2024. On Wednesday, South Korean newspaper Kukmin, citing a leaked governmental
Newly discovered documents could pose a major roadblock for the Securities and Exchange Commission (SEC) in its case against Ripple if they prove a former commission official had a conflict of interest. The SEC has been embroiled in a legal battle against blockchain company Ripple (XRP) since 2020 in which the crypto company and senior
Bitcoin (BTC) price initially bounced from its recent low at $29,000 but the overall market sentiment after a 25% price drop in five days is still largely negative. Currently, the crypto “Fear and Greed Index,” which uses volatility, volume, social metrics, Bitcoin dominance and Google trends data, has plunged to its lowest level since March
Just three days after debuting in the Indian market, United States-based crypto exchange Coinbase abruptly stopped using United Payments Interface (UPI), the most popular payment service in the region. Coinbase CEO Brian Armstrong later revealed that the service disruption was due to an “informal pressure” from India’s central bank. During Coinbase’s 2022 Quarterly Earnings call,
United States Secretary of the Treasury Janet Yellen called on U.S. lawmakers to develop a “consistent federal framework” on stablecoins to address risks to financial stability. In a Tuesday hearing of the Senate Banking Committee on the Financial Stability Oversight Council Annual Report to Congress, Yellen reiterated her previous position calling for a regulatory framework
The United States Federal Reserve Board released its semiannual Financial Stability Report on Monday. The report points to the volatility on commodities markets brought on by the Russian invasion of Ukraine, the spread of the omicron variant of COVID-19 and “higher and more persistent than expected” inflation as sources of instability. Stablecoins and some types
The Central Bank of Nigeria (CBN) is moving ahead with plans to upgrade the country’s central bank digital currency (CBDC) to be used on a wider range of goods and services. It is also maintaining harsh crypto restrictions that cripple the country’s fintech sector. The CBN Branch Controller Bariboloka Koyor spoke at a campaign aiming
Retirement plans still largely remain at the periphery of both crypto adoption and the regulatory discussion. But last week, a major development emerged in this department. United States Senators Elizabeth Warren of Massachusetts and Tina Smith of Minnesota became concerned about Fidelity’s recent announcement of adding Bitcoin (BTC) to its clients’ 401(k) retirement investment menu.
The International Monetary Fund, or IMF, has turned its attention to The Bahamas’ central bank digital currency (CBDC), the Sand Dollar, and suggested additional regulatory oversight and education. Reporting on a consultation with the Caribbean nation on Monday, the IMF said its executive directors “recognized the potential of the Sand Dollar to foster financial inclusion”
The governor of the Bank of Central African States (Banque des États de l’Afrique Centrale, BEAC) has issued a scathing letter to the Central African Republic (CAR) regarding the country’s adoption of cryptocurrencies. In a letter addressed to the CAR Finance Minister Hervé Ndoba, the Governor of the BEAC Abbas Mahamat Tolli describes the “substantial negative
The United States Securities and Exchange Commission, or SEC, has announced that it has settled charges against Nvidia — the company behind graphics cards used by many crypto miners — in regards to “inadequate disclosures.” In a Friday announcement, the SEC said that Nvidia failed to disclose that mining cryptocurrencies was “a significant element of
After nearly a three-year-long discussion about establishing a task force to oversee blockchain and crypto initiatives, the governor of Utah, Spencer Cox, signed a bill to create the Blockchain and Digital Innovation Task Force. The Utah State Legislature first saw the introduction of the house bill (H.B. 335) in early February 2022, which took nearly