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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 18, 2023, 2:44 pm EDT

Web3 Venture Funding Slumps, As AI Sector Gathers Momentum

Venture funding dedicated to Web3 startups during the second quarter has plunged by 76% in comparison to the previous year, as major funding deals have slackened considerably, according to Crunchbase data. It appears that investors are increasingly turning their attention to the rapidly growing field of AI, as well as other traditional sectors. Web3, typically associated with blockchain and cryptocurrency startups, has been hit the hardest, with startups amassing just over $1.8 billion in 322 deals during the second quarter of the year. This in stark contrast to Q2 of last year, as startups then had raked in more than

2 minutes

carlp • Jul 14, 2023, 5:33 pm EDT

Europe Launches First Bitcoin ETF: A New Dawn for Digital Assets

Europe is poised to make history by introducing its first-ever Bitcoin spot exchange-traded fund (ETF). After a significant delay, Jacobi Asset Management is ready to launch the ETF, which was initially approved in 2021. This news comes when interest in a similar financial product surges across the Atlantic following BlackRock’s filing for an American spot bitcoin ETF.

3 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

satoshin • Jul 13, 2023, 9:56 am EDT

U.S. Authorities Sue Alex Mashinsky, the Former CEO of the Bankrupt Crypto Lender, Celsius Network Ltd.

According to reports Thursday, the former Chief Executive Officer of the insolvent crypto lending platform, Celsius Network Ltd., Alex Mashinsky, was arrested and charged with fraud in a federal court in New York. The Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) simultaneously filed lawsuits against Mashinsky and his company. Mashinsky, once infamous for telling customers “banks are not your friends” is now friend to no one and stands accused of executing a deceptive operation designed to defraud Celsius Network customers, as detailed in the indictment, which spanned from 2018 to June 2022. The indictment alleges

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 11, 2023, 12:01 pm EDT

Vanguard Group Buys 10% Stake in Riot Blockchain: What Does this Mean for Cryptocurrency?

Vanguard Group, the esteemed asset management titan boasting $7 trillion in assets under management (AUM), has recently acquired a 10% stake in Riot Blockchain, a Colorado-based firm focused on bitcoin mining. This surprising move shows a strong institutional commitment to the cryptocurrency space, despite the traditional financial powerhouse’s historically cautious stance on digital currencies.

3 minutes

carlp • Jul 11, 2023, 11:29 am EDT

Circle and Tether Freeze $65 Million Amid Ongoing Investigation into Multichain Exploit

Major stablecoin issuers, Circle and Tether, have frozen assets totaling over $65 million linked to a potential exploitation of the cross-chain router protocol, Multichain. The move is in response to the mysterious and significant outflows of more than $100M from the Multichain MPC bridge on July 6. As per 0xScope, the knowledge graph protocol, three recipient addresses, associated with at least $63.2 million in Circle’s USD Coin (USDC), are now under suspension. Concurrently, Fantom Foundation released a report confirming that Tether (USDT) also froze over $2.5 million from two addresses earmarked as “Multichain Suspicious Addresses” by Etherscan, a popular Ethereum

2 minutes

satoshin • Jul 8, 2023, 1:24 pm EDT

The Undesirable Programmable Dollar: A Digital Leap Forward Amidst Chokepoint 2.0

In an era where cryptocurrencies and blockchain technology are reshaping the global financial landscape, a milestone has been achieved in the United States. A coalition of leading banking institutions, including the New York Federal Reserve, has successfully completed the testing phase of a dollar-based Central Bank Digital Currency (CBDC). The development promises significant implications for the future of digital finance in the country. However, the path to this future is fraught with regulatory hurdles and controversies.

5 minutes