Regulation

“Coinbase has embraced regulation since we were founded over a decade ago,” the cryptocurrency exchange’s chief legal officer Paul Grewal told the United States Congress on June 6. “The SEC [Securities and Exchange Commission] allowed us to become a public company in April 2021, which makes us unique in the crypto industry.” Coinbase was sued

The United States Securities and Exchange Commission (SEC) has filed charges against Binance, its U.S.-based exchange entity and its CEO, Changpeng “CZ” Zhao, for violating securities laws.  On June 5, the SEC filed 13 charges against Binance in the U.S. District Court for the District of Columbia over allegations that the company misled investors and misused

Members of the United States Congress — Brad Sherman and Stephen Lynch — have penned a letter to the heads of the Treasury and the Internal Revenue Service (IRS), demanding the implementation of tax regulations for the crypto industry. In a letter addressed to Treasury Secretary Janet Yellen and IRS Commissioner Daniel Werfel, Congressmen Sherman

Crypto influencers are taking an extra cautious approach to endorsement deals since the collapse of crypto exchange FTX last year, which has seen several celebrities hit with a lawsuit for their alleged role in its promotion.  In March, a $1 billion class-action lawsuit was filed alleging that eight influencers promoted “FTX crypto fraud without disclosing

Grand Theft Auto VI crypto rumors Rumors that the upcoming Grand Theft Auto VI (GTA 6) will incorporate cryptocurrency and non-fungible tokens (NFTs) have once again surfaced, sparking speculation among fans. Posts shared on Twitter suggest that GTA 6 will be a play-to-earn game and that in-game items such as cars and weapons will be

Just a month after bankrupt cryptocurrency exchange FTX was seeking $4 billion from the also bankrupt crypto lender Genesis, it is now contesting a claim that it is entitled to nothing. According to a June 2 court filing in a New York Bankruptcy Court, the FTX debtors have raised an objection to Genesis’ estimation that

As the cryptocurrency industry faces regulatory challenges in the United States, public crypto exchange Coinbase is moving forward with its futures contracts. On June 1, Coinbase revealed its plans to introduce Bitcoin (BTC) and Ether (ETH) futures contracts on June 5 through its Commodity Futures Trading Commission-regulated derivatives exchange. The futures contracts will be targeted

Lawmakers with the United States House Financial Services Committee and House Agriculture Committee have released a draft discussion offering certain crypto assets a pathway to being labeled digital commodities. According to a discussion draft published on June 2, lawmakers proposed “establishing a functional framework” aimed at providing regulatory clarity for crypto firms in the United

The Financial Action Task Force (FATF) has slammed Qatar Central Bank (QCB) for making little effort to enforce its own regulations prohibiting virtual asset service providers. In a report published on May 31, the global money-laundering and terrorist financing watchdog highlighted that Qatar needs to advance its capabilities to effectively combat evolving forms of criminal activity,

Keep your money in an insured account, not on an uninsured payment app, the United States Consumer Financial Protection Bureau (CFPB) warned Americans in a report released June 1. The increasing popularity and utility of nonbank peer-to-peer (P2P) payment apps, including for crypto asset transactions, makes the risk of loss in the event of a

The Federal Reserve Board of the United States has issued a consent order to Silvergate Bank and its parent company as part of the institution’s plans to “wind down operations” and liquidate. In a June 1 notice, the Fed said Silvergate Capital Corporation and the bank will have 10 days to submit a self-liquidation plan

The Australian government has announced a sudden eight-week consultation that will seek to understand whether any “high-risk” artificial intelligence tools should be banned. Other regions including the United States, the European Union and China have also launched measures to understand and potentially mitigate risks associated with rapid AI development in recent months. On June 1,

A fresh headcount reduction is coming to crypto exchange Binance, which is reportedly planning to lay off 20% of its workforce in June. The job cuts come after the company said earlier this year it would not lay off any employees. According to the exchange, the decision is not a downsizing but rather a resource

Officials in China have issued a warning about the risks posed by the rapid advancement in artificial intelligence (AI) development and subsequently called for tighter measures on national security.  The remarks come from a meeting on Tuesday in which Chinese President Xi Jinping, and other prominent members of the communist party, stressed the country’s ambitions

“Adversary nations” like China could ultimately benefit from restrictive crypto policies in the United States, warns Coinbase CEO Brian Armstrong.  In a May 30 op-ed for MarketWatch, Armstrong again warned that while recent turbulence in crypto markets might tempt U.S. policymakers “to write it off as an unstable asset class,” doing so could see the

The Russian government is no longer planning to launch a regulated national cryptocurrency exchange but rather wants to regulate multiple crypto trading platforms. After introducing a plan to create a national crypto exchange in November 2022, Russian lawmakers have abandoned the idea, according to State Duma member Anatoly Aksakov. As previously reported, the local government was

The 88th legislative session for the government of the state of Texas will end on May 29 without any resolution to certain bills affecting aspects of the digital asset space. According to Texas legislative records, lawmakers moved Senate Bill 1751 to the Committee on State Affairs on April 24 after passage in the state senate.

The race to snatch up Hong Kong retail crypto traders is about to kick off, with several cryptocurrency companies announcing plans to apply for a license come June 1. On May 29, the Hong Kong-based crypto exchange CoinEx became the latest to signal its entry to the city, saying it’s launching a local platform called BitHK,

A New York attorney has been blasted for using ChatGPT for legal research as part of a lawsuit against a Columbian airline. Steven Schwartz, an attorney with New York law firm Levidow, Levidow & Oberman, was engaged by Robert Mata to pursue an injury claim against Avianca Airlines. Mata claims he sustained the injury from

After five years out of the Japanese market, crypto exchange Binance has begun the process of establishing a new and fully regulated subsidiary in the country. The move follows the acquisition of the regulated crypto exchange Sakura Exchange Bitcoin (SEBC) in November 2022.  As part of the deal, SEBC will cease its current services by