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carlp • Jun 3, 2024, 1:32 pm EDT

Biden Blocks Crypto Accounting Reform Despite Bipartisan Support

President Biden Vetoes Bill to Overturn SEC Crypto Accounting Standards In a significant move that underscores the ongoing regulatory tensions surrounding the cryptocurrency industry, U.S. President Joe Biden has vetoed H.J.Res. 109, a congressional resolution aimed at overturning the Securities and Exchange Commission’s (SEC) Staff Accounting Bulletin 121 (SAB 121). This bulletin provides guidance on how banks should account for customers’ crypto assets, requiring these assets to be treated as liabilities. Details of the Veto President Biden justified his decision by emphasizing the need for appropriate consumer and investor “protections.” “Appropriate guardrails that protect consumers and investors are necessary to

3 minutes

carlp • May 24, 2024, 1:42 pm EDT

The Financial Innovation and Technology for the 21st Century Act

In a significant development for the cryptocurrency industry, the U.S. House of Representatives passed the Financial Innovation and Technology for the 21st Century Act (FIT21) on Wednesday. This landmark legislation aims to provide much-needed regulatory clarity for crypto businesses, a step the industry has long been advocating for. The bill passed with bipartisan support, 279-136, including 71 Democrats voting in favor. A Shift Towards Regulatory Certainty The FIT21 Act addresses a major concern for the cryptocurrency industry: the lack of clear regulatory guidelines. For years, crypto companies have struggled to navigate the murky waters of U.S. regulations, often facing the

3 minutes

johnd • May 20, 2024, 10:32 am EDT

Oklahoma Becomes First U.S. State to Legally Protect the Right to Self-Custody Bitcoin

Oklahoma has made history by becoming the first U.S. state to legally protect its residents’ right to self-custody Bitcoin. Governor Kevin Stitt recently signed HB 3594 into law, marking a significant milestone for cryptocurrency users in the state. This new legislation empowers Oklahoma citizens to control their digital assets without state interference, reflecting a forward-thinking approach to Bitcoin and digital finance. Key Features of the Legislation The new law, effective November 1, ensures that residents of Oklahoma have the autonomy to hold, control, and use their digital assets freely. Here are the notable implementations: Widespread Legislative Support The bill, backed

3 minutes

carlp • May 16, 2024, 9:25 am EDT

Tornado Cash Conviction Sets A Dangerous Precedent

A Dutch court has convicted Alexey Pertsev, a developer behind the crypto-anonymizing service Tornado Cash, sparking a heated debate about privacy rights and regulatory overreach. Pertsev was sentenced to more than five years in prison for his alleged role in laundering $1.2 billion in cryptocurrency. The case highlights escalating tensions between privacy in the digital age and the application of longstanding banking regulations to new industries. The Role of Crypto Mixers in Maintaining Privacy Tornado Cash, like other crypto mixers, operates by obscuring the origins and destinations of cryptocurrency transactions. This process is designed to enhance user privacy by mixing

3 minutes

satoshin • May 14, 2024, 8:27 am EDT

The Bipartisan Effort to Safeguard Bitcoin Innovators from Biden Overreach

Bipartisan Senators Challenge DOJ’s New and Aggressive Interpretation of Bitcoin Regulations U.S. Senators Cynthia Lummis (R-WY) and Ron Wyden (D-OR) have expressed significant concerns to Attorney General Merrick Garland regarding the Justice Department’s reinterpretation of money transmission laws as they pertain to digital assets. A letter issued last week detailed critique of the DOJ’s recent policy shift, arguing that the new interpretation is not only a deviation from established definitions by the Financial Crimes Enforcement Network (FinCEN) but also a significant threat to the digital economy’s entrepreneurial spirit. Senator Lummis emphasized the necessity of protecting the ability for Americans to

2 minutes

johnd • May 10, 2024, 12:18 pm EDT

Taiwan Proposes Stricter AML Laws for Crypto Service Providers Amidst Regulatory Overreach Concerns

Taiwan’s Ministry of Justice has put forward a proposal to amend its Anti-Money Laundering (AML) regulations, specifically targeting virtual asset service providers (VASPs). The proposed amendments suggest imposing jail terms of up to two years and fines up to $1.5 million for firms that fail to comply with the new regulations. These amendments are part of the “New Four Laws to Combat Fraud” initiative by Taiwan’s Executive Yuan and are set to be reviewed by the national parliament. Increased Penalties and Registration Requirements Under the proposed amendments, VASPs face significantly stricter penalties for non-compliance, including potential prison sentences for operating

2 minutes

arusso • May 9, 2024, 12:17 pm EDT

U.S. Politics Heat Up: Implications for Bitcoin and Crypto as 2024 Election Approaches

As the 2024 U.S. presidential election looms, the stakes are particularly high for the Bitcoin and cryptocurrency communities. The political arena is already witnessing significant developments that could shape the future of digital assets in the country. Biden Administration’s Stance on Crypto Legislation The Biden administration has continually expressed a hostile approach towards cryptocurrencies. President Joe Biden indicated he would veto any legislation allowing highly regulated financial firms to custody Bitcoin and other cryptocurrencies. This stance came into sharper focus following a resolution passed by the U.S. House of Representatives. The resolution aimed to reject the Securities and Exchange Commission

2 minutes

johnd • May 7, 2024, 1:16 pm EDT

SEC Issues Wells Notice to Robinhood Crypto, Signaling Potential Enforcement Action

Robinhood Crypto, a subsidiary of the popular trading platform Robinhood, received a Wells Notice from the U.S. Securities and Exchange Commission (SEC) on May 4, according to a recent SEC filing. This notice indicates a preliminary decision by the SEC to pursue an enforcement action for alleged violations of federal securities laws. Robinhood Crypto now has an opportunity to respond to the allegations and possibly refute them before any formal action is taken. Nature of the Alleged Violations The SEC’s concerns stem from the assertion that certain digital currencies traded on the Robinhood platform may be classified as securities. This

2 minutes

arusso • May 2, 2024, 1:15 am EDT

Changpeng Zhao Receives Four-Month Sentence in U.S. Money Laundering Case

Changpeng Zhao (CZ), the former CEO of Binance, and the world’s largest cryptocurrency exchange, was sentenced to four months in prison by US District Judge Richard Jones in Seattle. This decision comes after CZ pleaded guilty to charges of violating U.S. anti-money laundering laws. Comparison to Other Crypto Cases Many feel the sentencing of CZ is particularly mild when compared to the 25-year prison term handed to Sam Bankman-Fried, former CEO of FTX, who was convicted for embezzling $8 billion from customers. Bankman-Fried’s severe punishment reinforcers the disparity in how different cases within the cryptocurrency sector are being handled, raising

2 minutes

arusso • May 1, 2024, 11:14 am EDT

Prominent Early Bitcoin Advocate Roger Ver Arrested on Charges of Alleged Tax Fraud

The SEC has recently lost a number of prominent cases in their crusade against the cryto industry and so it seems their friends at the IRS have stepped in to help continue the assault against innovators and freedom fighters globally. Roger Ver, an early Bitcoin investor often referred to as “Bitcoin Jesus,” has been arrested by the U.S. Department of Justice (DOJ) on charges including mail fraud, tax evasion, and filing false tax returns. The arrest occurred over the weekend in Spain, and the U.S. is currently seeking his extradition. Just months prior to the ten year IRS statue of

3 minutes