Fun

Hester Peirce blasts SEC, Gurbir Grewal rejects SEC criticism: Law Decoded

News Feed - 2024-04-09 04:04:00

David Attlee4 hours agoHester Peirce blasts SEC, Gurbir Grewal rejects SEC criticism: Law DecodedGurbir Grewal, the director of the Division of Enforcement at the SEC, has pushed back against criticism that the regulator is making up rules on crypto as it goes along.597 Total viewsListen to article 0:00NewsletterOwn this piece of crypto historyCollect this article as NFTJoin us on social networksUnited States Securities and Exchange Commission (SEC) Commissioner Hester Peirce has taken another swipe at her agency, criticizing the regulator’s guidance on crypto custody while calling for more interaction with the public. 


Speaking at the annual SEC Speaks conference, Peirce said that a “particularly pernicious weed” had sprung up in the SEC’s “secret garden” of policy guidelines.


Her comments came in response to the Staff Accounting Bulletin 121 (SAB 121), which prevents banks from custodying crypto assets on behalf of clients.


Meanwhile, Gurbir Grewal, the director of the Division of Enforcement at the SEC, has pushed back against criticism that the regulator is making up rules on crypto as it goes along.


At the same SEC Speaks event, Grewal claimed that companies in the crypto industry had made “many creative attempts” to avoid the commission’s jurisdiction by continuing to operate in the United States.


Grewal reiterated that the SEC’s standard for determining security under the Howey test had been “clearly and consistently applied.”


He did not specifically address reports that the SEC had been exploring whether to classify Ether (ETH) as a security rather than a commodity under the U.S. Commodity Future Trading Commission’s purview.


The SEC is currently soliciting comments from the public on proposed rule changes allowing the listing and trading of shares of three spot Ether exchange-traded funds (ETFs) on exchanges.


Upon publication in the Federal Register, the public has 21 days to respond to spot ETH ETF applications from asset managers Bitwise, Fidelity and Grayscale.


Bitwise and Grayscale propose listing their ETH ETFs on NYSE Arca, and Fidelity will launch its ETF on the Cboe BZX Exchange. The latest proposals came ahead of the commission’s final decision on the investment vehicle, which is expected in May.European Union could ban non-decentralized protocols


According to the Markets in Crypto-Assets Regulation (MiCA) — the regulatory framework that governs digital assets within the European Union — the European Commission must prepare a report by Dec. 30 evaluating the decentralized finance market and the feasibility of specific regulations for the sector. 


The report explores how decentralized systems should be regulated, particularly those without a clear issuer or service provider.


“A significant aspect of this assessment will be to explore the regulation of crypto-asset lending and borrowing, a core activity within the DeFi space,” Maxim Galash, CEO of CoinChange Financials, explained in an analysis.


Continue readingArgentina obliges crypto firms to register


Argentina’s Comisión Nacional de Valores (CNV) — the country’s equivalent of a securities regulator — said virtual asset service providers would be operating in accordance with recommendations from the Financial Action Task Force. 


Certain companies offering crypto-related services must register with Argentina’s government as part of reforms to the country’s Anti-Money Laundering and Combating the Financing of Terrorism laws.


CNV President Roberto Silva said virtual asset service providers that are not registered “will not be able to operate in the country.”


Many users on Strike, a platform popular in Argentina for facilitating Bitcoin (BTC) payments via the Lightning Network, reported the app no longer allows locals to send fiat to bank accounts.


It’s unclear how the requirements may affect businesses operating in Argentina or customers seeking to use their services. In December 2023, Argentina’s minister of foreign affairs said contracts could be settled in Bitcoin and other cryptocurrencies.


Continue readingSingapore changes token custody and transfers regulations


The Monetary Authority of Singapore (MAS) has announced that it will implement amendments to the country’s Payment Services Act (P.S. Act) to expand the scope of regulated services related to digital payment token (DPT) service providers.


Singapore’s central bank said it would bring several activities within the scope of the P.S. Act. This includes providing custodial services for DPTs, facilitating token transfers and exchange and the facilitation of cross-border money transfers.


The regulator also clarified that the law even covers cases where the service provider does not come into possession of the funds or where the money is not accepted or received in Singapore. MAS also said that the new updates would allow it to include additional requirements for DPT service providers.


Continue reading# Argentina# Singapore# Europe# SEC# European Union# MiCA# RegulationAdd reaction

News Feed

Excessive Flooding in Sichuan Causes 20% Hashrate Losses for Chinese Bitcoin Miners
Excessive Flooding in Sichuan Causes 20% Hashrate Losses for Chinese Bitcoin MinersTorrential downpours of nonstop rain have been wreaking havoc in China’s Sichuan province, w
Dogecoin Breaks Above Bullish Daily Pattern – Analyst Sees A Surge To $0.43
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and pu
World Gold Council Exec Believes Blockchain Technology Will Bolster Trust in the Gold Industry
World Gold Council Exec Believes Blockchain Technology Will Bolster Trust in the Gold Industry The World Gold Council’s (WGC) head of global sales and regional CEO, Joe Cava
Do Kwon’s Extradition Likely to Take Time, Montenegrin Prosecutor Says
Do Kwon’s Extradition Likely to Take Time, Montenegrin Prosecutor Says A prosecutor investigating Terraform Labs CEO Do Kwon for alleged passport forgery in Montenegro has indica
Kosovo Seizes Hundreds of Crypto Mining Machines in Crackdown
Kosovo Seizes Hundreds of Crypto Mining Machines in Crackdown Police in Kosovo seized another batch of over 200 mining devices as part of raids that started on Thursday. The offens
Biggest Movers: ETC Nears 10-Week High, as TRX Extends Recent Gains
Biggest Movers: ETC Nears 10-Week High, as TRX Extends Recent Gains Ethereum classic was approaching a ten-week high on Wednesday, as prices rose by over 14% in today’s sess
LD Capital Founder Jack Yi Gave a Keynote Address at BWB 2022 in South Korea: Opening of a New Era of Web3
LD Capital Founder Jack Yi Gave a Keynote Address at BWB 2022 in South Korea: Opening of a New Era of Web3 press release PRESS RELEASE. LD Capital was established in 2016. Its main
Rebase Token Economy Dropped From $8 Billion to $577 Million in 7 Months
Rebase Token Economy Dropped From $8 Billion to $577 Million in 7 Months Seven months ago, the top rebase crypto tokens by market capitalization were collectively worth $8.03 billi
Murder by (smart) contract: Ari Juels publishes crypto thriller
Andrew Singer9 hours agoMurder by (smart) contract: Ari Juels publishes crypto thrillerA Cornell Tech professor and blockchain luminary has written a cautionary novel about smart contracts gone rogue.652 Total views3 Tot
Hackers Attack Domain Registrar Namecheap; Flood of DHL and Metamask Phishing Emails Follow
Hackers Attack Domain Registrar Namecheap; Flood of DHL and Metamask Phishing Emails Follow On Sunday, Feb. 12, 2023, the domain registrar Namecheap’s email account was compr
Arijit Sarkar1 hour agoThodex CEO sentenced to Turkish prison for failure to submit tax documentsFaruk Fatih Özer failed to submit the requested documents to the Tax Inspection Board. He denied being Thodex’s official
Marcel Pechman5 hours agoWhat a US government shutdown would do to BitcoinMarcel Pechman explains the myth of excess cash in U.S. households and the lack of sufficient savings, and how a U.S. government shutdown could im