The Regulatory State #31 - 5/2/22
US House bill proposal would extend CFTC’s reach over crypto exchanges. Pressure from the CFTC and certain legislators to further diversify agency oversight away from the SEC is gaining steam, and may force Gensler and the SEC to approve a spot BTC ETF sooner and ramp up regulation by enforcement this summer in an effort to rapidly expand the SEC’s scope of power.
Crypto Bill in U.S. House Would Limit SEC’s Reach Over Exchanges (Bloomberg)
CFTC Sets May Roundtable to Weigh Ideas Sparked by FTX’s Derivatives Push (CoinDesk)
Grayscale makes fresh push for SEC approval to become bitcoin ETF (FT)
Cardano Creator Hoskinson: US Regulators 'Not Prepared' to Handle Crypto (Decrypt)
Broker-dealers’ investment strategy to build integrated native web 3 tech stacks (custody, brokerage, and market making) is starting to bear fruit in anticipation of regulatory clarity and the not too distant opportunity to extend prime broker balance sheets into crypto.
French Bank, Delubac & Cie, First to Offer Regulated Digital Asset Services (Blockworks)
See PolySign to Buy Digital Asset Fund Administrator MG Stover for Cash and Stock (CoinDesk)
JPMorgan's crypto veteran Christine Moy joins investment firm Apollo (The Block)
FalconX Tests Waters as First Full-Fledged Crypto Derivatives Dealer (CoinDesk)
Banks and law firms are being dragged into the labor fight as bankers and lawyers flood into crypto, with firms ramping up their own books of business and pushing digital assets to the top of the corporate strategy pile.
Wall Street Firms Make Crypto Push to Catch Up With ‘Cool Kids’ (Bloomberg)
Crypto Industry Can’t Hire Enough Lawyers (WSJ)
Labor Department Criticizes Fidelity’s Plan to Put Bitcoin on 401(k) Menu (WSJ)
Congress Members Tiptoeing Into Crypto Raise Conflict Concerns (Bloomberg)
Coinbase CEO Brian Armstrong Predicts How Bitcoin (BTC), Ethereum (ETH) and Other Altcoins Will Be Regulated (All in One)
The litigation finance damn is about to burst. Calling it here – Summer 2022. The first major class action suits against centralized and decentralized blue chips are here – focusing on unregistered securities, unlicensed exchanges, securities fraud, and then some. DeFi and DAO protocols beware – your treasuries will be held accountable!
A class-action lawsuit against Uniswap spotlights gaps in DeFi regulation (The Block)
Updated Lawsuit Alleges Voyager Digital Sold Unregistered Crypto Securities (Blockworks)
States are paying close attention to bitcoin mining as the Fort Worth municipal government adopts bitcoin mining as a new public revenue stream, and a mining ban in New York passed through the state legislature.
New York Bill Banning Proof-of-work Crypto Mining Poised to Advance (Blockworks)
Fort Worth Becomes First City to Mine Bitcoin (Blockworks)
Crypto Mining Ban Will Hurt New York and Our Environment (Blockworks)
Bitcoin is sweeping emerging economies, encroaching on the dollar peg and getting closer to the US border. Paraguay could be next, or….Mexico?
Bitcoin As Legal Tender? These Countries Are Next After El Salvador and CAR, Says deVere Group CEO (Daily Hodl)
Swiss National Bank Owns No Bitcoin, but Could Buy in the Future, Chairman Says (CoinDesk)
Central African Republic will adopt Bitcoin as legal tender: Report (CoinTelegraph)
Western powers are calling for open internet, strong consumer protections, and regulatory parity, as traditional offshore financial centers and tax havens are drawing global crypto businesses with clear frameworks and established laws.
US, EU Members Among 60 Nations Calling for Open, Global Internet (CoinDesk)
Banks Don’t Need Extra Crypto Protections Yet, EU Regulator Says (CoinDesk)
The UK's FCA Says It Has Been Focused on the More Negative Side of the Crypto Debate (CoinDesk)
EU Crypto Laundering Plans Could Overwhelm Authorities, Bank Regulator Says (CoinDesk)
Singapore’s Crypto Rules Must Be Strict But Clear, MAS Head Says (Bloomberg)
Why Crypto Companies Are Choosing the Bahamas to Set Up Shop (Blockworks)
Central Bank of Cuba to License Digital Asset Service Providers (CoinDesk)
Panama's Crypto Law: No Legal Tender, but Digital Assets Exempt From Capital Gains Tax (CoinDesk)
Stablecoin interoperability, here we go…
Stablecoins Need to Set a Common Standard, Says US Banking Watchdog (CoinDesk)
Hong Kong Monetary Authority Invites Views on Retail CBDC (CoinDesk)
What do we have going on here…a new layer of trust?...by former Trump cabinet members?
Former Homeland Security Chief Nielsen to Join Astra as Adviser (CoinDesk)
XRP’s defense against the SEC will now likely be resolved in Q1 2023 as Judge Filan sets a timeline for briefs in late summary and closings in December. Is the silver lining for Ripple a longer window for favorable headlines as the case drags out?
Ripple and XRP Lawsuit Face ‘Worst-Case Scenario’ As SEC Moves to Delay Case: Crypto Legal Expert (Daily Hodl)
Demand for XRP-Based Products Has Skyrocketed Amid SEC Lawsuit, Says Ripple CEO Brad Garlinghouse (Daily Hodl)
The information above does not constitute an offer to sell digital assets or a solicitation of an offer to buy digital assets. None of the information here is a recommendation to invest in any securities.