Regulation

According to data provided by the Ukrainian government, cryptocurrency exchanges offering services in the country have failed to contribute more than $81 million to the national budget in the last decade. In an Aug. 2 notice, the Economic Security Bureau of Ukraine reported unrelated crypto exchanges were responsible for at least 3 billion hryvnia in

The United States Department of Justice is reportedly considering charging cryptocurrency exchange Binance with fraud, but hesitating based on costs to consumers. According to an Aug. 2 Semafor report citing people familiar with the matter, Justice Department officials are concerned about an indictment against Binance causing a run on the exchange similar to what happened

Binance has reportedly continued operations in China, despite the country’s ban on cryptocurrencies, even conducting billions of dollars worth of transactions monthly, according to a Wall Street Journal investigation.  The WSJ report says its reporters, along with current and former employees of Binance, viewed “internal figures” that revealed users traded $90 billion in cryptocurrency-related assets

Lawyers for Sam Bankman-Fried have denied that he attempted to intimidate witnesses in his criminal trial by talking to New York Times reporters and argued there is no reason to jail him. In an Aug. 1 letter to Judge Lewis Kaplan, Bankman-Fried’s lawyers claimed the prosecution’s attempt to revoke his bail and have him detained

A judge in the bankruptcy case for defunct crypto exchange FTX has issued an order allowing Terraform Labs to subpoena information that could be used in its case brought by the United States Securities and Exchange Commission (SEC). In a July 31 filing in U.S. Bankruptcy Court for the District of Delaware, Judge John Dorsey

The government of Ukraine has recently approached the local cryptocurrency industry with a new request to provide certain financial information.  The National Bank of Ukraine (NBU) had demanded four local crypto firms — Kuna, CoinPay, GEO Pay and Qmall — to provide financial statements for the first two quarters of 2023. The NBU has demanded

United States crypto investors must report crypto staking rewards as gross income in the year it was received, according to a new ruling from the country’s top tax authority. On July 31, the Internal Revenue Service (IRS) issued Revenue Ruling 2023-14, giving clarification about how income earned from staking digital assets should be treated for taxation

Last week, the United States took a step closer to regulatory clarity for its crypto industry. In a 35–15 vote, the House Financial Services Committee (FSC) approved the Financial Innovation and Technology for the 21st Century Act. The bill is intended to establish rules for crypto firms on when to register with either the Commodity

Authorities in the town of Miri on the island of Borneo shut down an illegal cryptocurrency mining operation and seized equipment following a tip-off from the public. According to local news outlet The Borneo Post, Sarawak Energy discovered the operation, which included 34 cryptocurrency mining servers operating using stolen electricity through cable tapping. Authorities seized all

United States Representatives Gus Bilirakis and Jan Schakowsky penned a formal letter to Apple CEO Tim Cook about concerns related to the California-based company’s App Store, and the potential effect of its guidelines on emerging technologies like blockchain and nonfungible tokens (NFTs). The letter requests information about whether the App Store’s guidelines might inadvertently hinder

In a letter to Judge Lewis Kaplan, the United States Department of Justice (DOJ) sought the revocation of Sam Bankman-Fried’s (SBF) bail, accusing him of attempting to tamper with witnesses, including leaking his ex-girlfriend’s diary entries to the New York Times (NYT). These actions, connected to the FTX case, have raised concerns about witness interference.

Pro-XRP lawyer, John E. Deaton, has said that the actions taken by the Securities and Exchange Commission (SEC) against the crypto industry are driven by a broader motive to safeguard corporate capitalism rather than prioritizing the protection of investors. Deaton highlighted what he views as an assault on cryptocurrencies, particularly in relation to the SEC’s

The U.S. Securities and Exchange Commission (SEC) suffered another setback on July 28 as the D.C. Circuit overturned a ruling by the regulator ordering that SPIKES Index securities should be treated as ‘futures’ rather than as ‘securities futures’. The judge panel called the SEC order “arbitrary and capricious.” The decision relates to an order from

An open letter from GitHub, Hugging Face, Creative Commons and other tech firms are calling the European Union to ease upcoming rules for open-source artificial intelligence models. The letter urges policymakers to review some of the provisions of the EU’s Artificial Intelligence Act, claiming that regulating upstream open-source projects as if they are commercial products

The German Federal Financial Supervisory Authority, or BaFin, reportedly advised crypto exchange Binance to withdraw its licensing application based on concerns with CEO Changpeng Zhao and the firm’s structuring. According to a July 28 report from The Wall Street Journal, BaFin advised Binance that Zhao, also known as “CZ,” may not have passed a “fit

Hester Pierce, commissioner of the United States Securities and Exchange (SEC), has raised concerns about the watchdog’s recent statement advising accounting firms against taking on non-audit work for crypto firms. In a July 28 tweet, Pierce challenged the recent statement made by the SEC’s chief accountant Paul Munter, proposing that accounting firms adopt an all-or-nothing approach