Fintech and crypto companies announce the launch of countless new crypto products
This week, the world’s leading payment companies announced the launch of a stablecoin payment solution that leverages the technology of Fireblocks, a digital asset infrastructure company. According to a press release, the solution “deploys an automatic fiat to stablecoin conversion when receiving and processing funds from customers,” and “24/7 payment flexibility, including weekends and holidays.” Will be provided to merchants. ” The same payment company also said this week Unravel the crypto mystery: shed light on adopting digital currencies for 2022 payments..
Also this week, a major US fintech company announced that it has begun supporting “native transfer” of cryptocurrencies between customer wallets and from customer wallets to external third-party cryptocurrency wallets. Previously, the company allowed customers to buy and sell cryptocurrencies, but not to transfer cryptocurrencies to others. The company also announced that it was “granted a full bit license by the New York State Department of Financial Services (NYDFS) and will be the first company to convert a conditional bit license into a full bit license.” Apart from this, the major Mexican-style fast food chains in the United States recently announced that they will begin accepting cryptocurrencies as payments.
This week, several companies have received licenses for cryptocurrency services. The FTX Exchange has announced that it will begin serving Japanese clients as a “Licensed Japanese Cryptocurrency Exchange Service Provider and Type 1 Financial Instruments Business License Holder”. The Crypto.com exchange has announced that it has “provisionally approved a virtual asset MVP license from the Dubai Virtual Asset Regulatory Authority (VARA).” Jewel Bank also announced that it has been “approved by the Bermuda Monetary Authority (BMA) for a combination of full bank licenses and digital asset business (DABA) licenses.”
Finally, the report released this week provides new data and analysis on the environmental impact of the Bitcoin network. The report also addresses Bitcoin miner flexibility, grid infrastructure, and regulatory issues.
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Senator announces digital asset bill, crypto activist sends letter to Congress
To Maria S. Ruebano When Veronica Reynolds
This week, Democratic U.S. Senator Kirsten Gillibrand in New York and Cynthia Lummis, U.S. Senator in Wyoming, are responsible financial innovations that create a regulatory framework for government oversight of digital assets. I shared a draft of the law. In a co-authored blog post published in connection with the bill, Senators Gillibrand and Lummis said that continued consumer recruitment of digital assets in unregulated markets would cost market participants financially. The innovation of digital assets will decline, warning that it poses significant risks and predicting the lack of proper US-based regulatory oversight. The main goals of this bill include protecting consumers and promoting innovation. In particular, the key provisions of the proposed bill clarify when digital assets should be considered securities or commodities and allow the US Commodity Futures Trading Commission (CFTC) to monitor specific digital assets and related markets. The purpose is to regulate stable coin issuers. It requires the establishment of a self-regulatory body for digital assets supervised by the CFTC and SEC.
In related news, a leaked version of the US Senate bill entitled “Responsible Inter-Ministerial Coordination” was circulated on Twitter this week. The bill focuses on bringing cryptocurrencies “within regulation” and is a key concern for regulators: Decentralized Finance (DeFi), Stablecoin, Decentralized Autonomous Organization (DAO), and We are paying attention to cryptocurrency exchange.
As a final development, human rights activists this week praise cryptocurrencies for supporting responsible cryptocurrency policies and providing “financial inclusion and empowerment” to those living under authoritative regimes or volatile economies. I submitted a public letter to the US Congress. A group of activists reportedly gathered from more than 20 countries and was organized by a cryptocurrency think tank to write in response to an anti-cryptocurrency letter submitted to Congress on June 1.
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NY DFS and Japan support stablecoin, BIS supports “fragmentation” of cryptocurrencies
This week, Adrienne A. Harris, director of the New York State Department of Financial Services (DFS), issued new DFS regulatory guidance on US dollar-denominated stablecoins issued by DFS-regulated entities. In particular, the guidance addresses stablecoin backing and redemption, reserve requirements, and independent audits. According to the press release, “[t]His purpose [the guidance] It is to specify the baseline requirements that are generally applied to stablecoins backed by US dollars issued under the supervision of DFS. “
Reportedly, this week the Japanese parliament also introduced a legal framework for Stablecoin. In particular, the framework tells Stablecoin issuers that (1) Stablecoin is linked to Yen or another fiat currency, and (2) Stablecoin holders are stable. It is reported that it is necessary to guarantee that the coin has the right to be redeemed at face value.
This week, the Bank for International Settlements (BIS) said, Blockchain Scalability and Cryptographic Fragmentation.. In particular, the report focuses on the increasing use of alternative blockchains for payments and the associated “cryptographic landscape fragmentation”. The report states:[l]The lack of mimicked scalability and interoperability not only prevents network effects from taking root, but also increases the risk of governance and security for parallel blockchain systems. “
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DOJ Calls for International Cooperation in the Fight against Cryptographic Crime
Alexandra Callan Velas
This week, the US Department of Justice (DOJ) issued a report calling for greater inter-ministerial and international coordination to combat crime in the world of digital assets and cryptocurrencies. This report follows President Joseph Biden’s presidential directive on digital assets, instructing a number of federal agencies and inter-ministerial groups to submit reports addressing issues related to digital assets.
The DOJ report focuses on the importance of working with foreign law enforcement agencies and the development of consistent international standards due to the transnational nature of digital assets and cryptocurrency transactions and technology. In particular, this report highlights the risks of malicious individuals engaged in “jurisdiction arbitrage” to take advantage of “uneven and often inadequate” monitoring and regulation of cross-border digital assets.
In a letter attached to the report, US Attorney General Merrick Garland said: The capabilities of these technologies overcome the unique obstacles to law enforcement efforts to combat their misuse. “
See the following links for more information.
CFTC sues cryptocurrency exchange, New York Attorney General of New York issues investor alert, UST investigates
According to a recent press release from the Commodity Futures Trading Commission (CFTC), the CFTC has made, or associated with, false or misleading statements of material facts to major US cryptocurrency exchanges. I did not mention any important facts in the CFTC. ” Comes with self-certification of Bitcoin futures products. According to the press release, the exchange will inform the CFTC and make a statement, “to be false or misleading regarding the facts related to understanding whether the proposed Bitcoin futures contract is easy to manipulate.” Information has been omitted. “
In another recent press release, New York Attorney General Leticia James said, “The dangerous risk of investing in cryptocurrencies after last month’s market hit record lows and investors lost hundreds of billions of dollars. I issued a warning to New Yorker to remind me. ” Alerts address seven major cryptocurrency risk factors: (1) highly speculative and unpredictable value, (2) difficulty in cashing out investments, (3) higher transaction costs, (4) Unstable “stable coins”, (5) hidden transaction costs, (6) conflicts of interest, and (7) limited surveillance.
South Korean officials are reportedly investigating Terraform Labs in connection with the recent collapse of the Luna coin (now known as LUNC) associated with the stablecoin of the terraUSD (UST) algorithm. Since the collapse of UST, Terraform Labs has reportedly released new LUNA tokens that have been airdropped to previous owners.
See the following links for more information.
FTC reports that more than $ 1 billion was lost in cryptocurrency fraud.Cryptographic fraud and hacks continue
To Lauren Base
Consumers lost more than $ 1 billion in cryptocurrency-related fraud in the first quarter of 2021 and 2022, according to a recent press release by the Federal Trade Commission (FTC). (Ii) Romance scams; (iii) Business or government spoofing fraud. Many originated on or through social media channels.
One such romance scam, called “pig slaughter,” is “blooming over months by criminals who build online relationships, lead prey to cryptocurrencies, and seize their money. It is said that “to do”. Especially in areas with high net value such as Silicon Valley. According to recent reports, this type of online psychological and emotional attack has cost victims billions of dollars.
Related news reports earlier this week that Ethereum’s scaling solutions company was the victim of a $ 15 million theft. The company reportedly intended to transfer governance tokens to market makers, but the wrong wallet address was provided, leaving 20 million tokens vulnerable to attacks. The thief reportedly stole the token, but to date, only part of the token has been liquidated. The balance remains in the attacker’s wallet.
Similarly, a major non-fungible token (NFT) studio reported that its social media server was hacked earlier this week. Hackers reportedly stole 200 ETH worth of NFTs through phishing scams posted on social media channels.
See the following links for more information.
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