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Australia's National Blockchain Steering Committee Mobilizes Domestic Developer Community
The Australian National Blockchain Roadmap Steering Committee is seeking expressions of interest from its domestic blockchain community to create working groups on supply chain and credentialing.
US Senate Banking Committee Chair Sends Letter to the OCC to Clarify Crypto Payment Rules
The US Senate Banking Committee Chair Mike Crapo sent a letter to the OCC to develop guidelines on digital payments.
Tencent, Huawei, and Baidu Executives to Join China’s New National Blockchain Committee to Set Industrial Standards
The Chinese central government has put together a national blockchain committee to work on setting industrial standards. The Ministry of Industry and Information Technology (MIIT) issued a notice on April 13 of the “Public Notice on the Formation of a National Blockchain and Distributed Ledger Technology Standardization Technical Committee.”
Basel Committee on Banking Supervision Seeks Advice on Designing Prudential Treatment for Crypto-assets
Basel Committee on Banking Supervision publishes paper going over the design for prudential treatment for crypto assets. The paper goes over areas such as risks of crypto-asset exposures, capital, and liquidity requirements, and general considerations for the prudential treatment.
CFTC Committee to Hold Virtual Meeting on Digital Currencies and Blockchain
The CFTC has scheduled a virtual meeting for Thursday, July 16th where its Technical Advisory Committee will discuss matters around on cryptocurrencies and DLT.
What Happened: US Committee Hearing with the SEC on Crypto and Libra
The United States House of Representatives Financial Services Committee held a hearing on Sept. 24 with the Securities and Exchange Commission’s (SEC) five commissioners. Vital topics covered in the hearing include the consideration of cryptocurrencies as securities, regulation of Facebook’s Libra and Calibra, and insider trading.
Meta's Digital Assets Expansion: A Scrutiny by Maxine Waters
Congresswoman Maxine Waters scrutinizes Meta's trademark applications, filed in March 2022, suggesting the company's continued involvement in the digital assets ecosystem, despite previous assurances of no ongoing projects in this area.
Senate banking chair considers crypto prohibition
Sherrod Brown, chairman of the U.S. Banking Committee, said a prohibition would be impossible because activity would migrate overseas. He requested a government-wide regulatory agency examination from the Treasury and Secretary. Patrick McHenry, the new chairman of the House Committee on Financial Services, supports crypto.
Busan's digital exchange plans exclude global crypto exchanges.
Busan, the city of South Korea, has moved a step closer to forming a local crypto exchange. But it has dropped most of the global centralized exchanges from its plan after FTX's collapse. The five exchanges included Binance, Crypto.com, Gate.io, Huobi Global and FTX. Busan City intends to establish an exchange that divides digital assets into securities and non-securities.
Senator Warren Focuses on Crypto Scam Risks for Seniors, Advocates New Legislation
Senator Warren emphasized the Digital Asset Anti-Money Laundering Act, gaining bipartisan support to regulate crypto activities and protect vulnerable populations from financial fraud.
Rep. French Hill Eyes Financial Services Committee Leadership Amid Crypto Focus
Arkansas Rep. French Hill is poised to assume leadership of the House Financial Services Committee, bringing a crypto-savvy perspective to the role.
Stablecoins Could Bolster U.S. Dollar and Economic Competitiveness: Circle CEO
In a compelling testimony delivered to the House Financial Services Committee, Jeremy Allaire, CEO and Co-Founder of Circle, underlined the significant role stablecoins, such as the U.S. Dollar Coin (USDC), could play in strengthening the global position of the U.S. dollar.
Economic Affairs Committee Unsure UK Needs Retail CBDC
The United Kingdom’s Economic Affairs Committee has shared its views on the proposed plans by the country to launch a Central Bank Digital Currency (CBDC) or digital Pound.
SEC Chief to Testify Before House Committee on Crypto Oversight
SEC chief Gary Gensler will face questioning from the House Financial Services Committee on April 18 regarding his approach toward the crypto ecosystem. The committee will focus on Gensler's rulemaking and approach toward crypto assets and lay down a regulatory sphere for digital assets.
US Senate Finance Committee Seeks Input on Taxation of Digital Assets
The US Senate Finance Committee has issued an open letter to the digital asset community and other interested parties, seeking their input on the taxation of digital assets. The letter, dated July 11, 2023, was signed by Chair Ron Wyden and Ranking Member Mike Crapo.
Greece Establishes High-Level Advisory Committee for Artificial Intelligence Strategy
Greek Prime Minister Kyriakos Mitsotakis announced the formation of a High-Level Advisory Committee for AI on October 19, 2023. Led by MIT Professor Constantinos Daskalakis, the committee aims to prepare Greece for the rapid advancements in AI and their applications. The committee will focus on long-term national strategy, including policy development and guidelines, in key areas such as economy, society, and innovation.
US House Committee to Probe Crypto Crimes in November Hearing
The US House Financial Services Committee will hold a hearing today, November 15, 2023, to examine illicit cryptocurrency activities, including money laundering and terrorist financing, and discuss the Department of Justice's focus on these crimes.
Breaking: Key US House Committee Leaders Challenges Federal Reserve on Stablecoin
The House Financial Services Committee is concerned about the Federal Reserve Board's recent regulatory actions on payment stablecoins, arguing they could hinder Congress's digital asset framework, impose additional regulatory burdens, and potentially cause financial repercussions.
CBDC for Stimulus Payments Advocates Honorary Christopher Giancarlo
During an open hearing by the House Committee On Financial services yesterday, the Honorable Christopher Giancarlo once again advocated for the use of a central bank digital currency (CBDC), effectively digital dollars, as a solution to directly distribute the COVID stimulus packages to citizens.
SEC Chair Gensler Faces Congressional Pressure Over EU Coordination and Lack of Transparency
The House Committee on Oversight and Accountability has intensified scrutiny on SEC Chair Gary Gensler over the SEC's coordination with the EU on legislative matters and a perceived lack of transparency. The discord, highlighted in a letter dated October 12, 2023, follows a pattern of communication deadlock between the SEC and Congress, with implications on broader legislative and regulatory frameworks. The Committee expects more forthright engagement from the SEC by October 19, 2023, threatening compulsory processes for compliance.
FTX Announces Proposed Settlement and Amended Plan in Chapter 11 Cases
FTX has announced a proposed settlement in their Chapter 11 cases, pending court approval. The settlement includes a "Shortfall Claim" for customers and an amended Plan of Reorganization. The Official Committee of Unsecured Creditors supports the plan, expecting expedited cases and improved recoveries. Customers may receive over 90% of distributable value globally.
Chairman McHenry Sharply Criticizes U.S. Treasury and IRS Over Digital Asset Reporting Proposals
House Financial Services Committee Chairman Patrick McHenry expresses concerns over proposed digital asset reporting requirements, urging the Biden Administration to collaborate with Congress to establish clear regulations and protect market participants' privacy.
Starknet Foundation Establishes DeFi Committee to Boost Ecosystem
Starknet Foundation has launched a DeFi Committee to bolster its DeFi ecosystem. Chaired by six experts, the committee will strategize and implement an on-chain liquidity incentive program, marking a strategic move for Starknet in the DeFi space.
US Senator Sherrod Brown: Facebook is delusional
“Mark Zuckerberg has said that Facebook is more like a government than a company. That’s delusional.” US Senator Sherrod Brown said in a video tweet.
US House Committees To Hold Joint Hearings On Digital Asset Regulations
The US House Financial Services and Agriculture Committees, along with the Digital Assets, Financial Technology and Inclusion Subcommittee, and the Commodity Markets, Digital Assets, and Rural Development Subcommittee will hold joint hearings in May to establish regulatory clarity for the digital asset ecosystem. Representative Patrick McHenry, the House Financial Services Committee chairman, has announced that the hearings aim to establish a bill providing regulatory clarity to the crypto sector, which adds to the work on a bipartisan bill led by crypto-friendly Senator Cynthia Lummis and Senator Kirsten Gillibrand.
Exploring the Basel Committee's Draft on Crypto Asset Exposure
The Basel Committee has unveiled a draft document detailing the disclosure requirements for banks' cryptoasset exposures. Standardized templates under a new chapter, DIS55, are introduced to ensure consistency in disclosures. The Committee seeks public and market participants' feedback on the draft until January 31, 2024, with an eye towards implementing the requirements on January 1, 2025.
Committee on Payments and Market Infrastructures Develops Criteria for Wholesale Digital Tokens
A new report reveals that the CPMI will list out a criterion for the design of wholesale digital tokens in terms of their usage in whole transactions.
US Senator Pat Toomey Eyes Senate Banking Committee Chair and Digital Currency Regulations
United States Senator Pat Toomey said he will take on digital currency regulation and payments reforms should he become the Senate Banking Committee’s next chairman.
IBM Takes Majority Control of Hyperledger Blockchain Steering Board
IBM has doubled the number of its employees on the technical steering committee (TSC) of Hyperledger according to an announcement by the TSC last week. IBM now holds six out of the eleven committee seats which has raised concerns about the tech giant’s new found influence on the enterprise blockchain consortium.
What are the 7 Key Takeaways from Facebook's Libra Hearings?
The debate on Facebook's Libra continues with the hearing with Senate Banking Committee on 16 July and the United States House Committee of Financial Services on 17 July. Here are the 7 key takeaways from the two hearings.
Philippines Central Bank Considering Issuing its own CBDC
The Central Bank of the Philippines has inaugurated a committee to understudy CBDCs based on technical feasibility and policy implications
What Will Gary Gensler’s Confirmation to The Role of SEC Chair Mean for The Crypto Industry?
SEC chairman nominee Gary Gensler testified before the Senate Banking Committee as part of his confirmation hearing.