Cryptocurrency exchanges and digital asset traders in Nigeria are facing increased scrutiny from the country’s Securities and Exchange Commission (SEC). The SEC has issued a 30-day ultimatum for these businesses to re-register, with enforcement actions threatened for non-compliance. This move comes as part of the Accelerated Regulatory Incubation Program (ARIP) for Virtual Assets Service Providers
Regulation
Louisiana Governor Jeff Landry recently made headlines by signing a bill that takes a strong stance against central bank digital currencies (CBDCs) and supports the protection of crypto mining. The bill, known as HB 488, not only prohibits governing authorities from accepting or requiring payments in CBDCs but also prevents them from participating in CBDC
Coinbase, a leading cryptocurrency exchange, may face regulatory challenges due to its compliance with the new Financial Accounting Standards Board (FASB) rules. These rules, which shift the accounting and disclosure for cryptocurrencies to a fair-value model from a cost-less-impairment model, were agreed upon by the FASB in 2023 and will officially take effect in 2025.
The recent announcement of Kanav Kariya’s resignation as the President of Jump Crypto has sent shockwaves through the digital assets industry. Kariya cited personal reasons for his departure, leaving behind a successful tenure at Jump and expressing excitement for future endeavors. However, the timing of his resignation, coming just four days after reports of a
Ripple, a prominent crypto company, is facing legal challenges after a US judge in California gave the green light for a lawsuit questioning the honesty of its CEO, Brad Garlinghouse. The lawsuit revolves around allegations that Garlinghouse made misleading statements that led investors to put their money into the digital asset XRP. During a televised
The US Commodity Futures Trading Commission (CFTC) has launched an investigation into Jump Crypto for reasons that have not been disclosed. This move comes amidst a broader crackdown by US regulators on the crypto industry, with one-third of the CFTC’s enforcement cases in 2023 targeting crypto firms. The CFTC is reportedly looking into Jump Crypto’s
The recent decision by the SEC to close its investigation into Ethereum 2.0 is a significant win for the Ethereum community. This determination that sales of ETH are not securities transactions comes after a letter from Consensys seeking clarity on the matter. Following the approval of ETH ETFs based on ETH being classified as a
The US Securities and Exchange Commission (SEC) has recently expressed concerns regarding Circle’s stablecoin, USDC, as the company moves forward with plans to go public through a multi-billion dollar initial public offering (IPO). Regulatory documents obtained by Barron’s on June 18 revealed that the SEC has raised issues related to the potential classification of USDC
Recently, the Financial Supervisory Service (FSS) of South Korea clarified its role in the removal of digital assets from local cryptocurrency exchanges. Reports surfaced on June 17 alleging that the FSS had directed registered exchanges such as Upbit, Bithumb, and Gopax to assess various tokens on their platforms. This directive was in line with the
David Hirsch, the SEC crypto asset enforcement chief, recently announced his departure from the agency after serving for almost nine years. During his time at the agency, Hirsch led the Crypto Assets and Cyber Unit team and oversaw numerous cases related to cryptocurrencies. Hirsch started leading the SEC’s Crypto Asset and Cyber Unit in the
