Crypto’s impact on sanctions: Are regulators’ concerns justified?

Crypto's impact on sanctions: Are regulators' concerns justified?

The use of cryptocurrencies to evade international sanctions from various international governmental organizations like the United Nations (UN), the International Monetary Fund (IMF) and the World Bank, among others, has been a concern for regulators ever since the creation of cryptocurrencies.The rapidly increasing adoption of digital currencies in the last two years makes this discussion … Read more

Federal Bank Regulators Focus on Crypto Assets and Blockchain Activities | Ballard Spahr LLP

Federal Bank Regulators Focus on Crypto Assets and Blockchain Activities | Ballard Spahr LLP

Agencies Issue “Crypto Asset Roadmap” for 2022 Guidance, and OCC Confirms Prior Interpretive Letters on Crypto – So Long as Supervisory Regulators Do Not Object The Board of Governors of the Federal Reserve System (“Federal Reserve”), the Federal Deposit Insurance Corporation (“FDIC”) and the Office of the Comptroller of the Currency (“OCC”) (collectively, the “Agencies”) … Read more

US banking regulators to clarify banks’ crypto role in 2022

US banking regulators to clarify banks' crypto role in 2022

WASHINGTON: US banking regulators intend to clarify in 2022 what role traditional banks can legally play in the cryptocurrency market, they said on Tuesday. In a statement, regulators said they plan to make clear what sort of activities banks can engage in involving cryptocurrency, including holding it on their balance sheets, issuing stablecoins and holding … Read more

Swedish Regulators Call for EU Ban on Crypto Mining, Power Company Defends Industry – Mining Bitcoin News

Swedish Regulators Call for EU Ban on Crypto Mining, Power Company Defends Industry

Alarmed by the rising energy needs of cryptocurrency mining, Sweden’s financial and environmental regulators have recently proposed an EU-wide ban on proof-of-work coin minting. The Swedish officials believe this would encourage a move towards a more energy-efficient extraction of bitcoin while supporting the transition towards climate neutrality in Sweden and Europe. A state-run power company … Read more

SEC’s Hester Peirce says regulators want a piece of the crypto pie

SEC’s Hester Peirce says regulators want a piece of the crypto pie

Deciding who will regulate the cryptocurrency industry is challenging because a lot of regulators want to “plant their flag and get a little piece of that regulatory pie”, US Securities and Exchange Commissioner Hester Peirce said.  “This is clearly the beginning of a pretty large industry in a large sector in our society,” Peirce said. “I think a lot … Read more

A Crypto Whisperer on How Regulators Toss Retail Into the Deep End

A Crypto Whisperer on How Regulators Toss Retail Into the Deep End

The big crypto story last week was the U.S. Securities and Exchange Commission (SEC) approving a bitcoin futures ETF. For the uninitiated, ETFs are exchange-traded funds: investment vehicles that track the performance of an underlying asset. For years, crypto companies have been trying to set up a bitcoin ETF, which would allow traders exposure to … Read more

U.S. regulators exploring how banks could hold crypto assets – FDIC chairman

U.S. regulators exploring how banks could hold crypto assets - FDIC chairman

Jelena McWilliams, Chairman, Federal Deposit Insurance Corporation speaks at the 2021 Milken Institute Global Conference in Beverly Hills, California, U.S. October 18, 2021. REUTERS/David SwansonLAS VEGAS, Oct 26 (Reuters) – A top U.S. bank regulator said U.S. officials are looking to provide a clearer path for banks and their clients that are looking to hold … Read more

US regulators eye the cryptocurrency sector

US regulators eye the cryptocurrency sector

In her monthly Expert Take column, Selva Ozelli, an international tax attorney and CPA, covers the intersection between emerging technologies and sustainability, and provides the latest developments around taxes, AML/CFT regulations and legal issues affecting crypto and blockchain.Lately, news headlines are focused on regulators’ concerns over the lack of investor protections in the cryptocurrency market, … Read more

Don’t subject stablecoins to new rules, crypto lobby tells U.S. regulators

Don't subject stablecoins to new rules, crypto lobby tells U.S. regulators

LONDON, Oct 18 (Reuters) – Asset-backed stablecoins do not pose a systemic risk to the U.S. financial system and should not face a new set of rules, a major cryptocurrency lobby group told U.S. regulators on Monday, as tighter oversight of the fast-growing technology looms.Stablecoins – digital tokens usually backed by reserves of dollars or … Read more