Nigeria’s Securities and Exchange Commission (SEC) has set a 30-day deadline for cryptocurrency exchanges and digital asset traders to re-register their operations, cautioning that enforcement measures will be taken against those who fail to comply. The Accelerated Regulatory Incubation Program (ARIP) for Virtual Assets Service Providers (VASPs) was introduced by the SEC to modernize the
Regulation
Abra, along with CEO William “Bill” Barhydt, has recently come to a settlement with 25 US state regulators for providing cryptocurrency trading services without the necessary licenses. This agreement was announced in a press release from the Conference of State Bank Supervisors (CSBS) on June 26. As part of the settlement, the regulators decided to
Louisiana Governor Jeff Landry recently signed a bill, HB 488, that prohibits central bank digital currencies (CBDCs) and aims to protect crypto mining within the state. The bill specifically prevents governing authorities from accepting or requiring payments in CBDCs, as well as participating in any CBDC tests conducted by federal government bodies. Aside from the
Coinbase, a popular cryptocurrency exchange platform, is facing potential regulatory challenges over its compliance with new FASB accounting rules that are set to shift the accounting and disclosure practices for digital assets. The new rules, which move towards a fair-value model from a cost-less-impairment model, have raised concerns among accounting experts regarding the company’s financial
Recently, Ripple faced a setback as a US judge in California ruled in favor of a lawsuit against the crypto company. The lawsuit revolves around allegations of misleading statements made by Ripple’s CEO, Brad Garlinghouse. This decision paves the way for a trial where a jury will determine whether investors were deceived into investing in
Recently, the US Commodity Futures Trading Commission (CFTC) has begun looking into Jump Crypto for reasons that have not been disclosed. This investigation, as reported by Forbes, focuses on the firm’s trading and investment activities within the cryptocurrency sector. It is important to note that this scrutiny does not necessarily imply any wrongdoing on the
The announcement that the SEC has closed its investigation into Ethereum 2.0 has brought significant relief to the Ethereum community. Following a letter from Consensys seeking clarity on ETH being classified as a security, the Enforcement Division of the SEC confirmed that sales of ETH are not securities transactions. This decision has had a positive
The US Securities and Exchange Commission (SEC) has expressed concerns about Circle’s stablecoin, USDC, as the company pursues a multi-billion dollar initial public offering (IPO). The regulatory documents obtained by Barron’s highlight the SEC’s apprehensions regarding the classification of USDC and other stablecoins as securities under US law. This is not the first time that
South Korea’s Financial Supervisory Service (FSS) has been in the spotlight following rumors of the removal of various digital assets from local crypto exchanges. Reports suggested that the FSS instructed registered exchanges like Upbit, Bithumb, and Gopax to conduct evaluations of several tokens on their platforms. This move is in line with the Virtual Asset
The recent announcement of David Hirsch’s departure from the SEC on June 17 has brought attention to his nearly nine-year tenure at the agency. During his time at the SEC, Hirsch led the Crypto Assets and Cyber Unit in the Division of Enforcement, overseeing a significant number of crypto cases. Hirsch expressed pride in the
