In a decisive move aimed at modernizing its financial regulatory framework, Hong Kong has announced a comprehensive overhaul of its over-the-counter (OTC) derivatives reporting regime, extending this framework to include the rapidly growing market for crypto derivatives. The Hong Kong Monetary Authority (HKMA) and the Securities and Futures Commission (SFC) are spearheading this initiative, which
Regulation
In a bold declaration, Howard Lutnick, the CEO of Cantor Fitzgerald, has urged regulatory bodies to classify Bitcoin (BTC) alongside established commodities like gold and oil. This perspective was shared during his appearance on the Fox Business show “Mornings with Maria” on September 27. Lutnick’s statements reflect a growing sentiment in the financial community—that proper
The world of decentralized finance (DeFi) has been synonymous with innovation and disruption, promising democratized access to financial services beyond traditional banking systems. However, the recent case of Mango Markets illustrates a stark reality: the regulatory landscape is catching up. On September 27, 2023, the U.S. Securities and Exchange Commission (SEC) announced a settlement with
In a recent discussion on CNBC’s Squawk Box, Wyoming Senator Cynthia Lummis posited that Gary Gensler, the chair of the Securities and Exchange Commission (SEC), may very well leave his position next year. This assertion comes amidst a broader conversation about Gensler’s purported enjoyment of his role and his commitment to the job. Lummis, however,
The recent ruling by U.S. District Judge Katherine Polk Failla has sent shockwaves through the cryptocurrency community, particularly affecting protocols like Tornado Cash. The judicial decision unequivocally stated that software code, even when used in decentralized finance (DeFi) applications, does not receive First Amendment protection as a form of free speech. This ruling, which emerged
In a recent interview, Gary Gensler, Chair of the US Securities and Exchange Commission (SEC), clarified the regulatory status of Bitcoin, reaffirming that it does not fall under the classification of a security. This statement serves as a vital distinction for investors and the cryptocurrency market, especially as the industry grapples with increasing scrutiny. Gensler
The Australian Securities and Investments Commission (ASIC) is poised to introduce a significant regulatory framework aimed at enhancing the accountability and transparency of cryptocurrency service providers in Australia. Announced on September 23, this new licensing regime is designed to fall under the Corporations Act, categorizing certain crypto services as financial products. This move comes amidst
In a compelling push for progress on the issue of stablecoin regulation, Congresswoman Maxine Waters, the ranking Democrat on the House Financial Services Committee, has urged for a bipartisan agreement by the end of 2024. This call to action arose during a crucial committee hearing held on September 24, where Waters articulated her belief that
The Swiss crypto banking leader Sygnum has recently made headlines by acquiring a significant crypto license in Liechtenstein. This development comes through its subsidiary, Sygnum Europe AG, which has been officially registered with the Financial Market Authority (FMA) of Liechtenstein. The timing could not be more crucial, as this milestone allows Sygnum to offer regulated
The announcement of World Liberty Financial, a decentralized finance (DeFi) project spearheaded by former President Donald Trump, has stirred significant conversation within the cryptocurrency community. Given the high-profile nature of Trump’s involvement, there is a palpable sense of anticipation mixed with skepticism. However, the underlying regulatory framework governing cryptocurrencies in the United States raises concerns