US officials to investigate digital currencies’ oversight
The New York Times reports that American officials at the state and federal levels are concerned about whether digital currencies can police themselves and have begun “broad investigations.” Already, the Senate homeland security committee has sent out a written query asking financial regulators and heads of law enforcement what threats and risks “virtual currency” poses. “This is something … that demands a whole government response,” an anonymous source close to the inquiry is quoted as saying. This all coincides with a subpoena from the State of New York’s Superintendent of Financial....
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The European Council, a body within the European Union composed of heads of state as well as the president of the confederation's executive branch, will propose rules for digital currency exchanges and wallet providers in the region by June, according to statements today following a meeting in Brussels. The news comes on the heels of a move by the European Commission to set the stage for stricter oversight of exchanges and wallet service providers. On 2nd February, the Commission said that it seeks “to help identify the users who trade in virtual currencies”, as well as end “the anonymity....
Government watchdog Empower Oversight has requested internal documents from the U.S. Securities and Exchange Commission (SEC) on cryptocurrency that potentially show conflicts of interest at the commission involving former high-level officials. This affects the commission’s lawsuit against Ripple Labs and its executives. SEC’s Conflicts of Interest Involving Bitcoin, Ether, XRP, Ripple Empower Oversight Whistleblowers & Research (Empower Oversight) announced Wednesday that it has submitted a detailed request under the Freedom of Information Act (FOIA) to the U.S. Securities and....
The Biden administration is reportedly looking to increase oversight of the crypto market with the aim to protect investors and prevent illicit transactions. White House officials, lawmakers, and central bankers have had several meetings on cryptocurrency regulation amid recent price swings of crypto assets. Biden Administration Discussing Crypto Regulation The Biden administration, lawmakers, and central bankers have held numerous meetings amid recent volatility in the crypto market, the Washington Post reported Tuesday. White House officials were briefed by the Treasury Department about....
Former Federal Reserve chairman Ben Bernanke offered both muted praise and criticism when discussing bitcoin in a new interview, suggesting that government oversight of blockchain transactions could counter perceived risks. Speaking toQuartz, Bernanke said that bitcoin is "interesting from a technological point of view", pointing to wider developments in the emerging payments space. "We're in a world where the payments system is evolving quickly and new approaches to managing payments are proliferating, and some of the ideas around bitcoin will no doubt be useful in doing that," he told....
California state officials are considering the creation of a set of regulations that would seek to inform consumers of the risks associated with using virtual currencies while simultaneously creating safeguards against said risks. The Department of Business Oversight claims that the state's money transmitter laws, which are currently used to regulate business such as Western Union, are applicable to Bitcoin. Speaking with Bloomberg, California Department of Business Oversight spokesperson Tom Dresslar said: The consensus among staff is that the department and commissioner could regulate....