Two U.S. lawmakers have introduced legislation to govern the use of stablecoins. The legislation, announced Wednesday (April 17) by Sen. Kirsten Gillibrand (D-N.Y.) and Sen. Cynthia Lummis (R-Wyo.) would require stablecoin issuers to maintain one-to-one reserves and ban unbacked, algorithmic stablecoins. It would also outlaw “illicit or unauthorized” use of...
The British government is reportedly readying legislation for stablecoins and crypto staking, exchange and custody. “We are now working at pace to deliver the legislation to put our final proposals for our regime in place,” said Economic Secretary Bim Afolami, whose comments Monday (April 15) at the Innovate...
The cryptocurrency industry can learn lessons from the settlements three crypto exchanges reached with regulators. So said the chief compliance officers of Binance, Coinbase and Kraken while speaking Wednesday (April 10) at Chainalysis’ Links conference in New York, the Wall Street Journal (WSJ) reported Wednesday. Each of...
Ten cryptocurrency exchanges account for 90% of the market’s trading. And that concentration could be a problem, according to a report issued Wednesday (April 10) by the European Securities and Market Authority (ESMA). “While this might be advantageous from an efficiency standpoint due to economies of scale, it...
Cryptocurrency is increasingly becoming a safe haven for “malign actors” such as terror groups. That’s according to testimony Tuesday (April 9) by U.S. Treasury Deputy Secretary Wally Adeyemo, who spoke before the Senate Banking Committee. “Our problem is that actors are increasingly finding ways to...
Keytom, a neobank centered around digital assets, has announced its launch. The Dubai-based company said its goal is to introduce “a new era of financial management by organizing all digital assets in one convenient location,” according to a Tuesday (April 9) news release, targeting people...
Binance’s new CEO said the cryptocurrency exchange is a more mature company now. Speaking with CNBC Tuesday (April 9), Richard Teng acknowledged concerns raised by the U.S. Department of Justice — which fined Binance $4.3 billion last year — over the company’s “better to ask for forgiveness than permission” ethos. “In...
The U.S. Treasury Department wants more tools to curb terror financing. Deputy Secretary Adewale O. Adeyemo is due to testify before the Senate Banking Committee Tuesday (April 9) and ask lawmakers for greater authority to block terrorist groups and state actors for using things like overseas cryptocurrency...
Will this be the year that cryptocurrency’s market capitalization surpasses the $5 trillion mark? Ripple CEO Brad Garlinghouse seems to think so. Speaking to CNBC Sunday (April 7), Garlinghouse said he expects the value of the crypto market to double in 2024, thanks to factors like the approval of the...
