Former Solicitor General Donald B. Verrilli has recently accused US regulators of intentionally stifling the growth of the crypto industry through debanking practices. Verrilli, who now works as a senior legal strategist for Grayscale Investments, expressed his concerns in a joint amicus brief with Paul Clement, another former Solicitor General. This criticism highlights a growing
Regulation
The European Banking Authority (EBA) recently announced an update to its Travel Rule guidelines, extending the requirements to crypto service providers and intermediaries. This move aims to enhance the traceability of asset transfers and combat money laundering and terrorist financing in the European Union. Starting from December 30, 2024, crypto exchanges operating in the EU
The launching of spot Ethereum ETFs has been a hot topic in the financial market, with various experts providing their predictions. Bloomberg ETF analyst James Seyffart shared his prediction on social media, indicating a potential launch around July 15. However, he admitted to having low confidence in this prediction due to the unpredictable nature of
The Financial Supervisory Service (FSS) of South Korea has recently announced its plans to tighten oversight of cryptocurrency trading platforms under its jurisdiction. The aim behind this move is to eliminate fraudulent transactions within the crypto market. In a notice released on July 4, the regulator emphasized the need for local exchanges to establish a
The Securities and Exchange Commission (SEC) of Nigeria recently released the “SEC Regulatory Incubation Guidelines,” introducing stringent requirements for Virtual Asset Service Providers (VASPs) operating in the country. These new guidelines are aimed at enhancing regulatory oversight, supporting local market development, and addressing the challenges faced by Nigeria in maintaining the value of its fiat
Recently, crypto exchange KuCoin announced that it would start collecting a 7.5% value-added tax on trading fees from its Nigerian users. This decision, set to take effect on July 8, has raised eyebrows in the industry. The introduction of this VAT could have significant implications for Nigerian users of KuCoin. The 7.5% tax on trading
Galaxy Digital CEO Mike Novogratz has expressed optimism regarding the future regulatory environment for cryptocurrencies in the United States. According to Novogratz, regardless of the outcome of the 2024 presidential election, positive crypto legislation is inevitable. He emphasized the importance of bipartisan support for the crypto sector, noting that most politicians in the US are
The Monetary Authority of Singapore (MAS) recently made significant updates to its Counter-Terrorism regulations, particularly concerning Digital Payment Token (DPT) service providers. In response to the country’s Terrorism Financing National Risk Assessment (NRA) and National Strategy for Countering the Financing of Terrorism, MAS raised the risk level of DPTs from medium-low to medium-high. This adjustment
The current approach of the US Securities and Exchange Commission (SEC) towards crypto disclosure filings has been deemed as problematic by both billionaire investor Mark Cuban and SEC Commissioner Mark Uyeda. Form S-1, the registration statement required by domestic issuers to offer new securities publicly, poses significant challenges for token-based companies. These companies often have
Silvergate Capital recently settled with the SEC for a substantial $50 million. This settlement comes after Federal Reserve governors and California financial regulators demanded an additional $63 million in fines on July 1. The SEC alleged that Silvergate Capital, along with its subsidiary Silvergate Bank, and two executives, misled investors about the strength of its