Did Uniswap just yield to the 'evolving regulatory landscape'

Regulatory scrutiny is raining hard on DeFi as lawmakers slowly come to terms with the evolving space and its challenges.

China wants US senators to ‘stop making trouble’ out of digital yuan

China's Foreign Ministry responded to US senators' claim regarding the digital yuan's function as a tracking and tracing tool during the 2022 Beijing Winter Games. The heat is rising between the United States lawmakers and Chinese officials even before the Olympic flame ignited at the 2022 Beijing Winter Games. During a press briefing on Tuesday, Chinese Foreign Ministry spokesman Zhao Lijian addressed US senators’ warning letter to the US Olympic and Paralympic Committee regarding the use of digital yuan at the Olympic games next year.

Treasury secretary Yellen urges lawmakers to quickly introduce stablecoin guidelines

The President’s Working Group on Financial Markets expects to deliver regulatory recommendations for stablecoins in the coming months. United States Treasury Secretary Janet Yellen has told financial regulators that the government must act quickly to establish a regulatory framework for stablecoins.The comments came at Monday's meeting of the President's Working Group on Financial Markets.

Turkey Official Says Crypto Framework to be Presented to Parliament in October

The Turkish lawmakers are ready with the new cryptocurrency bill and will present it later in the year to the Parliament.

US lawmakers don't want Olympic athletes to use digital yuan at 2022 games

The trio urged the Olympic committee to work with federal agencies "to protect the privacy of American athletes from the Chinese Communist Government." Three US senators have signed a letter urging Olympic officials to forbid American athletes from handling digital yuan during the Beijing 2022 Winter Games.In a Monday letter to US Olympic and Paralympic Committee board chair Susanne Lyons, Republican senators Marsha Blackburn, Roger Wicker, and Cynthia Lummis requested officials prevent US athletes from using or accepting digital yuan given their allegation it can be "tracked and traced" by the People’s Bank of China, or PBoC.

Paraguayan Lawmakers Present a Very Different ‘Bitcoin Bill’ Than Expected

A group of Paraguayan lawmakers presented a ‘Bitcoin bill’ in the National Congress last week, but it turned out to be a very different proposal than what crypto followers expected.

AML compliance mandatory for foreign crypto exchanges, says Korean regulator

South Korea’s strict crypto regulatory oversight is now extending to overseas exchanges that offer cryptocurrency trading services denominated in the country’s currency. Eun Sung-soo, chairman of South Korea’s Financial Services Commission (FSC), has said that foreign crypto exchanges that deal in the Korean won must comply with the country’s Anti-Money Laundering standards.According to The Korea Herald on Tuesday, Eun made these comments while fielding questions from lawmakers about the FSC’s plans to regulate crypto exchange giant Binance.Eun reiterated the need for overseas exchanges that offer won-denominated crypto trading pairs to comply with the same Anti-Money Laundering standards as platforms based in the country.As part of this compliance, these foreign exchanges will have to register with the Korea Financial Intelligence Unit — the FSC’s AML watchdog.The FSC chairman’s remarks also offer another indication of South Korea’s efforts to maintain strict oversight on its local crypto market.

Lawmaker in Paraguay Teases ‘Mega Surprise’ in Bitcoin Bill Presentation Next Week

A member of Paraguay’s lower house is promising a “mega surprise” ahead of his presentation on a Bitcoin-focused bill to lawmakers next week.

Paraguayan lawmakers to present Bitcoin bill on July 14

El Salvador’s decision to accept Bitcoin as legal tender in June appears to be influencing lawmakers across the region to begin exploring their own cryptocurrency strategy.

Blockchain technology could be particularly beneficial for women, says WTO director general

The former foreign and finance minister of Nigeria said the G20 should be looking into blockchain solutions to close the gender gap. Ngozi Okonjo-Iweala, the director general of the World Trade Organization and former foreign and finance minister of Nigeria, said blockchain technology could help empower unbanked and underbanked women around the world.Cointelegraph editor-in-chief Kristina Cornèr addressed the G20 High Level Independent Panel on Financing the Global Commons for Pandemic Preparedness and Response today, asking regulators and lawmakers how blockchain technology could help promote financial inclusion for women in the time of COVID-19 and beyond.

Russian lawmakers prepare legal amendment to confiscate crypto

Russia’s prosecutor general, Igor Krasnov, says new crypto regulations are needed to combat corruption as — in his view — digital assets are often used to facilitate crime. Russian lawmakers are working on new legislation that would allow the government to confiscate cryptocurrencies, according to a senior official.Russian Prosecutor General Igor Krasnov claimed that the government is now developing a set of amendments to the country’s criminal code to allow authorities to seize crypto obtained from illegal activity, local news agency TASS reported.Speaking at a conference of prosecutors’ offices of European countries on Wednesday, Krasnov stressed that cryptocurrencies like Bitcoin (BTC) have been increasingly used for corruption and bribery.

New Bill to Ban Crypto Payments in Iran, Support Mining and Regulate Exchange

Urged by the growing popularity of cryptocurrencies, Iranian lawmakers have prepared new legislation to introduce comprehensive rules for the expanding industry.

Fed chair met with Coinbase CEO Brian Armstrong and former House speaker in May

Armstrong said he had spoken about China’s central bank digital currency with lawmakers and heads of federal agencies, believing it to be "a threat to US reserve currency status long term." Prior to the Federal Reserve announcing it would release a discussion paper on a central bank digital currency, chairperson Jerome Powell met with Coinbase CEO Brian Armstrong.According to Powell's meeting calendar which was made public on Friday, the Fed chair held a 30-minute meeting with Armstrong as well as former House of Representatives Speaker Paul Ryan on May 11.

Proposed bill in Iran could ban all foreign-mined cryptocurrencies

Lawmakers seem to be attempting to establish a legal framework behind a Central Bank of Iran decision for people to only use crypto from state-licensed mining operations for payments. A new bill drafted by the Iranian Parliament Commission on Economy aims to restrict the use of cryptocurrencies within the country while providing a clearer legal framework for miners.According to a Friday report from the Tasnim News Agency, lawmakers drafted a bill titled “Support for cryptocurrency mining and organizing the domestic market for exchanges,” which the country’s parliament first announced on June 23.

Russia’s central bank to study crypto investment risks

The Bank of Russia is collecting data from 15 credit firms and payment systems like Visa and Mastercard. Russia’s central bank has scheduled a risk assessment for cryptocurrencies like Bitcoin (BTC), according to the Bank of Russia’s screening program for the second half of 2021.The examination of the potential risks of cryptocurrency investing will consider “systemic risks linked to cryptocurrency investment by Russian individuals and entities.” As part of the investigation, the Bank of Russia will collect data from 15 credit organizations including major banks like Sberbank, VTB and Tinkoff Bank, payment systems like Visa and Mastercard, and electronic payment providers like Western Union, Qiwi and WebMoney.The Bank of Russia is also looking to release a study on equity investment by non-resident investors by October or November 2021.The Bank of Russia’s assessment of crypto-related risks comes amid growing criticism from local lawmakers and businesspeople regarding the institution's tough stance on the crypto industry.Related: CEOs of top Russian banks Sberbank and VTB blast BitcoinIn mid-June, Russian State Duma member Fedot Tumusov said that the Bank of Russia was short-sighted on crypto while industrial tycoon Oleg Deripaska blasted the central bank for pressuring local industry to avoid cryptocurrencies.Earlier this week, the Bank of Russia established the first pilot group for testing the country’s central bank digital currency, the digital ruble.

Leaders in France, US Urge Crypto Regulation ‘Before It’s Too Late’

Some politicians and regulators appear in a hurry to place checks and balances on crypto – perceiving that they must take some kind of control over the sector before it is too late. In the United States, lawmakers want to go on a stricter regulatory route than the status quo – and are keen to stamp out the anonymous nature of crypto transactions, once again

Binance faces regulatory upheaval as lawmakers target ‘global’ exchanges

Regulators in Japan, the United Kingdom and the Canadian province of Ontario have all tightened their grip on cryptocurrency exchanges.

Despite regulatory uncertainty, Indian crypto investment surges 19,900% in one year

Unperturbed by persistent threats of a renewed crypto crackdown from lawmakers, Indian investors have piled $38.8 billion into cryptocurrency over the past year. Despite India’s uncertain regulatory climate regarding crypto assets, nationwide investments in digital assets have increased by roughly 19,900% over the past year.According to data from blockchain analytics firm Chanalysis that was reported by Bloomberg on June 28, crypto investments increased during mid-2020 before going parabolic as the markets surged into new all-time highs towards the end of the fourth quarter.Chainalysis estimates the total invested in crypto across India grew from $200 million to $40 billion over roughly the past year, with the firm estimating 15 million Indians are exposed to cryptocurrency.Monthly value of fiat invested into crypto by Indians: ChainalysisThe data illustrates the positive impact of the Indian Supreme Court’s March 2020 decision to overturn the Reserve Bank of India’s ban on financial institutions providing banking services to firms operating with digital assets.However, it has not been entirely smooth sailing for India’s crypto sector since the Supreme Court repealed the RBI ban last March, with lawmakers frequently threatening new legislation prohibiting crypto assets over the past 15 months.In spite of the persistent threats of a renewed regulatory crackdown, Sandeep Goenka, the co-founder of local exchange ZebPay, highlighted growing appetites for digital assets among Indian’s aged 18 to 35, noting a preference to invest in crypto over gold.

Spanish court rules John McAfee can be extradited to the United States

Lawyers will have the opportunity to appeal the court’s decision and local lawmakers will need to approve the extradition before it is final. John McAfee, the founder of the antivirus software company of the same name, is one step closer to facing prosecution in the United States for tax evasion.In a ruling released today, the Spanish National Court approved the extradition of McAfee to the United States.

MP Lodges Constitutional Challenge to Bukele’s Bitcoin Bill

Another Salvadorian MP has launched a bid to derail President Nayib Bukele’s bitcoin (BTC) adoption bill – and has teamed up with a lawyer as part of his effort. As reported last week, two lawmakers from the opposition Farabundo Martí National Liberation Front (FMNL) party last week lodged a bid to amend the bill, which has already been passed in parliament

Revised Bill ‘On Virtual Assets’ Aims to Regulate Ukraine’s Crypto Space This Summer

The Ukrainian parliament has released an updated version of the draft law “On Virtual Assets.” The revised bill requires exchanges to obtain government authorization, disclose their ownership and implement mandatory KYC procedures.

Democratic lawmakers have formed group to address regulatory concerns around crypto

US President Joe Biden is also expected to discuss crypto's role in ransomware attacks during his meeting with Russian President Vladimir Putin on Wednesday. Maxine Waters, who represents California's 43rd congressional district in the US Congress, said she had organized a group of Democratic lawmakers for a deep dive on cryptocurrencies and central bank digital currencies. In a Tuesday virtual hearing of the US House of Representatives’ Task Force on Financial Technology, Waters said “cryptocurrencies and other digital assets” were an important issue for the House Financial Services Committee, for which she is the chairperson.

Latin American Countries Eye Bitcoin Adoption After El Salvador Passed Bitcoin Law

A number of lawmakers in Latin American countries have expressed their interest in bitcoin following El Salvador passing the law making the cryptocurrency legal tender.

El Bitcoin, Supportive Lawmakers, FUDy Seizures and 20 Crypto Jokes

What a week! The El Salvador President unveiled plans to give bitcoin the status of legal tender, and quickly the news shook the Cryptoverse that that will indeed officially happen in just 90 days, with lawmakers across Latin America expressing their support for bitcoin adoption, including the Ecuadorian Vice Minister of Economic Inclusion - with all this raising some existential BTC questions.

Bill banning crypto mining for 3 years dies in NY state assembly

The NY state assembly needs to approve any bill or propose amendments before it can be signed into law by Governor Andrew Cuomo. A bill which would have required miners in New York to halt operations for three years as part of an apparent effort to slow the environmental impact of crypto has been defeated in the state legislature.New York Senate Bill 6486 failed to pass the state assembly today after lawmakers in the Democrat-controlled state senate approved the legislation earlier this week.

Nigerian Lawmakers Slam Naira Devaluation, Warn of Inflation Implications

Nigeria’s House of Representatives has moved a motion calling on the country’s central bank to end the continuing devaluation of the naira.

IMF plans to meet with El Salvador’s president, potentially discussing move to adopt Bitcoin

The International Monetary Fund has previously spoken out against smaller nations like the Marshall Islands recognizing a digital currency as legal tender. The International Monetary Fund has said El Salvador’s recent decision to make Bitcoin legal tender in the country may raise legal and financial concerns.In a Thursday press briefing from the International Monetary Fund, or IMF, spokesperson Gerry Rice said the group was already in discussions with lawmakers in El Salvador over a loan to support the country’s economy, having approved emergency funds related to the pandemic last year.

Stablecoins not that radical, says Bank of England official

The Bank of England's executive director of the Financial Market Infrastructure Directorate says that stablecoins are hardly “launching us off into some brave new world.” There has been much commotion about stablecoins amongst central bankers, regulators and lawmakers in recent years, most notably in the furor surrounding Facebook's repeated attempts to launch variously designed stablecoins that would be native to its multiple social media platforms.Not everyone in the financial world is that perturbed though.

Crypto Exchanges Kraken, KuCoin, and Bitfinex Eye Entry Into India: Report

Three major crypto exchanges are looking at ways to enter the Indian market, as the country’s lawmakers wrestle with a potential ban on crypto.

Mexico lawmakers aim to follow the example of neighboring countries with proposed Bitcoin legislation

“We are going to lead the shift to crypto and fintech in Mexico,” said one senator. Eduardo Murat Hinojosa, a senator of the federal government of Mexico, has said he will be submitting a proposal to lawmakers seemingly aimed at crypto adoption in the country.In a tweet today, Hinojosa changed his profile picture to feature the senator speaking into a microphone with the iconic “laser eyes,” indicating support for crypto.

IRS needs congressional authority to handle crypto, says chief

"Most crypto, virtual currencies are designed to stay off the radar screen," said Charles Rettig. Internal Revenue Service chief Charles Rettig called out lawmakers for not taking the initiative on addressing the problem of many US residents not paying taxes on crypto.In a Tuesday senate hearing on the IRS’ fiscal year 2022 budget, Rettig said that the agency would likely require a "clear dictate from Congress" to regulate crypto.

Latin American MPs Widen Overton Window For Bitcoin

Lawmakers across the Latin American region are expressing their support for bitcoin (BTC) adoption – in the wake of the groundbreaking announcement over the weekend from the President of El Salvador that the nation aims to adopt BTC as legal tender. MPs from Brazil, Argentina, Paraguay, and Panama have rushed in to show their support as bitcoin adoption appears to be

Latin lawmakers don lazer eyes on Twitter in support of Bitcoin

An increasing number of Latin American lawmakers are donning Lazer eyes on their Twitter avatars to express their support for Bitcoin and digital assets. Gabriel Silva, a Panamanian congressman, is moving to follow in El Salvador’s footsteps by proposing legislation to adopt Bitcoin and other cryptocurrencies on a national scale. El Salvador’s president, Nayib Bukele announced during the Miami Bitcoin conference on June 6, that he will submit a bill to lawmakers demanding that Bitcoin be made legal tender.

Proposed New Law Would Allow Russians to Inherit Bitcoin and Co.

Senior Russian lawmakers are set to push ahead with the creation of a new law that would allow citizens to inherit bitcoin (BTC) and other cryptoassets, include it in their wills and divorce settlements – and allow creditors to access tokens in successful bankruptcy claims. Crypto currently has a decidedly grey legal status in Russia.

US Senators Call for Increased Measures to Regulate and Trace Cryptocurrencies

Two US senators have urged lawmakers to increase measures to regulate cryptocurrencies, including how to trace cryptocurrency transactions, in order to combat ransomware attacks.

Bitcoin users will get help relocating and working in El Salvador: President

Nayib Bukele says he wants to help entrepreneurs embrace El Salvador as a base, with Bitcoin free from capital gains tax. Bitcoin (BTC) hodlers who want to earn BTC tax-free will get help to stay in El Salvador, the country's president has said.In a tweet on June 7, Nayib Bukele said that his government would "help" settle foreign workers.El Salvador: "We'll help with that"The announcement is one of many which continue to come informally from Bukele, now famous for attempting to put El Salvador on a form of "Bitcoin standard."At last week's Bitcoin Conference 2021 in Miami, he told the audience in a prerecorded video message that he would send a bill to lawmakers demanding that Bitcoin be made legal tender. Welcome to the future #Bitcoin pic.twitter.com/j30vcZVXvJ— Nayib Bukele (@nayibbukele) June 5, 2021 Now, as part of social media engagement with well-known cryptocurrency figures, Bukele suggested that those wishing to travel to work in El Salvador would get official support.

Crypto’s dark underbelly exposed in ransomware attack, US senator says

US senators voiced their opinions on the matter of cryptocurrency's use in ransomware attacks. United States lawmakers have deliberated on the prospect of banning cryptocurrencies as a solution to the ransomware attacks that befell US institutions in the past month, and opinions appear to be mixed.The largest fuel pipeline in America was brought to a halt in early May when hackers infected the computer networks of Colonial Pipeline.

Lawmakers should treat crypto like gold or real estate: Indian tech magnate

Indian tech mogul, Nandan Nilekani, believes the country should be seeking to attract investment from the $1.7 trillion crypto asset industry. Indian technology mogul, Nandan Nilekani, has urged local lawmakers to allow citizens to speculate on crypto assets.The co-founder and chair of Infosys, an Indian multinational information technology firm, has urged regulators to embrace digital assets and get a handle on accommodating the technology.Speaking to the Financial Times, Nilekani warned that prohibitive regulations could result in significant missed opportunites for India, asserting that a more permissive approach would let the country to tap into the $1.7 trillion digital asset market and allow “crypto guys to put their wealth into India’s economy.However, Nilekani is not bullish on an unfettered crypto market for India, asserting cryptocurrencies are too volatile and energy-intensive to use as a means of payment.

Crypto Industry's Lobbying Power Grows As Former Officials Change Sides

Crypto firms have been increasingly appointing former regulators and lawmakers in recent months.

Relief Payments Coming? 80 Legislators Press Biden Administration for a Fourth Round of Stimulus

Rumors of a fourth and possible fifth round of direct stimulus checks have become a hot conversation topic this week, as lawmakers are urging the President to act.

Bitcoin's rising popularity will lead to more regulation, says Riksbank

Riksbank Governor Stefan Ingves says there's “good reason to believe” that more regulatory oversight of cryptocurrencies is in the pipeline. Cryptocurrencies' persistent growth and ever more mainstream adoption is keeping international monetary authorities on their toes. In fresh comments this week, Stefan Ingves, the Governor of Riksbank, Sweden's central bank, said that digital assets' rising popularity raises the stakes for regulators, central bankers and lawmakers worldwide:“When something gets big enough, things like consumer interests and money laundering come into play.

SEC’s Head Wants to 'Fill in the Gaps' in Crypto Investor Protection

Gary Gensler. Source: a video screenshot, Youtube/Bloomberg Markets and Finance Gary Gensler, Chairman of the US Securities and Exchange Commission (SEC), told US lawmakers that he wants to work with other regulatory agencies and the Congress to “fill in the gaps of investor protection in these crypto markets,” indicating that the SEC may soon develop tighter regulations for the sector.

Banks cautious about crypto ahead of COVID-19 testimony before US Senate

CEOs of major American banking institutions are heading to Washington to face legislators' questions about how they will aid a post-pandemic economic recovery. Major Wall Street bank executives will appear before the United States Senate Banking Committee on Wednesday to discuss the role of their financial institutions in the recovery of the American economy.Democratic lawmakers plan to grill a number of major bank execs, whose firms saw record profits during the COVID-19 pandemic while average Americans struggled to make ends meet. In prepared testimonies posted on Tuesday, CEOs at the Bank of America, Citigroup and Wells Fargo described their respective banks' responses to major challenges such as inequality, diversity, climate change, taxes, as well as how their banks handle cryptocurrencies. This year saw a record bull run in cryptocurrency markets as major financial institutions opened up to digital assets, adding trading desks and custody wings to handle client interests in major cryptos like Bitcoin (BTC).In his testimony, Bank of America CEO Brian Moynihan said that the bank is continuing to evaluate the benefits, risks and client demand for crypto-related products and services.

Russia: Duma admits amendments to allow crypto-payments as 'contractual medium' 

The pace of cryptocurrency adoption across the world has been fast-tracked lately with hundreds of lawmakers now vocally advocating for it.

US Congress Will Not Pass Cryptocurrency Legislation Anytime Soon, Says Lawmaker

US Congressman Jim Himes says that Congress is not ready to pass cryptocurrency legislation anytime soon, citing a lack of deep understanding of cryptocurrencies among lawmakers.

Russian Lawmakers Move to Allow Crypto Payments Under Contracts

Members of the State Duma are now working on amendments that will permit the use of cryptocurrency as a contractual means of payment.

Election Candidates in Russia to Disclose Crypto Investments, New Bill Suggests

A new bill obliging candidates running for election in Russia to declare their spending on digital assets has hit the floor of the State Duma.

‘Crypto Crisis Summit’ in South Korea – as No Ministry Wants to Take Charge

Crypto policy has been placed at the top of the government’s agenda in South Korea – where ministries are eager to pass the buck on crypto-related matters, a "crisis" meeting involving the nation’s most powerful lawmakers has been held and new legislation is set to be put before the country’s parliament, the National Assembly. Per SBS, a "crisis

House Lawmakers Approve Breakthrough Pro-Crypto Bill in Texas

Members of the Texas House of Representatives just passed a proposed piece of legislation which recognizes the use of cryptocurrencies in commercial transactions.

Bank of Korea wants to monitor crypto trading activity, cites monetary risks

South Korea’s central bank is the latest entity seeking powers to monitor crypto trading activity in the country. The Bank of Korea reportedly has plans to maintain strict oversight on crypto trading activity via real-name bank accounts.According to a report by The Korea Herald on Thursday, the BOK is seeking authority under Article 87 of the country’s central bank Act, stating: “We plan to utilize our legal authority over requesting document submittal from financial institutions to monitor the volume of cryptocurrency transactions made through bank accounts.”The above comments are reportedly from documents submitted by the BOK to lawmakers in the country with the central bank wary of unlawful crypto transactions causing significant risks to internal monetary control policies.According to a BOK official, the central bank’s crypto monitoring regime could begin in September if approved by lawmakers.

Texas house passes crypto-friendly bill, now goes to senate

Governor Greg Abbott has already hinted he is open to signing the bill into law. Members of the Texas House of Representatives have passed a bill which aims to recognize cryptocurrencies under commercial law in the state.In a session of the 87th Texas Legislature today, lawmakers passed a proposed amendment to the state's Uniform Commercial Code, or UCC, aimed at better adapting commercial law to blockchain innovation and digital asset regulations. First introduced by Representative Tan Parker in March, House Bill 4474 will reportedly help define cryptocurrencies in the UCC. The bill will now go to the Texas Senate for any proposed amendments and potentially a final vote.

Hungary plans Bitcoin tax cut as part of economic recovery program

Lawmakers are reportedly planning to cut taxes on Bitcoin gains in half, possibly as early as 2022.

South Korean Gov’t Has ‘Invested USD 44.5m in Crypto Firms Since 2017’

Opposition lawmakers have launched a stinging attack on the South Korean government, accusing it of hypocrisy after it emerged that publicly owned companies and government departments have invested a combined USD 44.5m in crypto-related projects in the past four years. The data was compiled by the office of an opposition party MP, Yoon Chang-hyun of the People’s

Australian senate committee calls for national blockchain land registry

Australia’s senate committee on technology and finance wants lawmakers to establish a national blockchain land registry. An Australian senate committee has published a report calling for a blockchain-based national land registry, better clarity over laws relating to smart contracts, and continued efforts to establish international standards for DLT. The Select Committee on Australia as a Technology and Financial Centre's second interim report offers 23 recommendations spanning blockchain, consumer data, and corporate taxation. Five recommendations deal specifically with blockchain and digital assets, including that the Council of Financial Regulators Cyber Working Group takes into account international data standards. The committee recommended that National Cabinet consider supporting a blockchain-powered national land registry as a pilot project for Commonwealth-State cooperation on “RegTech’ to highlight ways to streamline administrative processes in both the public and private sectors.

Bitcoin greenwashing? Lawmakers want clearer definitions of green energy

UK legislators want clearer definitions applied to green energy usage to combat the rise of financial “greenwashing.” Legislators in the United Kingdom have asked for greater regulatory powers to combat the rise of financial “greenwashing” — a deceptive practice where a company overstates or fabricates the extent of its green energy usage. A report by the House of Commons cross-party Treasury Committee urges the UK government to sharpen its definition of environmentally conscious investments and to consult on the prospect of attaching “green labels” to financial products.

Ohio senator wants clarity for crypto tax reporting in proposed bill

Senator Rob Portman said lawmakers were "still pulling in information" on crypto to formulate the bill, implying he announced it to the public prematurely.

Governments can stop Bitcoin by shutting down mining, says Electric Capital exec

"If the US stopped all the US miners, Kazakstan stopped all the miners there — that kind of shuts down 80% to 90% of the hash rate pretty quickly," said Curtis Spencer. Electric Capital co-founder and partner Curtis Spencer implied that the Bitcoin network may owe its continued existence to the grace of world governments.  In a panel at the Collision web summit on Tuesday, Spencer said lawmakers are the ones giving Bitcoin (BTC) a chance to grow by not imposing harsher restrictions on mining operations in their respective countries.

S Korean MPs Seek to Ban Crypto Felons from Returning to the Industry

Convicted South Korean crypto criminals should be barred from re-entering the domestic crypto market, lawmakers have stated – as politicians continue what they have vowed will be a “crackdown” on irregularities in the industry. Per the media outlet Weekly Today, the influential MP Lee Jung-mun, of the ruling Democratic Party, has already submitted a proposal with the

Iowa Lawmakers Pass Blockchain-Friendly Legislation

The Iowa House of Representatives recognized the validity of distributed ledger technology and smart contracts.

Texas Crypto Law Proposal Has One Major Flaw, Experts Say

Texas lawmakers propose to follow Wyoming’s example and provide more regulatory clarity for cryptocurrencies.

Coinbase hiring in India despite potential crypto crackdown

Coinbase plans to base some of its “IT services” in India, including engineering, software development, and customer support. Leading US cryptocurrency exchange Coinbase has announced it is “establishing a business presence in India” despite uncertain regulatory headwinds for crypto in the country. In a March 25 blog post, Coinbase revealed it is planning to house “some IT services, including engineering, software development and customer support operations in India,“ noting the country’s “huge pool of world-class engineering talent.” “India has long been known as a hub for engineering and technology innovation, and we look forward to finding that world-class talent to help the Coinbase group develop new ways for our customers to interact with the cryptoeconomy.” Despite the announcement, no job positions appear to have been uploaded to Coinbase’s careers portal that are country specific to India, and a search of the site for the term 'India' came up empty at the time of writing.  The blog post added that Coinbase is also actively hiring in Japan, Singapore, the Philippines, Ireland, Canada, and the UK to expand the geographic diversity of its “remote-first” workforce. The news comes as uncertainty hangs over India's crypto sector, with Reuters reporting anonymous sources in the Indian government claiming the country’s lawmakers are preparing a bill that would criminalize the “possession, issuance, mining, trading and transferring crypto-assets.” However, India’s minister of finance, Nirmala Sitharaman, stated the government will not be “shutting all options off” for the crypto industry less than two weeks ago.

MP Claims that Russia’s Crypto Tax Threshold Is Subject to Change

Russian parliamentarians could be set to alter the soon-to-be-imposed legal threshold for crypto tax declarations, a State Duma committee member has conceded. As previously reported, lawmakers have previously voted in favor of a bill that would force crypto traders to declare total annual earnings of over USD 8,250 per year.

Lawmakers Introduce Bill To Bring Long-Awaited Crypto Clarity in the US

Lawmakers have proposed new legislation to clarify crypto regulations in the US and shed light on which qualities determine whether or not a digital asset is a security.

Georgia Proposes Bill Where Crypto Will be Part of High School Curriculum

Georgia lawmakers have passed a bill that recommends cryptocurrency to be integrated into the high school curriculum.

South African crypto firms warn opaque regulations are harming the industry

South African crypto firms are threatening to move operations abroad if lawmakers don’t provide clear regulatory guidelines.

California Rep. Ro Khanna bats for 'cannot be devalued' Bitcoin

Over the past few months and years, Bitcoin, the world's largest cryptocurrency, has managed to turn many lawmakers and politicians in its favor.

Kentucky bill to provide tax breaks for local crypto miners

Kentucky needs to attract more crypto mining businesses by offering tax breaks, local lawmakers believe. Lawmakers in Kentucky are looking to impose tax breaks for local cryptocurrency miners. Kentucky lawmakers on Tuesday approved several state tax breaks including House Bill 230, which would remove the sales tax from electricity purchased by local crypto mining operators. According to a report by the Lexington Herald-Leader, Kentucky legislators voted 19 to two for the new measure.

Fed Chair Powell Says Central Bank Will Engage with US Lawmakers On Digital Dollar

Federal Reserve Chair Jerome Powell says it will be up to United States lawmakers whether or not to bring a digital dollar to the market.

Fed chair says it's up to Congress to bring a digital dollar to market

Jerome Powell added that the Federal Reserve needed to consider the health of other markets when creating a digital currency. Federal Reserve chair Jerome Powell said 2021 will likely have the central bank engaging with the public and lawmakers regarding the digital dollar. In a House Financial Services Committee hearing today, Powell responded to questions from Representative Patrick McHenry, who said the digital dollar would likely face national and economic security issues for the United States.

European Central Bank Petition EU Lawmakers for Stablecoin Veto Power

The European Central Bank has asked the EU parliament for veto powers when it comes to stablecoin projects such as Facebook's Diem and others.

ECB wants final say on the legal status of private stablecoins in the EU

The European Central Bank has demanded veto power from lawmakers in the European Union over private stablecoin projects like Diem. The European Central Bank has finally sent its formal opinion on crypto regulations to the European Commission. According to Reuters, the ECB has asked EU lawmakers for veto powers concerning private stablecoin projects like the Facebook-backed Diem. An excerpt from the ECB opinion document reads: “Where an asset-reference arrangement is tantamount to a payment system or scheme, the assessment of the potential threat to the conduct of monetary policy, and to the smooth operation of payment systems, should fall within the exclusive competence of the ECB.” As part of the demand for veto powers on stablecoins, the ECB has urged the EU to ensure that its ruling should be binding on all national authorities in the Euro Zone.

Congress Rips into Robinhood, Citadel CEOs at House Hearing

Lawmakers were on the offensive, and executives flailed.

Robinhood CEO calls on SEC to revise ‘outdated’ trading rules

Robinhood CEO Vlad Tenev denied that the platform was helping hedge funds, calling on the SEC to get rid of a two-day settlement rule. United States lawmakers are set to grill Robinhood CEO Vlad Tenev over the GameStop trading frenzy at a Congressional hearing later today. In his prepared remarks, Robinhood CEO appeared to place responsibility for the platform’s stock trading suspensions on the US Securities and Exchange Commission.

US Lawmakers Looking Into China’s Role in GameStop Pump: Report

Some Republican members of the House Financial Services Committee want to look into Reddit’s ties to Chinese tech conglomerate Tencent and Robinhood rival Moomoo.

Robinhood, Melvin, and Citadel execs expected to testify on GameStop before Congress

The price of GME has fallen almost 90% since lawmakers first called for a hearing. Executives from companies involved in the recent controversy between hedge funds and retail investors from Reddit may be testifying at a House Financial Services Committee hearing next week. According to a Reuters report, two people familiar with the matter said executives from trading app Robinhood, investment manager Melvin Capital, and hedge fund Citadel are expected to testify in a congressional hearing scheduled for Feb.

Rhode Island Lawmakers Hope to Boost State Economy With Blockchain-Friendly Legislation

A newly introduced blockchain bill aims to provide a "welcoming" environment for fintech companies in a bid to stimulate growth and jobs.

US Lawmakers Question Tron Founder Justin Sun and DLive CEO on Extremist Content Following Capitol Riots

Two US lawmakers have questioned Tron founder Justin Sun and DLive CEO Charles Wayn in the wake of the Capital riots—asking them how they moderate extremist content.

India Is Getting Closer to National Crypto Clampdown

Lawmakers are discussing the final draft of a bill that will crack down on cryptocurrency use in the country.

US Lawmakers Ask Justin Sun, DLive How They Moderates Extremist Content

The letter also asks whether DLive identified any crypto donations from foreign entities to the individuals present on Jan.

Miami mayor aiming for 'the most progressive crypto laws'

“We want to make sure that we believe that if all things are equal, we win," said Mayor Francis Suarez. Francis Suarez, who has served as the mayor of Miami since 2017, wants to make the city the most attractive in the United States for those in the crypto and blockchain industry. In an interview with Forbes published Sunday, Suarez said lawmakers in Miami were looking into the policies of crypto-friendly areas like Wyoming and New York in an effort to promote regulatory incentives for crypto and blockchain in Florida.

Law Decoded: New dawn or bad moon rising for trust-busting in tech, Jan. 29–Feb. 5

Lawmakers are prepping new tools to pursue tech firms accused of anti-competitive business practices. Every Friday, Law Decoded delivers analysis on the week’s critical stories in the realms of policy, regulation and law. Editor's note As they say, the sun never sets on the Google empire.

Indian Crypto Industry Launches Campaign Urging Lawmakers to Dismiss Crypto Ban Bill

Indian crypto exchanges have pooled their resources together and launched a campaign to gain support from as many parliament members as possible about cryptocurrency regulation.

Robinhood CEO May Testify Before US House Committee Over GameStop Allegations

Vlad Tenev will likely appear before a US virtual hearing as lawmakers investigate the firm's recent trading restrictions, a Politico report says.

Senator to launch Financial Innovation Caucus to educate lawmakers on crypto

Cynthia Lummis, the first US senator to own Bitcoin, will launch a Financial Innovation Caucus to educate her fellow-senators about Bitcoin and crypto assets. Senator Cynthia Lummis, the first senator in the history of the United States to own Bitcoin, has revealed plans to launch a Financial Innovation Caucus to educate her fellow senators on cryptocurrency and digital assets. Appearing on Anthony Pompliano’s podcast on Feb.

Lawmakers in India Considering New Ban on Bitcoin and Cryptocurrency: Report

Lawmakers in India are planning to introduce a bill that aims to ban Bitcoin and other crypto assets while seeking to create the country’s official digital currency.

Japan’s top brokers compete with crypto-native exchanges for market share

Japan’s biggest brokerages are looking to compete with the country’s crypto-native exchanges for digital asset market share. According to research by Messari, the top three online brokerage firms in Japan are experiencing surging revenue from their cryptocurrency exchange services. In its Asian Crypto Landscape report, Messari noted the operating revenue and net worth of exchange platforms operated by Japan’s top securities brokers is quickly catching up to that of their crypto-native rivals. Comparison of net worth and operating revenue between exchanges operated by crypto-native firms versus online securities brokers in Japan, August 2020: MessariMessari researcher Mira Christanto tweeted that Japan’s three-largest brokers by customer deposits — SBI, Rakuten, and Monex — all operate crypto exchange platforms. Christanto also noted that many large asset managers are lobbying Japanese lawmakers to allow them to offer expanded cryptocurrency services and products, such as custody solutions and exchange-traded funds. “Large asset management funds are lobbying the government to allow custody and ETFs.

Law Enforcement Officials Divided on Ripple XRP Outcome as SEC Lawsuit Court Date Looms

As the pretrial date for the SEC lawsuit against Ripple is set for February 22, many lawmakers have speculated on the possible outcome for XRP.

Panamanian Lawmakers to Hold Discussions on Regulating Cryptocurrencies in the Country

Panamanian lawmakers will start to analyze a draft bill that seeks to regulate cryptocurrencies in the nation.

US Lawmakers Reintroduce Crypto Crime Bill to Combat 'Terrorist Use'

The bill calls for the formation of an “Independent Financial Technology Task Force to Combat Terrorism and Illicit Financing.”

The Downside of Crypto Donations

Nonprofits and their supporters are turning to crypto to avoid taxmen, middlemen and restrictive lawmakers.

No Need for South Korean Lawmakers to Declare Crypto after Bill Fails

South Korean politicians and senior public officials need not report their crypto holdings or cryptoasset-related earnings, a new report has claimed – and there are no plans to make them do so. Per the Electronic Times, no fewer than three bills that would have seen cryptoassets granted property rights (and thus obliged MPs and civil servants to declare their trading

US Lawmakers Say ‘Rushed Process’ Threatens Legitimacy of FinCEN’s Push To Monitor Cryptocurrency Transactions

A bipartisan group of US lawmakers is asking the US Treasury to reconsider a proposed rule that would change how cryptocurrency transactions are monitored.

Law Decoded: Crypto on the rise, Big Tech on notice, Dec. 11–18

The crypto industry is ending 2020 on a high note, while major social media platforms face a phalanx of lawmakers and lawsuits. Every Friday, Law Decoded delivers analysis on the week’s critical stories in the realms of policy, regulation and law.

Urgent plea to prevent auction of $1.6B Bitcoin seized from Silk Road hacker

Pierre Rochard has made an “urgent” plea to lawmakers to instead create a strategic Bitcoin reserve and fill it with BTC seized by law enforcement. Bitcoin influencer Pierre Rochard has called on lawmakers to prevent more than $1.6 billion worth of seized Bitcoin from being auctioned, proposing instead that confiscated coins be put into a strategic BTC reserve. Rochard, a Bitcoin maximalist behind the recent controversy over ETH’s total supply, wants legislators to draft and pass a bill containing amendments to the Judiciary Act of 1789 that would allow the US Marshals Service to hold onto any Bitcoin it received. In a blog post published on Dec.

Group of US Lawmakers Unite Against Rumored Bitcoin and Crypto Regulations from Treasury Department

A group of US lawmakers are coming together as they seek clarification from Treasury Secretary Steven Mnuchin regarding rumors that his office is considering implementing regulations that would restrict the use of self-hosted wallets.

US Lawmakers Caution Against Regulations Restricting Use of Self-Hosted Crypto Wallets

Four US lawmakers have sent a letter to Treasury Secretary Steven Mnuchin, warning of the risks of restricting the use of self-hosted cryptocurrency wallets.

Blockchain Bites: Paxos’ Banking Play, France’s KYC Terreur, FinCEN’s Personal Data Honeypot

US lawmakers are asking the nation's financial guardians to clarify crypto custodianship while France wages war on anonymity.

US Lawmakers Tell Mnuchin to Back Off From Potential Crypto Wallet Regs

Reps. Warren Davidson, Tom Emmer, Ted Budd and Scott Perry urged Steven Mnuchin to rethink his rumored self-hosted wallet regulations in an open letter Wednesday which warned such rules might "crush a nascent industry."

US Lawmakers Ask SEC to Clarify Broker-Dealer Rules

US lawmakers asked the SEC and FINRA to clarify how crypto firms can become registered broker-dealers and provide custody services for crypto assets.

Price analysis 12/7: BTC, ETH, XRP, LTC, BCH, LINK, DOT, ADA, BNB, XLM

Bitcoin price continues to meet resistance at $19,500, a signal that further sideways action in BTC and altcoins is on the cards. Recent news reports suggest that US lawmakers may announce a new round of economic stimulus worth about $908 billion before the end of today.