Nobody can be sure where the country’s antagonism to crypto originated or why it still persists even after the nonfungible token (NFT) and crypto “boom” of 2021, which took off in a major global way and prompted officials in the United States and Europe to backtrack on their initial antipathy for the space, finally opening up to regulations. The White House just released its first crypto regulatory framework in September 2022, and the European Parliament Committee followed up in October 2022 by approving the Markets in Crypto-Assets framework, also known as MiCA, with a landslide vote. As the first European …

Self-regulation will be critical in governing the rapidly changing landscape of the cryptocurrency industry in order to preserve its autonomous, decentralized nature. Months after the collapse of the Terra ecosystem that propelled crypto’s market capitalization below $1 trillion, the industry is beginning the long process of rebuilding not only retail trust but also faith in itself. Current market conditions are in part due to structural weaknesses in smart contracts, models and governance processes. This is made evident by the many hacks and exploits that have taken place this year and the ballooning of projects with flawed tokenomics and that are …

Bitcoin (BTC) has seen a 41% increase in energy consumption Year-on-Year (YoY) despite dramatic improvements in energy efficiency and a more diverse and sustainable energy mix — but there are concerns the rise could see regulators clamp down on mining. The data comes from a Q3 2022 report by the Bitcoin Mining Council (BMC) which represents 51 of the world's largest Bitcoin mining companies. The report found Bitcoin mining to consume 0.16% of global energy production, slightly less than the energy consumed by computer games according to the BMC — and an amount it considered to be “an inconsequential amount …

Over the last few years, the cryptocurrency industry has been a primary target for regulators in the United States. The legal battle between Ripple and the United States Securities and Exchange Commission (SEC), Nexo’s lawsuit with the securities regulators of eight states, and the scrutiny targeting Coinbase’s Lend program last year are only a few high-profile examples. This year, even Kim Kardashian had first-hand experience with regulatory scrutiny after agreeing to pay a $1.26 million fine for promoting the dubious crypto project EthereumMax. While Ethereum developers intended to pave the way for key network upgrades in the future, it seems …

This month, the European Union (EU) agreed on the text for a unified licensing regime for cryptocurrency exchanges to operate across the EU bloc as part of its Markets in Crypto Assets Regulation (MiCA). The United States — despite being a traditional global leader in legal frameworks for technological innovation — has not provided that same regulatory clarity. National cryptocurrency exchanges in the U.S. are regulated at the state level through a patchwork of money transmission laws that overburden companies while under-protecting consumers. In our view, many digital tokens are properly characterized as digital commodities rather than securities. Yet, a …

U.S. investors have been waiting for a Bitcoin exchange-traded fund (ETF) approval since May 2014 when the Winklevoss Bitcoin Trust filed an amendment request at the Securities and Exchange (SEC). Over the years, the SEC has rejected every applicant and the latest denial was issued to WisdomTree’s application for a spot Bitcoin ETF on Oct. 11. The SEC concluded that the offer did not have the ability “to obtain information necessary to detect, investigate, and deter fraud and market manipulation, as well as violations of exchange rules and applicable federal securities laws and rules.” Bitcoin investment trust vehicles have existed …

It may not have been Tulip season in the Netherlands, but there was a palpable buzz at the picturesque Westerpark, which played host to the Bitcoin Amsterdam 2022 conference. Prominent speakers from all corners of the Bitcoin (BTC) ecosystem drew in a healthy number of attendees across the two days of the program, exploring wide-ranging topics, challenges and successes as the space nears its 14th year of existence. With global economic woes continuing across conventional markets and global monetary inflation concerns mounting, Bitcoin’s role as a potential hedge was a major topic of discussion, kicking things off inside the Westerunie …

El Salvador, the first nation to make Bitcoin (BTC) a legal tender in September last year, is currently focused on building a Bitcoin City. There have been several delays and disruptions in the plans since its announcement last year owing to the bear market-led investment drought and geo-political tensions. Cointelegraph reporter Joseph Hall got in touch with Héctor Enrique Celarié Landaverde, the deputy ambassador of El Salvador to the kingdom of the Netherlands, to get some insights into the country’s progress with its much-hyped project. Landaverde told Cointelegraph that the government is following a “first come first serve” basis, where …

The charges incited a public debate — is the requirement to disclose the amount paid to promote an investment opportunity important? What’s new? Celebrities and social media influencers have long enjoyed a lucrative revenue stream in promoting and endorsing services and products ranging from clothing to beauty products, and even supplements and medications. The Federal Trade Commission (FTC) regulates endorsements by requiring various acts and disclosures, including whether a financial relationship exists between the endorser and the company, whether a post was paid for and even by requiring an endorser to personally try a product before endorsing it. Still, the …

Acting Comptroller of the Currency Michael J. Hsu urged his fellow regulators not to lower their standards when dealing with crypto under the pressure of “being perceived as anti-innovation luddite.” According to the OCC, it’s necessary to “learn and smartly adapt” to ensure safety, soundness, and fairness regarding the industry. Hsu made his remarks on crypto during his speech at the Harvard Law School on Oct. 11. The full text of the speech was published on the OCC’s official website. Having started from his private experience example, Hsu criticized the rush and fear of missing out (FOMO) syndrome, which, in …

Bitcoin has been projected as many things since its inception in 2009. However, the most talked about aspects have been a fungible form of future money and an inflation hedge. The last Bitcoin (BTC) halving cycle (a block reward halving event that happens approximately every four years) coincided with the raging COVID-19 pandemic, which solidified many people’s belief in the nascent tech as a true hedge against inflation and worldly disorders. One year down the line, however, BTC has lost 75% of its market capitalization and not many would agree with the inflation hedge theory. During the last year’s bull …

In her 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 digital assets and blockchain. It’s fair to say that the United States is one of the most crypto-friendly countries in the world. It ranks No. 1 in the quantity of Bitcoin and Ethereum nodes, and regulators have taken a particular interest in the subject. In September, the administration of President Joe Biden released a series of federal reports addressing how crypto might be regulated in the …