Category: Regulation

SEC unveils suit against Ripple, calling XRP a ‘$1.3B unregistered securities offering’

The commission is alleging Garlinghouse, Larsen and Ripple have participated in an “unregistered, ongoing digital asset securities offering” to investors since 2013.

December 22, 2020
SEC to Sue Ripple Over XRP Cryptocurrency — CEO Insists XRP Is Not a Security

The U.S. Securities and Exchange Commission (SEC) is set to bring a lawsuit against Ripple over the XRP cryptocurrency which it considers a security, according to Ripple CEO Brad Garlinghouse. Insisting that XRP is not a security, he calls the SEC’s lawsuit an attack on cryptocurrency that is out of step with the G20 countries…

December 22, 2020
Sierra Club leads lawsuit against NY town to prevent expanding Bitcoin mining operations

The lawsuit alleges Greenidge circumvented state laws by seeking regulatory approval “through two separate but interdependent approval applications.”

December 21, 2020
Top Silicon Valley VC defends crypto amid proposal of controversial Treasury rule

Yesterday, the U.S. Treasury’s FinCEN branch confirmed that it is working on cracking down on crimes enabled by Bitcoin and other cryptocurrencies. A to-be-published document from the Financial Crimes Enforcement Network indicated that the rule will force virtual asset service providers to verify the name and address of non-custodial wallet users for any transaction exceeding…

December 20, 2020
US Treasury Unveils Stifling Crypto Wallet Regulation — Experts Break Down the Rules

The Financial Crimes Enforcement Network (FinCEN), a bureau of the U.S. Treasury Department, has unveiled its proposed rules on transactions involving cryptocurrency wallets. Experts in the crypto community have weighed in on what the new proposed regulation means, what crypto owners should do, and which wallets are affected. FinCEN’s New Rules for Crypto Wallets The…

December 19, 2020
South African Regulator’s Probe Into Mirror Trading International Unearths Previously Undeclared Losses and Missing Bitcoins

South African financial regulator, the Financial Sector Conduct Authority (FSCA), has filed criminal charges with local law enforcement against Mirror Trading International (MTI), the alleged online bitcoin trading scam. The regulator says its decision to press charges follows an investigation into MTI that unearthed the company’s use of fake trade statements, undeclared losses, and possible…

December 18, 2020
Incoming U.S. Senator defends Bitcoin and crypto in conversation with U.S. Treasury

Over the past few weeks, the crypto industry has been ablaze with rumors of impending regulation on self-hosted Bitcoin, Ethereum, and altcoin addresses. The rumors began late last month when Brian Armstrong of Coinbase posted a thread on Twitter warning that the U.S. Treasury is working on a regulation that could make it hard for those…

December 18, 2020
FinCEN Proposes KYC For Withdrawing Cryptocurrency To Private Wallets

The U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) has released a notice of proposed rulemaking that would require money services business to submit reports, keep records and verify the identity of customers as they relate to digital currencies “held in unhosted wallets … or held in wallets hosted in a jurisdiction identified…

December 18, 2020
The threats to DeFi’s sustainability — and how to fix them

With insane interest rates and yield farmers endlessly jumping from one protocol to another, fears are growing that DeFi isn’t sustainable — and change is needed.

December 18, 2020
Mastermind of $25 Million Crypto Debit Card Scheme Sentenced to Prison

The mastermind behind a $25 million cryptocurrency debit card scheme has been sentenced to one year and one day in prison, in addition to three years of supervised release. The authorities have also seized his cryptocurrency. $25 Million Crypto Credit Card Scheme The U.S. Department of Justice (DOJ) announced Tuesday that Robert Joseph Farkas, also…

December 18, 2020