Credit rating agency Standard and Poor (S&P) Global believes the country of El Salvador has severely harmed its credit rating after enacting its Bitcoin Law recognizing Bitcoin (BTC) as legal tender nationwide on Sept. 7. According to a report from Reuters Thursday, El Salvador’s Bitcoin embrace exposes its economy to significant financial risks and could pose challenges for the country’s lending industry. The credit agency also believes the move could also dampen El Salvador’s chances of securing a $1-billion loan agreement it is seeking from the International Monetary Fund (IMF). “The risks associated with the adoption of bitcoin as legal …

On Wednesday, speaking at a meeting of the Exchequer Club — which is a group of senior economic and financial policy professionals headquartered in Washington, D.C. — Acting Comptroller of the Currency Michael Hsu delivered remarks on the topic of safeguarding trust in banking. In the speech, Hsu named reducing inequality, adapting to digitalization, acting on climate change and guarding against complacency as the main priorities of his office. Speaking on the regulatory challenges emerging as a result of digitization of the financial system, the head of the Office of the Comptroller of the Currency (OCC) listed rising cryptocurrency-related and …

President Joe Biden has tapped acting chairperson of the Commodity Futures Trading Commission (CFTC) Rostin Behnam to assume his position on a permanent basis and two others to fill vacant commissioner seats. In a Monday announcement from the White House, President Biden said he planned to nominate Behnam — who has been serving as lead at the Commodity Futures Trading Commission since former chair Heath Tarbert left in January — in addition to Kristin Johnson and Christy Goldsmith Romero. All must be confirmed by the Democrat-controlled Senate. According to her faculty profile at the Emory University School of Law, Johnson …

The price of Bitcoin (BTC) is facing an intense period of volatility since moving from a $52,950 top on Sept. 7 to a $42,800 low just two hours later. More recently, the $45,000 support was held for a couple of days despite being heavily tested, and this triggered a $3,400 up- and down-swing on Sept. 13. There’s little doubt that shorts — traders betting on a price decrease — have taken the upper hand since the liquidation of $3.54 billion worth of long (buyers) futures contracts on Sept. 7. MicroStrategy’s Sept. 13 announcement that it added over 5,050 Bitcoin at …

Gary Gensler, chair of the United States Securities and Exchange Commission, is once again urging crypto projects with securities to register with the regulatory body to ensure that investors are protected. In a prepared statement for his testimony at the Senate Committee on Banking, Housing, and Urban Affairs scheduled for Sept. 14, Gensler said the Securities and Exchange Commission, or SEC, was working with the Commodities Futures Trading Commission for investor protection in crypto markets. In addition, he hopes to develop a policy framework by working with the Federal Reserve, Department of Treasury, Office of the Comptroller of the Currency, …

Too much is happening in the realm of crypto policy and regulation to leave the biggest developments of each week without a roundup and at least some conceptual reflection. Starting today, we are getting back to decoding crypto law and everything around it that is worth decoding. Who’s next to follow El Salvador? Eyeballs galore will be pinned to the great Salvadoran experiment from now on. People with PhDs in economics and applied statistics within central banks and research institutes will chase every accessible data point that could be remotely helpful in making sense of the effects of Bitcoin’s adoption …

To celebrate the holiday season in India, cryptocurrency exchanges are looking to lure retail traders by launching aggressive marketing campaigns and giving away crypto. For this year’s Hindu holiday season, which kicked off on Sept. 10, crypto exchanges are encouraging citizens to choose Bitcoin as a gift instead of their traditional choice this time of year — gold. Sathvik Vishwanath, the co-founder of the popular crypto exchange Unocoin, told the Economic Times that if approached right, “Bitcoin and gift vouchers can be an interesting option for users to consider as more awareness activity is expected across the industry.” The exchange …

Crypto regulation has become an increasingly relevant topic over the past several years. To address these legal ins and outs amid the ever-changing regulatory waters, VC firm Andreessen Horowitz has called upon a previous leader of the United States Commodity Futures Trading Commission’s, or CFTC, to join its team. “As part of our larger effort to make sure we have a world-class support system in place when it comes to policy and regulatory matters, I’m thrilled to announce that Brian Quintenz, a former Commissioner of the Commodity Futures Trading Commission, is joining as an advisory partner on the crypto team,” …

A new poll has found that 27% of United States residents support the government recognizing Bitcoin (BTC) as legal tender. According to a poll from research and data analytics firm YouGov, 11% of respondents “strongly support” the idea that Bitcoin should be used as legal tender in the United States, and a further 16% of respondents would “somewhat support” it. The poll, which surveyed 4,912 U.S. residents, indicated that a larger number of Democratic respondents support the proposition than Republicans. Around 29% of Democrats stated they either strongly or somewhat support recognizing BTC as legal tender compared with 26% of …

Australian buy now pay later (BNPL) giant Afterpay — now part of Jack Dorsey's Square — has said that it is likely to pursue cryptocurrency services once the regulatory framework is clear. Following Afterpay’s submission to the Senate inquiry into “Australia as a Technology and Financial Center,” which posited that merchants could slash payment costs by utilizing cryptocurrencies, representatives spoke to the inquiry on Sept. 8. Afterpay’s vice president for public policy and communications Damian Kassabgi said that “this idea of being able to exchange currencies from person to person or to a merchant without going through the traditional rails …

A senior executive for Hong Kong’s Securities and Futures Commission, or SFC, believes more needs to be done to tackle cryptocurrency fraud, offering clues about future guidance on digital asset trading in the special administrative region. Deputy chief executive Liang Fengyi said the SFC is obligated to expand the scope of cryptocurrency supervision in the city-state, especially as it pertains to unlicensed trading, according to an English translation of an article published in local newspaper ETNet. She explained that, since crypto assets are not recognized as securities or payment methods, they fall outside the jurisdiction of the SFC. As a …

Thailand’s Securities and Exchange Commission has temporarily suspended the services of the local branch of crypto exchange Houbi and recommended revoking its operating license with the Ministry of Finance. With the suspension in place, Huobi has been given three months to return all assets to its clients. Huobi, which is branded as DSDack in Thailand, received the suspension order after failing to comply with local regulations related to its operations and management structure. According to the Thai SEC, Huobi was first informed about a breach of compliance during an investigation that started in February 2021. After its reported failure to …