Regulation

The adoption of blockchain is the right direction for Russia to solve its current settlement issues, according to an executive at Russia’s largest bank, Sberbank. Blockchain technology has matured over the past few years to offer new capabilities that potentially enable Russia to create more efficient payment systems, Sberbank’s first deputy chairman Alexander Vedyakhin said.

Crypto bank Anchorage Digital announced it would be letting go of 75 employees, representing approximately 20% of its workforce, citing regulatory uncertainty in the United States as a factor in its decision. In a March 14 statement Anchorage labeled the layoffs as “a strategic realignment to better focus our resources,” and pointed to “broad macroeconomic challenges,

The European Parliament passed the Data Act on March 14. The comprehensive bill was intended to “boost innovation by removing barriers obstructing access to industrial data.” Among its provisions is an article that would require smart contracts to be alterable.  The legislation established rules for fairly sharing data generated by “connected products or related services,”

Governor Mark Gordon of the United States state of Wyoming recently signed a bill preventing the forced disclosure of private keys in a move to protect the privacy of digital asset owners. The incoming law reads, “No person shall be compelled to produce a private key or make a private key known to any other

The Commodity Futures Trading Commission (CFTC) has signaled receptiveness to the crypto and blockchain sector after including several executives from the space as part of its new Technology Advisory Committee (TAC). CFTC commissioner and TAC sponsor Christy Goldsmith Romero announced the updated membership via a public statement on March 13, with the inaugural meeting of

Last week, another major quake shook crypto markets. Silvergate Bank — a crypto-fiat gateway network for financial institutions and a significant on-ramp for cryptocurrencies in the United States — shut down operations due to liquidity problems.  A couple of days later, another ​​Federal Deposit Insurance Corporation-insured institution, Silicon Valley Bank (SVB), was shut down by

Earlier this year, Joshua Browder, CEO of AI startup DoNotPay, attempted to bring a robot lawyer into a California courtroom, despite almost certainly knowing that it was illegal in almost all 50 states to bring automated assistance like this into a courtroom. DoNotPay bills itself as the “world’s first robot lawyer” whose goal is to

The United States Federal Deposit Insurance Corporation (FIDC) started an auction process the night of March 11 for Silicon Valley Bank, Bloomberg reported, citing unnamed sources. Bids were to be only open for just a few hours before the process closes on March 12.  According to Bloomberg’s sources, the FDIC is seeking a buyer for

United States authorities are working on “material action” over the weekend in an attempt to limit the ripple effect across the country’s banking system after the Silicon Valley Bank abruptly collapsed on March 10. According to a Reuters report citing unnamed sources, officials in the Joe Biden administration assessed the impact of the bank failure

Billionaire Bill Ackman has urged the United States government to “guarantee” all deposits held by Silicon Valley Bank (SVB) within the next “48 hours,” or it risks the “destruction” of many financial institutions. In a March 11 tweet, Bill Ackman, CEO of hedge fund management firm Pershing Square Capital Management, said a “giant sucking sound”

The Bank of England (BoE) has halted the operations of Silicon Valley Bank’s U.K. branch (SVB UK), stating that it has a “limited presence” in the United Kingdom (UK) and no “critical functions” supporting the financial system. BoE issued a statement on Mar. 10, declaring that SVB UK will “stop making payments or accepting deposits,”

On March 10, Blockchain payment tech company and USD Coin (USDC) issuers Circle confirmed that wires initiated on Thursday to remove balances have not yet been processed, leaving $3.3 billion of its $40 billion USDC reserves at Silicon Valley Bank (SVB). Concerns have been growing over USDC late this week because Circle disclosed in its latest

United States Senators Elizabeth Warren and Ron Wyden asked the Public Company Accounting Oversight Board (PCAOB) to hold auditors accountable for failed crypto projects.  The PCAOB — a nonprofit overseeing the audits of public companies and other issuers — recently stated that proof-of-reserves (POR) are not equivalent to audits conducted under PCAOB auditing standards. POR

Almost immediately after USD Coin (USDC) issuer Circle revealed it was not able to withdraw $3.3 billion of its $40 billion from Silicon Valley Bank (SVB), the resultant sell-off caused the price of the stablecoin to fall below its $1 mark. On March 9, Circle had initiated a wire transfer for the removal of its

Kristi Noem, the governor of South Dakota, has used her authority to veto legislation aimed at changing the definition of money to exclude cryptocurrencies. In a March 9 notice to South Dakota house speaker Hugh Bartels, Noem said she had vetoed House Bill 1193, which proposed amending the state’s Uniform Commercial Code, or UCC, to

A federal judge in Florida, United States, is considering dismissing former NBA superstar Shaquille O’Neal and tennis athlete Naomi Osaka from the FTX lawsuit, pointing out that it’s unclear whether the two had been served.  In a paperless order, U.S. District Judge Kevin Moore instructed the plaintiffs to provide cause on why O’Neal and Osaka shouldn’t