Cryptocurrencies had a volatile week after Bitcoin's (BTC) sudden crash to $33,000 on Jan. 24. However, the sharp 9% drop fully recovered within 8 hours after BTC price regained the $36,000 support. On Jan. 26, Bitcoin rallied to $38,960 but it could not sustain the level and corrected by 8.8% in the following 8 hours. When factoring in the recent ups and downs, Bitcoin managed to only gain a meager 1.6% over the past seven days. Even with the considerable price swings, the aggregate futures contracts liquidations were relatively low. Longs (buyers) had $570 million futures terminated, while shorts (sellers) …

One of the most fascinating implications of the collision between traditional political institutions and the crypto space is how it can reveal the glaring lack of cohesion within power systems that otherwise look monolithic. Digital assets reside in a parallel policy dimension where neither a centralized consensus nor a clear rulebook exists, leading to a surprising variety of voices and opinions emerging in the absence of a politically coordinated course. Last week, a rare lively policy debate broke out in Russia in the aftermath of its central bank’s attempt to promote a hardline stance on crypto. One does not often …

As the Department of the Treasury has announced its regulatory agenda for the fiscal year earlier today, many in the web3 space have likely experienced flashbacks to December 2020, when the agency had first proposed to impose know your customer, or KYC, rules on transactions that involve self-custodied crypto wallets. The Treasury’s semiannual agenda and regulatory plan, a document that is meant to inform the public of the department’s ongoing rulemaking activities includes and encourage public feedback, features a clause entitled “Requirements for certain transactions involving convertible virtual currency or digital assets.” Ascribed to the Treasury’s Financial Crimes Enforcement Network, …

The United Nations Children's Fund has called for incorporating child safeguards into online child protection initiatives, citing financial and exploitative threats posed by unregulated crypto markets. UNICEF’s “Prospects for children in 2022” report, which examines the impact of global trends on children, anticipates further mainstream adoption of cryptocurrencies — “demonstrating both the promise of greater financial inclusion and the need for new child safeguards.” The report shows that digital currencies have gained widespread interest in 87 countries by the end of 2021, with the majority of jurisdictions experimenting on their own versions of a central bank digital currency. UNICEF expects …

On Jan. 27, a group of eight U.S. lawmakers, led by Senator Elizabeth Warren, sent letters to the world’s six largest Bitcoin mining companies, demanding to reveal the detailed data on their electricity consumption. This isn’t the first time Senator Warren requested this information from a mining operation — last month a similar letter was sent to Greenidge Generation, which uses a natural gas plant to power its facility. These moves highlight the increasing regulatory pressure on crypto mining businesses in the United States. But, as last week’s Congress hearing showed, the growing scrutiny might turn out to be an …

North Carolina Representative Ted Budd submitted an amendment to the omnibus America COMPETES Act of 2022, specifically targeting the provision that would allow the Treasury Department to impose “special measures,” including surveillance and outright prohibitions, against “certain transmittals of funds.” As Cointelegraph reported, executives of crypto advocacy group Coin Center had earlier turned the spotlight on the provision, introduced by Connecticut Representative Jim Himes, that would scrap the existing checks – such as the requirement of public consultation and time limits on special measures orders – constraining the Treasury’s power to unilaterally prohibit financial transactions. If passed in its current …

Over the last week, regulators in three major jurisdictions across two continents introduced new rules governing cryptocurrency-related promotions and advertisements. Citing consumer risks associated with digital asset investments, authorities in the United Kingdom, Singapore and Spain tightened the requirements around crypto firms’ marketing messaging and customer recruitment practices. While some experts view this emerging trend as a sign of a new global phase of cryptocurrency regulation, questions about the efficiency and universal applicability of this approach persist. New measures In the United Kingdom, Her Majesty’s Treasury issued a report summarizing the results of a public consultation on crypto-asset promotions, published …

Bitcoin (BTC) craze among lawmakers has reached the Belgian parliament now, as Brussels member of parliament Christophe De Beukelaer became the first European politician to convert his salary to Bitcoin. The Brussels MP’s monthly salary of EUR 5,500 will be converted to Bitcoin using Bit4You crypto trading platform, reported Bruzz. Beukelaer who represents Humanist Democratic Centre (CDH) party, hopes his move would inspire other politicians in the region to show a similar interest in the nascent tech. Beukelaer cited the example of New York City Mayor Eric Adams and how American politicians are working to make their native state or …

The former Secretary of State for Health and Social Care and current U.K. Member of Parliament (MP) Matt Hancock urged the House of Commons to make England the “home” of crypto. Hancock has served as an MP for West Suffolk since 2010 but stood down from his role as the Health Secretary in mid-2021 following controversy surrounding COVID breaches tied to an alleged extramarital affair. Which is to say his endorsement, while welcomed by the industry, may not hold as much cachet as it once did. Following up from his speech at the House of Commons on Jan. 27, Hancock …

Bitcoin (BTC) bulls are probably quite disappointed with how the start of 2022 has shaped up, especially since the cryptocurrency plunged over 20% in the first 25 days of the year. Even more shocking is the fact that the supposed $32,930 bottom on Jan. 21 was the lowest level BTC price had seen in 6 months, while equity markets as measured by the S&P500 reached an all-time high on Jan. 4. The sell-off in risk markets accelerated after the U.S. Federal Reserve announced its plan to raise interest rates in the coming months, a measure intended to hold back the …

On Jan. 20, the Central Bank of Russia (CBR) issued a report summarizing its position on digital assets and proposing a ban on any crypto trading and mining operations in the country. Although the CBR’s strict position on the matter was never a secret, such a bold statement triggered waves of fear, uncertainty, and doubt — otherwise known as FUD — across the board, given Russians’ high rates of involvement in the global digital assets market. Yet, there are reasons to doubt the ultimate effectiveness of the CBR’s hardline bidding, both in terms of its enforceability and its acceptance by …

In a new twist of the Russian crypto regulation saga, the country's Ministry of Finance has come forward with an initiative that stands in stark contrast with the Central Bank's hardline position. The Central Bank of Russia recently called for a ban on crypto trading and mining activities throughout the country. Citing volatility, environmental impact, and use in illegal activities, the central bank published a report calling regulators to implement a total ban and impose strict sanctions on violators. However, the proposal received opposition from the Russian Ministry of Finance. A few days after the central bank's call for a …