Regulation

Two senators unveiled a bipartisan blueprint for artificial intelligence (AI) legislation on Friday, Sep. 8, as Congress intensifies its endeavors to regulate this emerging technology. The plan put forward by Senators Richard Blumenthal (D-Conn.) and Josh Hawley (R-Mo.) advocates for mandatory licensing for AI firms and makes it clear that technology liability protections will not

Leaders of the 20 biggest economies in the world — collectively known as G20 — are pushing for a speedy implementation of a cross-border framework for crypto assets.  According to local reports in New Delhi — where the group members are attending for a two-day summit — the framework will facilitate information exchange between countries

Stuart Alderoty, Ripple’s Chief Legal Officer and General Counsel in the SEC v. Ripple Labs case, has characterized the United States Securities and Exchange Commission’s (SEC) latest submission as a “contradictory shift” and contends that it holds little sway.  Following the recent filing by the U.S. SEC to reinforce its interlocutory appeal, Stuart Alderoty, Chief

The United States Federal Reserve Bank vice chairman spoke at the Philadelphia Fed’s fintech event on Sept. 8 about the central bank’s role in financial innovation. Research and supervision was the short answer and a nod to the FedNow Service. Along with the standard disclaimer about it making no decisions without Congressional authorization, Barr provided

Financial technology firm Ripple is expanding its portfolio of regulatory licenses in the United States with the acquisition of Fortress Trust, according to an announcement on Sep. 8.  Fortress Trust provides regulatory and technology infrastructure for blockchain organizations. The company holds a Nevada Trust license that allows it to custody financial assets. The acquisition is

The Monetary Authority of Singapore (MAS) has said that no businesses have qualified to participate in its FinTech Regulatory Sandbox framework as cryptocurrency payment providers.  Responding to a letter criticizing the Singaporean government’s lack of public consultation and oversight on crypto adoption published in the Financial Times, the MAS clarified that the country does not

The United States Commodity Futures Trading Commission (CFTC) is taking regulatory action against three decentralized finance protocols for allegedly failing to register various derivatives trading offerings. The U.S. commodities regulator announced that it issued orders against protocol Opyn, ZeroEx and Deridex in a Sept. 8 statement. Today @CFTC issued orders against operators of three DeFi

A court ruling that cleared Ripple’s XRP token of being considered a security offering might signal a turn in the tide against regulatory scrutiny of the cryptocurrency ecosystem in the United States and current lawsuits involving the likes of Coinbase and Binance.US and pending ETF applications. Speaking exclusively to Cointelegraph during the company’s annual Apex developer

Two federal agencies of the United States — the Department of the Treasury and the Internal Revenue Service (IRS) — have released a set of cryptocurrency regulations proposal detailing brokers’ reporting requirement. The Office of Advocacy of the U.S. Small Business Administration revealed that the proposal around crypto regulations for brokers was released on Aug.

The Financial Accounting Standards Board (FASB) has unanimously approved rules for accounting for the fair value of companies’ cryptocurrency holdings, according to media reports. The rules will go into effect in 2025. The FASB is the United States organization that sets accounting and reporting standards for organizations that follow U.S. Generally Accepted Accounting Principles (GAAP).

A federal judge has ordered that certain bank accounts and property connected to former Celsius CEO Alex Mashinsky be frozen following a motion from the United States Justice Department. According to a Sept. 5 filing in U.S. District Court for the Southern District of New York, a judge signed off on a request to unseal

Under India’s G20 presidency, active discussions around establishing a global framework for cryptocurrencies are underway, India’s minister of finance Nirmala Sitharaman has said.  On Aug. 28, Indian Prime Minister Narendra Modi pushed for global collaboration on formulating crypto regulations among G20 (Group of 20) member states, which include 19 countries and the European Union. Modi

A plurality of experts believe the United States should create a new federal agency dedicated to artificial intelligence governance, according to a survey conducted by Axios, Generation Lab, and Syracuse University. The survey polled 215 computer science professors across 65 of the most prestigious universities in the U.S. on topics related to AI. we polled

Sina Weibo, one of the most popular Chinese social media apps with over 258 million daily active users, has removed 80 influencer accounts promoting cryptocurrency activities citing official legislation. According to the Sept. 5 announcement, 80 crypto influencer accounts with over 8 million in total followers had been “proactively removed” by Weibo. The accounts were

Harvard legal scholar and Yeshiva University law professor Christine Kim recently published a research paper detailing arguments for not only taxing the metaverse but treating it as “a laboratory for experimenting with cutting-edge policy.” In the paper, dubbed simply “Taxing the Metaverse,” Kim argues that the metaverse allows participants to create and build wealth entirely

The European Central Bank (ECB) is quite happy with the European Commission’s legislative proposals for the digital euro. ECB executive board member Fabio Panetta told the European Parliament’s Committee on Economic and Monetary Affairs in a speech on Sept. 4 that the proposals “put Europe at the forefront of advanced economies” in central bank digital

Australia’s Senate Committee on Economics Legislation has finally provided feedback to the cryptocurrency bill introduced by senator Andrew Bragg. The committee on Sept. 4 reported on the draft bill referred to as “The Digital Assets (Market Regulation) Bill 2023,” asking the bill authors to add some amendments. The Senate particularly concluded that it would pass

While China’s central bank digital currency (CBDC) goes through technological and business model upgrades, the market should provide an opportunity to include it in all online retail payment options, according to a statement made by Changchun Mu, director of the Digital Currency Research Institute of the People’s Bank of China, on Sept. 3. Giving a speech at

People’s courts in China exercise judicial power independently and are not subject to interference by an administrative or public organization. These courts try criminal, civil, administrative, and cases that involve economic disputes. The report titled “Identification of the Property Attributes of Virtual Currency and Disposal of Property Involved in the Case,” acknowledged that virtual assets

The United States Department of Commerce said on Aug. 31 that the Biden administration has “not blocked chip sales to the Middle East,” according to a report from Reuters.  This comes after disclosures were revealed in a Nvidia report that the U.S. government had expanded requirements for export licenses for artificial intelligence (AI) chips. Advanced