Regulation

Republican Senator Ted Cruz has introduced a bill to block the United States Federal Reserve from launching a “direct-to-consumer” central bank digital currency (CBDC). In a March 21 statement, Cruz said he introduced the bill to prevent the Fed from developing a retail CBDC “which could be used as a financial surveillance tool by the

If the United States government really is implementing “Operation Choke Point 2.0” it will hurt financial stability and may have contributed to the collapse of Silicon Valley Bank (SVB) according to Donald Trump’s former Acting White House Chief of Staff, Mick Mulvaney. “I don’t want to think that the government would actually do that,” Mulvaney

A bankruptcy judge overseeing the bankruptcy case for crypto lending platform Celsius Network has approved a settlement plan allowing custody account holders to get back 72.5% of their crypto holdings. In a March 21 hearing, United States Bankruptcy Judge Martin Glenn signed off on an agreement allowing Celsius custody account holders the right to receive

The United States Internal Revenue Service said it plans to release guidance on having nonfungible tokens, or NFTs, treated as collectibles under the U.S. tax code. In a March 21 notice, the IRS called for feedback from the U.S. public on how NFTs could be taxed as collectibles. According to the government body, collectibles under

Sushi DAO proposed the creation of a legal defense fund on March 21 in response to the “recent” subpoena of Sushi head Jared Grey and the decentralized autonomous organization (DAO) itself by the United States Securities and Exchange Commission.  The DAO’s proposal did not provide details about the SEC subpoena. It stated that it was

Cody Harris, member of the Texas House of Representatives, has introduced a resolution aiming to have the legislature say the “Bitcoin economy is welcome” in the state. In a resolution released on March 21, Harris encouraged Texas lawmakers to “express support for protecting individuals who code or develop on the Bitcoin network” as well as

The self-regulatory trade association CryptoUK has proposed providing a ‘white list’ of registered firms in the United Kingdom to address banks limiting or banning transactions to crypto companies. In separate letters to U.K. Economic Secretary Andrew Griffith and members of the Financial Conduct Authority and Payment Systems Regulator dated March 21, CryptoUK said many banks

With public trust in large tech companies at an all-time low, Congress is once again considering comprehensive data privacy legislation. But the rise of blockchain technologies and the nascent decentralized web mean that these comprehensive proposals are already behind the times. Without major revisions, these legislative proposals risk strangling decentralizing technologies in the cradle.  The

Australia’s prudential regulator has reportedly asked local banks to report on cryptocurrency transactions amid the ongoing contagion of Silicon Valley Bank’s (SVB) collapse. The Australian Prudential Regulation Authority (APRA) has started requesting banks to declare their exposures to startups and crypto-related companies, the Australian Financial Review reported on March 21. The regulator has ordered banks

United States-based crypto exchange Coinbase decided to communicate proactively on crypto staking, which had recently attracted regulators’ attention. The company’s petition to the Securities and Exchange Commission (SEC) explains why staking can’t be universally labeled as securities. The “Petition for Rulemaking” was published by Coinbase on March 20. In an 18-page document, the firm focused

U.S. officials are reportedly studying ways to expand the current scope of deposit insurance that would guarantee all U.S. bank deposits should the current banking crisis worsen. The current deposit insurance cap under the Federal Deposit Insurance Corporation (FDIC) stands at $250,000, however, following the collapse of several banks in March, there have been calls

A central bank digital currency (CBDC) can impact monetary policy by increasing money velocity, disintermediation, volatility of bank reserves, currency substitution and altered capital flows, even when it is not designed to do so, according to a study published by the International Monetary Fund. The unintended impact of a CBDC may be felt particularly acute

A week after the twinning collapse of Silicon Valley Bank (SVB) and Signature Bank, and the trouble at Credit Suisse, the dust is slowly settling down. SVB Financial Group has filed a voluntary petition for a court-supervised reorganization under Chapter 11 in the United States Bankruptcy Court. The company is no longer affiliated with Silicon

The Belgian Financial Services and Markets Authority (FSMA) will have new powers to supervise virtual currency advertising when a new regulation comes into force on May 17. In preparation for its new role, the agency commissioned a survey of investors. The new regulation will have three aspects. First, it will require accuracy and clear language,

Ron DeSantis, the Governor of Florida expected by many to throw his hat into the ring for the 2024 United States presidential race, has called for a ban on a digital dollar. Standing in front of a podium bearing the line “Big Brother’s Digital Dollar” at a March 20 press conference, DeSantis spoke out against the

The legal teams representing Alameda Research, FTX US, and FTX Trading have filed a complaint against the Bahamas-based FTX Digital Markets, claiming the company was a “fraudulent enterprise” used as a shell entity to obfuscate the question of the firm’s ownership. In a March 19 filing with the United States Bankruptcy Court for the District

Crypto.com announced it has obtained a minimal viable product (MVP) preparatory license from Dubai’s Virtual Asset Regulatory Authority (VARA). This preparatory phase operations license came after the exchange obtained provisional approval from the Dubai regulator in 2022. In the preparatory stage, the MVP license allows the exchange to fulfill the conditions to operate within set

The Financial Supervisory Commission of Taiwan (FSC) will become the primary regulator of cryptocurrencies in the island country, according to the head of the authority. FSC chairman Huang Tien-mu has announced that the regulator will assume supervisory authority over the crypto industry in Taiwan, the local United Daily News reported. Huang addressed Taiwan’s parliament, the

The trade association for the Australian banking industry — Australian Banking Association (ABA) — launched a cost of living inquiry to closely study the impact of the COVID-19 pandemic, global supply chain constraints and geopolitical tensions, among others, on Australians. An analysis of the rising inflation and concurrent collapse of three major traditional banks —

More than 80 virtual asset-related firms across Mainland China and foreign nations have expressed interest in establishing a presence in Hong Kong, amid efforts from the city to become a leading hub for Web3.  In a March 20 speech in Hong Kong, the Secretary for Financial Services and the Treasury, Christian Hui, stated that Hong