Senator Warren urges Trump’s Treasury pick to consider stricter crypto regs

January 14, 2025 Coin Telegraph

AML

One crypto executive speculates Warren’s letter is a veiled attempt to justify an expansion of regulation against “neutral crypto technology providers.”

US Senator Elizabeth Warren has penned an open letter to US President-elect Donald Trump’s pick to lead the US Treasury, urging him to evaluate stricter regulations and enforcement measures for digital assets if he takes office.

In the Jan. 12 open letter, Warren asked Treasury Secretary-designate Scott Bessent if the Treasury Department should have more power to sanction the crypto sector.

“Should AML/CFT and sanctions programs include risk-based provisions reasonably designed to prevent money laundering or terrorist financing involving digital assets,” wrote Warren, who is soon to be the top Democrat on the Senate Banking, Housing and Urban Affairs Committee.

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Redemption arcs of 2024: Ripple’s victory, memecoins’ rise, RWA growth

December 26, 2024 Coin Telegraph

Coin Telegraph

Bitcoin’s 2024 returns were doubled by the XRP token, following a significant legal victory for Ripple Labs and expectations of the SEC potentially dropping the lawsuit.

Bitcoin’s historic rally to the $100,000 milestone occurred among many significant crypto redemption stories in a year that further legitimized the industry’s status.

The year’s events brought a resurgence for many notable crypto projects that had faced hardships, including Ripple Labs, which scored a significant legal victory against the United States securities regulator, while the memecoin and asset tokenization sectors were also revived, driven by growing retail interest and robust growth predictions.

Beyond new all-time highs, 2024 brought renewed institutional interest in blockchain from some of the world’s largest institutions, such as BlackRock, which launched multiple crypto-based products.

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Stakeholders urge Nigeria to adopt compliance-focused crypto regulation

August 25, 2024 Coin Telegraph

Binance

While the government’s concerns are valid, industry stakeholders agree that a more measured approach could yield better outcomes.

Local crypto stakeholders have voiced strong support for a regulatory framework centered on compliance rather than criminalization for Nigeria’s cryptocurrency industry.

Obinna Iwuno, former president of the Stakeholders in Blockchain Technology Association of Nigeria (SiBAN), has emerged as a key advocate for a more balanced and constructive approach to crypto regulation in the country.

In an interview with Cointelegraph, Iwuno argued that Nigeria’s current regulatory approach, which has led to high-profile legal battles and the detention of cryptocurrency executives, is not only counterproductive but also potentially damaging to the country’s global reputation.

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Report: Crypto Industry Spends Record $119 Million in 2024 Federal Elections

August 22, 2024 Bitcoin.com

Report: Crypto Industry Spends Record 9 Million in 2024 Federal Elections

bitcoin.com

The crypto industry made waves in the 2024 federal elections by investing a staggering $119 million, positioning itself as the top corporate donor of the election cycle, according to a detailed report by citizen.org. This hefty financial contribution underscores the expanding sway of the cryptocurrency sector in influencing U.S. politics today. Crypto Industry Dominates 2024 […]

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Cryptoquant: Bitcoin Miners Expand Capacity But Struggle to Stay Profitable

August 15, 2024 Bitcoin.com

Bitcoin

Bitcoin miners are expanding their hashing capacity, reaching new record highs despite ongoing challenges in profitability. This report from Cryptoquant Institutional Insights highlights that miners are selling off assets as they face diminishing profit margins and rising operational difficulties. Bitcoin Miners Face Capitulation Amid Record-High Hashrate and Squeezed Margins In the latest findings from Cryptoquant’s […]

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Harris campaign’s crypto ‘reset’ questioned amid Fed crackdown

August 10, 2024 Coin Telegraph

banking regulation

Critics argue that the US Federal Reserve’s actions are a significant overreach and could stifle innovation in the cryptocurrency sector.

The enforcement action taken by the United States Federal Reserve against the crypto-friendly Customers Bank has sparked speculation that Vice President Kamala Harris’ presidential campaign may not be genuine in its efforts to mend relations with the cryptocurrency industry.

On Aug. 9, Gemini co-founder Tyler Winklevoss took to X to highlight the Fed’s actions. “Today, the Fed confirmed that Operation Choke Point 2.0 remains in full swing, provided valuable insight into how it works, and verified that the Harris crypto ‘reset’ is a scam,” Winklevoss said.

The Fed’s 13-page enforcement action against Customers Bank mandates it to provide a 30-day advance notice before entering any new banking relationship with a cryptocurrency company.

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Federal Reserve Cites Significant Deficiencies in Customers Bancorp’s AML Compliance

August 9, 2024 Bitcoin.com

AML compliance

The U.S. Federal Reserve Board has found “significant deficiencies” in Customers Bancorp, Inc.’s management of risk and adherence to anti-money laundering (AML) regulations. These issues, particularly troubling for the bank known for its crypto-friendly stance, were detailed in an enforcement action filed on Thursday. Kamala’s Crypto Reset: Still Loading… Please Wait The Federal Reserve’s action […]

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Crypto leaders, Harris campaign officials to hold roundtable

August 3, 2024 Coin Telegraph

Biden Administration

The roundtable hosted by Representative Ro Khanna is an opportunity for the cryptocurrency industry to influence the policy direction of Vice President Kamala Harris’s election campaign.

Crypto executives are scheduled to meet privately “next week” with White House aides and Democratic Party Representative Ro Khanna to address pressing issues and propose policy changes.

According to a Bloomberg report, the roundtable will include high-ranking officials from Vice President Kamala Harris’s election campaign and the White House, including outgoing senior White House adviser Anita Dunn, National Economic Adviser Lael Brainard and Deputy Chief of Staff Bruce Reed.

The roundtable could be a sign of the administration’s willingness to engage with the cryptocurrency sector and address its concerns around policy and regulation, highlighting the growing prominence of the digital asset sector in United States politics.

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India’s Web3 alliance tightens cybersecurity after Wazirx attack

July 31, 2024 Coin Telegraph

Bharat Web3 Association

The BWA’s initiatives highlight an increasing awareness of the importance of cybersecurity in preserving trust and integrity in digital finance.

Following the $230 million hack on WazirX, India’s Bharat Web3 Association (BWA) is increasing its focus on strengthening cybersecurity and improving consumer protection within the crypto industry.

According to local media, the BWA, chaired by Dilip Chenoy, has formed two new internal groups specifically to address these issues and investigate the recent security breach.

One group will focus on cybersecurity, comprising chief information security officers from member firms. This team will develop standard operating procedures and implement solutions designed to prevent future security breaches.

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Harris campaign aims to repair Democratic Party ties with crypto sector

July 28, 2024 Coin Telegraph

Circle

As the 2024 election approaches, the interplay between political strategies and industry dynamics will continue to evolve.

In a significant move to mend relations with the cryptocurrency sector, United States Vice President Kamala Harris’s advisers have reached out to top crypto companies to reset the strained ties between the Democratic Party and the crypto industry.

According to the Financial Times, members of Harris’s team have recently contacted individuals connected to major crypto companies. These efforts include outreach to leading cryptocurrency exchange Coinbase, stablecoin company Circle and blockchain payments firm Ripple Labs.

The goal is reportedly to foster a more constructive dialogue and establish a regulatory framework conducive to the industry’s growth. This outreach comes as the crypto industry has increased support for her rival, Republican Party nominee and former President Donald Trump. This initiative also follows mounting criticism of President Joe Biden’s administration’s stance on digital assets.

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