Crypto Regulation News: Turkey bans cryptocurrency payments, US Senate confirms Gary Gensler as SEC chair, Hester Peirce updates safe harbor proposal for token sales, Miami commissioner wants to let residents pay taxes in Bitcoin, Coinbase goes public, and more

Paradigm
Paradigm
Apr 19 · 10 min read

Vol. 66, 5th April — 19th April

TL;DR

  • SEC commissioner Hester Peirce unveils updated version of ‘safe harbor’ proposal for crypto tokens.
  • Biden calls out crypto’s use in sanctions evasion in executive order response to Russian cyberattacks.
  • The U.S. Senate has officially confirmed Gary Gensler as chairman of the Securities and Exchange Commission (SEC).
  • Proposed Miami-Dade crypto task force would explore whether to accept crypto for county payments.
  • Galaxy Digital became the latest firm to file for a bitcoin ETF.
  • Massachusetts regulator seeks to revoke Robinhood’s broker-dealer license.
  • In an interview with CNBC, Congressman Kevin McCarthy (R-CA) said the base behind crypto is only going to continue to grow.
  • IRS commissioner says crypto reporting standards from Congress would ‘absolutely’ help close U.S. tax gap.
  • Without suitable allowances from lawmakers, Bitcoin, like the internet, can be used in ways that could compromise U.S. prowess, says Anthony Pompliano.
  • Crypto wagering for online sports betting now legal in Wyoming.
  • The EU is looking to bring its organized crime investigations into the digital age.
  • German software developer donated $1.2M in ‘undeserved’ Bitcoin to political party.
  • The Central Bank of the Republic of Turkey has banned the use of cryptocurrencies for payments. After a blanket ban on crypto, Bitcoin is now a talking point for Turkey’s politicians.
  • In less than two months, one Canadian Bitcoin ETF attracted $1.1 billion in assets under management, while two more funds are also growing their AUMs.
  • The Australia Securities and Investments Commission, or ASIC, is urging local blockchain and crypto firms to engage with regulators to help them foster innovation in the region.
  • Coinbase becomes a public company with the ticker COIN.
  • How the digital yuan stablecoin impacts crypto in China.
  • China is studying crypto as an investment tool, says PBoC deputy governor.
  • Sri Lanka’s central bank warns public against risks of crypto investment.
  • Singapore authority issues crypto warning after PM falls prey to scammers.
  • More Russians are disclosing their cryptocurrency incomes.
  • UAE minister of economy: Crypto & tokenization “key” to doubling GDP.
  • Crypto users demand reinstatement of Pakistani government adviser following sudden resignation.
  • The Securities and Exchange Commission of Nigeria says it is working with the central bank to create a legal framework for cryptos and digital assets.
  • BitMEX’s Arthur Hayes surrenders in Hawaii, released on $10M bond.
  • Why cryptocurrency is booming in India despite national ban fears.
  • A cure for copyright ills? NFTs promise to empower creative economies
  • And more!

Opinions

IRS commissioner says crypto reporting standards from Congress would ‘absolutely’ help close U.S. tax gap: Sen. Rob Portman (R-OH) sought feedback from the IRS commissioner for a bill that would establish crypto tax reporting requirements.

Republican House leader says regulators shouldn’t ignore bitcoin’s growth: In an interview with CNBC, Congressman Kevin McCarthy (R-CA) said the base behind crypto is only going to continue to grow.

Kraken’s Jesse Powell Warns of Looming Government Crackdown on Bitcoin and Crypto Assets: Kraken CEO Jesse Powell is cautioning that cryptocurrencies could come under government-imposed restrictions. Speaking to CNBC, Powell says that such restrictions could end up destroying the original mission of cryptocurrencies.

“I think there could be some crackdown… Something like that could really hurt crypto and kind of kill the original use case, which was to just make financial services accessible to everyone.”

US must embrace Bitcoin to counter Chinese ‘financial attack’ — Pomp: Without suitable allowances from lawmakers, Bitcoin, like the internet, can be used in ways that could compromise U.S. prowess, says Anthony Pompliano.

China using Bitcoin as ‘financial weapon’ against United States: Peter Thiel: Peter Thiel has urged the U.S. government to reappraise China’s relationship with Bitcoin from a geopolitical perspective.

SEC likely to approve Bitcoin ETF in 1–2 years, says analyst: “We think we’re likely to see one in the coming year or two, but we don’t have a firm timeframe as to when the answer would be yes,” said Todd Rosenbluth.

There will be drama, warns WEF expert on Bitcoin regulation: Recent events in the crypto space have the smell of victory but only represent small battles in an ongoing war. “Dramatic” changes are on the way.

DeFi needs regulatory clarity to interface with ‘real-world’ finance, experts say: Decentralized finance protocols and regulatory agencies need to figure out DeFi regulations to enable the niche crypto market to integrate with real-world finance.

Ban on Crypto and Slow Institutional Adoption Bullish for Bitcoin, Says SkyBridge Capital’s Anthony Scaramucci: Anthony Scaramucci, founder of investment firm SkyBridge Capital, comments on Turkey’s decision to prohibit crypto payments and lays out a bullish case for Bitcoin (BTC). In a new interview on CNBC’s Squawk Box, Anthony Scaramucci acknowledges that some regions that have unstable currencies, like Turkey, may not be ready for Bitcoin to enter their market, which is evidenced by Turkey’s recent ban on the asset.

You can’t talk about blockchain and not bring up CBDCs and stablecoins: Economies are currently experiencing the development of brand new ideas around CBDCs, stablecoins or private digital currencies.

A nightmare on Stable Street: Centralized stablecoins may be doomed: Central banks are paying very close attention to stablecoins, seeking to control them — and decentralization may be the solution.

Mergers and acquisitions are rising, leaving crypto assessments in question: Questions around cryptocurrency assessments gain momentum, which brings some nuanced challenges in assessing crypto’s place in M&A.

USA

Biden calls out crypto’s use in sanctions evasion in executive order response to Russian cyberattacks: Biden’s declaration of a national emergency heavily focused on Russian cyberattacks and money laundering.

US Senate confirms Gary Gensler as Joe Biden’s SEC chairman: The U.S. Senate has officially confirmed Gary Gensler as chairman of the Securities and Exchange Commission (SEC).

SEC commissioner Hester Peirce unveils updated version of ‘safe harbor’ proposal for crypto tokens: Hester Peirce, the crypto-friendly commissioner at the Securities and Exchange Commission, has formally unveiled an updated version of her proposed regulatory safe harbor for token sales.

In a public statement, Peirce said that the proposal “seeks to provide network developers with a three-year grace period within which, under certain conditions, they can facilitate participation in and the development of a functional or decentralized network, exempted from the registration provisions of the federal securities laws.”

Proposed Miami-Dade crypto task force would explore whether to accept crypto for county payments: In addition to determining the feasibility of crypto payment options, the Miami-Dade Cryptocurrency Task Force will ascertain costs of implementing crypto payments and recommend beneficial policies related to crypto.

Massachusetts regulator seeks to revoke Robinhood’s broker-dealer license: State regulators claim that Robinhood has targeted inexperienced investors.

Ripple wins access to SEC discussions on defining crypto assets as securities: Ripple’s lawyers will dig through the SEC’s internal discussion on crypto for mention of XRP.

At Congressional hearing, panelists question why crypto and fintech firms need bank licenses: This may be the first of many hearings on the topic of fintech and bank licensing, according to Rep. Ed Perlmutter.

Galaxy Digital becomes latest firm to file for a bitcoin ETF: The Galaxy filing joins a number of other submissions, including NYDIG, Fidelity and First Trust SkyBridge.

Brian Brooks defends fintech charter to House Financial Services Committee: Brian Brooks has defended the fintech charter he oversaw while heading the OCC, warning heavy-handed crypto regulations could undermine U.S. competitiveness globally.

Crypto wagering for online sports betting now legal in Wyoming: The bill already signed into law legalizes online sports betting in the state with bookmakers permitted to accept cryptocurrency deposits from bettors.

More IRS summonses for crypto exchange account holders: The recent John Doe summons developments indicate that the IRS is seriously interested in crypto — better to report than to be audited.

SEC loses a battle to win the war? Ripple dissociates from pumping XRP: While the defendants may have gained an edge in pre-trial rulings in SEC v. Ripple Labs, are Ripple’s legal troubles now over?

Europe

Organized crime has gone online, and investigators need to digitize their operations: EU report: The EU is looking to bring its organized crime investigations into the digital age.

German software developer donated $1.2M in ‘undeserved’ Bitcoin to political party: “The donor has made it clear to us that he sees these profits as undeserved wealth,” said a spokesperson for the country’s Greens party.

Can a digital pound CBDC retake London’s financial hub status post-Brexit? Could a digital pound accelerate Britain’s growth post-Brexit and retake London’s status as the European financial hub?

Asia

China is studying crypto as an investment tool, says PBoC deputy governor: The central bank official said stablecoins issued by private companies may require “stronger regulatory rules” than Bitcoin.

How the digital yuan stablecoin impacts crypto in China: Experts answer: Here’s what crypto and blockchain industry experts from China think about the digital yuan and how it has affected the blockchain space.

Singapore authority issues crypto warning after PM falls prey to scammers: The Monetary Authority of Singapore has issued a warning to crypto investors after the state’s prime minister was unwittingly caught up in a fake token scam.

Sri Lanka’s central bank warns public against risks of crypto investment: The central bank listed four chief concerns, including the lack of legal recourse in the event of investor disputes and possible violations of foreign exchange regulations when purchasing crypto from abroad.

Rest of the World

Canadian Bitcoin ETFs quickly hit $1.3B in AUM while US acceptance lags: In less than two months, one Canadian Bitcoin ETF attracted $1.1 billion in assets under management, while two more funds are also growing their AUMs.

ASIC calls for closer engagement, but crypto industry says rules are unclear: Australia’s securities regulator wants crypto firms to work closely with it, but industry executives are unsure of their obligations.

Turkey’s central bank bans the use of cryptocurrencies for payments: The Central Bank of the Republic of Turkey has banned the use of cryptocurrencies for payments.

Bitcoin caught in the crossfire as Turkish opposition leader voices support: After a blanket ban on crypto, Bitcoin is now a talking point for Turkey’s politicians.

More Russians are disclosing their cryptocurrency incomes: Consulting firms, such as PwC Russia, said that Russians have been increasingly reporting their income from cryptocurrency operations.

UAE minister of economy: Crypto & tokenization “key” to doubling GDP: A government-run token exchange could be on the horizon for the United Arab Emirates.

Why cryptocurrency is booming in India despite national ban fears: Cryptocurrency is taking off in India despite regulatory fears, which many are now dismissing as nothing but FUD.

Crypto users demand reinstatement of Pakistani government adviser following sudden resignation: Zia Ullah Bangash’s potential departure from an important role in facilitating Pakistan’s regulatory environment for crypto had many threatening to withhold votes and demanding answers.

Nigeria’s SEC says central bank’s crypto ban disrupted the market: The Securities and Exchange Commission of Nigeria says it is working with the central bank to create a legal framework for cryptos and digital assets.

MISC

Coinbase IPO: Here’s What You Need To Know: Coinbase, the largest cryptocurrency exchange in the U.S., becomes a public company with the ticker COIN.

A cure for copyright ills? NFTs promise to empower creative economies: NFTs are not an immediate solution to all IP rights issues, but eventually they can give creators more power than they ever had.

Terrorists still raise money through crypto, but the impact is limited: Evidence suggests crypto’s role in terrorism remains relatively minor: “It has not yet become a primary means of terror financing.”

Our Man in Shanghai: Coinbase listing scorned, graphics cards seized, nostalgia coins rule: Coinbase and cryptocurrencies viewed cynically on Chinese social media, and news of a large mining GPU smuggling bust in Hong Kong.

BitMEX’s Arthur Hayes surrenders in Hawaii, released on $10M bond: The former CEO of BitMEX surrendered in Hawaii and was later released after posting a $10-million bond.

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Main sources

Crypto and blockchain regulation in news

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Bitcoin Magazine

Paradigm

In chaos lies the truth

Paradigm

Paradigm is an ecosystem that incorporates a venture fund, a research agency and an accelerator focused on crypto, DLT, neuroscience, space technologies, robotics, and biometrics — technologies that combined together will alter how we perceive reality.

Paradigm

Written by

Paradigm

In chaos lies the truth

Paradigm

Paradigm is an ecosystem that incorporates a venture fund, a research agency and an accelerator focused on crypto, DLT, neuroscience, space technologies, robotics, and biometrics — technologies that combined together will alter how we perceive reality.

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