Oversight

Lawmaker Introduces Defi Bill — Calls Decentralized Finance ‘Essential to Future of Markets’

September 26, 2024 Bitcoin.com

Congressman Warren Davidson has introduced the Evaluating Defi Opportunities Act to foster data-driven regulations for decentralized finance (defi). He stressed the importance of safeguarding innovation and user privacy while addressing concerns over potential overregulation. This proposed study by key financial regulators seeks to balance defi’s growth with oversight, ensuring the sector’s competitive edge and resilience […]

6 things the US needs to stay competitive in crypto, according to execs

US Banking Regulator Calls for Stronger Oversight of Crypto Risks

September 5, 2024 Bitcoin.com

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Acting Comptroller Michael Hsu has emphasized the importance of proactive oversight in managing crypto risks. He cited the 2022 crypto market collapse, with a $2 trillion loss, where effective supervision kept banks stable. Hsu emphasized the need for vigilant supervision as digital assets and fintech increasingly integrate with traditional banking, presenting new challenges and risks. […]

6 things the US needs to stay competitive in crypto, according to execs

Tax Authority Slated to Become Main Crypto Regulator in Russia

May 17, 2023 Bitcoin.com

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Russia’s tax administration is going to be tasked with overseeing the crypto industry in the country, a high-ranking government official has indicated. According to the regulatory concept that’s currently under consideration, the revenue service will also serve as an entry point for market participants. Russians to Report Crypto Holdings and Transactions to Their Tax Service […]

6 things the US needs to stay competitive in crypto, according to execs

FTX Finds $7.3 Billion in Liquid Assets; Lawyers Consider Rebooting Shuttered Crypto Exchange

April 13, 2023 Bitcoin.com

FTX Finds .3 Billion in Liquid Assets; Lawyers Consider Rebooting Shuttered Crypto Exchange

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FTX debtors revealed during a hearing on April 12th that the restructuring team has collected $7.3 billion in liquid assets. The exchange is currently considering a relaunch, according to a lawyer representing the defunct cryptocurrency exchange. Following the announcement, the exchange’s token, FTT, increased by over 70%, rising from $1.30 to $2.35 per unit. Lawyers […]

6 things the US needs to stay competitive in crypto, according to execs

US Treasury Report Warns of Defi’s Threat to National Security, Authors Conclude Fiat Is Used in Illicit Finance More Than Crypto

April 6, 2023 Bitcoin.com

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The U.S. Treasury has released a 42-page report assessing the risks of decentralized finance (defi). The report states that specific nation-state adversaries, cybercriminals, ransomware attackers, thieves, and scammers are using defi to “transfer and launder their illicit proceeds.” The Treasury’s report warns that defi could threaten national security and calls for policymakers to increase oversight. […]

6 things the US needs to stay competitive in crypto, according to execs

UBS Considers Acquiring Credit Suisse, Requests Government Backstop in Deal

March 18, 2023 Bitcoin.com

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After Credit Suisse Group AG announced it would borrow 50 billion Swiss francs from the Swiss National Bank, UBS Group AG is reportedly considering acquiring the banking giant. However, UBS is requesting that the government issue a backstop to protect against any losses if it purchases Credit Suisse. According to unnamed sources familiar with the […]

6 things the US needs to stay competitive in crypto, according to execs

NYDFS Releases Guidance on Importance of Segregation and Separate Accounting for Customer Funds in Crypto Industry

January 23, 2023 Bitcoin.com

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On Monday, the New York Department of Financial Services (NYDFS) published guidance on custodial structures to help protect customers’ money if a crypto firm goes bankrupt. New York’s top financial regulator stressed that businesses should not commingle customer funds and that customer funds should be segregated with separate accounting. FTX Collapse Prompts NYDFS to Issue […]

6 things the US needs to stay competitive in crypto, according to execs

Israel’s Securities Watchdog Seeks to Regulate Crypto Assets

January 6, 2023 Bitcoin.com

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The body overseeing the securities market in Israel is taking steps to incorporate rules for digital assets into the existing legislation. The regulator released a draft proposal to introduce the changes that would define the legal status of cryptocurrencies in the country. Amendments to Israel’s Securities Laws Aimed at Expanding Supervision Over Crypto Arguing that […]

6 things the US needs to stay competitive in crypto, according to execs

Regulator Halts Trading of FTX Tokens in Indonesia

November 17, 2022 Bitcoin.com

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The agency overseeing Indonesia’s crypto market has stopped the trading of FTX tokens on domestic platforms. The announcement comes after FTX, the exchange that issued the FTT token, filed for bankruptcy in the United States and was subjected to investigations by regulatory bodies around the world. Indonesian Authority Orders Crypto Exchanges to Discontinue FTX Token […]

6 things the US needs to stay competitive in crypto, according to execs

Indonesia to Change Crypto Regulators as Part of Plan for Stricter Oversight

November 11, 2022 Bitcoin.com

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The government of Indonesia wants to assign crypto supervision to the Asian nation’s financial watchdog in order to ensure better protection for investors. The move is part of a planned overhaul of regulations in the sector aimed at increasing oversight of the expanding digital assets market. Indonesia Mulls Over New Financial Legislation Designed to Tighten […]

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