Regulation

After recovering the HUSD stablecoin’s dollar peg, crypto exchange Huobi explained what had caused the short-term liquidity problem and assured users that it had been resolved.  On Thursday, HUSD started to fall from its dollar value, trading at $0.92 at the start of the day and falling as low as $0.82 a few hours later.

Cryptocurrency lending firm Hodlnaut has cut most of its workforce and has applied to be placed under judicial management due to bleak financial circumstances. Hodlnaut, which offers interest-bearing cryptocurrency investment options in vetted institutions, confirmed the dire state of affairs on Aug. 19. The company’s poor financial position has been put down to losses suffered

Four members of the United States House of Representatives from the Energy and Commerce Committee have demanded answers from four major crypto mining firms in regards to the potential effects of their energy consumption on the environment. In letters dated Wednesday to Core Scientific, Marathon Digital Holdings, Riot Blockchain, and Stronghold Digital Mining, U.S. lawmakers

The Prudential Authority of the Reserve Bank of South Africa sent out guidelines to its subsidiaries in an effort to prevent illicit activities, encouraging banks not to cut all ties with cryptocurrency.  It suggested that such an act could cause greater risk in the long run. The official notice was signed by Prudential Authority CEO

The European Central Bank (ECB) says the introduction of digital cash in the form of central bank digital currencies (CBDCs) appears to be the “only solution” that will guarantee a “smooth continuation” of the current monetary system.  The comments were made as part of an ECB Working Paper Series, which was published in August, discussing monetary

Pennsylvania Senator Pat Toomey, ranking member of the United States Senate Banking Committee, has sent a letter to Federal Deposit Insurance Corporation (FDIC) director and acting chairman Martin Gruenberg informing him of allegations made by a whistleblower concerning FDIC activities. The senator suspects the FDIC “may be improperly taking action to deter banks from doing

The saga of BitConnect, a major cryptocurrency scam scheme, is taking another twist as one of the BitConnect co-founders is now wanted by the Indian state police. Satish Kumbhani, an Indian national and the alleged founder of the crypto Ponzi scheme BitConnect, reportedly became subject to a new police investigation in India, The Indian Express

There are mounting concerns that recent United States government sanctions against Tornado Cash will become a “slippery slope” for Web3 privacy that could eventually make the entire space “meaningless.” Speaking to Cointelegraph, Shumo Chu, co-founder of privacy protocol Manta Network expressed worry that the strict sanctions against Tornado Cash could have a knock-on effect on

The Central District of California federal court entered an order Monday to authorize the United States Internal Revenue Service (IRS) to serve a John Doe summons on SFOX, a Los Angeles-based cryptocurrency prime dealer. The IRS filed suit to receive the order, which directs SFOX to reveal the identities of customers who are U.S. taxpayers

Crypto exchange Huobi Global announced the suspension of derivatives trading in New Zealand. The statement from Huobi said the new restrictions against derivative offers are in light of compliance with local regulations.  Users in New Zealand will no longer have access to derivative trading services, which include coin-margined futures and swaps, USDT-margined contracts, options and

South Korean banks are being investigated for their role in facilitating $6.5 billion in suspicious overseas remittances which have been tied to companies arbitraging cryptocurrency.  According to a Monday report from Asia Times, the Financial Supervisory Service (FSS) ordered an investigation into South Korean banks last month after identifying a significant amount of overseas remittance

United States-based crypto policy advocacy group Coin Center said it intended to “pursue administrative relief” for individuals affected by Tornado Cash sanctions imposed by the Treasury Department’s Office of Foreign Asset Control, or OFAC. In a Monday blog post, Coin Center executive director Jerry Brito and director of research Peter Van Valkenburgh alleged OFAC “overstepped

Following the United States sanctioning USD Coin (USDC) and Ethereum addresses associated with the crypto mixer Tornado Cash, the signatories of the projects’ multisignature community fund havedisbanded.  In 2021, the Tornado Cash community created a fund to provide incentives to key contributors to the project. The fund was held in a community-managed multisignature wallet with five

There’s a ferment brewing with regard to central bank digital currencies (CBDCs), and most people really don’t know what to expect. Varied effects seem to be bubbling up in different parts of the world.  Consider this: China’s e-CNY, or digital yuan, has already been used by 200 million-plus of its citizens, and a full rollout

For Satoshi Nakamoto, the creator of Bitcoin (BTC), the motivation to create a new payment ecosystem from scratch in 2009 stemmed from the economic chaos caused by the banking sector’s over-exuberant and risky lending practices mixed accompanied by the bursting of the housing bubbles in many countries at the time.  “And who do you think

The Bank of Russia continues working towards the upcoming adoption of the central bank digital currency (CBDC), planning an official digital ruble rollout in a few years. According to the Bank of Russia’s latest monetary policy update, the authority will begin to connect all banks and credit institutions to the digital ruble platform in 2024.