regulation / 21 posts found
Grayscale Wins SEC Lawsuit, Court Cites ‘Lack of Coherent Explanation’
Grayscale Bitcoin Trust (GBTC), a prominent crypto asset manager, achieved a significant legal victory on August 29 against the United States Securities and Exchange Commission (SEC) in its long-winded pursuit of transforming its over-the-counter GBTC application into a listed Bitcoin ETF. Recent court documents from August 29 revealed that the U.S. Court of Appeals Circuit Judge Neomi Rao has granted Grayscale’s request for review and ordered the SEC’s denial of the GBTC listing application to be nullified. Judge Rao had previously criticized the SEC for lacking an explanation for its stance against Grayscale – something that continues to plague investors […]
U.S. Paves the Way for Crypto Regulation with New Legislative Proposal
In a move signaling a more structured approach to the burgeoning crypto industry, U.S. House Republicans unveiled a fresh legislative proposal on Thursday that establishes swimlanes between the Commodity Futures Trading Commission and the U.S. Securities and Exchange Commission (SEC). At 212 pages, the “Financial Innovation and Technology for the 21st Century Act” is designed to provide a clear regulatory landscape for digital assets, introducing fresh definitions, highlighting digital asset exemptions, and charts a course for intermediaries in the digital asset space (e.g., crypto exchanges) to go about registering with the CFTC and SEC. To that effect, the new bill […]
For Kuwait, It’s a Hard “No” On Most Crypto Assets
The State of Kuwait has taken a firm, definitive stance in the global debate surrounding the legitimacy and regulation of digital assets such as cryptocurrency. The nation’s primary financial regulator, the Capital Markets Authority (CMA), has announced a comprehensive ban on most crypto operations within its borders. The announcement, made on July 18, indicates that Kuwait is joining a growing list of countries that are exercising caution in the face of the rapidly evolving digital currency landscape. The CMA’s directive explicitly prohibits a wide range of activities, including cryptocurrency payments, investments, and the energy-intensive process of mining. “Driven by speculation” […]
RFK Jr. Wants to (Cautiously) Save the U.S. Dollar By Using Bitcoin
In a recent policy announcement, Robert F. Kennedy Jr. (RFK Jr.), a U.S. presidential candidate, outlined a bold vision for the role of Bitcoin and other tangible assets in strengthening the U.S. dollar. The proposal, which includes exempting Bitcoin profits from capital gains tax, has garnered significant attention from the crypto community and financial analysts. Addressing attendees at the Heal-the-Divide PAC event on Tuesday, Kennedy detailed his administration’s plan to back the U.S. dollar with tangible assets, including gold, silver, platinum, and, notably, Bitcoin. This initiative aims to fortify the U.S. dollar’s position as a dominant world reserve currency. Kennedy, […]
South Africa Takes on Crypto Regulation, Mandating Licenses for Exchanges
As the global blockchain ecosystem continues to change, more stringent regulation may be on its way to South Africa. Taking a leadership role in cryptocurrency regulation on the African continent, the country’s financial regulator, the Financial Sector Conduct Authority (FSCA), has announced a new requirement for digital asset exchanges to secure licenses by year’s end. This regulatory change, which is reportedly aimed at curtailing potential financial risks associated with crypto transactions for South African customers, seems to underscore the country’s commitment to keeping pace with the evolving digital landscape. FSCA Commissioner, Unathi Kamlana, expressed that the introduction of a regulatory […]
Coinbase Challenges the SEC: Seeks Case Dismissal, Defending Its Practices
Coinbase has sent waves throughout Web3 by taking a stand against the recent lawsuit filed by the U.S. Securities and Exchange Commission (SEC). In a response submitted on June 28, the exchange giant contends that the case lacks a solid legal foundation and should be dismissed. The action comes amidst ongoing tension between the digital asset industry and the top U.S. securities regulator. Where SEC vs. Coinbase stands The SEC’s suit, lodged in early June shortly after a similar suit against Binance, accused Coinbase of operating as an unregistered securities exchange, citing over a dozen tokens on the platform as […]
Judge Permanently Bars Mason Rothschild From Selling MetaBirkin NFTs
In another decisive victory for Hermès, a Manhattan federal judge has issued a definitive injunction against artist Mason Rothschild. The decision comes after a 2022 legal battle where Hermès filed a lawsuit against Rothschild, accusing him of leveraging their esteemed Birkin brand for his financial gain. With this latest order, filed on June 23, the court has permanently prohibited further sales of Rothschild’s controversial MetaBirkin NFTs. This decision comes after Rothschild was ordered to pay $133,000 in damages in February 2023 after losing the initial trademark case. Rothschild vs. Hermès part two Rothschild — who released his 100 MetaBirkins NFTs […]
Mark Cuban Calls for Clarity in Crypto Regulation Amidst SEC Crackdown
Prominent billionaire and tech entrepreneur Mark Cuban has now weighed in on the U.S. Securities and Exchange Commission’s (SEC) recent crypto crackdown. In a series of tweets penned throughout June, the tech entrepreneur urged for the simplification of the SEC’s rules concerning the cryptocurrency industry, pointing out the ambiguous and convoluted guidelines that startups are required to navigate. Cuban, a vocal supporter of Web3 startups, recently contended that the current regulatory environment leaves these enterprises in a precarious position due to a lack of clear guidance. His critique emerged amid a June 14 Twitter debate with John Reed Stark, former […]
JPMorgan Strategists Suggest Novel Classification for Ethereum
As the landscape of digital currency continues to evolve, it’s become apparent that the Securities and Exchange Commission (SEC) and other U.S. governing bodies are keen to redefine how the government regulates crypto. Yet, from the SEC suing Binance and Coinbase to the GOP calling for SEC restructuring, a clear path forward still seems a far way off. Now, as if only to add the convolution taking the blockchain industry by storm, a team of JPMorgan strategists led by Nikolaos Panigirtzoglou have proposed that Congress place Ethereum (ETH) under a new “other category” instead of under the rigid labels that […]
GOP Lawmakers Call for the Removal of Gary Gensler With SEC Stabilization Act
It seems proceedings may soon become even more complex within the U.S. Securities and Exchange Commission (SEC) crypto crackdown. Because today, June 12, House Republicans have begun pushing for significant restructuring of the regulatory body. Last week, the SEC filed civil lawsuits against Binance and Coinbase, citing investor protection failures and customer fund mismanagement. Amidst this landscape, Congressman Warren Davidson of Ohio and House Majority Whip Tom Emmer of Minnesota introduced the “SEC Stabilization Act,” which calls for the removal of the current SEC Chairman, Gary Gensler. SEC Stabilization Act The two GOP lawmakers are accusing Gensler of a series […]