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Looking for "Regulations"

Showing 51-60 of 65

satoshin • Jul 21, 2023, 6:06 pm EDT

Upholding Privacy: Coin Center’s Legal Battle Against Tax Code Expansion

Coin Center stands for privacy in the face of a tax code expansion. Dive into the legal battle that champions individual rights amidst shifting financial regulations. Discover how this challenge echoes the broader conversation on safeguarding digital privacy in a rapidly changing landscape.

3 minutes

johnd • Jul 19, 2023, 4:13 pm EDT

Nasdaq Puts Crypto Custody Plans on Ice Amid Tightening U.S. Regulatory Climate

Nasdaq Inc. (NDAQ) has chosen to withdraw its plan to launch a cryptocurrency custody service due to the challenging regulatory climate in the United States, according to its CEO, Adena Friedman. In an earnings call on Wednesday, Friedman announced that the corporation, which had previously aimed to debut its crypto service in the second quarter of this year, has paused these plans. Nasdaq had previously revealed in September 2022 that it was in the process of developing the necessary infrastructure and regulatory approval to support its proposed crypto custody service. As part of its plan, the corporation had submitted an

3 minutes

carlp • Jul 19, 2023, 12:24 pm EDT

U.S. Senate Eyes Stricter Controls on DeFi Protocols

A new bill was introduced on Wednesday by Sen. Jack Reed (D-R.I.) that seeks to impose stringent anti-money laundering (AML) controls on decentralized finance (DeFi) protocols, akin to the regulations in place for traditional banks. US Senate Bill Aims to Bring DeFi Protocols Under Regulatory Framework Sen. Mike Rounds (R-S.D.), Sen. Mitt Romney (R-UT), and Sen. Mark Warner (D-VA) have joined forces as co-sponsors, creating a bipartisan initiative to bring the rapidly growing, yet largely unregulated, DeFi sphere under the umbrella of regulatory scrutiny. The bill, dubbed the Crypto-Asset National Security Enhancement Act of 2023, could drastically change the currently

2 minutes

johnd • Jul 13, 2023, 1:18 pm EDT

Ripple Emerges Partially Victorious as Court Deems XRP Not a Security in Landmark Ruling

Ripple Labs Inc. has achieved a notable legal victory against the SEC, as a U.S. court ruled that its cryptocurrency XRP should not be classified as a security. While this decision serves as a precedent for other cryptocurrencies facing SEC scrutiny, it also determined that Ripple’s sales of XRP to institutional buyers were in violation of securities laws. The court clarified that sales made on exchanges and through algorithms did not constitute investment contracts, distinguishing them from the institutional sales. However, the ruling did not address the status of secondary market sales, leaving some aspects of the regulatory landscape surrounding XRP undefined. This outcome carries potential implications for ongoing SEC lawsuits against major cryptocurrency exchanges like Coinbase and Binance, which offer XRP trading services, as they might face significant legal challenges if secondary sales are also deemed securities. The ruling sparks a broader discussion about the nature of digital tokens and whether their classification as securities depends on various circumstances and distribution methods, highlighting the impact this case may have on the regulatory environment for cryptocurrencies in the United States.

3 minutes

johnd • Jul 12, 2023, 12:25 pm EDT

US Senate Finance Committee Seeks Input from Digital Asset Community on Taxation

In a move indicative of the increasingly important role digital assets play in the American economy, the United States Senate Finance Committee has reached out to the digital asset community to provide insights on taxing these evolving financial instruments. In an open letter published on July 11, 2023, the committee, under the leadership of Chair Ron Wyden and ranking member Mike Crapo, offered a unique opportunity for those involved in the digital asset industry to shape the taxation policies that will apply to their operations. The Internal Revenue Code of 1986 currently does not offer a straightforward classification for digital

3 minutes

johnd • Jul 11, 2023, 3:03 pm EDT

The Shape of Crypto Regulation Across the Globe: An Evolving Landscape

South Korea Ushers in Comprehensive Crypto Legislation South Korea’s parliament has approved the country’s first comprehensive cryptocurrency law: the Virtual Asset User Protection Act. The legislation integrates 19 related bills and grants the Financial Services Commission (FSC) regulatory authority over cryptoasset operators and custodians. This bold step comes just over a year after the turbulent crash of the TerraUSD stablecoin and LUNA token, which led to increased calls for regulation. Under the Act, virtual asset service providers (VASPs) must implement controls and procedures to safeguard users’ assets. Key measures include segregating customer assets from the provider’s assets, mandatory cold wallet

3 minutes

satoshin • Jul 7, 2023, 3:23 pm EDT

Expanded Surveillance Powers in France Threaten Civil Liberties

PARIS – The French government has granted law enforcement the power to secretly activate the cameras, microphones, and GPS of a suspect’s phone, following the passage of a controversial provision in a broader “justice reform bill.” The move, critics argue, creates an unsettling precedent and puts civil liberties at risk.

2 minutes

satoshin • Jul 5, 2023, 11:58 am EDT

Security Researchers Pen Open Letter On UK’s Online Safety Bill: The Privacy Paradox

A group of esteemed security and cryptography researchers have raised a flag of caution over the proposed UK Online Safety Bill, voicing concerns about its potential to infringe upon the security and privacy of online communications. Amid ongoing discussions in the House of Lords this summer, the researchers have vocalized their apprehensions through an open letter. These professionals dedicate their careers to devising and maintaining secure technologies designed to protect online data and communications from a spectrum of adversaries – ranging from teenage hackers to powerful nation states and criminal enterprises. They argue that, although the surveillance technologies put forth

3 minutes

satoshin • Jul 3, 2023, 10:34 am EDT

Coinbase Challenges SEC, Files Motion to Dismiss Case

In a significant development, cryptocurrency exchange Coinbase has filed a notice of intent to file a motion to dismiss the ongoing lawsuit against them by the United States Securities and Exchange Commission (SEC). The case, which has caught the eye of the global crypto industry, centres around the SEC’s claim that some digital tokens offered through Coinbase should be classified as securities. Coinbase’s response was made available to the public through a 177-page document, outlining a rigorous defense and a challenge to the SEC’s claim that the tokens in question are securities. On June 29, 2023, Paul Grewal, Coinbase’s Chief

2 minutes

satoshin • Jul 1, 2023, 1:09 pm EDT

From Exploitation to Restoration: Tornado Cash’s Unprecedented Hack Sparks New Wave of Crypto Innovation

The Tornado Cash saga, one of the most dramatic incidents in the short history of cryptocurrency, has finally reached its conclusion. The story that unfolded over the past few months has been as tumultuous as it is instructive, featuring a hostile takeover by a malicious hacker who seized control of Tornado Cash’s blockchain protocol by hijacking its governance mechanism. Yet, in an unexpected twist, the hacker decided to relinquish control and hand the reins back to the community. Tornado Cash, a cryptocurrency smart contract mixer known for enabling users to deposit and withdraw crypto from different addresses without leaving a

5 minutes