United States congressman Brad Sherman, a known crypto skeptic, has pointed the finger at “billionaire crypto bros” for slowing down much-needed cryptocurrency regulation. In a Nov. 13 statement addressing the collapse of crypto exchange FTX, Sherman said the exchange’s implosion has demonstrated the need for regulators to take immediate and aggressive action: “The sudden collapse this week of one of the largest cryptocurrency firms in the world has been a dramatic demonstration of both the inherent risks of digital assets and the critical weaknesses in the industry that has grown up around them.” “For years I have advocated for Congress …

United States senators Debbie Stabenow and John Boozman have doubled down on their commitment to publishing a final version of the Digital Commodities Consumer Protection Act 2022 (DCCPA) in the wake of FTX’s shocking collapse. For a short time, the cryptocurrency community wasn’t sure how the senators would respond to the FTX crisis — as the DCCPA bill is understood to have been strongly supported by FTX CEO Sam Bankman-Fried. But the members of the U.S. Senate Committee on Agriculture, Nutrition and Forestry confirmed their intentions in a Nov. 10 statement — stating “the events that have transpired this week …

The feud between the CEOs of crypto exchanges FTX and Binance — Sam Bankman-Fried (SBF) and Changpeng “CZ” Zhao — not only crashed cryptocurrency prices but also reminded regulators to step in and avoid similar fallouts in the future. Ever since CZ publicly announced Binance’s intent to liquidate its FTX Token (FTT) holdings, investors anticipating a price dump began selling off their FTT holdings as a means to minimize their losses. What followed was a steep 86% drop in FTT’s market value, down from the $22 range to $3 in a matter of hours. However, the eventful day concluded with …

Nearly half of Gen Z and Millennials want to see crypto become a part of their 401(k) retirement plans, according to an October survey from United States asset manager Charles Schwab. Asking participants what they would like to see added to their 401(k) retirement products, the firm found that 46% of Gen Z and 45% of Millennials said they "wish" they could invest in cryptocurrencies as part of their retirement planning. It shouldn't come as a surprise, as the survey also found that 43% of Gen Z and 47% of Millennials are investing in cryptocurrencies outside their 401(k) already, which …

United States Senator Bill Hagerty, a member of the Senate Banking Committee, introduced legislation seeking a safe harbor for cryptocurrency exchanges from “certain” Securities and Exchange Commission (SEC) enforcement actions. The Digital Trading Clarity Act of 2022, introduced by Sen. Hagerty, aims to provide regulatory clarity around two primary concerns plaguing crypto exchange establishments — (i) the classification of digital assets and (ii) related liabilities under existing securities laws. Sen. Hagerty outlined an overview of the problems amid regulatory hurdles: “The current lack of regulatory clarity for digital assets presents entrepreneurs and businesses with a choice: navigate the significant regulatory …

As the world waits to see America’s take on cryptocurrency regulation, crypto enthusiasts should keep one thing in mind: The industry can trust Senator Cynthia Lummis. Her proposal with Senator Kirsten Gillibrand, which we’ve all been waiting for action on, is bipartisan in nature. We’re still awaiting the final details, but things have slowed to a crawl with the November elections around the corner. United States Securities and Exchange Commission Chairman Gary Gensler has moved forward with commentary that suggests the Commodity Futures Trading Commission will take a major role in the oversight of Bitcoin (BTC), which, in and of …

There’s never a good time for a crypto winter, but it would be difficult to envision a worse time than right now. Even before 70% of Bitcoin’s (BTC) value evaporated seemingly overnight, things were not going great in the court of public opinion. Negative sentiment was everywhere; a Twitter account documenting crypto bros taking it on the chin racked up hundreds of thousands of followers. Now the biggest crypto exchanges in the world are laying off full-time employees by the thousands, and the self-proclaimed “Cryptoqueen” has landed a spot on the United States Federal Bureau of Investigation’s Ten Most Wanted …

Representatives of the crypto community shared their responses to the proposed Digital Commodities Consumer Protection Act (DCCPA) on Sept. 15. Speaking at the second panel of a hearing held by the Senate Agriculture Committee, invited speakers praised the bill as a whole, but had recommendations for improvement. Definitions were an issue for all five of the speakers and Blockchain Association head of policy Jake Chervinsky, who released a statement on the bill within moments of the conclusion of the hearing. All the commenters expressed a desire for a clearer definition of securities and commodities. “While the bill includes a carve-out …

The United States has been the global financial leader since World War II when the U.S. dollar became the world reserve currency. Consequently, Americans have enjoyed benefits like greater buying power, easier access to capital and low-interest rates—including on our national debt. Unfortunately, we face a growing threat to that dominance, from our national debt on the one hand and China’s ascendance and their own digital currency on the other. If the U.S. dollar lost its position as the world reserve currency, it would mean higher U.S. interest payments, more expensive debt repayments and a skyrocketing deficit. The best time …

Three months after being elected into power, the Australian Labor party has finally broken its silence on how it's planning to approach crypto regulation. Treasurer Jim Chalmers announced a “token mapping” exercise, which was one of the 12 recommendations in a senate inquiry report last year on “Australia as a Technology and Financial Center.” The report was warmly welcomed by the industry which has been anxiously waiting to see if the ALP government would embrace it. Aimed at being conducted before the end of the year, the token mapping exercise is expected to help “identify how crypto assets and related …

The United States Senate has confirmed the nomination of law professor Michael Barr to become the next vice chair for supervision for the Federal Reserve. In a 66-28 vote on the Senate floor on Wednesday, U.S. lawmakers confirmed Barr as vice chair for supervision of the Federal Reserve System for four years, filling the last seat on the seven-member board of governors. Barr, who was on the advisory board of Ripple Labs from 2015 to 2017, also served as the Treasury Department’s assistant secretary for financial institutions under former President Barack Obama and taught courses on financial regulation at the …

On June 7, United States Senators Cynthia Lummis and Kirsten Gillibrand launched the much anticipated Responsible Financial Innovation Act, proposing a comprehensive set of regulations that address some of the biggest questions facing the digital assets sector. By providing holistic guidance to the rapidly growing industry, the bill offers a bipartisan response to President Biden’s call for a whole-of-government approach to regulating crypto. Among its many proposals, the bill establishes basic definitions, provides an exemption for digital currency transactions and harmonizes the roles of the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC), delineating regulatory swim …