Regulators lack an ongoing coordination mechanism for addressing crypto blockchain risks in a timely manner, the report says. [Read more]
Category: Cryptocurrency
In a recent roundtable, hosted by anchor Rob Nelson, the discussion took a serious turn towards the current and future state of cryptocurrency regulation and blockchain in the United States. The esteemed panel, featuring Alex Gordon Brander, co-founder of CODEX, grappled with this pivotal issue, considering its effects on technological advancement and the global competitive landscape. [Read more]
For years, US financial regulators couldn’t agree on what to do about cryptocurrency. They wanted to do something, but couldn’t agree on what crypto was – a security, like a stock or bond, or a commodity, like a raw material or agricultural product, or neither? – and which agency would have jurisdiction. [Read more]
The United States has charged a North Korean bank official over his alleged involvement in crypto laundering and stolen on behalf of Pyongyang. [Read more]
In January 2022, the Federal Reserve released a research report titled “Money and Payments: The U.S. Dollar in the Age of Digital Transformation.” The stated purpose of the paper was to begin a public discussion about central bank digital currencies (CBDC) and whether the Fed should issue one. [Read more]
On Friday, the Federal Reserve Board announced that it had denied the application by Custodia Bank to become a member of the Federal Reserve System. Custodia is a Wyoming state-chartered bank without FDIC insurance. The goal of the special purpose bank is to become a bridge between the digital assets sector and the U.S. dollar payments system. [Read more]
Effective regulations are one of the key gateways to cryptocurrency’s mainstream adoption. Due to greater compliance, crypto businesses saw broader acceptance from regulators worldwide. While the ecosystem was awarded countless operational licenses and exposure to new markets, the fall of Terraform Labs, FTX and Celsius, among others, had a negative impact on the industry’s reputation with investors and regulators alike. [Read more]
A 37-year-old Florida woman has been indicted in a cryptocurrency money laundering scheme in the Eastern District of Texas, announced U.S. Attorney Brit Featherston. Sharena Seay, of Jacksonville, FL, was named in an indictment returned by a federal grand jury, charging her with money laundering. She was arraigned in federal court by U.S. Magistrate Judge John D. Love. [Read more]
Christopher J. Waller, one of the seven members of the Fed’s Board of Governors, says in a new speech at a Harvard National Security Journal symposium that he believes developing a CBDC will have little impact on securing the long-term dominance of the US dollar. [Read more]
In August alone, the New York Department of Financial Services (“DFS”) brought its first enforcement action against a DFS-licensed “virtual currency business” – resulting in a $30 million settlement with cryptocurrency investing platform Robinhood Crypto, LLC – and the U.S. Securities and Exchange Commission charged 11 people in an alleged crypto pyramid and Ponzi scheme called Forsage. The U.S. Department of the Treasury’s Office of Foreign Assets Control sanctioned and banned currency mixer Tornado Cash, alleging that the platform laundered more than $7 billion in virtual currency since launching in 2019. [Read more]