Regulation

Troubled cryptocurrency fintech Yuga Labs is about to face more lawsuits in relation to its nonfungible tokens (NFT) collection, Bored Ape Yacht Club (BAYC) and other projects. Rosen Law Firm, a global law firm focused on investor rights’ protection, announced on Jan. 30 that it’s planning to file a class action lawsuit against Yuga Labs. 

Authorities from the Hainan province in southern China have vowed to increase oversight on the nonfungible token (NFT) sector to “promote the healthy development” of the sector and to stomp out fraud and other associated risks. In a separate announcement, the People’s Bank of China (PBoC) also announced that it is working on new features

Even though this winter continues to stress test the case for Bitcoin (BTC) advocation, some lawmakers strive to put their names on the crypto hot list among the likes of United States Senators Cynthia Lummis and Pat Toomey. State Senator Wendy Rogers, 68, introduced two bold bills in the Arizona legislature. One focuses on making

The Philippines Securities and Exchange Commission (SEC) seeks to bring cryptocurrencies under its scope and beef up its authority over the local cryptocurrency industry under new draft rules. According to a Jan. 25 report in a local media outlet, the securities regulator put forward for public comment draft rules relating to financial products and services,

Australia’s financial regulator reportedly raised concerns over FTX’s local Australian subsidiary as much as eight months before the exchange met its untimely end in November. According to documents obtained by Guardian Australia, officers of the Australian Securities and Investments Commission (ASIC) were concerned about the way in which FTX Australia was operating as it was

Federal prosecutors have requested that former FTX CEO Sam Bankman-Fried’s (SBF) bail conditions are modified to prevent further alleged attempts at influencing witnesses’ testimonies. Court documents filed on Jan. 27 revealed that The Department of Justice (DOJ) had asked United States District Court Judge Lewis Kaplan to ban Bankman-Fried from communicating with “current or former

The Ministry of Justice in South Korea announced plans to introduce a crypto-tracking system to counter money laundering initiatives and recover funds linked to criminal activities. The “Virtual Currency Tracking System” will be used to monitor transaction history, extract information related to transactions and check the source of funds before and after remittance, according to

The White House released a statement on Jan. 27 that provided United States President Joe Biden’s administration a roadmap for mitigating risks associated with cryptocurrencies. The administration’s legislative guidance addressed much of the document to the U.S. Congress. The authors of the statement outlined a two-pronged path forward. They wrote: “We have spent the past

Is crypto lending dead, or does it just need better execution? That’s a question asked with more urgency in the wake of Genesis Global Capital Jan. 19 bankruptcy filing. That, in turn, followed the demise of other prominent crypto lenders, including Celsius Network and Voyager Digital in July 2022, and BlockFi, which filed for Chapter

With the deadline approaching for filing the 2022 federal income tax return, the Internal Revenue Service (IRS) — an enforcement agency of United States federal tax laws — released a list of reporting requirements for the general public dealing with cryptocurrencies. Until 2021, the IRS used the term “virtual currencies” in income tax-related reporting forms,

The United States Federal Reserve Board announced Jan. 27 that it was issuing a policy statement on limitations on banks. The policy seeks to create a level playing field and limit regulatory arbitrage for state banks with deposit insurance, state banks without deposit insurance and national banks, which are overseen by the Office of the

The United State Federal Reserve Board has rejected Custodia Bank’s application to become a member of the Federal Reserve System. In its announcement, the Fed stated that the application was “inconsistent with the required factors under the law.” It also claimed Custodia had an “insufficient” management framework and cited an earlier joint declaration by the

Wendy Rogers, an Arizona state senator in the United States, has launched bills concerning cryptocurrency, including one that aims to make Bitcoin (BTC) legal tender in Arizona.  In a recent tweet, Rogers cited data from investment firm Goldman Sachs that BTC is the best-performing asset in the world and announced that she launched a set

Despite the plans to turn the region into a bustling crypto hub, the United Kingdom’s financial watchdog says it has given the all-clear to only 41 out of 300 crypto firm applications seeking regulatory approval to date. The U.K. Financial Conduct Authority (FCA) implemented the new cryptocurrency-focused regulations on Jan. 10, 2020, to supervise businesses

Lawyers representing FTX in bankruptcy court have reportedly argued that former CEO Sam Bankman-Fried’s immediate family should face questioning regarding their personal wealth. According to a Jan. 26 report from Bloomberg, FTX’s lawyers requested Judge John Dorsey in the District of Delaware allow them to question Joseph Bankman, Barbara Fried and Gabriel Bankman-Fried — the

Authorities in the United States might have discovered yet another possible component of Sam Bankman-Fried’s (SBF) cryptocurrency empire. U.S. federal prosecutors have alleged that Bankman-Fried has used money from FTX exchange to invest in the venture capital firm Modulo Capital, according to a report by The New York Times. As previously reported, SBF’s hedge fund

A spokesperson for USD Coin (USDC) issuer Circle has denied reports that it blames the United States Securities and Exchange Commission (SEC) over its failed $9 billion plan to go public in December. The stablecoin issuer representative was responding to a Jan. 25 Financial Times article which characterized Circle as having “blamed” the securities regulator for its “derailed”

A judge overseeing bankruptcy proceedings for crypto lending firm Celsius Network has denied motions from three users with different claims on assets stuck since July. In orders filed with the United States Bankruptcy Court in the Southern District of New York on Jan. 25, Judge Martin Glenn denied a motion from Rebecca Gallagher, a Celsius

Bitcoin Cash (BCH) advocate Roger Ver has sued by a unit of crypto lending firm Genesis over unsettled crypto options amounting to $20.8 million.  GGC International, a part of the bankrupt crypto lender, filed the suit against Ver in the New York State Supreme Court on Jan. 23, claiming that the BCH proponent has failed to

A United States appeals court is set to hear the oral arguments relating to Grayscale Investment’s lawsuit against the Securities and Exchange Commission (SEC) over its decision to deny Grayscale’s Bitcoin (BTC) spot exchange-traded fund (ETF). According to a court motion filed on Jan. 23, both sides will present their arguments at the District of