Regulation

Prosecutors from the United States and agents from the Internal Revenue Service (IRS) are reportedly investigating wealthy crypto traders and fund managers suspected of illegally benefiting from Puerto Rico’s tax breaks.  According to a June 12 report from Bloomberg, investigators are currently building civil and criminal cases against a number of hedge fund managers, crypto

A United States federal court has ordered Digitex CEO Adam Todd to pay roughly $16 million in disgorgement and penalties related to a Commodity Futures Trading Commission (CFTC) case. In a June 12 announcement, the CFTC said a judge in the U.S. District Court for the Southern District of Florida issued a default judgment against

In advance of required regulations that are expected in a year, the banking watchdog for the European Union asked stablecoin issuers to voluntarily follow certain “guiding principles” on risk management and consumer protection. The European Banking Authority (EBA) released its first set of measures on Wednesday, July 12, for public comment in an effort to

The European Commission has tipped “extended reality” — technology that enables people to interact with virtual worlds — will create as many as 860,000 jobs in Europe by 2025.  Extended reality or XR is an umbrella term for immersive technologies including virtual reality, augmented reality and mixed reality, and is a “major technology enabler” for

$30 trillion worth of capital could suddenly unlock for the Bitcoin market if a Bitcoin spot ETF is approved by the U.S. Securities and Exchange Commission, according to Bloomberg ETF analyst Eric Balchunas.  That is the estimated amount of assets controlled by financial advisors in the U.S., who would be willing to get exposure to

The Chinese government is now considering additional regulations on artificial intelligence (AI) development that emphasize content control and licensing.  A July 11 report from the Financial Times revealed that China’s Cyberspace Administration (CAC) wants to impose a system that would require local companies to obtain a license prior to releasing generative AI systems, according to

Dubai’s cryptocurrency regulator has suspended the license of crypto exchange BitOasis for not meeting mandated conditions within the timeframes set out by the authority. On July 10, the Virtual Assets Regulatory Authority (VARA) issued two alerts saying its undertaken enforcement action against BitOasis and is reviewing the Dubai-based firm. VARA said BitOasis’ conditional license, granted

Terraform Labs co-founder Shin Hyun-Seong, also known as Daniel Shin, has reportedly had his first hearing for charges related to allegedly illicit profits from the sale of Terra (LUNA). According to a July 10 report from News1 Korea, a trial preparation hearing for Shin and 7 alleged accomplices began in a Seoul Southern District Court

Stablecoin use could be “stifled” by daily transaction caps in the European Union’s Markets in Crypto-Assets (MiCA) legislation, with some calling for the framework to be revised. On May 31, MiCA was signed into law which paved the way for the world’s first regulatory guidance on cryptocurrencies to come into effect. The legislation was received

A Canadian judge has ruled that the widely used thumbs-up emoji can affirm that a person is legally entering into a contract.  According to a report from the New York Times, judge T.J. Keene said the decision mirrors a “new reality in Canadian society” as more people use emojis to express themselves in all sorts

Democratic presidential candidate Robert F. Kennedy Jr. owns up to $250,000 in Bitcoin (BTC), in contrast to his previous claim that he was not an investor in the leading cryptocurrency. A record obtained by CNBC shows Kennedy Jr. owned between $100,001 and $250,000 worth of Bitcoin at the end of June. The investment was made

The Association for Financial Markets in Europe (ASME), an industry advocacy group that represents wholesale market participants in Europe, called for the inclusion of the decentralized finance (DeFi) sector within the recently passed markets in crypto assets (MiCA) regulations. MiCA is considered the first potential comprehensive crypto legislation that is set to come into effect

According to a letter sent by the SEC on July 7 to a district judge, Coinbase had knowledge of the probability that federal securities laws would apply to its operations, openly informing its shareholders about the possibility of assets traded on its platform being classified as securities. “Since becoming a public company, Coinbase has repeatedly

United States-based cryptocurrency exchange Gemini has announced legal action against the conglomerate Digital Currency Group (DCG) and its CEO Barry Silbert, claiming “fraud against creditors”. In a July 7 filing in a New York court, Gemini alleged DCG and Silbert engaged in a scheme involving lending “huge amounts of cryptocurrency and U.S. dollars” to Genesis.

A possible approval of a spot Bitcoin exchange-traded fund (ETF) won’t be a game changer for crypto markets, although it might benefit the leading cryptocurrency, according to a report by JPMorgan managing director Nikolaos Panigirtzoglou. Based in London, Panigirtzoglou is part of JPMorgan’s global market strategy team. He believes that a Bitcoin ETF in the

Cryptocurrency exchange Crypto.com has petitioned a Florida court to confirm a judgment in its favor through arbitration after the platform mistakenly deposited $50,000 into a user’s account. According to the July 6 court filing, Crypto.com “erroneously deposited” $50,000 into James Deutero McJunkins’ account in June 2022, despite the user seemingly not earning the funds through