The United Kingdom’s Treasury Committee had previously proposed that unregulated cryptocurrencies should be treated as gambling. However, the HM Treasury has strongly opposed this idea, standing by the belief that a financial services regulatory framework is a more appropriate approach. Financial Services Minister Andrew Griffith argues that treating cryptoassets as gambling goes against internationally recognized
Officials have recently confirmed that the Nevada courts have taken decisive action in response to the financial difficulties faced by Prime Trust, a prominent crypto custodian. The Nevada Financial Institutions Division (NFID) has successfully petitioned for the placement of Prime Trust into temporary receivership. In a bid to protect the interests of Prime Trust’s clients,
The recent court ruling declaring Ripple’s XRP token as “not in and of itself” a security has left Securities and Exchange Commission (SEC) chair, Gary Gensler, disappointed. Speaking at an event in Washington DC, Gensler expressed his concern for retail investors while acknowledging the protection afforded to institutional investors by the ruling. The court ruling
The world of cryptocurrencies has long been plagued by a lack of regulatory clarity, leaving both industry insiders and investors in a state of confusion. However, Republican Congressman Glenn Thompson from Pennsylvania believes that recent developments in the Ripple case could be the turning point. Thompson is set to introduce a new cryptocurrency bill in
Gala Games (GALA) has had its fair share of challenges in the cryptocurrency market, witnessing a significant decline of 97% in value since its all-time high in November 2021. This steep drop in price has undoubtedly been a cause for concern for investors. However, amidst this turmoil, there have been glimmers of hope. In January
The UK government has expressed ambitions of becoming a global leader in artificial intelligence (AI), but experts argue that effective regulation is crucial for this vision to become a reality. A recent analysis conducted by the Ada Lovelace Institute highlights the strengths and weaknesses of the UK’s proposed AI governance model. In this article, we
In a letter addressed to Securities and Exchange Commission (SEC) Chair Gary Gensler, U.S. lawmaker Ritchie Torres has called for a reconsideration of the regulatory approach towards the cryptocurrency industry. The plea from Torres comes in light of Judge Analisa Torres’s significant ruling on June 13, bringing some much-needed legal clarity to the crypto world.
The derivatives market surrounding Binance’s native coin BNB is currently reflecting a sense of pessimism among crypto traders. Regulatory challenges have plagued Binance, one of the world’s largest crypto exchanges, leading to negative open interest rates for BNB. These negative open interest rates indicate that traders expecting a price decline are willing to pay those
The United States is making significant strides in reaching a bipartisan agreement on the regulation of stablecoins. Lawmakers from both the Republican and Democratic parties have shown a willingness to work together in establishing comprehensive regulatory frameworks for stablecoins and cryptocurrency markets. This article delves into the evolving consensus among lawmakers and the potential impact
In a surprising move, leading crypto exchange Binance has announced a reduction in employee benefits, effective from June 19. This decision comes as a response to the company’s declining profit margins, forcing them to make difficult cost-cutting choices. Binance has decided to withdraw mobile-phone and fitness reimbursements, as well as other staff-related bonuses. These measures,
