U.S. Senator Roger Marshall recently shocked the cryptocurrency community by revealing that he sought assistance from the American Bankers Association in formulating the Digital Asset Anti-Money Laundering Act. In a speech delivered at the Parliamentary Intelligence-Security Forum, Marshall admitted that he and Senator Elizabeth Warren approached the Association for help in crafting the legislation. The
Regulation
Ripple, a leading blockchain technology company, has received approval from the Central Bank of Ireland (CBI) for its Irish subsidiary, Ripple Markets Ireland Limited, to operate as a registered Virtual Asset Service Provider (VASP). This licensing allows Ripple to offer digital asset services within Ireland and expand its operations throughout the European Economic Area once
BlackRock, a prominent asset manager, has recently made a new amendment to its S-1 filing for the iShares Bitcoin Trust, a potential spot Bitcoin exchange-traded fund (ETF). This amendment includes significant updates that indicate progress in the company’s pursuit of launching the ETF. One notable change is the addition of a market ticker, IBIT, which
The UK Treasury has recently introduced the Digital Securities Sandbox (DSS) regulations, signaling a proactive approach towards embracing new technology in the financial markets. These regulations aim to create a controlled environment that enables companies and regulators to test innovative solutions, particularly in the realm of distributed ledger technology (DLT) and digital assets. By providing
Revolut, a prominent fintech firm, has recently announced a temporary suspension of its cryptocurrency trading services for business clients in the United Kingdom. This decision comes as a response to projected regulatory modifications in the crypto industry. The Financial Conduct Authority (FCA) introduced a set of new rules in October aimed at enhancing investor protection
The recent freezing of 326 wallets containing $435 million worth of Tether (USDT) by the world’s largest stablecoin issuer is a significant development in the fight against illicit activities in the cryptocurrency space. This move was made in collaboration with law enforcement authorities, including the U.S. Department of Justice (DOJ), the Federal Bureau of Investigation
The U.S. Securities and Exchange Commission (SEC) has denied a petition from Coinbase, the popular cryptocurrency exchange, which requested the development of new rules for digital asset securities. After a lengthy back-and-forth between Coinbase and the securities regulator lasting nearly 18 months, the SEC concluded that the requested rulemaking is currently unwarranted and denied the
The Securities and Exchange Commission (SEC) is set to implement new disclosure requirements for public companies regarding material cybersecurity incidents. These rules aim to provide investors with timely and consistent information about the risks associated with cybersecurity. The crypto industry, which heavily relies on electronic systems and digital payments, will be particularly affected by these
The Financial Accounting Standards Board (FASB) has recently made a groundbreaking decision that will have far-reaching implications for corporations. Effective for fiscal years beginning after Dec. 15, 2024, the FASB has officially adopted new accounting rules for Bitcoin, aligning its treatment with other financial assets. This move represents a significant step in integrating digital assets
On December 12, Binance, one of the world’s largest cryptocurrency exchanges, submitted two significant filings in response to the ongoing case initiated by the United States Securities and Exchange Commission (SEC). These filings not only aim to dismiss the case but also bring into question the plausibility of the SEC’s allegations against Binance and its