Main topic: An investment firm is attempting to turn equities into crypto tokens that comply with securities laws, with the backing of a well-known trading firm.
Key points:
1. Susquehanna International Group is supporting a project called Dinari, which aims to tokenize stocks in a compliant manner.
2. Dinari has acquired a broker-dealer and registered with the Securities and Exchange Commission, allowing it to distribute dividends and maintain records of securities ownership.
3. The company's flagship product, dShares, enables investors outside the US to use cryptocurrencies to purchase shares of major US companies and exchange-traded funds.
The US Department of Justice (DOJ) is reportedly investigating whether cryptocurrency exchange Binance has violated US sanctions against Russia by facilitating ruble-to-crypto trades, adding to existing allegations of market manipulation and anti-money laundering violations, which could have significant implications for the broader cryptocurrency ecosystem.
The US SEC has filed lawsuits against Binance and Coinbase, accusing them of various regulatory violations, leading to intense discussions about cryptocurrency classification as securities and causing a negative impact on the prices of many altcoins mentioned in the lawsuits.
Prominent crypto commentators criticize the new crypto tax reporting rules proposed by President Joe Biden, fearing that they will push the crypto industry further away from the US and stifle innovation.
Attorney John Deaton addressed the importance of accountability within regulatory bodies, emphasizing the need to hold both current and previous figures responsible, such as Gary Gensler and Jay Clayton, to maintain fairness and consistency in regulatory actions, particularly in relation to the "Safe Harbor" proposal for cryptocurrencies. Deaton also discussed the complexities of the Ripple legal case and the potential influence it may have on the SEC's approach to other cryptocurrencies, highlighting the urgency of regulatory clarity in order to prevent financial harm in the industry.
Crypto-related stocks soar as the chances of fund companies offering Bitcoin ETFs increase, though Coinbase Global faces obstacles.
US Congressman Warren Davidson is urging the SEC to fire its chair Gary Gensler due to his controversial actions against cryptocurrency and his inconsistent treatment of similar products, which could potentially hinder digital asset development in the US.
Grayscale Investments CEO Michael Sonnenshein believes that the recent court decision in favor of Grayscale could lead to a new and unprecedented environment for cryptocurrencies, potentially expanding mainstream acceptance of digital assets and boosting the chances for other asset managers to win approval for their bitcoin products.
Court rulings in the United States are beginning to challenge the Securities and Exchange Commission's stance on digital assets, leading to hopes of a resurgence in the crypto industry in the country.
The U.S. Securities and Exchange Commission (SEC) has filed a secret motion in its case against Binance, leaving the bitcoin and crypto market on high alert for potential volatility in September.
The Securities and Exchange Commission (SEC) may have suffered setbacks in its regulation-by-enforcement approach to the cryptocurrency industry, with the latest ruling in favor of Grayscale Investments potentially paving the way for the emergence of a bitcoin spot exchange-traded fund (ETF); however, the SEC could appeal the decision or find new ways to deny similar applications, and the lack of a regulated exchange for the bitcoin spot market remains a challenge. Despite court challenges, SEC Chair Gary Gensler is expected to continue pursuing his regulation tactics, while Congress and a potential Republican president in 2024 may play a role in shaping the regulatory environment for digital assets.
The SEC's denial of Grayscale's spot Bitcoin ETF application has been reviewed by a judge due to the SEC's failure to provide a coherent explanation, while the SEC also delayed verdicts on several Bitcoin spot market ETF applications, including BlackRock's, causing prices to rally; in other news, Circle's USDC stablecoin has experienced a significant decrease in market cap, SEC Commissioner Hester Peirce criticized the SEC's attempt to bring crypto exchanges under its jurisdiction, a lawsuit against Uniswap was dismissed by a New York judge, StarkWare zeroed all user balances on old wallets, Vivek Ramaswamy celebrated Grayscale's win over the SEC, the SEC delayed its verdict on multiple ETF applications including BlackRock's, and Chinese courts considered cryptocurrencies legal property protected by law.
A policy paper prepared under India's G20 Presidency recommends licensing crypto service providers and implementing anti-money laundering standards in the sector, while cautioning against an outright ban on cryptocurrencies due to their borderless nature. The paper also addresses concerns about stablecoins and their potential impact on financial stability.
Crypto exchange Coinbase plans to focus on non-U.S. markets, including the European Union, the United Kingdom, Canada, Brazil, Singapore, and Australia, due to their clearer crypto laws, as it seeks to expand its operations and establish partnerships with global and local banks and payment providers while ensuring compliance with governance systems. The company also aims to intensify its lobbying and visibility efforts ahead of the EU elections and engage with the G20 to create global crypto standards.
The lack of clear crypto regulations in the US has caused significant issues for the industry, leading to collapses and a weakening of America's position as a financial hub, according to Coinbase CEO Brian Armstrong. He emphasizes the need for clear rules that recognize the innovation potential of the technology while protecting consumers. Armstrong also highlights the potential benefits of Bitcoin exchange-traded funds (ETFs) and Coinbase's role as custodian in many ETF applications.
Coinbase CEO Brian Armstrong predicts that cryptocurrencies will be a prominent topic in the 2024 US elections as the gap between current crypto policies and the needs of Americans becomes more apparent.
Indian crypto platforms may attain the status of authorized dealers, similar to banks, under the regulatory framework being developed by the Indian central bank, RBI, based on joint recommendations from the IMF and FSB, potentially resulting in legal legislation within the next five to six months.
Senator Sherrod Brown has expressed a negative view of the crypto industry, stating that it is rife with fraud and abuse, making his support crucial for any future crypto legislation in the US. Securities and Exchange Commission Chair Gary Gensler has also criticized the sector, but Brown's stance is seen as pivotal for the industry's regulatory framework.
U.S. SEC Chair Gary Gensler criticized the crypto industry during a Senate hearing but did not provide any information on the regulator's stance on Bitcoin spot ETF applications, which are currently under review.
Binance.US CEO Brian Shroder leaves as the crypto exchange downsizes its workforce due to regulatory pressures, including a lawsuit from the SEC.
Ethereum co-founder Joseph Lubin believes that the U.S. Securities and Exchange Commission's dispute with crypto firms over whether crypto tokens are considered securities will be resolved in favor of the industry, stating that "clear heads will prevail." He also expressed confidence that decentralized protocols, blockchain, and cryptocurrency align with the philosophies of the U.S. and that other countries will follow suit.
The Blockchain Association reflects on the past five years of the crypto industry's challenges in Washington D.C. and highlights potential future areas of focus, including anti-money laundering efforts, passing crypto-related legislation, and the possibility of regulatory personnel changes.
Gary Gensler, the chairman of the US Securities and Exchange Commission (SEC), is facing criticism for his alleged corrupt practices and his crackdown on cryptocurrencies, with some accusing him of selectively targeting companies and undermining justice and market integrity.
The New York State Department of Financial Services (NYDFS) has proposed stricter regulations for crypto firms, including enhanced criteria for coin-listing procedures and a framework for designating tokens to the regulator's greenlist.
Binance.US faces continued legal struggles with the SEC, with accusations of noncooperation and low trading volume, while India works on crypto regulation and EU lawmakers vote in favor of a cryptocurrency tax reporting rule. Additionally, U.S. Representative Tom Emmer and co-sponsors reintroduce the CBDC Anti-Surveillance State Act to protect financial privacy.
The U.S. Securities and Exchange Commission's head of the Crypto Assets and Cyber Unit, David Hirsch, announced that the agency will continue to pursue crypto exchanges and DeFi projects for violating securities laws, similar to Coinbase and Binance, stating that they have several other businesses on their radar; however, the SEC's current litigation load is heavy and they are limited in their capacity to take action against all entities.
Summary: The United States SEC's Crypto Enforcement Chief, David Hirsch, has warned that more punishment and charges will be brought against crypto exchanges and De-Fi projects that do not comply with the law, targeting not just the top players but the entire industry. The SEC will continue conducting investigations and taking action in the space.
The UK's Financial Conduct Authority (FCA) has warned cryptocurrency businesses to comply with new financial promotion rules, as the majority of firms are ignoring them; failure to comply could result in imprisonment, fines, or both. Only 24 out of over 150 firms have responded to the FCA's survey regarding the new rules, which will severely restrict communication of financial promotions from unauthorized crypto businesses.
The Messari Mainnet conference in New York was more professional and focused on regulation compared to previous years, indicating a shift towards a more mature and practical approach in the crypto industry. Attendees emphasized the need for clear regulatory guidelines and discussed the challenges of innovating under the watchful eye of US regulators. The industry is evolving and becoming less speculative, with a greater emphasis on real-world applications and practical tools.
Coinbase, the U.S. cryptocurrency exchange operator, may invest more elsewhere if the U.S. cannot get crypto regulation right, raising questions about whether the U.S. is still the primary hub for crypto innovation and development.
Coinbase CEO Brian Armstrong believes that the crypto industry needs to enhance its lobbying efforts before the 2024 elections in order to address the unfair regulatory environment faced by US-based crypto firms.
Cryptocurrency faces regulatory challenges that could shape its future, but despite these challenges, the industry holds promise with developments such as increased institutional adoption, central bank digital currencies (CBDCs), DeFi innovation, interoperability, and expected regulatory clarity.
The departure of Binance.US CEO Brian Shroder, along with layoffs and a significant outflow of funds, highlights the ongoing issues of influence and trust in the cryptocurrency industry. Trust and regulation are key factors that crypto platforms need to address to gain the same level of trust as traditional banks.
Coinbase is leading a major lobbying effort in Washington D.C. to garner support for new regulations in the cryptocurrency industry.
Four members of the United States Congress are urging SEC Chair Gary Gensler to approve the listing of spot Bitcoin exchange-traded funds (ETFs) immediately, claiming that the SEC is discriminating against such products despite legal precedent. They argue that spot BTC ETFs would provide increased investor protection and transparency.
SEC Chair Gary Gensler will address the U.S. Financial Services Committee about the Securities and Exchange Commission's focus on AI, predictive data analytics, and the cryptocurrency sector, emphasizing the need for updated rules and protections for investors and issuers in the crypto space.
SEC Chairman Gary Gensler faced criticism during a House Financial Services Committee hearing regarding the SEC's policies and actions, including the issuance of Staff Accounting Bulletin (SAB) 121 on accounting and disclosure of crypto assets, without consulting prudential regulators or the Financial Accounting Standards Board (FASB). The bulletin, which requires disclosure of risks associated with digital asset custody, has faced opposition and accusations of being "regulation disguised as staff guidance." Issues such as the approval of spot Bitcoin exchange-traded funds and the SEC's stance on Grayscale's Bitcoin ETF application were also discussed.
SEC Chair Gary Gensler criticized the practices of crypto companies and their handling of customer assets in his congressional testimony, while remaining silent on the SEC's plans for spot bitcoin ETFs after a recent legal setback. Gensler also noted that the agency has not yet decided how to proceed with a judge's ruling regarding bitcoin ETF applications. Additionally, Gensler mentioned that the SEC is preparing for a potential government shutdown, which would significantly slow down reviews and approvals of filings.
SEC Chair Gary Gensler faces criticism from lawmakers, including accusations of kneecapping capital markets and calls for his firing, during a congressional hearing on market oversight, while also dodging questions about Bitcoin and Pokemon cards.
Crypto investment firm CoinShares is optimistic about cryptocurrency regulation in the United States as it enters the market and believes that the US is a global leader in digital asset development.
Institutional involvement in the crypto industry provides regulatory certainty and clarity, forcing regulators to address taxation, compliance, and reporting challenges, benefiting the entire industry and legitimizing digital assets.
The House Financial Services Committee's hearing on the oversight of the Securities and Exchange Commission (SEC) revealed ongoing debates over the regulatory status of Bitcoin and Ether, with SEC Chair Gary Gensler providing ambiguous answers and raising questions about the need for congressional action for establishing regulatory clarity in the digital asset market.
The United States Securities and Exchange Commission (SEC) is opposing Coinbase's motion to dismiss a lawsuit, arguing that the exchange knew the cryptocurrencies it sold were securities under the Howey test, while Coinbase maintains that the assets are not securities and are not within the SEC's jurisdiction.
Major global cryptocurrency exchanges like Binance and OKX are working to comply with the United Kingdom's new financial promotion regulations to ensure fair and transparent crypto promotions, while some firms have been listed as "non-authorized" for promoting services without permission.
The chief executive of OpenAI, Sam Altman, expresses concern about the US government's actions against crypto assets but acknowledges the need for regulations in the industry.
