In a significant turn of events in the high-stakes conflict between Ripple Labs and the U.S. Securities and Exchange Commission (SEC), the regulator has decided to appeal a recent federal court ruling that largely favored Ripple. This move, formalized in a notice of appeal submitted to the Second Circuit Court of Appeals on October 2,
Regulation
On October 2, 2023, the United States Court of Appeals for the District of Columbia Circuit delivered a pivotal judgment regarding the legality of prediction markets focused on U.S. elections. The court dismissed an appeal made by the U.S. Commodity Futures Trading Commission (CFTC), which sought an administrative stay on a prior ruling favoring the
The Financial Conduct Authority (FCA) of the UK, in conjunction with the Bank of England, has embarked on an ambitious new venture: the Digital Securities Sandbox (DSS). Officially launched to facilitate the exploration of distributed ledger technology (DLT) and tokenized assets within the context of traditional financial markets, the DSS sets out a clear agenda
In recent years, the proliferation of virtual assets has prompted regulators worldwide to take action in safeguarding investors. Dubai’s Virtual Assets Regulatory Authority (VARA) has taken a significant step towards enhancing the security of the crypto market. With new guidelines set to take effect on October 1, 2023, the authority aims to curb misleading advertisements
In an era where digital privacy has become paramount, the South Korean Personal Information Protection Commission (PIPC) has taken a significant step by imposing a hefty fine on Worldcoin and its affiliate Tools for Humanity (TFH). Announced in a press release dated September 25, the two companies face a collective penalty amounting to KRW 1.14
In a significant development for Hong Kong’s financial sector, regulators are taking proactive measures to align the city’s over-the-counter (OTC) derivatives reporting regime with global standards, including those specific to cryptocurrency derivatives. The Hong Kong Monetary Authority (HKMA) and the Securities and Futures Commission (SFC) have jointly published a consultation conclusion that outlines a strategic
In a recent interview, Howard Lutnick, CEO of Cantor Fitzgerald, voiced his concerns over the current regulatory landscape surrounding Bitcoin (BTC) and the broader cryptocurrency market. Speaking on Fox Business, Lutnick urged regulators to classify Bitcoin as a commodity akin to gold and oil. His call highlights a critical juncture for Bitcoin, especially as it
On September 27, 2023, the U.S. Securities and Exchange Commission (SEC) reached a settlement with Mango Markets’ Decentralized Autonomous Organization (DAO) and the Blockworks Foundation amid allegations of trading unregistered securities. This settlement, which imposes a total financial penalty of $700,000, comes in the wake of a significant exploit in 2022 that saw Mango Markets
In a recent interview on CNBC’s Squawk Box, Wyoming Senator Cynthia Lummis speculated that Gary Gensler, the Chair of the U.S. Securities and Exchange Commission (SEC), may vacate his post in the upcoming year. Her comments were prompted by discussions regarding Gensler’s apparent enthusiasm for his current role. However, Lummis, with a discerning eye on
On September 26, 2023, the legal landscape of cryptocurrency took a significant turn when Judge Katherine Polk Failla, presiding over a case in the Southern District of New York, ruled that software code associated with cryptocurrency protocols, such as Tornado Cash, does not enjoy First Amendment protections. This decision marks a pivotal moment in the
