Financial Industry News
Three stories 1. Tesla caught a lucky break in announcing its $1.5 billion bitcoin purchase when it did. The auto giant is reportedly being investigated by Chinese authorities over safety and quality concerns, news that came to light the same day headlines were dominated by Tesla’s treasury, according to CoinDesk markets reporter Muyao Shen. Media […]
Continue ReadingWelcome to State of Crypto, a CoinDesk newsletter looking at the intersection of cryptocurrency and government. I’m your host, Nikhilesh De. Are governments worrying more about the growth of crypto? Two countries already announced crypto-related bans, though this could be an extension of previous efforts at controlling the space – and their own economies – […]
Continue ReadingThe exchange filed the suit against the century-old business publication in November alleging that a story by reporter Michael del Castillo (formerly of CoinDesk) and contributor Jason Brett made false allegations. Binance sought to have Forbes pay damages and take down the article, but said in a Feb. 4, 2021 filing that it would voluntarily […]
Continue ReadingThe Financial Crimes Enforcement Network (FinCEN) is extending its comment period for a controversial surveillance rule that had the crypto industry up in arms. In a press release Thursday, FinCEN announced it would reopen its proposed rulemaking period for an additional 15 days for its proposed reporting requirements, and another 45 days for a requirement […]
Continue ReadingThe acting head of the U.S.’s federal banking regulator is reportedly stepping down from his role this week. Brian Brooks, who is currently leading the U.S. Office of the Comptroller of the Currency (OCC) will leave the federal agency within the next few days, Politico’s Victoria Guida reported Tuesday. In an email, OCC Deputy Comptroller […]
Continue Reading[unable to retrieve full-text content]
Continue ReadingStablecoins should meet the same regulatory standards as other aspects of the financial system, says President Trump’s Working Group on Financial Markets. The working group published a report Wednesday detailing how it views retail payments using stablecoins and asking for public feedback on the issue. Stablecoins must meet appropriate money-laundering and oversight requirements, the document […]
Continue ReadingThe Takeaway: Blockchain analytics companies tend to flag funds moving to and from private crypto wallets, with self-custody said to be the next fault line for crypto regulations. One such firm, CipherTrace, has examined privacy coins such as zcash, as well as non-custodial and peer-to-peer exchanges like ShapeShift, LocalBitcoins and Paxful. CipherTrace acknowledges compliance standards […]
Continue ReadingThe Financial Crimes Enforcement Network (FinCEN), the top financial crimes watchdog within the U.S. Treasury Department, is hiring two policy officers to help draft regulations for the cryptocurrency space. Disclosed in Dec. 11 job postings, these Strategic Policy Officers will “assist in the development of policy responses” to “threats” posed by cryptocurrency, issue advisories to […]
Continue ReadingThe Takeaway: Out of a list of 26 crypto exchanges domiciled in the Republic of Seychelles, approximately half have poor know-your-customer (KYC) procedures, according to blockchain tracking firm CipherTrace. Analysis of certain Seychelles-based exchanges reveals the proportion of funds flowing to and from “high risk” sources and dark marketplaces. In an interview with CoinDesk, the […]
Continue Reading