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During a panel at the 2019 MIT Bitcoin Expo, Gensler called out the securities regulator for its ‘inconsistent’ approach to spot Bitcoin ETF approvals. Gary Gensler once criticized the United States securities regulator for its “ inconsistent ” approach to spot Bitcoin (BTC) products, according to a resurfaced video of Gensler from 2019. The video clip, which has recently made the rounds again on social media, shows the pre-SEC Gensler discussing blockchain regulation at the 2019 MIT Bitcoin Expo in a fireside chat with Securities and Exchange Commission (SEC) commissioner Hester Peirce. “Bitcoin futures, and I think Ethereum futures and so forth, will exist and Bitcoin ETFs have not and that feels a little inconsistent to me [...]It feels a little inconsistent ,” Gensler said. “Even though the laws aren’t exactly the same, they’re quite similar,” he added. Meanwhile, on X (Twitter), the crypto community couldn’t help but highlight the contrast with Gensler’s views toward spot Bitco...

Roundhill Financial has submitted a proposal to create a Bitcoin Covered Call ETF in the wake of the anticipated approval of Bitcoin spot ETFs by the SEC. New York-based investment advisor Roundhill Financial has reportedly moved in anticipation of the Securities and Exchange Commission (SEC) approving spot Bitcoin exchange-traded funds (ETFs). It forwarded a proposal to create a Bitcoin Covered Call ETF. According to Eric Balchunas, a senior ETF analyst with Bloomberg, Roundhill’s ETF proposal will be a fusion of a Bitcoin (BTC) futures ETF with additional call and put options to generate income. Roundhill just filed for a Bitcoin Covered Call ETF, which will hold a bitcoin futures ETF and then write call and put options for income pic.twitter.com/0yqsAOXqX5 — Eric Balchunas (@EricBalchunas) October 27, 2023 The move marks Roundhill’s continued interest in crypto-related offerings, evident from their previous filings for an Ethereum (ETH) futures ETF alongside VanEck...

The staff note suggested that although the DeFi ecosystem brings a ton of innovations in the financial sector the regulatory challenges and vulnerability limit its potential use in traditional finance. The Central Bank of Canada published a staff note on De central ized Finance on Oct. 17, assessing the innovations that made it popular and the challenges and risks associated with its use. The staff note described DeFi as a multi-layered structure with the Ethereum blockchain serving as the bottom layer (or settlement layer). Developers construct a variety of tools and services on top of the main blockchain including tokenization, lending and borrowing services, and much more. DeFi Architecture. Source: Bank of Canada The staff note shed light on the rise in popularity of the DeFi ecosystem starting in 2020 and how it became an integral part of the crypto economy with billions in volume over the next few years. The popularity of the ecosystem took a dip starting in 2022 with the col...

The RBA assistant governor in his speech noted that the pilot CBDC projects have highlighted several key areas where CBDCs could be of great use. The Reserve Bank of Australia (RBA) is open to the idea of using central bank-issued digital currency (CBDC) as the future of money where CBDC would represent a tokenized form of central bank reserves. Brad Jones, the assistant governor (Financial System) of RBA, in his speech titled “A Tokenised Future for the Australian Financial System,” talked about the opportunities and challenges arising from the tokenization of assets and money in the digital age while shedding light on the proposed plan to use CBDCs as a form of money . Jones started his speech by outlining the use of different forms of money over the course of history and how financial instruments have evolved over time. While talking about tokenization and tokenized forms of money in the modern era, Jones talked about stablecoins and CBDCs. He noted that stablecoins issued by...

Conversations with key speakers at the Blockchain Expo Europe in Amsterdam suggest that cryptocurrency exchanges and companies see the continent as a key region for growth. Europe remains fertile ground for the cryptocurrency ecosystem to flourish in comparison to harsher regulatory environments, according to prominent speakers at this year’s Blockchain Expo in Amsterdam. Cointelegraph attended the convention held at the RAI conference center for the second year running, with the Blockchain Expo forming part of the larger Tech Expo event being hosted in the Netherlands. The event has typically attracted prominent mainstream industry players from the financial world to showcase how blockchain technology is being leveraged to power innovative new products and solutions across a myriad of industries. From finance, logistics, healthcare and marketing, blockchain technology and Web3 functionality continues to be a key growth area for different industry players. MiCA bodes well for institut...

Republican House Financial Services Committee representatives have put forward a bill prohibiting the Federal Reserve from issuing digital dollars directly to individuals. “State CBDC Anti-Regulatory Legislation” was proposed by Tom Emmer. Its goal is to strengthen national security, protect Americans’ financial privacy, and prevent the issuance of CBDC without explicit authorization from Congress. Under the proposal, the Federal Reserve could not directly or indirectly hold accounts for individuals or on behalf of individuals. It would also prohibit the head of the Treasury Department from directing the Federal Reserve Board to issue a CBDC. Thus, a central bank digital currency can only be issued with the approval of Congress. “The legislation prohibits the Federal Reserve from using any CBDC to implement monetary policy, ensuring the Federal Reserve cannot use a CBDC as a tool to control the American economy.” Majority Whip Tom Emmer Will crypto bills ge...

Senator Elizabeth Warren’s bipartisan crypto anti-money laundering bill has gained backing from 9 more senators, including notable committee chairs. According to the press release on Warren’s official webpage on Sept. 15, the bill has won the support of key political figures such as the chair of homeland security, Gary Peters, and judiciary chair, Dick Durbin, alongside senator s Tina Smith, Angus King, Michael Bennet, Bob Casey, Catherine Cortez Masto, Jeanne Shaheen, and Richard Blumenthal. This development takes the total count of senators backing the bill to twelve, with senator Roger Marshall leading as the co-sponsor. Senators Joe Manchin and Lindsey Graham are also among the lawmakers supporting this initiative. Warren expressed her gratitude towards the growing group of support ers, noting: “The increasing support indicates that the Congress is prepared to act. Our cross-party bill is currently the sternest proposal, aiming to curb the unlawful use of cr...

India’s Minister of Finance, Nirmala Sitharaman, said that all countries must unite for better worldwide crypto regulation . Speaking at the Global Fintech Fest 2023, Sitharaman added that there should be a global regulatory framework “for handling issues related to crypto assets.”  According to The Free Press Journal, the finance minister stressed the importance of the country’s Income Tax Return (ITR), claiming that some tax categories have risen by a minimum of three times in terms of tax filings. You might also like: Seoul to target North Korea’s illicit crypto assets with a new cyber bill Sitharaman added that technology is one of the essential tools for positive change. “I want [the] banking system, the financial ecosystem [including] the mutual funds, stock markets… everybody to keep in mind that when someone deals with his (customer’s) money, the organizations will have to think about the future and ensure that they (customers) nominate...

The Cyprus branch of the global cryptocurrency exchange, Binance, has submitted an application to withdraw its registration as a crypto asset service provider, according to the country’s securities regulator. According to Reuters, the regulator disclosed this information but did not provide any reasons for the application. Binance, a leading player in the world of cryptocurrencies, has a presence in many countries, including Cyprus. It offers a platform for trading a variety of digital currencies like bitcoin (BTC), ethereum (ETH), and many others. However, the recent move to deregister its Cyprus unit as a crypto service provider has raised eyebrows in the crypto community. The Cyprus Securities and Exchange Commission (CySEC) is the regulatory body that oversees the operations of financial service providers in the country. It maintains a register of crypto asset service providers, and binance’s Cyprus unit was one of the entities on this list. The recent applicat...

One of Binance’s top executives is reportedly exiting the company following several senior executive departures in recent months.  Binance Asia-Pacific (APAC) chief Leon Foong is resigning from the firm, Bloomberg reported on Aug. 31, citing people familiar with the matter.  While the report does not state the reason for Foong’s exit, the executive has become the latest senior employee to leave the crypto exchange. Binance has also seen the departure of several top executives, including general counsel Hon Ng, senior vice president for compliance Steven Christie, and chief strategy officer Patrick Hillman.  You might also like: Head of Binance APAC suggests full audit not coming Meanwhile, the latest development comes as Binance faces regulatory pressure from regulators in the United States, France, and Australia. In the US, the company was sued by the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) for vari...

Coin Center research director Peter Van Valkenburgh argued that crypto mixer Tornado Cash is an anonymizing software provider, not a money transmitter. Crypto advocacy group Coin Center has criticized the latest indictment of two former Tornado Cash developers, arguing that the facts offered don't show any clear violations of money-transmitting-related offenses. Roman Storm and Romen Semenov were indicted by the United States Office of Foreign Asset Control (OFAC) on Aug. 23 for conspiring to operate an unlicensed money-transmitting business, among other charges. In a follow-up opinion piece, Coin Center research director Peter Van Valkenburgh argues that the claims in the indictment appear to run counter to guidance from the U.S. Financial Crimes Enforcement Network — arguing that Tornado Cash only provides the software to transmit money, rather than transmitting the money itself. New Tornado Cash indictment s seem to run counter to FinCEN guidance Coin Center’s initial thought...

Binance Support account repeatedly claimed on X that the company had suspended EUR transfer s until further notice. In an Aug. 21 tweet, Binance’s customer support wrote that direct bank transfer for EUR currency is in maintenance. Still, card-based deposits and withdrawals still work, as well as the peer-to-peer system. Hello there, Please be informed that currently, direct bank transfer for EUR currency is in maintenance. However, you still can try to use card deposit/withdrawal from here: https://t.co/EDd2bXuELY Also, you can try our "buy crypto with card" option from here:… — Binance Customer Support (@BinanceHelpDesk) August 21, 2023 A different tweet also clearly states that SEPA transfer s are suspended on the platform, and there is “no fixed schedule for it to be resumed.” Hi Jayjay! SEPA deposit/withdrawal is currently unavailable and we have no fixed schedule for it to be resumed. As we're working on alternative options, meanwhile,...

Revolut’s suspension of cryptocurrency services in the United States will affect 1% of their total global user base, the firm said. Cryptocurrency-friendly trading neobank Revolut is wrapping up its crypto services in the United States amid the ongoing regulatory uncertainty. Soon after announcing a partial delisting of certain digital assets from its platform, Revolut took a decision to suspend all crypto services for U.S. users, the firm said in a statement to Cointelegraph on Aug. 4. Together with its U.S. banking partner, Revolut will be working to suspend access to crypto through its platform starting from Sept. 2, 2023. The firm then will completely shut down crypto services on Revolut on Oct. 3, a spokesperson for the online bank said, adding: “The access to cryptocurrencies through Revolut will be fully disabled and US customers will no longer be able to buy, sell, or hold any cryptocurrencies.” The Revolut representative emphasized that the decision to leave the U.S. marke...

The politician and business magnate has his eyes set on Binance CEO CZ taking the reins of the future crypto industry. During a panel at Collision 2023 in Toronto, Anthony Scaramucci, founder of Skybridge Capital and former White House communications director, stated that disgraced crypto executive Sam Bankman-Fried “really hurt the industry in the United States from a regulatory perspective." Scaramucci continued: “He embarrassed the politicians; he gave a lot of money to them. They spent a lot of time with him, Gary Gensler spent a lot of time with him. And then they had this huge situation that happened. And that was very embarrassing. And so now the pendulum has swung too far to over-regulation in this ridiculous prosecutorial oversight." When asked for his opinion concerning the crypto regulatory environment in Canada compared to the U.S., Scaramucci stated that “Canada actually learned from the United States and set it up the way we used to do things in the United St...

According to Belgium’s Financial Services and Markets Authority, Binance, the largest cryptocurrency exchange globally, has been found to provide services from non-European economic area countries. The regulator stated that individuals and companies operating in Belgium, but not belonging to the European economic area, are prohibited from offering exchange services between virtual currencies and legal currencies, as well as custody wallet services. JUST IN: Belgium order s #Binance to cease crypto service s in the country. — Watcher.Guru (@WatcherGuru) June 23, 2023 An order for Binance Belgium’s Financial Services and Markets Authority (FSMA) has reportedly issued an order for Binance, the leading cryptocurrency exchange, to halt all virtual currency services within the country. According to the regulator’s statement, the FSMA alleged that Binance was providing exchange services between virtual currencies and legal currencies, as well as custody wallet...

“Huge DJs” no longer appear at crypto events, instead, attendees are seeing more “well thought out, intelligent questions” being asked. The extended crypto winter has pushed crypto event organizers to tone down on the lavishness, allowing attendees to focus on asking more “intelligent questions” about regulation and tax. Crypto conferences attract all sorts from the crypto space, from founders and high-level executives to crypto influencers and everyday users. Tiffany Fong, a crypto vlogger who gained fame interviewing former FTX CEO Sam Bankman-Fried following the collapse of the exchange, is attending crypto conferences for the first time this year. Speaking to Cointelegraph, Fong — who attended both Bitcoin Miami 2023 and NFT NYC 2023 — said she “can’t speak to how conferences used to be in the bull market s,” but has been told by other attendees that it is lighter on the entertainment side this year. “People have named dropped huge DJs that have performed in past conferences durin...

U.S.-based cryptocurrency exchange Kraken received its virtual asset service provider authorization from the Central Bank of Ireland. Payward Europe Solutions, an Irish subsidiary of Kraken registered in Dublin, was awarded virtual asset service provider (VASP) authorization from the Central Bank of Ireland on April 18. We’re pleased to announce that Kraken has successfully registered with the Central Bank of Ireland (CBI) as a Virtual Asset Service Provider (VASP), affirming our commitment to helping drive crypto adoption in Europe Learn more https://t.co/mowesdqEGj pic.twitter.com/C2ScvDhpa1 — Kraken Exchange (@krakenfx) April 18, 2023 The VASP authorization comes at a critical time for Kraken. The European Union is scheduled to conduct its final vote on the long-awaited Markets in Crypto Assets (MiCA) regulation. The MiCA legislation is expected to pass after preliminary voting showed overwhelming nonpartisan support. If it does, the resulting changes will require any company...

On this week’s episode of The Market Report, Cointelegraph’s resident experts discuss the recent FUD surrounding Binance and why Solana went down yet again. This week on The Market Report, the resident experts at Cointelegraph discuss the recent fear, uncertainty and doubt (FUD) around the popular cryptocurrency exchange Binance and what the CEO of Solana had to say about recent outages.  We kick things off with this week’s top stories Binance CEO respond s to Forbes claims: ‘They don’t know how an exchange works’ In the aftermath of the FTX collapse, Forbes published an article focused on the recent “shuffling” of funds by the Binance cryptocurrency exchange. However, the following day on Feb. 28, Binance co-founder and CEO Changpeng “CZ” Zhao took to Twitter to respond. Our experts weigh in on what CZ had to say and also what exactly the FUD surrounding Binance was. If you are a Binance user, should you be worried? Solana CEO hoses down claims network outages caused by on-chain voti...

CBDCs could revolutionize the financial system by increasing efficiency, transparency and financial inclusion while reducing the use of cash. Central bank digital currencies (CBDCs) are digital versions of fiat currencies that are backed and issued by central banks. Here are five ways in which CBDCs could impact the global financial system. Digitalization of payments CBDCs might make payments quicker and more efficient because they would do away with the need for intermediaries. Costs could be brought down as a result, along with financial inclusion and an improved global payments system. CBDCs could also enable cross-border payments to become faster and more efficient, as they would not be subject to the limitations of the traditional financial system. The ease and reduced cost of conducting cross-border commercial transactions could have a big impact on global trade. Additionally, because they would be supported by the central bank and subject to strict security controls, CBDCs coul...

The bill clarifies that state agencies can legally agree to accept cryptocurrency payments and that these agreements should be enforced by the courts. A bill introduced to the New York State Assembly on Jan. 26 would allow state agencies to accept cryptocurrency as a form of payment for fines, civil penalties, taxes, fees and other payments charged by the state. JUST IN: A New York Senate has introduced a bill to allow #Crypto as a form of payment — Interpret Crypto (@interpretcrypto) January 27, 2023 New York State Assembly Bill A523 was introduced by Democratic Assembly Member Clyde Vanel, who is often seen as a crypto -friendly politician. It allows state agencies to enter into “agreements with persons to provide the acceptance, by offices of the state, of crypto currency as a means of payment ” for various types of fees, including “ fines , civil penalties, rent, rates, taxes , fees, charges, revenue, financial obligations or other amounts, including penalties, special ass...