Robinhood, the popular trading platform, has recently made headlines for its substantial settlement with the U.S. Securities and Exchange Commission (SEC), totaling $45 million in civil penalties. The penalties were divided into two parts: $33.5 million from Robinhood Securities LLC and $11.5 million from Robinhood Financial LLC. This decision comes on the heels of an
Regulation
The recent announcement from the New York Department of Financial Services (NYDFS) regarding its partnership with the Bank of England (BOE) marks a significant development in the regulation of digital assets. Launched on January 13, this initiative, dubbed the Transatlantic Regulatory Exchange (TRE), aims to foster international collaboration on cryptocurrency regulations. As the digital finance
In a significant strategic decision, Tether, a dominant player in the stablecoin sector, is set to relocate its global headquarters to El Salvador after securing a Digital Asset Service Provider (DASP) license. This development was announced on January 13 and reveals Tether’s commitment to tapping into a rapidly evolving financial landscape. El Salvador, notably recognized
On January 10, the Consumer Financial Protection Bureau (CFPB) unveiled a proposal that could reshape the regulatory landscape for cryptocurrency wallets. This interpretive rule seeks to extend protections afforded by the Electronic Fund Transfer Act (EFTA) to these digital platforms, thereby holding them accountable in cases of fraud or unauthorized access. Such a shift aims
Travis Hill, the interim Chair of the Federal Deposit Insurance Corporation (FDIC), recently made headlines with his candid acknowledgment of the agency’s contentious practices regarding crypto firms. In a speech delivered in St. Louis on January 10, Hill pointed out a disturbing trend where legitimate crypto businesses were being deprioritized or entirely shut out of
In a progressive move aimed at fostering technological innovation within the cryptocurrency sector, the UK Treasury has amended the Financial Services and Markets Act 2000 (FSMA). Effective from January 31, this amendment exempts crypto staking from being classified as a collective investment scheme, a designation that previously applied to pooled investment vehicles and was shrouded
As Gary Gensler prepares to exit his position as Chair of the Securities and Exchange Commission (SEC), stakeholders within the cryptocurrency industry reflect on the contentious legacy he leaves behind. Throughout his tenure, which has seen an aggressive regulatory posture towards crypto companies, Gensler’s sentiments have often drawn sharp criticism. His recent interview with Bloomberg
South Korea has consistently been a notable player in the global cryptocurrency arena, yet its regulatory framework has often been perceived as restrictive. Transitioning from a traditionally cautious approach, the South Korean government is reportedly set to ease its regulations around cryptocurrency trading for institutional investors. The Financial Services Commission (FSC) is spearheading this initiative,
On January 6, news broke that Rostin Behnam, the Chair of the U.S. Commodity Futures Trading Commission (CFTC), would resign effective January 20. This timing coincides with the inauguration of President-elect Donald Trump, creating a pivotal moment for the incoming administration. Behnam’s departure allows the new administration to appoint an interim leader who would manage
Recent developments in Portugal’s banking landscape signal a notable shift towards restricting cryptocurrency transactions. Banco de Investimentos Globais (BiG), one of the nation’s leading financial institutions, has begun to block fiat transfers to cryptocurrency platforms. This prohibition aligns with guidelines set forth by the European Central Bank (ECB), the European Banking Authority (EBA), and the