Category : Regulations

As the U.S. Senate learned about Facebook’s Libra, it realized that Bitcoin cannot be killed

Bitcoin has been in the spotlight lately after a tweet from U.S. President Donald Trump where he expressed his views on cryptocurrencies, stating that he was “not a fan” of Bitcoin and that its value was highly volatile and based on thin air. Since t...

Zuckbucks” encounters resistance due to Facebook’s damaged reputation, Libra may precipitate unfavorable legislation

Facebook’s Calibra CEO David Marcus took another beating, this time from members of the House, with one lawmaker even scorning the proposed Libra cryptocurrency as “Zuckbucks.” Marcus went before members of the House Financial Service Committee to ex...

Senate hostile towards Libra, Facebook suggests regulators must act or risk losing US dollar dominance to Bitcoin

The focus of the hearing between Facebook’s David Marcus and the Senate on the Libra cryptocurrency was trust—or the lack thereof. Marcus, the head of Calibra, strongly suggested that if the U.S. doesn’t act quickly, Bitcoin could jeopardize the doll...

“Keep Big Tech Out of Finance Act” proposes $1 million per day fine on large tech companies acting as financial institutions

A recent bill, “Keep Big Tech Out Of Finance Act,” recommends prohibiting giant tech firms from serving as financial institutions or launching their own cryptocurrency. Likely geared toward Facebook, the bill was reviewed by Democrats that oversee th...

US regulation against Bitcoin could be the catalyst for the next upswing

In a recent briefing held by the U.S. Secretary of the Treasury Steven Mnuchin, the U.S. government revealed its stance on cryptocurrencies and the efforts it will carry upon to regulate Bitcoin because of its use in criminal activity and the threat...

US Treasury Secretary: Bitcoin a “national security issue,” cryptocurrency dominated by illicit activity and speculation

Following President Trump’s derisive tweet about Bitcoin, U.S. Secretary of the Treasury Steven Mnuchin held a briefing on regulating Bitcoin and Facebook’s Libra because of their use in criminal activity and the threat they pose to the financial sys...

Donald Trump: If Facebook wants to become a bank, they must be subjected to all banking regulations

U.S. President Donald Trump expressed his views on cryptocurrencies, saying that not only was he “not a fan” of Bitcoin, he also believes Facebook’s Libra will have little standing or dependability when launched. He said that Facebo...

NY attorney general reaffirms jurisdiction over iFinex, Bitfinex and Tether continued operations in New York until 2019

Recently released court filings from the New York Attorney General’s Office (NYAG) showed that Bitfinex and Tether both operated in New York from 2017 to early 2019, despite claiming they had ceased all operations in the state. As such, the NYA...

IRS conducting electronic surveillance in attempt to clampdown on Bitcoin tax crime

The IRS plans to interview family and friends, search through social media posts, and issue subpoenas to ensure people pay taxes on their Bitcoin, according to a presentation given to the IRS Criminal Investigation division. Top companies including A...

China’s central bank is developing a state-run cryptocurrency in response to Facebook’s Libra

China’s central bank is creating its own cryptocurrency in response to Facebook’s Libra, said Wang Xin, director of the People’s Bank of China’s (PBOC) research bureau. Reasoning behind China’s hostility towards cryptocurrency China’s stance towards...

President Maduro Orders Bank of Venezuela to Accept Petro Crypto

Because of an order emitted by Venezuela’s President Nicolas Maduro, the country’s leading bank Banco de Venezuela will accept the Petro

Caitlin Long, Blockchain’s Ambassador of Hope: Notes from a RegTech conference keynote

Our collective voice working together is the only way we will ensure this Cascadia region (from Portland to Seattle to Vancouver B.C.) demonstrates continued leadership for decades to come. The impact of Caitlin Long’s visit and keynote at the Seatt...

Facebook’s David Marcus Addresses Libra Trust Issues

Facebook’s David Marcus addressed trust concerns surrounding the Libra cryptocurrency in a recent post

Members of US Congress demanding Facebook put Libra on hold

Four members of the House of Representatives sent a letter to Facebook calling for an immediate moratorium on its cryptocurrency Libra, saying both regulators and Congress needs more time to investigate the risk it could pose to the global economy. M...

LedgerX wins CFTC approval for crypto-settled Bitcoin futures

LedgerX, a U.S. based Bitcoin derivatives exchange, finally won approval from the CFTC to offer BTC spot and physically settled derivatives contracts. Customers living in the U.S. and Singapore will be able to sign up to trade in July 2019. Physicall...