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Colorado lawmakers advance bill to study use of security tokens for raising state capital

Legislation filed earlier this year in Colorado would, if passed, approve a study into the potential use of security tokens to raise state capital. Colorado Senate Bill 25 was first introduced in February and ultimately passed that chamber in mid-March. It was then sent to the House of Representatives. Two committees have since amended and advanced the measure, including actions on May 5 by the House Appropriations Committee, according to public records.  According to an official summary and text of …

Congressman introduces Digital Commodity Exchange Act to set up CFTC regime for crypto exchanges

A new bill looking to establish a reporting regime for cryptocurrency exchanges is now formally before Congress.  On April 28, Glenn “GT” Thompson (R-PA) introduced Digital Commodity Exchange Act. The DCEA would set up a reporting regime for crypto exchanges with the Commodity Futures Trading Commission.  Thompson’s announcement of the bill said “The DCEA builds upon and is complimentary to existing authorities for the CFTC and the Securities and Exchange Commission. It helps to close the regulatory gaps that have …

Oklahoma lawmakers advance bitcoin mining legislation

The lower chamber of Oklahoma’s state legislature approved a bitcoin mining-focused bill this week. As previously reported by The Block, the Commercial Digital Asset Mining Act of 2022 is among a raft of measures developing around the US that aim to provide tax incentives to bitcoin miners. If approved, Oklahoma’s proposed law would help cut the spending related to hardware and electricity used by commercial miners. “Blockchain technology used in the commercial mining of digital assets is an industrial process …

Congressman Emmer preps bill to put some stablecoins under the SEC’s authority

Representative Tom Emmer (R-MN) is preparing legislation addressing dividend-producing stablecoins, The Block has learned. A discussion draft of a bill obtained by The Block would allow “stablecoins that include a dividend component” to register under the Securities and Exchange Commission. More specifically, that term means: “a stablecoin that distributes all or part of the income made from the investment of the assets backing the stablecoin to the holders of the stablecoin.” It is The Block’s understanding that this definition is …

State lawmakers want to make fraudulent rug pulls a crime in New York

New legislation filed this week in the US state of New York takes aim at so-called rug pulls and other crypto-specific forms of fraud. Senate Bill S8839, according to public records, “[e]stablishes the offenses of virtual token fraud, illegal rug pulls, private key fraud and fraudulent failure to disclose interest in virtual tokens” per the text of the measure. A companion bill, Assembly Bill A8820, was filed in the New York State Legislature’s lower chamber. The bills were introduced by …

New York legislators weigh moratorium on crypto mining, while some look to an executive order from the governor

New York state lawmakers will discuss a bill proposing a two-year moratorium on proof-of-work crypto mining on Tuesday. The New York State Assembly’s Environmental Conservation Committee is holding a meeting on the amended version of the bill, which was first introduced in May of last year and has faced an uphill battle through the Assembly and Senate. Environmental groups have pushed for the state to intervene as miners flocked to New York last year, in some instances taking over power …

New Jersey legislation aims to prevent public officials from being gifted NFTs

A bill moving through the New Jersey General Assembly would prevent public officials from accepting non-fungible tokens (NFTs) or other virtual currency as gifts in connection to their role. The legislation would build upon long-standing rules that prevent bribery and corruption. It was approved by the Science, Innovation Technology Committee on Monday and is not yet scheduled for a vote. “It is important that we adapt to our current environment and recognize crypto and blockchain technologies, and this proactive piece …

Argentina’s government would ‘discourage’ crypto usage under proposed IMF deal

Argentina’s government has signaled it will discourage the use of cryptocurrencies as part of a proposed, nearly $45 billion debt restructuring deal with the International Monetary Fund (IMF), leaving the country’s crypto sector questioning what this policy could mean if approved. In a memorandum outlining financial policies under the debt agreement, Argentina’s government laid out a framework with goals from 2022 to 2024. These focus on government policies targeted to help the country’s growth and resilience.  The IMF announced on …

Senator Elizabeth Warren introduces bill targeting Russian crypto use amid sanctions

Senator Elizabeth Warren has introduced new legislation targeting Russian crypto use. Warren announced the introduction of the “Digital Asset Sanctions4Compliance Enhancement Act” during a Senate Banking Committee hearing on March 17. The bill features co-sponsorship from 10 other Democratic senators, including leaders of the Foreign Relations and Agriculture Committees, but not the Banking Committee Chair Sherrod Brown.  The co-sponsors, per the draft, are Senators Duckworth, Cortez Masto, Menendez, Van Hollen, Warnock, Smith, Stabenow, Reed, Tester and Warner.  At the hearing, …

Ukraine president Zelensky signs crypto regulation law

Ukrainian president Volodymyr Zelensky signed a law “on virtual assets” on Tuesday, bringing the crypto “out of the shadows” and legalizing it. The new law appoints the agencies that will regulate the market and establishes rules around virtual assets ownership rights, among other things, according to a statement. Ukrainian and foreign-based cryptocurrencies exchanges will be allowed to operate and banks will be able to open accounts for crypto companies. “We believe that crypto industry offers new economic opportunities. We will …