Government

SEC to Talk Crypto at U.S. Congress Hearing

SEC to Talk Crypto at U.S. Congress Hearing

  • The Committee on Financial Services will be holding a hearing, called "Oversight of the Securities and Exchange Commission: Wall Street’s Cop on the Beat", on 24 September.
  • It will cover topics such as the SEC's actions in regards to public company disclosures, enforcement, fiduciary responsibilities, and the cryptocurrency space.
U.S. Treasury Blacklists Cryptocurrency Addresses of Drug Traffickers

U.S. Treasury Blacklists Cryptocurrency Addresses of Drug Traffickers

  • Three Chinese nationals and a number of Bitcoin addresses have been added to the U.S. SDN list for drug trafficking.
  • Individuals added to the list could face $1.1 million fine per violation, a $5 million criminal penalties fine, and up to 30 years in prison.
Receiving Salaries in Crypto is Now Legal in New Zealand

Receiving Salaries in Crypto is Now Legal in New Zealand

  • The new ruling states that employees' salaries can be paid in crypto assets if they form part of their regular earnings.
  • The crypto assets used for salaries must be exchangeable for fiat currencies and will be treated as a Pay As You Earn (PAYE) income.
New Jersey’s Blockchain Initiative Signed by the Governor and Turned Into a Law

New Jersey’s Blockchain Initiative Signed by the Governor and Turned Into a Law

  • The legislation aims to strengthen the state’s innovation economy, as stated by officials.
  • The Task Force will consist of 14 members and will have 180 days to present a study to the governor.
Indian Minister Clarifies There is No Official Ban on Cryptocurrencies Yet

Indian Minister Clarifies There is No Official Ban on Cryptocurrencies Yet

  • India's Minister of State for Finance, Anurag Thakur, has said there is no separate law for dealing with issues relating to cryptocurrencies in India.
  • Earlier this month, a unverified copy of a draft bill was uploaded on Scribd, which if passed would mean a ban on cryptocurrencies in India.
FATF Approves New Japanese Payment Network Similar to SWIFT

FATF Approves New Japanese Payment Network Similar to SWIFT

  • The network was first proposed by the Japanese Ministry of Finance and its national regulator, the Financial Services Agency (FSA).
  • The development of the network, which is aimed at combating money laundering more effectively, will be monitored by a team related to the FATF.
The Political Pressure on Facebook's Libra Continues

The Political Pressure on Facebook’s Libra Continues

  • A lengthy back-and-forth focused once again on privacy and money laundering issues.
  • More predominant this time were comparisons of Libra to a bank, suggesting the project should be regulated as one.
Facebook's Libra Under Heavy Attack in Senate Hearing

Facebook’s Libra Under Heavy Attack in Senate Hearing

  • Most senators raised concerns over Facebook's repeated history of privacy issues and lack of trust by the general public.
  • AML and KYC compliance was also central to the hearing, as was the registration of Calibra in Switzerland.
US Congress Requests Facebook Freezes Development of the Libra Project

U.S. Congress Requests that Facebook Freeze Development of Libra

  • This Tuesday U.S. lawmakers wrote an open letter to Facebook, requesting the firm to agree to a moratorium on the development of Libra.
  • Facebook already has 2 hearings scheduled by the Senate Banking Committee and the House Financial Services Committee for 16 and 17 July respectively.
Bill Proposes Creation of Blockchain Task Force & Business Incentives

Bill Proposes Creation of Blockchain Task Force & Business Incentives

A new bill has been proposed in the state of Utah that will stop blockchain firms from...