Cryptocurrencies have faced increasing scrutiny due to their potential involvement in illicit financial activities such as money laundering, terrorist financing, and theft schemes. In response, Senator Elizabeth Warren has introduced the Digital Asset Anti-Money Laundering Act, which aims to regulate digital assets like cryptocurrencies to combat these risks. This article critically analyzes the potential impact
Regulation
In a move to protect virtual asset investors and regulate the rapidly-growing crypto industry, the Korean Financial Services Commission (FSC) has introduced a comprehensive set of regulations. These regulations, outlined in the Act on the Protection of Virtual Asset Users, are scheduled to take effect on July 19, 2024. With the aim of preventing scandals
The European Union (EU) has made significant strides in regulating artificial intelligence (AI), solidifying its position as a global frontrunner. After three days of negotiations, the European Council and the European Parliament have reached a provisional agreement on what is set to become the world’s first comprehensive regulation of AI. This landmark agreement, known as
The U.S. Securities and Exchange Commission (SEC) recently held a meeting with Fidelity Investments to discuss the firm’s spot Bitcoin ETF application. This meeting, which took place on December 7, involved members from the SEC’s Division of Corporate Finance and representatives from Fidelity and CboeBZX. The main focus of the meeting was a proposed rule
In a surprising turn of events, major cryptocurrency exchange Binance has recently withdrawn its application for certain operations in Abu Dhabi. This decision comes after the regulator, Abu Dhabi Global Market (ADGM), set conditions that Binance must meet in order to carry out these operations. While Binance’s spokesperson emphasized their commitment to working with regulators,
A recent bill introduced to New Jersey’s general assembly by Assemblyman Herb Conaway Jr. seeks to categorize cryptocurrencies sold to institutional investors as securities. The proposed legislation aims to regulate virtual currencies directly sold to entities such as banks, hedge funds, endowments, and pension funds. This article critically analyzes the potential impact of this bill
Bitwise and BlackRock, two prominent asset managers, have recently submitted updated filings to securities regulators regarding their plans to offer a spot Bitcoin exchange-traded fund (ETF). These filings come as part of an ongoing effort by various asset managers to introduce Bitcoin ETFs to the market. This article will examine the recent developments and discuss
Terraform Labs, a prominent blockchain company, finds itself entangled in a securities lawsuit filed by the U.S. Securities and Exchange Commission (SEC). The case, which began in February 2023, alleges that Terraform Labs and its co-founder Do Kwon sold unregistered securities, resulting in the collapse of their project and the devaluation of cryptocurrencies. However, in
In a recent development, U.S. District Judge Robert Shelby has expressed his concern over the Securities and Exchange Commission’s (SEC) handling of a lawsuit against cryptocurrency firm Debt Box. This comes after the SEC secured a temporary restraining order against Debt Box based on statements that were later proven to be false, leading the judge
Spanish police have recently apprehended Alejandro Cao de Benos, a key figure in helping Ethereum developer Virgil Griffith breach U.S. sanctions and travel to North Korea. Acting on intelligence, local authorities in Barcelona discovered that Cao de Benos was hiding under a false identity and planning to journey to Madrid by train. On November 30th,
