The Lummis-Gillibrand Crypto Bill: Summary and Highlights

This post was updated to clarify that most cryptocurrencies would still be governed by the SEC under the Lummis-Gillibrand bill.   Cynthia Lummis’s long-awaited regulatory bill has arrived, providing legal clarity across multiple major sectors of the crypto industry. Here are the biggest takeaways from the legislation, including info on which cryptos are securities, and taxation of crypto transactions. The Responsible Financial Innovation Act would – if passed – would classify the two top cryptocurrencies right now as commodities –…

Lawmakers and Crypto Bodies React to SEC’s Proposed Rule Changes

Republican members of the US congressional committee responded to the SEC's recently proposed regulation on the definition of an  “exchange”. Some of the committee members think the adjustments do not favor decentralized outfits. Also, they expressed their concern that the changes could come back to haunt them. Asides concerns from the committee, several notable bodies have also raised objections against the draft. The US SEC’s Proposed Rule This time last month, the Securities and Exchange Commission proposed an amendment regarding…

Gemini Joins Coinbase and Block in the Crypto Council for Innovation

Gemini is the latest crypto exchange to join the Crypto Council for Innovation (CCI). Its addition enhances CCI's list of prestigious crypto firms supporting regulations on digital assets. So far, the group includes Coinbase, Block, Fidelity Digital Assets, and Paradigm, among others. Gemini’s Quest for Regulating Crypto Joining the CCI is only one of Gemini's recent initiatives for supporting policy and regulatory affairs. Notably, the company spent $120,000 on lobbying activities in the U.S. in the last six months of…

The UAE Ready to Become the Middle East’s Crypto Oasis

While everyone is discussing crypto regulations in the U.S., Russia, or China, other countries are tip-toeing towards total crypto adoption. For instance, the United Arab Emirates (UAE) is preparing to issue federal licenses of virtual asset service providers (VASPs). The new legislation should come into effect by the end of Q1 2022. Above all, it should transform the country into a crypto oasis in the Middle East. A Surprisingly Friendly Approach to Crypto According to a Bloomberg report, the UAE’s…

What Emerging American Legislation Means for Cryptocurrency

One of the unique features of cryptocurrency is its decentralized and unregulated nature. However, many governments worldwide, including the American authorities, do not worry about this particular trait. Recently, cryptocurrency regulation has been a hot topic in different parts of the world. We count here China’s crackdown on Bitcoin in September 2021 to El Salvador’s Bitcoin Law endorsing Bitcoin as a legal tender. Simply put, cryptocurrency is increasingly prevalent in the economies of various governments. Despite the varying levels of crypto acceptance,…

SEC Chair Says Crypto Products Cannot Evade Regulation

US Securities and Exchange Commission chair, Gary Gensler, advised crypto products offering returns to align with the law. He warned cryptocurrency platforms that 'somebody is going to get hurt' without safety measures. Gensler is confident that those cryptocurrency trading and lending platforms that promise returns to investors cannot evade the SEC law. However, he said that those crypto products offering returns to investors are wrong to think they can avoid the US Securities and Exchange Commission regulation. On Wednesday, the SEC…

Crypto Companies Flee China Following Government Policies

China's crypto crackdown was always going to affect the industry in several ways. However, the country still holds a significant stake in the industry. It appears that the fallout of its crypto ban is quite strong. Everyone is Leaving China Several crypto companies are leaving China this week. They're doing so because the government has made all crypto transactions illegal. Like South Korea, China regulates crypto harshly. The exits have been swift. Crypto exchange BitMart announced that it would remove all accounts created…

U.S. House Greenlights Crypto Provision Inclusive- Defense Bill, Awaiting the Senate’s Blessing

Earlier today, The lower house of the U.S. Congress approved the controversial national defense act that includes crypto provision policies. The fate of the bill now lies in the hands of the U.S. Senate; hence the notion that it may stand as the law remains plausible. The defense bill focuses on the U.S. military’s expenditure and includes ways to innovate the financial industry. In recent times, the U.S. government has sought several ways to adapt to the inevitable cryptocurrency mass…

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…

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