Stablecoins have garnered immense popularity in recent years, often hailed as the digital solution to currency stability. However, a recent report from the Financial Stability Oversight Council (FSOC) unveils a troubling narrative hidden behind their appeal. With the rapid growth of stablecoins, the oversight surrounding them has been profoundly lacking, exposing the financial system to
Regulation
Recently, the South Korean Financial Services Commission (FSC) pushed back against circulating reports that a definitive roadmap for issuing real-name cryptocurrency accounts to corporations was imminent. In a statement issued on December 4, the FSC emphasized that there are no completed plans or guidelines ready for public distribution regarding this matter. Speculation had suggested a
In a significant move, South Korea’s Democratic Party (DP) has opted to delay the implementation of proposed cryptocurrency taxation laws for an additional two years, a decision echoed by floor leader Rep. Park Chan-dae during a recent press conference. The initial tax was slated to come into effect in January 2024, aimed at taxing profits
As the crypto landscape continues to evolve, regulatory frameworks are becoming increasingly stringent, especially in jurisdictions like Canada. This environment has prompted several crypto firms to reconsider their operations within the nation. Notably, Circle has emerged as a trailblazer by successfully achieving compliance for its USD Coin (USDC) with Canada’s new digital asset listing requirements,
The recent nomination of Paul Atkins as the next chairman of the United States Securities and Exchange Commission (SEC) by President-elect Donald Trump marks a significant moment in the regulatory landscape, particularly concerning digital assets. In a post dating December 4, Trump underscored Atkins’ recognition of the vital role that innovations in digital finance play
In a bold declaration at the Investment Forum in Moscow on December 4, Russian President Vladimir Putin heralded Bitcoin (BTC) and other digital currencies as indispensable instruments in the global financial ecosystem. He asserted that these technologies are essential for rectifying financial inefficiencies and bolstering economic stability. By positioning Bitcoin as a potential successor to
In a significant move aimed at refining the regulatory landscape for cryptocurrency in Australia, the Australian Securities and Investments Commission (ASIC) has called for public feedback regarding proposed changes to its crypto regulation framework. The announcement from December 4 highlights ASIC’s commitment to encapsulating the evolving nature of digital assets within its financial regulatory framework.
The ongoing dialogue concerning the intersection of cryptocurrency businesses and banking services has gained significant momentum, particularly within the U.S. Congress. Representative French Hill has stepped forward to intensify scrutiny regarding perceived regulatory pressures that may be limiting access for crypto companies to essential banking services. With industry leaders articulating their concerns, the ramifications of
On December 1, 2023, the Missouri Senate took a decisive step by introducing Senate Bill 194 (SB 194), aiming to prohibit Central Bank Digital Currencies (CBDCs) from being recognized as legal tender within the state. The bill, spearheaded by Senator Brattin, reflects growing skepticism about the potential of CBDCs, echoing concerns shared by several lawmakers
As the political landscape evolves in Washington, the Securities and Exchange Commission (SEC) is poised for significant changes, particularly in light of the recent presidential election. President-elect Donald Trump’s potential appointee for SEC chair, Paul Atkins, is reportedly hesitant to accept the role. His reluctance is fueled by the formidable task of navigating a beleaguered