UK’s FCA Issues Advice for Crypto Firms After Only 41 of 300 Applicants Win Regulatory Approval
The U.K.'s financial watchdog published advice for crypto companies after just 14% of the firms looking to win regulatory approval in the country passed muster.
Another Crypto Collapse Just Occurred
Genesis trading has been revealed to have $5 billion in liabilities. That’s almost as much as FTX, and we all know how big that was.
CFTC Commissioner Kristin Johnson Urges Congress to Expand Agency’s Authority to Review Crypto Acquisitions
In a speech at Duke University on Wednesday, Commodity Futures Trading Commission Commissioner (CFTC) Kristin Johnson formally called on Congress to modify several pieces of proposed digital asset legislation to expand the agency’s authority to conduct due diligence on any firm – foreign or domestic – seeking to purchase a minimum 10% share of the equity interest in a CFTC-registered market participant.
SEC Commissioner Reminds Industry Experts “What Crypto Is Really About” As Market Rebounds
Hester Pierce, a commissioner with the Securities and Exchange Commission (SEC) has said that industry players should learn from the bad experience of last year as they plan to shape the future. Speaking at the Duke Conference for Digital Assets, she told team leads to remember the purpose of cryptocurrencies and to carry the community in line.
As Global Regulators Grow Wary of Crypto, Japan Embraces Web3
As lawmakers and regulators from the U.S. to Europe to Asia express increased wariness of crypto, Web3 promotion remains part of Japan’s national strategy. A small but active group of politicians is proposing guidelines for everything from decentralized autonomous organizations (DAO) to non-fungible tokens (NFT). It’s getting easier for Japanese exchanges to list tokens. One onerous tax requirement has been revised, marking a major win for crypto entrepreneurs. Coinbase and Kraken withdrew from Japan, but Binance, which irked Japanese regulators in the past, managed to acquire a Japanese exchange. And stablecoins, which are currently not allowed on Japanese exchanges, have a new path forward.
$31 Trillion US Debt vs Crypto
Admittedly, crypto still has a long way to go to be the future of finance. But what the people have been doing right now is on the right track.
Why Are Crypto Investors Moving Their Holdings to Wallets?
The number of Bitcoin held in smaller wallets (those with under 10 bitcoin) rose to 3.35 million as of Jan. 11, up 23% from the 2.72 million held a year ago.
Crypto Lawyers to Be in Demand As Regulatory Pressure Reaches Boiling Point
Boston Law School professor and chief compliance officer at crypto exchange Bitstamp, Thomas Hook, told Cointelegraph that Web3 lawyers will soon become “business differentiators” because they’ll be faced with the tough task of helping firms navigate through legal and regulatory uncertainties.
US Needs ‘Rules of the Road’ for Crypto or Risk Falling Behind in Market Leadership
The U.S. must establish clear crypto guardrails or risk falling behind other countries in innovation and market leadership, Linda Jeng, chief global regulatory officer at the Crypto Council for Innovation said.
Companies Should Separate Clients’ Crypto Assets From Their Own: NYDFS
The New York State Department of Financial Services (NYDFS) urged firms to set apart customers’ cryptocurrency holdings from their own assets.
