The U.S. Senate Banking Committee is clearly concerned about Facebook’s new cryptocurrency project and how it is treating individuals’ financial information. The banking committee wrote an open letter to Facebook founder and CEO Mark Zuckerberg Thursday, asking him to share…
Tag: US & Canada
Bitfinex: NYAG’s Order Is Hurting Our Customers and the Crypto Market
Bitfinex’s customers might suffer if it can’t access a line of credit from stablecoin issuer Tether, the exchange’s attorneys argued Sunday. In a new filing, attorneys Jason Weinstein and Charles Michael of Steptoe and Johnson, and David Miller and Zoe…
Tether Lawyer Admits Stablecoin Now 74 Percent Backed by Cash and Equivalents
The USDT stablecoin is only about 74 percent backed by fiat equivalents, says its issuer’s general counsel. Stuart Hoegner, who is general counsel to both Tether and Bitfinex, the controversial companies at the heart of cover-up allegations by the New…
CFTC Chair Giancarlo Hints at What’s Holding Back Bakkt’s Bitcoin Futures
The Takeaway Bakkt, the proposed bitcoin futures exchange, remains in regulatory limbo CFTC Chairman Christopher Giancarlo wouldn’t discuss specific proposals, but his general comments about crypto regulation offer hints at the reasons Bakkt is languishing Part of the problem appears…
Bakkt Exchange May Be Seeking New York License for Crypto Custody: Report
The owner of the New York Stock Exchange, Intercontinental Exchange (ICE), is reportedly eyeing a New York license for its long-delayed crypto exchange Bakkt. With Bakkt’s launch having been held up for five months, apparently over persuading the Commodity Futures Trading Commission (CFTC)…
Crypto Lawyer Drew Hinkes Joins Firm to Help ICO Issuers Fight Back
Blockchain lawyer Andrew Hinkes is spoiling for a fight. The general counsel at investment bank Athena Blockchain and an adjunct business and law professor at New York University, Hinkes believes token issuers will soon start pushing back against regulatory enforcement…
Riot Blockchain to Launch Regulated Crypto Exchange in the US
Riot Blockchain is planning to launch a regulated crypto exchange in the U.S. The publicly traded U.S. company that has faced regulatory issues for a sudden pivot to blockchain, revealed in a filing with the U.S. Securities and Exchange Commission…
FBI Seeking Potential Victims of BitConnect to Assist Investigation
If you invested in the proprietary token offered by the now-defunct crypto exchange BitConnect, the FBI wants to hear from you. In a notice on its website Wednesday, the federal law enforcement agency said those who invested in the BitConnect coin (BCC)…
Wyoming Lawmakers Pass Three Bills in Boost for State’s Crypto Industry
The U.S. state of Wyoming has passed several bills aimed to make the state a top destination for cryptocurrency and blockchain businesses. The Wyoming House of Representatives approved bill SF0125 last week, which recognizes digital assets as property and clears the way…
Stablecoin Issuers May Need Licenses in Texas, Unlike Most Crypto Startups
Stablecoins may qualify as “money” under Texas law, according to updated guidance from the state Department of Banking. A memo published Wednesday by Texas Banking Commissioner Charles Cooper outlines how cryptocurrencies are to be treated under local and federal regulations,…