Investigation Reveals Dark Side of UAE’s Largest Cryptocurrency Venture, Venom Network
June 26 (Cointime) - An investigation by Cryptopolitan has revealed concerning information about the UAE's largest cryptocurrency project, the Venom Network, which is owned by a Russian with a criminal past who is currently under arrest in the UAE. The platform, which raised over $100 million, is facing potential blocking and global regulators are being alerted to its potential downfall.
Recent Bank Collapses Highlight Need for Crypto Regulation in the US
June 26 (Cointime) - The recent collapses of banks such as Silvergate, Silicon Valley Bank, and Signature Bank have exposed the need for regulation in the crypto industry. These banks were heavily involved in the industry, providing fiat on-ramps for retail investors. The fallout from the FTX incident caused capital to dry up, leading to bank runs and institutional failures.
Australian Treasury to Adopt "Tech Agnostic" Approach in Defining Crypto Assets: Official
June 26 (Cointime) - The Australian Treasury's approach to defining crypto assets through token mapping will be "tech agnostic" and "principles-based," according to an official. The framework will classify tokens based on their function and purpose, rather than being token-specific. The regulation will need to be "robust" to account for changes in crypto assets that change their function and utility over time. The Treasury hopes to strike a balance between innovation and consumer protection, and welcomes foreign digital asset firms to consider the Australian market if they abide by the token mapping framework.
IMF Report: Banning Crypto Assets Ineffective, CBDCs Can Improve Payment Systems and Financial Inclusion
June 23 (Cointime) - The IMF has highlighted the benefits of CBDCs, stating that they could lower remittance costs and improve financial inclusion. The organization also called for regulation of crypto assets to ensure their safe integration into the payment system.
Federal Reserve Chair Acknowledges Stablecoins as a Form of Money in House Testimony
June 22 (Cointime) - During a US House Financial Services Committee meeting, Federal Reserve Chair Jerome Powell acknowledged that stablecoins are a form of money, contradicting the SEC's harsh stance on cryptocurrency. Powell stated that stablecoins borrow trust from their underlying issuer and may experience runs if their reserves do not contain enough high-quality assets, highlighting the need for regulation. He also acknowledged the value of crypto as a hedge against volatility and rising inflation, but emphasized that the Fed will always be the main source of trust behind money and will continue to set rates and fiscal policy.
Former Barclays CEO Bob Diamond Calls for Cryptocurrency Industry to Embrace Regulation and Understand Broader Digital Advancements
June 21 (Cointime) - Former Barclays CEO Bob Diamond has called for the cryptocurrency industry to embrace regulation in order to fully realize the potential benefits of digitalization and cryptocurrencies.
Federal Reserve Chairman Argues for Strong Central-Bank Oversight in Stablecoin Regulations
June 21 (Cointime) - During a hearing on monetary policy, Federal Reserve Chairman Jerome Powell emphasized the importance of central-bank oversight in the regulation of stablecoins.
Lawmakers Respond to Concerns and Introduce the National AI Commission Act
June 21 (Cointime) - A bipartisan and bicameral legislation called the National AI Commission Act has been introduced by US lawmakers in response to concerns about the potential risks of artificial intelligence (AI).
French Regulator Supports Globally Coordinated Rules for Decentralized Finance (DeFi)
June 19 (Cointime) - France's top financial regulator, the Autorité des Marchés Financiers (AMF), has expressed its support for globally coordinated regulations for decentralized finance (DeFi).
Binance CEO Praises Netherlands’ Progressive Stance on Crypto Despite Failed Registration
June 19 (Cointime) - Despite Binance's failed registration as a virtual asset service provider (VASP) in the Netherlands, CEO Changpeng Zhao has stated that the country's stance towards crypto remains "pretty progressive." The Dutch Central Bank, De Nederlandsche Bank (DNB), has been criticized for refusing to grant foreign entities licenses to operate in the country, but Zhao urged not to read too much into it.
