US lawmaker Wiley Nickel has taken a stand against the SEC’s Staff Accounting Bulletin 121 (SAB 121), calling for its repeal before an impending Senate vote. This bulletin mandates financial institutions custodying crypto assets to include them on their balance sheets. Many stakeholders in the industry have voiced their concerns about the regulation, arguing that
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Deutsche Bank has taken a significant step towards embracing digital assets and tokenization by partnering with the Monetary Authority of Singapore in Project Guardian. This initiative aims to test the applications of asset tokenization in a regulated environment, focusing on their viability and potential integration within financial markets. The collaboration also includes Memento Blockchain and
Recently, two US lawmakers, Senators Cynthia Lummis and Ron Wyden, have raised concerns regarding the Department of Justice’s attempt to broaden the definition of a money-transmitting business. They argue that the DOJ’s interpretation could potentially criminalize non-custodial crypto asset software services. According to the lawmakers, this interpretation goes against the intent of Congress and contradicts
Russian energy firms are gearing up to target private individuals who are mining cryptocurrency at home, according to a recent report. The Russian Government Expert Council is said to be preparing to present new mining-related proposals to the Cabinet, which will be bundled into a set of crypto laws. These laws also include plans to
In a surprising turn of events, JP Morgan, one of the largest banks in the United States, has made a bold move by announcing its investments into Spot Bitcoin ETFs. This decision marks a significant shift from the bank’s previous stance on cryptocurrencies, showcasing a newfound exposure to BTC, the world’s largest cryptocurrency. Joining JP
The International Monetary Fund (IMF) has recently put forward a recommendation for Nigeria to embrace the regulated use of digital assets by licensing international crypto exchanges. This recommendation is aimed at enhancing the country’s economic stability and boosting its position within the African crypto sector. It comes in the midst of a regulatory crackdown on
The proposed Financial Innovation and Technology for the 21st Century (FIT21) Act, set for a potential House floor vote by the end of May, aims to provide the crypto industry with greater clarity regarding regulatory oversight. The bill addresses key issues of market oversight and consumer protection, which have long been sources of uncertainty in
The Biden administration made it clear on May 8 that they would veto H.J. Res. 109, which aims to overturn the SEC’s Staff Accounting Bulletin 121 (SAB 121). They voiced strong opposition to the resolution, citing concerns that the change would disrupt the SEC’s efforts to protect crypto market investors and ensure the stability of
In recent news, Robinhood Markets, a popular retail trading platform, made headlines when it announced its plans to challenge the US Securities and Exchange Commission (SEC) in court. The company’s crypto division, Robinhood Crypto, received a Wells Notice from the SEC, indicating potential charges of securities violations. CEO Vlad Tenev expressed his frustration with the
In the aftermath of the recent SEC crackdown on crypto firms, Bitwise Investments CIO Matt Hougan has raised concerns about the regulatory environment inadvertently favoring US crypto exchange Coinbase. According to Hougan, the current regulatory challenges create an “artificial moat” for Coinbase, giving the platform a competitive edge over its rivals. He believes that Coinbase