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
Regulation
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
The U.S. Securities and Exchange Commission (SEC) chair, Gary Gensler, recently spoke dismissively of spot Bitcoin ETFs in a conversation with Bloomberg. While Gensler introduced new rules to reduce risk in the U.S. Treasury market, he downplayed the significance of crypto ETFs in comparison. Gensler emphasized the importance of the $26-trillion-dollar Treasury market, which serves
The Chairman of the Commodities Futures Trading Commission (CFTC), Rostin Behnam, has expressed his belief that most cryptocurrencies should be classified as commodities under existing laws. In an interview on CNBC’s Squawk Box, Behnam emphasized the necessity of updating regulatory frameworks to account for technological advancements in the digital asset space. This article explores Behnam’s
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
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
