U.S. Securities and Exchange Commission (SEC) Chairman Gary Gensler has reiterated that the crypto industry is filled with instances of abuse and fraud, citing a significant number of bankruptcies in recent years. He also cautioned investors in spot bitcoin exchange-traded funds (ETFs) that these products are based on a “highly speculative volatile underlying asset: bitcoin.” […]
Category: crypto regulations
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Nexo Secures Preliminary VARA Approval to Launch Crypto Lending and Brokerage Services in Dubai
On Tuesday, Nexo announced its Dubai entity, Nexo DWTC, had secured preliminary approval from Dubai’s Virtual Assets Regulatory Authority (VARA) to engage in virtual asset lending, borrowing, and broker-dealer activities within the UAE’s most populous city. Nexo Gains Initial VARA Approval for Dubai Crypto Operations The crypto lender Nexo received a provisional “Initial Approval [IA]” […]
CBDC Anti-Surveillance State Act Back in the Senate
The CBDC Anti-Surveillance State Act has been reintroduced in the Senate with the support of five U.S. senators. “As Americans face the prospect of an increasingly weaponized government, ensuring financial privacy is pivotal,” said one senator who supports the bill. A central bank digital currency (CBDC) “would open the door for the federal government to […]
$30 Billion Investment Platform Approves 4 Spot Bitcoin ETFs for Clients
Carson Group, an investment platform with $30 billion in assets under management, has reportedly approved four spot bitcoin exchange-traded funds (ETFs) on its platform. The approved funds include Blackrock’s Ishares Bitcoin Trust (IBIT) and Fidelity Wise Origin Bitcoin Fund (FBTC). “We feel it is important to offer these products as a result of two of […]
ECB Economists: Bitcoin Fails to Become Global Decentralized Digital Currency, BTC’s Fair Value Is Still Zero
The European Central Bank (ECB) has published a blog post claiming that “bitcoin has failed to fulfill its original promise to become a global decentralized digital currency.” The ECB economists who authored the post added that bitcoin’s fair value is still zero and bitcoin transactions are “still inconvenient, slow, and costly.” Moreover, they asserted that […]
Coinbase CEO Says No Access Block in Nigeria, Platform Operating Normally
Coinbase CEO Brian Armstrong has dismissed reports of his cryptocurrency exchange being blocked by Nigerian authorities. He emphasized that Coinbase products are fully operational in Nigeria without any interruptions. “We have not received any outreach or communication from officials in Nigeria,” the Coinbase executive affirmed. Meanwhile, Binance has reportedly admitted that some users in Nigeria […]
Donald Trump Acknowledges Bitcoin’s Popularity — Says BTC Has Taken on ‘a Life of Its Own’ and ‘I Can Live With It’
U.S. presidential candidate and former President Donald Trump has acknowledged the growing popularity of bitcoin, stating that “a lot of people are doing it” and the crypto has taken on “a life of its own.” Trump further shared: “More and more I’m seeing people wanting to pay bitcoin and you’re seeing something that’s interesting so […]
Peter Brandt Warns Against Trusting SEC Chair Gary Gensler — Says He Has Long History of Not Protecting Investors
Veteran trader Peter Brandt has warned that U.S. Securities and Exchange Commission (SEC) Chairman Gary Gensler should not be trusted. He stressed that Gensler “has a long history of not looking out for the interests of investors.” Brandt further emphasized that the SEC chairman “was instrumental in the bankruptcy” of a major company and was […]
SEC’s Revised ‘Dealer’ Definition Sparks Concerns Over Impact on Crypto Innovation
The U.S. Securities and Exchange Commission (SEC) has adopted rules to require firms that act like dealers to register with the Commission. A lawyer explained that the securities regulator took a shot at decentralized finance (Defi) with the rules, which explicitly target decentralized exchanges’ (DEX) liquidity providers (LPs) with at least $50 million in assets. […]
JPEX scandal won’t hurt Hong Kong crypto vision: Financial Secretary
Christopher Hui took the stage at Fintech Week and outlined a list of regulatory moves Hong Kong authorities are looking to implement following the JPEX scandal.