OCC Chief says Crypto Could Destabilize the Financial System Like Derivatives in 2008

Michael Hsu, Chief of the US Office of the Comptroller of the Currency (OCC), isn’t very keen on cryptocurrency. He recently called the industry a threat to the financial system that could unravel into a 2008-style collapse. Hsu’s Concerns Surrounding Crypto Hsu voiced his criticisms of the digital asset space in a webcast with The Blockchain Association on Tuesday. During the call, he compares the threat of cryptocurrencies to credit-default swaps that led to the banking meltdown of 2008. Like cryptocurrency and…

New US SEC Chairman to Receive Payments from Banking Giant Goldman Sachs

Gary Gensler, the new chairman of the US Securities and Exchange Commission (SEC), came under fire after a recent disclosure. The report highlighted that the SEC head could receive over $11,724 a year in payments from Goldman Sachs. The revelation showed that Gensler might use his new role as SEC chair to attack retail investors. Some in the crypto sphere questioned Gensler's pension plan from Wall Street giant Goldman Sachs. They argued that the new SEC head could be more inclined to protect…

US Treasury Sanctions SUEX as Fight Against Ransomware Continues

On Tuesday 21st September, the US treasury announced that it would sanction the SUEX exchange. According to the treasury, SUEX took part in Ransomware activities.  The government has been fighting against such attacks for several years. However, its efforts have been futile due to the lack of international support. US Treasury Sanctions Crypto Exchanges In a public release, the US Treasury recently announced sanctions on SUEX. Comprehensively, the Office of Foreign Assets Control (OFAC) proposed the recent sanctions. The OFAC linked SUEX to eight…

Recent Survey Shows 42% of Texas State Voters Want Crypto Legalized

A poll conducted by Newsweek showed that about 40% of voters in Texas state back-friendly regulations in the cryptocurrency industry. The exclusive statistics came from the London-based polling firm Redfield & Wilton Strategies. The survey comes at a period when U.S. officials are discussing cryptocurrencies. The officials are talking about the merits and demerits of cryptocurrencies. They are also investigating potential solutions on the market. The survey covered California, Florida, Pennsylvania, Georgia, North Carolina, Ohio, and Virginia. A Few U.S. states have even…

Coinbase Bows Out from Launching Lending Program After SEC’s Lawsuit Threat

Cryptocurrency exchange Coinbase said it decided to halt its plans to launch an interest-earning product. On its blog website, the platform stated it would not launch Coinbase Lend. The development comes a few weeks after the SEC threatened to sue Coinbase if it proceeded with its program. As a result, it stops the exchange from allowing users to earn interest by lending digital assets.  CEO Brian Armstrong had taken the U.S. regulators to task on Twitter for its lack of guidance on the…

President Erdoğan of Turkey Declares War on Bitcoin

While some political and corporate leaders have been eager to invest in and adopt cryptocurrencies, others are entirely hostile. Turkish President Tayyip Erdogan recently declared outright war on the Bitcoin network. President Erdoğan: "We Are At War" President Erdoğan expressed his opposition to Bitcoin in a meeting with Turkish students this Saturday. The event comes after one of them asked if the country's central bank would adopt cryptocurrencies. Erdogan responded with total rejection: "We have absolutely no intention of embracing cryptocurrencies. On the…

Treasury Keeps a Hawk’s Eye on Stablecoins as U.S Crypto Regulation Calls Continue

U.S. top regulators earmark Tether and its counterparts on allegations that they are too risky. The treasury's hands are also full since it is drafting recommendations for crypto regulation. According to anonymous sources, the treasury aims to secure crypto transactions. Stablecoins Pose a 'Big Risks' for The U.S. to Ignore As per Bloomberg, ensuring reliable and safe crypto transactions is the ultimate goal for the treasury. The regulators are also worried that the ever-rising sales on crypto-assets may disrupt the world's financial order. Cryptos…

Laos Legalizes Crypto Trials Amid Financial Crime Concerns

Laos, the southeast Asian country, authorized six companies to take part in a cryptocurrency trial. The government changed its official policy recently. Consequently, the firms will trade and mine in a trial run while the government drafts usage regulations. This development will assist the country in gaining profit from Chinese miners. Subsequently, they can become an option for those who have suffered from China's cryptos mining crackdown.  The firms are Boupha Road-Bridge Design Survey Co., Phousy Group, and Sisaket Construction. Also part of the…

China Increases War on Crypto Mining out of Fear for Winter Power Shortages

Recent reports show that China is increasing its crackdown on crypto mining activities. The main reason behind the crackdown was China's 5-year plan to be carbon neutral. Yet, other reports state that power shortages in the upcoming winter could be the reason behind the crackdown. Furthermore, China could be looking to strengthen its digital yuan.  China Intensifies War on Crypto Miners Recently, there have been reports that China is increasing its crack illegal crypto mining. The China crypto crackdown has…

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