U.S. Senator Roger Marshall recently made a surprising revelation, stating that the American Bankers Association played a significant role in formulating the Digital Asset Anti-Money Laundering Act. This legislation, which has drawn steep criticism from the cryptocurrency community, was presented to Marshall and Senator Elizabeth Warren by the Association itself. The admission made by Marshall
Regulation
The Central Bank of Ireland (CBI) has recently granted a license to Ripple’s Irish subsidiary, Ripple Markets Ireland Limited, as a registered Virtual Asset Service Provider (VASP). This approval allows Ripple to offer specific digital asset services within Ireland and potentially expand its services across the European Economic Area in the future. The licensing is
BlackRock, one of the prominent asset managers, has filed a new amendment to the S-1 filing for its Bitcoin exchange-traded fund (ETF), known as the iShares Bitcoin Trust. The recent filing includes significant changes that indicate recent discussions between BlackRock and the U.S. Securities and Exchange Commission (SEC). It also introduces a market ticker symbol
In a bid to foster innovation in the crypto industry and overcome existing regulatory obstacles, the leaders of the UK Treasury have presented a set of rules known as Digital Securities Sandbox (DSS) regulations before the parliament on December 18. The main objective of these regulations is to establish a controlled environment that enables companies
Revolut, the popular financial technology company, has recently announced a temporary halt to its cryptocurrency trading services for its business clients in the U.K. This move comes in anticipation of regulatory modifications that are set to be implemented in early 2024. Throughout this article, we will analyze Revolut’s decision, the new regulations, and the implications
In a significant development, the world’s largest stablecoin issuer, Tether, has frozen a total of 326 wallets containing $435 million worth of Tether (USDT) to assist law enforcement agencies in the United States. This move comes in response to concerns raised by Senator Cynthia M. Lummis and Congressman J. French Hill regarding the use of
In a disappointing turn of events for cryptocurrency exchange Coinbase, the U.S. Securities and Exchange Commission (SEC) has denied its petition for the development of new rules regarding digital asset securities. This decision came after a lengthy back-and-forth between Coinbase and the SEC, lasting nearly 18 months. Despite Coinbase’s argument that the existing SEC rules
The Securities and Exchange Commission (SEC) is set to enact new disclosure requirements for material cybersecurity incidents, which will have significant implications for public crypto companies in the U.S. In a statement by Erik Gerding, Director of the Division of Corporation Finance, he emphasized the importance of these rules in providing investors with timely and
The Financial Accounting Standards Board (FASB) has recently made a groundbreaking decision by adopting new accounting rules for Bitcoin. This move marks a significant shift in the financial landscape for corporations, as it introduces fair value accounting for Bitcoin. With this change coming into effect for fiscal years beginning after Dec. 15, 2024, the treatment
Binance, one of the world’s largest cryptocurrency exchanges, has recently submitted two crucial filings in response to a case brought by the U.S. Securities and Exchange Commission (SEC). These filings aim to dismiss the allegations made by the SEC against Binance’s companies and former CEO, Changpeng Zhao. In its filings, Binance argues that the SEC