Let’s Remind Charles Hoskinson of Why Bitcoin Isn’t a Security

This debate is settled for Bitcoin, Charles. Quit spreading FUD.   Last Saturday, Cardano founder Charles Hoskinson had some spicy predictions regarding the crypto regulatory situation in the United States. https://twitter.com/Cryptoinsightuk/status/1601825391777222656?s=20&t=egRYYahM45VgAT5uzrcMHg His first was that Ripple’s long-standing lawsuit with the Securities and Exchange Commission (SEC) could settle as soon as December 15th. That didn’t happen.  His second was that Bitcoin (BTC) might be regulated by the agency as a security if Cardano (ADA) were to be labeled as such. That…

FSB Aims for Bank-Like Crypto Regulation in Response to FTX

To prevent another FTX-like blowup, the Financial Stability Board (FSB) is preparing a global framework for crypto companies to be regulated like banks.  Its worldwide policy recommendations are expected to be laid out by early 2023, and enacted soon after. Responding to FTX As FSB secretary general Dietrich Domanski told the Financial Times, The board is already in “strong agreement” about the way forward for industry regulation. The goal, he said, is to have crypto service providers “held to the…

Nexo Receives Cease and Desist Order From California Regulators

The crypto lending platform Nexo has been ordered by several California securities regulators to halt its crypto yield product. The state claims that the company’s interest-bearing accounts qualify as unregistered securities that require proper disclosures and legal protections. The California Department of Financial Protection and Innovation (DFPI) announced the enforcement action on Monday. The Department said its action was part of a larger investigation of companies offering crypto interest accounts.” The DFPI has undertaken aggressive enforcement efforts against unregistered interest-bearing cryptocurrency…

White House Reveals Framework for Responsible Digital Asset Development

The White House has unveiled its digital asset development framework, outlining the benefits and risks of cryptocurrency in the United States. It presents key priorities and specific measures that the administration will use to guide its management of the industry.  The White House Plan for Crypto The framework presented on Friday is a follow-up to President Biden’s crypto executive order (EO) in March. The EO called on various government agencies to conduct research into how to develop a framework around…

Bitcoin Needs to Upgrade if it Wants to Stay Legal: Charles Hoskinson

Charles Hoskinson – CEO of Input Output Global (IOG) and co-founder of Cardano – delivered a warning to the Bitcoin community on Thursday. According to the White House’s latest report, bureaucrats are recommending a potential Bitcoin mining ban to combat excess energy use. As such, Hoskinson suggested that Bitcoin transition to a new consensus algorithm stay within U.S. borders.  https://twitter.com/IOHK_Charles/status/1568004482042310656 The CEO examined page 7 of the White House’s report, titled “Climate and Energy Implications of Crypto-Assets in the United…

FTX US Receives Cease and Desist Order From FDIC

FTX US – one of the United States’ leading cryptocurrency exchanges – has received a cease and desist order from the Federal Deposit Insurance Corporation (FDIC). The regulator has accused the exchange of making false and misleading claims about its customers’ FDIC coverage.  In the letter issued on Thursday, the FDIC took issue with claims made by FTX US President Brett Harrison on Twitter.  Harrison claimed that when employers make direct deposits to FTX US, they are stored in FDIC-insured…

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…

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