Crypto in the crosshairs: US regulators eye the cryptocurrency sector
U.S. regulators are looking at crypto-related areas, touching on financial regulation, economic innovation and national security. In her monthly Expert Take column, Selva Ozelli, an international tax attorney and CPA, covers the intersection between emerging technologies and sustainability, and provides the latest developments around taxes, AML/CFT regulations and legal issues affecting crypto and blockchain.Lately, news headlines are focused on regulators’ concerns over the lack of investor protections in the cryptocurrency market, which has ballooned to more than $2 trillion, and the....
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Crypto exchange Coinbase has been meeting with a number of regulators to convince them that the U.S. should have just one federal regulator overseeing the crypto sector. Currently, there is a variety of different regulators in the U.S., CEO Brian Armstrong explained, noting that Coinbase has “53 regulators in just one country, the United States.”
Coinbase Wants One Regulator in the US
The Nasdaq-listed cryptocurrency exchange Coinbase is pushing for the U.S. to have just one crypto regulator.
“We’ve met with a number of different regulators....
Binance has become a target for regulatory action across the globe, but is it the exchange being targeted or the crypto ecosystem in general? Is Binance crypto’s new whipping boy? Regulators in the United States, the United Kingdom, Canada, Japan, Thailand and the Cayman Islands have all recently issued warnings and even criminal complaints against the cryptocurrency exchange. Even Poland entered the fray as its financial regulator warned citizens to exert “special caution” when using Binance’s trading services.Some have opined that the firm has only itself to blame for this recent burst....
During all of these ongoing investigations, the Bitcoin price has been soaring. Two of the world’s largest banks have been fined over their malpractices. Deutsche Bank agreed to a US$7.2bn settlement over its mortgage-back securities investigation. Credit Suisse Group AG will pay US$5.28bn for a similar incident. More and more of these stories have been popping up in recent months. It is evident the banking sector is prone to more fines shortly. Settlement cases in the financial sector are not out of the ordinary. Unfortunately, it appears banks have so much malpractice to answer for as of....
The U.K.’s Crypto and Digital Assets All Party Parliamentary Group (APPG) announced it will launch an inquiry into the crypto and digital asset industry. The United Kingdom Crypto and Digital Assets All Party Parliamentary Group (APPG) announced Thursday its upcoming inquiry on the country’s crypto and digital asset sector. The announcement included details of the group’s plans and how interested parties can participate. According to the statement, the inquiry will highlight various areas of engagement with crypto and digital asset space. This includes the U.K.’s current approach to....
Binance is set to face heavy regulations in the future with the mindset of shifting from a tech startup to a financial service, Changpeng Zhao said. Binance US, a United States-based cryptocurrency exchange operating separately from Binance, is looking to go public despite the ongoing regulatory crackdown on Binance.Changpeng Zhao, founder and CEO of the global exchange Binance, talked about its ongoing regulatory issues and future plans at the blockchain virtual summit REDeFiNE Tomorrow 2021 on Friday.The CEO expressed confidence that Binance is set to face heavy regulations in the....