Coinbase sees infinite interoperability potential with Ethereum and USDC
Coinbase head of tokenization Anthony Bassili described plans for its Base network at TokenizeThis 2024 in Miami.
Coinbase head of tokenization Anthony Bassili described plans for its Base network at TokenizeThis 2024 in Miami.
Former SEC commissioner Troy Paredes was not the first to criticize the U.S. financial regulator’s lack of clarity on digital assets.
FINTRAC reported that Binance facilitated 5,902 separate transactions of $10,000 or more in crypto from June 2021 to July 2023 and failed to register with the regulator.
Ethereum co-founder Joseph Lubin says the SEC is engaging in strategic enforcement action instead of meaningful discourse with the cryptocurrency industry.
Taiwan’s Ministry of Justice proposed four amendments to the country’s AML regulations focused on cryptocurrency firms that plan to impose hefty penalties for noncompliance.
If approved, the EU’s UCITS funds would make way for crypto assets to gain exposure to a 12 trillion euro investment product market.
According to PANews, the US House of Representatives has voted in favor of a resolution aimed at overturning the Securities and Exchange Commission's (SEC) cryptocurrency custody accounting standards. The vote was passed with a result of 228-182, with majority support from Republicans and 21 Democrats voting in favor. The announcement, first issued in 2022, has sparked controversy over the past year. It requires cryptocurrency custody companies to record customer-held cryptocurrencies as liabilities on their balance sheets. The crypto industry fears this move could prevent banks from protecting digital assets. At present, it is unclear whether this resolution will become law. However, the White House issued a 'government policy statement' on Wednesday, stating that President Biden will veto the resolution. The White House stated that 'restricting the SEC's ability to maintain a comprehensive and effective financial regulatory framework for crypto assets will bring serious financial instability and market uncertainty.' The resolution may be submitted to the Senate Banking Committee and subsequently voted on by all members of the Senate.
According to Foresight News, Indonesia's Commodity Regulatory Authority, Bappebti, has established a dedicated committee to oversee the cryptocurrency industry. The committee, composed of representatives from Bappebti, various government departments, cryptocurrency exchanges, clearing institutions, associations, scholars, and relevant practitioners, will analyze industry reports, manage a central database, assess cryptocurrency asset risks, and have the authority to recommend adding or removing assets from the list.
According to PANews, Ripple Labs has made significant progress in its legal dispute with the U.S. Securities and Exchange Commission (SEC). The SEC has taken a step in the remedial phase of the lawsuit, submitting its final response. In its recent response to the remedial measures outline, the SEC questioned Ripple Labs' claim that the blockchain startup's actions were not reckless and that the legal status of XRP should not have 'broad uncertainty', despite the court's previous rejection of this 'fair notice' defense. Since the XRP lawsuit was initiated in 2020, Ripple Labs has not violated any rules, but the SEC still maintains its stance on whether Ripple Labs may take similar actions in the future. According to the remedial measures brief, Ripple Labs tried to downplay its responsibility, while emphasizing its cooperation with the U.S. SEC since XRP's initial public offering in 2013. However, the U.S. SEC stressed that, according to the law, even if Ripple Labs has not violated any regulations since 2020, it is still possible to violate them again. The SEC believes that Ripple Labs' assurances about changing its behavior after the lawsuit are not sufficient to avoid a ban. According to the SEC, Ripple Labs' claim to follow legal guidance and restructure future XRP sales according to the lawsuit order is misleading. The SEC believes that Ripple Labs misread the lawsuit order and failed to accept its impact on compliance. The reply to the remedial measures refuted Ripple Labs' claim about sales to qualified investors outside the United States, as these defenses have been abandoned at the summary judgment stage. In addition, Ripple's claims about changes to ODL sales contracts were rejected because these contracts already lack certain restrictions deemed to be violations. Ultimately, the SEC believes that Ripple's claims do not negate the need to issue a ban to prevent future violations. In response to the SEC's reply in the remedial measures brief, Ripple's Chief Legal Officer Stuart Alderoty commented that the SEC's reputation continues to decline. He emphasized that international financial regulators with a robust cryptocurrency licensing framework might be surprised at the SEC's approach to equating its efforts with issuing fishing licenses. Alderoty criticized the SEC for not consistently applying the law. He is optimistic about resolving the XRP lawsuit. While the cryptocurrency community eagerly awaits the final outcome of the case, analysts expect the final judgment to be made around September.
The U.S. House of Representatives has voted to overturn controversial SEC guidance blocking banks from custodying crypto assets.