Fed Vice Chair Calls for “Urgent” Crypto Regulation Following Market Collapse

Lael Brainard – Vice Chairwoman of the Federal Reserve – said the latest crypto market bloodbath “highlights the urgent need” for industry regulation. She claims it must begin to comply with existing financial regulations, mirroring the views of the Securities and Exchange Commission (SEC).  Ensuring Financial Stability Brainard made her comments during a speech at the Bank of England Conference in London on Friday.  “Future financial resilience will be greatly enhanced if we ensure the regulatory perimeter encompasses the crypto…

Bitcoin Lobby Group Presents Pro-Bitcoin Case to US Department of Commerce

The Bitcoin Policy Institute (BPI) has submitted a report to the US Department of Commerce highlighting how Bitcoin can serve US interests. It explores the unique attributes of Bitcoin and its potential to support matters like financial inclusion, energy, and national security Why Bitcoin is Special The BPI is a think tank dedicated to better understanding the policy implications of Bitcoin and other emerging monetary networks. Its cohort of economists, coders, and scientists look to advance the pro-Bitcoin narrative among…

Crypto Market Resembles the 2008 Financial Crisis, Argues CFTC Commissioner

Christie Goldsmith Romero of the Commodities and Futures Trading Commission (CFTC) called for urgent regulation of crypto markets on Tuesday. Her previous experience at the SEC and Treasury leads her to believe that crypto today shares some similarities to 2008. Comparing Crises During an interview with Axios, the commissioner noted that crypto’s first similarity to 2008 is its large, unregulated market. The crash 14 years ago was prominent by “shadow banks” – institutions that operated like banks, but without traditional…

Bitcoiners Aren’t Happy With the Lummis-Gillibrand Crypto Bill

Much of the crypto community was appreciative of the crypto regulation bill that senators Cynthia Lummis and Kirsten Gillibrand tabled last week. However, a particular subset – especially diehard Bitcoiners – aren’t entirely happy with how it treats Bitcoin or altcoins. Mike Cargile Political candidate Mike Cargile believes the bill vastly understated the inherent potential of Bitcoin. By forcing it to be under the government of either the SEC or CFTC, he thinks it limits Bitcoin’s potential as a “currency.”…

Biden Administration Prepares Report for Combating Bitcoin’s Energy Footprint

President Biden and his administration are working on policy solutions for minimizing the environmental effects of Bitcoin mining. As more hash power migrates to the U.S, critics have begun claiming that it could threaten US climate goals. The Proof-of-Stake Question As reported by BloombergTax on Thursday, the new report is expected in August and will push federal agencies towards ensuring more “responsible” mining. However, it's unclear if those recommendations will lead to effective policy action. Costa Samaras, principal assistant director…

Cynthia Lummis Drops Reveal Date for Landmark Crypto Legislation

Senator Cynthia Lummis (R-WY) has given a specific date for when her long-awaited crypto regulator bill will be unveiled. The legislation will help to sort cryptocurrencies under appropriate regulatory labels and federal jurisdictions. According to a tweet from the senator on Friday, the final version of her bill will be released on Tuesday, June 7th. Lummis has spent months working on the bill alongside Senator Kirsten Gillibrand (D-NY), announcing it as early December 2021. The bill will reportedly provide sweeping…

Terra Collapse Causes G7 to Hasten Crypto-Centric Regulations

Earlier this week, ministers from the world's top economies, the G7, called for greater speed as financial watchdogs introduce comprehensive crypto regulation. This comes shortly after Terra's demise saw several crypto users suffer considerable losses in the space of a week. G7 Contacts FSB to Hurry Things Up The stablecoin failed to maintain its dollar peg and crashed as low as $0.07, with sister token LUNA not far behind. This created a ripple effect as general market anxiety destabilized even…

Cynthia Lummis Drops More Details On Upcoming Crypto Legislation

Senator Cynthia Lummis (R-WY) revealed more information about the bipartisan crypto regulatory framework she’s creating alongside Kirsten Gillibrand (D-NY). The bill will help sort cryptocurrencies under the same regulatory categories as traditional assets, but will apparently not cover NFTs. Separating the Wheat from the Chaff In an interview with Axios on Tuesday, Lummis explained that the bill strikes a balance between protecting investors and allowing for innovation. “The innovation in this space is absolutely astounding,” she said. Lummis is famous…

Influencers in Canada Launch Web3 Council Amidst Poor Regulation

Some of Canada’s biggest crypto advocates have founded a non-profit organization to help with crypto regulation in the country. The formation of a crypto-positive non-profit comes on the back of the government's seizure of some crypto assets donated to the protests. Web3 Council to Work with the Government Canada’s newest crypto non-profit is dubbed the Canadian Web3 Council. The term Web3 describes the next phase of the evolution of the internet. This coming stage is integrated with blockchain technology and…

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