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.

New Stimulus Proposals Gain Support While Lawmakers Push for Second Stimulus Checks to Help Americans

Two new stimulus packages have been proposed while lawmakers continue to push for second stimulus checks to help Americans cope with the coronavirus-led economic crisis.

US Lawmakers Introduce Plan to Regulate Emerging Sector of Crypto Markets

Lawmakers in Congress are introducing the Stablecoin Tethering and Bank Licensing Enforcement (STABLE) Act aimed at regulating the growing stablecoin market.

New Draft US Law Will Make It Illegal To Issue Stablecoins Without Federal Reserve Approval

Three US lawmakers have introduced a bill that will force private stablecoin issuers to obtain a banking charter (or license) and approval from the Federal Reserve before they can issue a stablecoin.

The Australian Senate just voted to kill the $10,000 'cash ban' bill

A controversial bill to ban the use of cash for transactions over $10,000 has been voted out by the Australian Senate A bill proposed by Australian lawmakers to ban the use of cash for transactions over $10,000 has been killed by a unanimous Senate vote.  One Nation Senator Malcolm Roberts brought the motion to remove the bill today after more than a year of trenchant opposition to it from a cross section of the community, including cryptocurrency proponents.

US Lawmakers Want STABLE Act to Force Stablecoin Issuers to Secure Bank Charters

US lawmakers have introduced a new bill to Congress seeking to impose federal control over the entire stablecoin industry and would mandate issuers to secure bank charters.

US Lawmakers Want to Regulate Stablecoins, and Crypto Twitter is Not Happy

Rashida Tlaib, Jesus "Chuy" Garcia and Stephen Lynch want stablecoin issuers to be licensed as banks.

US lawmakers seek to make stablecoins illegal without federal approval

A new bill introduced to Congress seeks to control the entire stablecoin industry by requiring all related activities to obtain federal approval first A new bill, introduced to US Congress on Wednesday night, could enforce blanket regulation on all stablecoins.

US Lawmakers Introduce Bill That Would Require Stablecoin Issuers to Obtain Bank Charters

Rep. Rashida Tlaib, Rep. Stephen Lynch and Rep.

New Congressional Bill Seeks to Regulate Stablecoins

Three Democratic lawmakers want to make sure stablecoin issuers don't take on the bad habits of big banks.

South Korea Will Delay 20% Crypto Trading Tax to 2022

South Korean lawmakers officially approved the postponement of the new income tax on cryptocurrency trading until January 2022.

Status of Second Stimulus Checks as Deadline for Government Shutdown Draws Near

As Americans wait to hear if they will receive second stimulus checks, lawmakers are scrambling to avert the looming government shutdown.

Second Stimulus Checks: New Proposal Taps Unused Fed Funds, Lawmakers Call for Relief Now

Americans are anxiously waiting to hear if they will receive a second round of stimulus checks as many are suffering due to the coronavirus-led economic crisis.

New Jersey Lawmakers Considering Sweeping Legislation to Regulate Bitcoin, Blockchain and Cryptocurrency

Lawmakers in the state of New Jersey are analyzing a bill that would regulate businesses involved in blockchain technology and digital assets, such as the flagship cryptocurrency Bitcoin (BTC).

EU’s Move to Bypass Encryption on Platforms like WhatsApp Sparks Indignation

European Union lawmakers have created a draft proposal that aims to circumvent end-to-end encryption, in a move to increase cybersecurity.

EU Lawmakers Seek Access to Encrypted Signal, WhatsApp Chats: Reports

A European Union draft proposal has drawn criticism from privacy advocates, although it may not be the “back door” that some fear.

Here Are the 2020 US Election Races Crypto Should Watch

Lawmakers who are important to the crypto industry are on the ballot this year.