Lawmakers Propose New Framework for Crypto Market Regulation in the US
Lawmakers in the House Agriculture and House Financial Services committees discussed the need for regulatory clarity in the crypto market structure in the United States during a joint hearing of the digital assets subcommittees. The competing enforcement actions by the SEC and CFTC have forced entrepreneurs, developers, and job creators offshore, and the proposed framework aims to address this issue. The framework includes tailored compliance pathways and modernizing securities regulations to suit the reality of crypto marketplaces dealing directly with retail customers.
Crypto Industry Needs Principles-Based Regulatory Approach for Development
One year after Biden's executive order on increased scrutiny and regulation of the crypto industry, there remains little clarity on which federal regulator will be tasked with the job. The SEC and CFTC both see crypto assets as their exclusive territories, but a principles-based regulatory approach is needed for the industry's development. The SEC defines most cryptocurrencies other than Bitcoin as securities, while the CFTC defines them as commodities.
a16z Crypto’s Quintenz Sees Gensler ‘Spiking’ the Regulatory Football
Brian Quintenz, the head of policy at a16z crypto and a former CFTC commissioner, said Friday that new legislation was needed in Congress amid ongoing regulatory uncertainty in the U.S. and what's been perceived by some as a widespread crackdown on the crypto sector by the Securities and Exchange Commission.
Crypto Evening Briefing: US Loses Crypto Market Share In Q1 2023 Amid US SEC-Led Crackdown
US-based crypto exchanges lost market share in the 2023 Q1 as trading volumes continue to fall amid the crypto crackdown.
South African Mirror Trading's CEO Fined $3.4B by U.S. in Bitcoin Forex Fraud Case
The head of bitcoin pool operator Mirror Trading International (MTI), Cornelius Johannes Steynberg, has been ordered by a US court to pay $3.4 billion in restitution and penalties, the highest civil monetary penalty ordered in any case brought by the Commodities Futures Trading Commission (CFTC). The regulator charged Steynberg with fraud in June 2022, alleging that he accepted BTC valued at more than $1.7 billion from 23,000 Americans for running an unlicensed commodity pool scheme. MTI is undergoing liquidation in South Africa, and Steynberg is a fugitive from South African law enforcement detained in Brazil since December 2021. The order finds MTI liable for fraud and failure to comply with CPO regulations.
Former CFTC Chair Timothy Massad Among Witnesses for House Crypto Hearing
The House Subcommittee on Commodity Markets, Digital Assets, and Rural Development has provided the witness list for Thursday's hearing examining regulatory holes in crypto spot market regulations.
Ex-CFTC Head Says Regulators Can Engage With Crypto 'If They Have the Will to Do So'
Chris Giancarlo, the former senior U.S. markets cop known as "Crypto Dad," appeared to criticize his successors in Washington as they crack down on the cryptocurrency industry.
CFTC Official Says Anonymity in Crypto Is a National Security Risk
CFTC commissioner Christy Goldsmith Romero believes the prevalent anonymity in crypto is a national security risk as it allows criminals to use digital assets for illicit purposes。
CFTC Commissioner Says There Is No ’Immediate Path Forward” With Binance
CFTC Commissioner Kristin Johnson said: “We’ve been in continuing conversations with [Binance] to … give them an opportunity to explain that conduct and to help us find a path forward.”
Crypto Evening Briefing: S Korean MPs to Create Law that Distinguishes CBDCs from Crypto
South Korea is reportedly moving closer to launching a central bank digital currency (CBDC), with a new draft law set to create legal terminology for CBDCs.
