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Bank of France official: Existing regulatory frameworks ‘constrained’ by DeFi characteristics

advertisement A senior official for France’s central bank said earlier this month that regulators in Europe need to more directly supervise decentralized finance (DeFi). In a speech from November 19 that was published Sunday by the Bank of International Settlements, Denis Beau, first deputy governor of the Banque du France, primarily focused on the development of central bank digital currencies (CBDCs) and his institution’s pilot program in this area. France’s central bank is also a participant in the long-term project …

Germany’s new ruling coalition calls for ‘joint European supervision’ of crypto in ruling agreement

advertisement A trio of political parties in Germany struck an agreement this week that will see them assemble a national governing coalition. Part of that agreement, according to the German-language text, includes a call for European countries to work together to monitor activities in the crypto sector. The call is a minor but notable aspect of the 177-page document, made public this week after the agreement was made public. The coalition includes the Social Democrats, the Greens and the Free …

Hillary Clinton wants crypto regulation to protect the dollar’s reserve status

Former secretary of state Hillary Clinton has called for increased regulation of cryptocurrency markets in an interview with MSNBC.  Clinton cited the combination of social media algorithms and the amassing of large sums of money through the control of cryptocurrencies, as a potential issue for the status of the U.S. dollar. She then called on the Biden administration to regulate the market.  “We’re not only looking at states like Russia or China, but we’re also looking at non-state actors destabilizing …

English and Welsh law can apply to smart contracts, says Law Commission

advertisement The Law Commission stated today that the existing law of England and Wales can be applied to smart contracts.  According to the commission, wholesale changes to the existing legal framework are not required to enforce smart contracts — except in some situations where only a minor modification of common law might be necessary. Today’s announcement concludes the Law Commission’s work on smart legal contracts as part of its Thirteenth Program of Law Reform. The statement also affirms the conclusions …

Council of the European Union moves forward on two crypto proposals

advertisement The Council of the European Union adopted two proposals for digital assets on Wednesday, aiming to create regulatory frameworks for crypto assets focused on consumer protection and mitigating cyber threats.  Both the Regulation on Markets in Crypto Assets (MiCA) and the Digital Operational Resilience Act (DORA) are part of the Council’s digital finance package. That package also contains the Council’s overall strategy related to crypto asset regulation and a proposal on distributed ledger technology. The intention is to create …

Unpacking the Biden administration’s (crypto-friendly) blitz on ransomware

Quick Take The Biden administration’s rollout of its strategy against ransomware managed to get all of the relevant government agencies on the same page. It also went out of its way not to upset the crypto industry, which has reacted vocally to recent threats of a crackdown.  This feature story is available to subscribers of The Block Daily. You can continue reading this Daily feature on The Block. Source link

Senate Banking Committee chair seeks answers on stablecoins from Centre, Paxos and more

In November 23 letters seen by The Block, Senator Sherrod Brown is calling on stablecoin operators to open up about their processes. The letter to Circle’s Jeremy Allaire reads: “Consumers’ increased use of stablecoins, and their importance in effecting transactions in digital assets, underscores the need for greater understanding of the basic operation, and limitations, of USDC.” Brown sent similar letters to Coinbase, Gemini, Paxos, TrustToken, Binance.US and Centre. Notably, he did not write to Tether, which issues the largest …

eToro to delist ADA, TRX for US users over regulatory concerns

advertisement eToro is delisting Cardano and TRON for stateside users, according to a new post from the exchange.  Starting Dec. 26, U.S. users won’t be able to open new ADA or TRX positions, and by Dec. 31, staking for the assets will no longer be available. eToro cited “business-related considerations in the evolving regulatory environment” in its decision.  Staking reward payouts for U.S. users will end after Jan. 15, 2022, with the final rewards paid in USD.  Still, U.S. users …

OCC affirms Brooks-era permissions for banks to handle crypto — sort of

advertisement In an interpretive letter publicized on November 23, the Office of the Comptroller of the Currency tenuously maintained a series of greenlights that had come out of the previous administration. Last year, the OCC under then-Acting Comptroller Brian Brooks authorized federal banks to custody crypto, hold fiat reserves for stablecoin operators and operate cryptocurrency network nodes. Tuesday’s announcement said that those activities remain legal — as long as the bank engaging in them gets written authorization from its supervisory …

US banking regulators plan to publish crypto guidance throughout 2022

Federal bank regulators in the United States issued a statement Tuesday summarizing the results of their inter-agency sprint towards clearer crypto regulations. The regulators, comprised of the Office of the Comptroller of the Currency, the Federal Reserve and the Federal Deposit Insurance Corporation, have identified “a number of areas” they feel need to be publicly clarified, according to their joint statement. The stated plan is to issue additional communications on this front throughout 2022.  Today’s statement does not seek to …