US banks lobby to amend GENIUS stablecoin Act, citing $6.6 trillion risk

The first official US stablecoin law, known as the GENIUS Act, is already facing pushback from major banking groups that argue some provisions could destabilise the traditional financial sector. Passed in July 2024, the legislation was intended to bring clarity to the multibillion-dollar stablecoin industry while securing the country’s leadership in digital assets. However, banks […]

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Banks push to block stablecoin legislation over market share fears

Bankers and their allies in the US Senate are pushing back against the Guiding and Establishing National Innovation for US Stablecoins (GENIUS) Act over fears that stablecoins will disintermediate banks and erode banking market share.

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New GOP bill targets crypto ‘debanking’ by limiting regulator oversight

Senator Tim Scott of South Carolina, the leading Republican on the Senate Banking Committee, has introduced the Financial Integrity and Regulation Management Act. This legislation aims to prohibit financial regulators from considering reputational risks when supervising banks, a practice critics…

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Crypto, Cannabis and SAFE Banking

The SAFE Banking Act Must Pass, But Why Wait for Banks to Protect Cannabis, When Crypto Offers Solutions Today?

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Canada lifts Emergencies Act after freezing crypto wallets and bank accounts

Following the weeks-long Freedom Convoy protests in Canada, the government has finally ended the Emergencies act. The government had deemed these protests illegal and even allowed banks to freeze accounts linked to the protests.

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Spanish Banks Seek Instruction On AML Registration Mandate

Banks in Spain are awaiting regulatory clarity on how they have to register to offer services relating to cryptocurrencies. This registration would act as part of overall anti-money laundering protections.

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“Legitimately Undecided” on e-Dollar Says Powell, Claims it Would Make Bitcoin Unnecessary

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Korean Banks are Unsure About Cryptocurrency Partnerships

Korean banks are conflicted on whether to extend alliances with local cryptocurrency exchanges amid the strict financial regulations. Financial Information Act Implementation For the time being, three Korean commercial lenders – Shinhan, NongHyup, and K bank – have formed partnerships with major crypto exchanges.

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Two Australian Banks Face Lawsuit For Closing Bitcoin Trader’s Accounts

An Australian crypto trader Allan Flynn has filed a lawsuit against two banks, for closing his business accounts without any prior notice. In the lawsuit filed at the ACT Civil and Administrative Tribunal, Flynn alleges that the sudden and illegal action of the two banks has caused significant loss to his business. The trader who […]

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Crypto Community Not Swayed By Illogical Law to Regulate Stablecoins Like Banks

The legislation’s supporters claim this will help deter bad actors. Some crypto advocates see it as unnecessary regulation. Stablecoin Stability On Dec 2, 2020, Rashida Tlaib, Jesus Garcia, and Stephen Lynch, three congresspeople, introduced the Stablecoin, Tethering, and Bank licensing Enforcement (STABLE) Act.

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OCC Wants to End Banks’ Discrimination of Disfavored Businesses Including Crypto Companies

The OCC is proposing a rule change that compels large U. S. banks to offer and provide fair access to financial services to anyone that wants them. The proposition seeks to clarify the obligation of large banks to provide fair access to financial services in a manner consistent with the Dodd-Frank Act’s mandate.

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Ripple’s XRP Up 5.5% in Past 24 Hours, XRP Poised to Act as Neutral Bridge Asset between CBDCs

Coinspeaker Ripple’s XRP Up 5. 5% in Past 24 Hours, XRP Poised to Act as Neutral Bridge Asset between CBDCsAs global central banks work to implement their own CBDCs, Ripple through RippleNet and XRP is eyeing to connect different global CBDCs.

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Owning Bitcoin “Is a Must” Says Price of Tomorrow Author, Jeff Booth

Bitcoin is a first of its kind financial technology born out of the Great Recession. It is designed specifically to be opposed to everything central banks stand for. It’s for those very reasons that The Price of Tomorrow author Jeff Booth believes that Bitcoin “is a must” to own to preserve one’s wealth and act as a “life boat” in the future.

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Australian payments firm sues Ripple over PayID branding

New Payments Platform Australia (NPPA), a group comprising all the significant banks in Australia is suing Ripple. A Report unveiled this news on August 26, noting that the consortium sued Ripple after it went against Australia’s Trade Marks Act (1995) and the Australian Consumer Law by using the organization’s brand and trademark dubbed PayID without authorization.

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South Korea: Major Banks to Start Offering Crypto Custodial Services

Leading South Korean lenders are now putting preparation in top gear to roll out custodial services for bitcoin and other digital assets. The move follows the government’s recently amended Special Financial Transactions Information Act, according to a report by local news platform, MTN on August 13, 2020.

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Banks May Be Taking Stimulus Checks from Indebted Americans [Opinion]

Banks are not prevented from taking the money being direct-deposited into checking accounts if the recipient has significant debts. Since last week, Americans have been reporting that their CARES Act payments from Congress are finally appearing in their bank accounts.

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Hawaiian Bill Would Let Banks Act as Crypto Custodians

Hawaiian lawmakers have submitted a bill that allows banks to provide custody for digital assets.

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Regulatory Roundup: New US Crypto Tax Bill, Central Banks Join Forces on Digital Currencies

In this roundup, we cover an exceptionally busy week for crypto regulations around the globe. We start our coverage with the U.S. Virtual Currency Tax Fairness Act of 2020, actions by the SEC, Ripple’s lawsuit, India’s supreme court hearings, Australia green-lighting a bitcoin retail fund, Thailand approving a new crypto exchange, and new crypto guidelines […] The post Regulatory Roundup: New US Crypto Tax Bill, Central Banks Join Forces on Digital Currencies appeared first on Bitcoin News.

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We Will Always Expect Crypto Exchanges to Act Like Our Banks

Coinspeaker We Will Always Expect Crypto Exchanges to Act Like Our BanksInstead of trying to change human behaviors which is one of the most challenging things we could do, maybe we ought to try and change how exchanges are not able today to fully secure our funds?We Will Always Expect Crypto Exchanges to Act Like Our Banks

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Bitcoin Suisse Joins Crypto Companies Looking To Become Swiss Banks

Bitcoin Suisse, the Switzerland-based cryptocurrency broker, has taken the first steps to becoming a bonafide bank, the company has revealed. Bitcoin Suisse Applies For Banking, Securities License In a press release issued on July 16, Bitcoin Suisse, which already offers various crypto-focused financial services, also committed to using the Swiss regulatory system for its future expansion.

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Bank of America: Facebook’s Libra Could Act as an Endorsement of Crypto; Here’s What Analysts Think

The crypto and finance worlds are both patiently awaiting further news about Facebook’s highly anticipated cryptocurrency project, Libra, which is expected to be officially discussed in detail tomorrow.

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EU Central Bank Executive Shares the Potential Upside to a Central Bank Digital Currency (CBDCs)

After the rise of Bitcoin, several central banks around the world have started to talk about something often known as a Central Bank Digital Currency (CBDC). These tokens would act as digital money that would be emitted by the Central Bank.

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Is Ripple The Perfect Bridge Between Banks And Crypto?

David Gokhshtein, the founder of Gokhshtein Magazine and vocal XRP supporter, thinks Ripple is placing themselves in the perfect position to infiltrate the global financial system. Banks around the world are toying with the idea of creating their own cryptocurrencies.

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Op Ed: Understanding the Latest FinCEN Guidance for Cryptocurrencies

On May 9, 2019, the Financial Crimes Enforcement Network (FinCEN), issued new “interpretive guidance” about how its regulations apply to businesses that conduct money transmissions in virtual currencies.

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“Holders Are Not at Risk”: Bitfinex Lawyer Responds to NY Attorney General

Bitfinex and Tether’s legal counsel has written a response to the New York Attorney General’s (NYAG) ex parte order, which claims that Bitifinex used Tether’s reserves to cover some $850 million in losses.

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LocalBitcoins, Once a Go-To for Anonymous Bitcoin Transactions, Adds KYC

The Finland-based, peer-to-peer cryptocurrency trading platform LocalBitcoins released a statement on March 25, 2019, responding to a new act approved by the Finnish Parliament that will require users to verify their identities.

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Grim Stories of Ethical, Privacy Abuses Emerge About Coinbase’s New Partners

When Coinbase acquired Neutrino for an unspecified amount in February 2019, the news looked like business as usual: A cryptocurrency juggernaut had made another acquisition.

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Op Ed: How Bitcoin’s Protocol of Peace Can End the Nuclear Age

Since it came to life in early 2009, Bitcoin has begun disrupting the world of finance. Over the years, this decentralized digital currency came to mean different things for different people.

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Yellow Vesters Queue to Withdraw Money From Banks, Act X to Begin While Macron Meets the Mayors

In the French city of Saint-Nazaire, queues of yellow vesters have been videoed withdrawing money from the banks on or around January 12th in what appears to be a symbolic move... The post Yellow Vesters Queue to Withdraw Money From Banks, Act X to Begin While Macron Meets the Mayors appeared first on Trustnodes.

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Ten Years Later, a Reflection on Bitcoin’s Genesis and Satoshi’s Timing

October 31, 2008, and January 3, 2009. The two dates have cemented themselves with Promethean significance into Bitcoin’s lore. On the October 31, Satoshi Nakamoto published the Bitcoin white paper, a constitution of sorts for his revolutionary monetary system and its intrinsic currency.

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XIXOIO Blockchain Startup Picks Acuant AssureID With FRM Verification Service To Tokenize Its System

Acuant Will Act As The Identification Verification Provider For XIXOIO Acuant is a provider of identity verification. It recently announced that it would collaborate with XIXOIO, which is a fintech startup based in Prague.

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Op Ed: From Gray To Black and White: Traditional Regulations Come to Crypto

For nearly a decade, participants in the blockchain and cryptocurrency space have operated in a regulatory compliance gray zone. Recent developments — at both the federal and international levels — signal that the time for plausible deniability or unregulated freedom is coming to an end and more traditional regulations are moving to the forefront.

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Op Ed: SEC’s Latest Declaration Creates Legal Minefield for Digital Assets

On November 16, 2018, the U. S. Securities and Exchange Commission (SEC) issued a public statement clarifying its intent to regulate activities involving the issuance and trading of digital assets.

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Op Ed: It’s Time to Reject Mediocrity, #ExitFiat and Embrace Bitcoin

When the towers in New York fell, I became obsessed with economics. I wanted to follow the money to understand what happened on that dreadful day. During that time of inquiry, I found myself very interested in Austrian economic theory.

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Op Ed: New Bermuda Legislation Will Create a Novel Class of Bank to Service Fintech Companies

As we reported on July 19, 2018, Bermuda is determined to establish itself as the leading jurisdiction for fintech entrepreneurs, in particular those involved in initial coin offerings (ICOs), digital assets and virtual currencies.

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Foreign artist reimagines US currency

In terms of design, paper currency in the United States hasn’t changed much in the past hundred years. There have been updates and additional flourishes — not to mention security measures — but overall, it’s essentially the same set of bills circulated since 1913.

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Yes, Stablecoins Can Secure Official Audits from Major Firms

“We have nothing to hide,” says Tory Reiss, VP of corporate development at TrustToken. Like the market’s most popular stablecoin, Tether, TrustToken's TrueUSD is fiat-collateralized.

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We’ve Said It All Along, And Now The G20 Agree With Us Too

This year, at this very moment in time the G20 Summit is taking place in Argentina. The G20 are a group of twenty authorities composed of various governments and central banks from across the world.

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Stronghold and IBM Collaborate to Launch FDIC-Insured Stablecoin on Stellar

Stronghold, a cryptocurrency trading platform housed by Stellar, is launching a stablecoin on its parent network’s blockchain in collaboration with IBM. Stronghold USD will be backed with “one-to-one U.

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New Class of Bank for Blockchain and FinTech Planned by Bermuda

Government of Bermuda will amend Banks and Deposit Companies Act to allow innovation in the industry.

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Government of Bermuda Becomes a Crypto-friendly Nation With Their ICO Bill

The Bermuda Government, recently, passed a Digital Asset Business Act and an ICO Bill. The Government felt compelled to make changes to their Banking Act because they wanted to create a new class of banks that could work with emerging FinTech, cryptocurrency and blockchain startups.

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Bermuda to Cater to Blockchain & Crypto Projects with Banking Act Amendment Plans

Bermuda Interested In Creating Blockchain Centric Banks The British island territory is bidding to put its name on the map as an outlier destination for FinTech innovation, having recently passed an ICO Bill and Digital Asset Business Act to attract companies in the blockchain and virtual currency space. The upcoming amendment to the Banking Act […]

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Op Ed: I Think, Therefore I Bitcoin: The Case for Bitcoin

A key aspect of modern society is its trust in reliable government and monetary systems. Government and central banks have been the guardians of the financial system.

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SEC Chairman: Cryptocurrencies Like Bitcoin Are Not Securities, but Most ICOs Are

U. S. Securities and Exchange Commission (SEC) chairman Jay Clayton states that the SEC will not be bending the rules anytime soon when it comes to cryptocurrencies and that while bitcoin remains a commodity, all initial coin offering (ICO) tokens — or coins offered through a fundraising process — classify as securities.

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