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“# US Financial Stability Oversight Council identifies stablecoins and cryptos as threats to financial system ” In an annual report published on Friday, the United States Financial Stability Oversight Council, or FSOC, voiced its concern over the adoption of stablecoins and other digital assets. Regarding stablecoins, the FSOC said consumer confidence could be undermined by…
“# Senate hearing on stablecoins: Compliance anxiety and Republican pushback ” On Dec. 14, the United States Senate Banking, Housing and Urban Affairs Committee held a hearing titled “Stablecoins: How Do They Work, How Are They Used, and What Are Their Risks?” The testimonies, both spoken and written, focused largely on the last two issues,…
“# Russia to decide between blanket crypto ban and legalizing exchanges in 2022 ” On Thursday, conflicting reports emerged in Russia on the state of crypto regulatory affairs. First, a report by Reuters indicated that the Central Bank of Russia is seeking a ban on cryptocurrencies, citing risks to financial stability and the exploding volume…
“# Beijing court rejects monetary compensation in Bitcoin mining contract plea ” A district court in Beijing has rejected monetary compensation in a Bitcoin (BTC) mining contract plea against a blockchain company. The Chaoyang District People’s Court on Wednesday deemed the Bitcoin mining contract between the plaintiff and the blockchain firm “invalid,” the South China…
“# Six senators urge Treasury Secretary to clarify definition of broker in infrastructure law before 2022 ” A bipartisan group of U.S. senators have called on Treasury Secretary Janet Yellen to clarify the language in the infrastructure bill signed into law by President Joe Biden around the tax reporting requirements on crypto. In a Tuesday letter,…
“# Law Decoded: A different Congress hearing, Dec. 6–13 ” The biggest regulatory story of the week was a United States House Committee on Financial Services hearing squarely focused on crypto. Even the event’s title — “Digital Assets and the Future of Finance: Understanding the Challenges and Benefits of Financial Innovation in the United States”…
“# FATF guidance on virtual assets: NFTs win, DeFi loses, rest remains unchanged ” The Financial Action Task Force (FATF) released its long-awaited guidance on virtual assets, laying out standards that have the potential to reshape the crypto industry in the United States and around the world. The guidance addresses one of the most important…
“# Virtue Gaming launches play-to-earn crypto model to bring online poker to US players ” On Friday, Virtue Gaming, a decentralized online poker platform built on the Ethereum (ETH) blockchain, launched the first play-to-earn digital poker casino in the United States. In the U.S., only six states (Nevada, Delaware, New Jersey, Pennsylvania, West Virginia, and…
“# Crypto market eyes recovery ahead of key US inflation data release ” Growing inflation has become a mounting concern for nations around the world, especially the United States. The U.S. has seen one of the sharpest rises in consumer inflation over the past year. Lawmakers around the globe have claimed that they didn’t see…
“# UK politicians say cryptocurrency is ‘not an investment’ ” Members of Parliament (MPs) in the United Kingdom have called upon the Financial Conduct Authority (FCA) to limit the use of the word “invest” and “investment” by cryptocurrency firms for promotional purposes. According to a Dec. 9 report in The Times, MPs at the treasury…