In a significant move that could reshape the landscape of consumer protection in the digital finance sector, the Consumer Financial Protection Bureau (CFPB) has proposed a new interpretive rule aimed at extending the protections of the Electronic Fund Transfer Act (EFTA) to cover crypto wallets. Announced on January 10, this potential regulation is designed to
Regulation
The Federal Deposit Insurance Corporation (FDIC) has traditionally been a guardian of consumer confidence in the banking system. However, recent remarks by interim FDIC Chair Travis Hill during a speech in St. Louis on January 10 have ignited discussions surrounding the agency’s treatment of the cryptocurrency sector. Hill expressed concern over what he termed “debanking,”
In a progressive move aimed at enhancing the United Kingdom’s position in the rapidly evolving cryptocurrency landscape, the UK Treasury has modified the Financial Services and Markets Act 2000 (FSMA). This amendment, effective January 31, 2024, sets a new precedent by categorically excluding crypto staking from the definition of a collective investment scheme (CIS). This
As Gary Gensler prepares to transition away from his role as Chair of the Securities and Exchange Commission (SEC), his tenure has not been without controversy, especially regarding how the agency has approached the burgeoning cryptocurrency sector. Since assuming leadership, Gensler has perpetually emphasized the dangers he perceives within the crypto environment, characterizing it as
In a promising turn of events for the cryptocurrency sector, South Korea is poised to loosen its stringent restrictions on crypto trading for institutional investors. Reports suggest that the Financial Services Commission (FSC) will initiate a phased regulatory update aimed at promoting greater institutional involvement in the burgeoning digital assets market. Current regulations confine crypto
In a significant shift within the Portuguese banking sector, Banco of Investimentos Globais (BiG) has initiated a prohibition on fiat transfers to cryptocurrency platforms, responding to the regulatory guidance from several prominent financial authorities. These include the European Central Bank (ECB), the European Banking Authority (EBA), and the Bank of Portugal. This move highlights a
Rostin Behnam, the Chair of the Commodity Futures Trading Commission (CFTC), has announced his resignation effective January 20, aligning with the inauguration of President-elect Donald Trump. This timing is strategic, as it provides the incoming administration the opportunity to appoint an interim chair before Congress ratifies a permanent successor. This transition is crucial as it
As the European market prepares for the implementation of the Markets in Crypto-Assets Regulation (MiCA) later this month, Tether—one of the leading players in the global stablecoin space—has made a significant investment in StablR, a stablecoin issuer. This strategic move reflects Tether’s efforts to adapt to a tightening regulatory environment that increasingly demands compliance from
The intricate relationship between the cryptocurrency sector and traditional banking has become increasingly strained in recent years. In a recent exploration into the struggles faced by crypto hedge funds, The Wall Street Journal unveiled that approximately 120 hedge funds focused on crypto have encountered notable difficulties in accessing banking services. This figure notably accounts for
The European Union’s forthcoming crypto regulations, particularly the Markets in Crypto-assets (MiCA) framework, are poised to create significant shifts within the cryptocurrency landscape. As compliance deadlines loom, exchanges within the EU are bracing for major changes, especially with the mandated delisting of Tether (USDT), the most popular stablecoin in the world. This decision, reported by
