RA George’s Post

Greetings from Wolfline Capital, Last week, 𝐦𝐨𝐬𝐭 𝐔𝐧𝐢𝐭𝐞𝐝 𝐒𝐭𝐚𝐭𝐞𝐬 𝐰𝐚𝐭𝐜𝐡𝐝𝐨𝐠𝐬 𝐯𝐨𝐭𝐞𝐝 𝐭𝐨 𝐚𝐝𝐯𝐚𝐧𝐜𝐞 𝐭𝐰𝐨 𝐜𝐫𝐲𝐩𝐭𝐨𝐜𝐮𝐫𝐫𝐞𝐧𝐜𝐲 𝐫𝐞𝐠𝐮𝐥𝐚𝐭𝐢𝐨𝐧 𝐛𝐢𝐥𝐥𝐬, 𝐚𝐩𝐩𝐫𝐨𝐯𝐢𝐧𝐠 𝐭𝐡𝐞 𝟐𝟏𝐬𝐭 𝐂𝐞𝐧𝐭𝐮𝐫𝐲 𝐀𝐜𝐭 to protect customers and ensure decisive rules for the digital asset sector. The lawmakers favored the Blockchain Regulatory Certainty Act and the Financial Innovation & Technology for the 21st Century. Meanwhile, the vote by the House of Representatives represents a massive win for crypto activists that have persuaded lawmakers to provide clear crypto regulations. It is the first time Congress decided on regulatory bills for the crypto market. Favoring the bills would ensure clear rules for cryptocurrency firms when registering with the Securities & Exchange Commission and the Commodity Futures Trading Commission. While nations like the EU, Australia, and Singapore adopt clear market rules, the United States envisions an inclusive regulatory model for digital currencies to stay at par. The SEC has showcased its dominance over the crypto space, stating that most cryptocurrency firms sell digital assets as securities and are thus subject to customer protection rules. The regulator amplified its effort by suing Coinbase and Binance for failure to register some cryptocurrencies. The leading cryptocurrency exchanges have denied these allegations. The securities watchdog faced massive criticism following the lawsuits, with the community pushing Congress to provide laws clarifying crypto as a commodity or security. The cryptocurrency sector has seen increased regulatory scrutiny since last year’s sudden debacle of leading digital asset companies, including FTX, Voyager Digital, and Celsius Network.

Greetings from Wolfline Capital, Last week, 𝐦𝐨𝐬𝐭 𝐔𝐧𝐢𝐭𝐞𝐝 𝐒𝐭𝐚𝐭𝐞𝐬 𝐰𝐚𝐭𝐜𝐡𝐝𝐨𝐠𝐬 𝐯𝐨𝐭𝐞𝐝 𝐭𝐨 𝐚𝐝𝐯𝐚𝐧𝐜𝐞 𝐭𝐰𝐨 𝐜𝐫𝐲𝐩𝐭𝐨𝐜𝐮𝐫𝐫𝐞𝐧𝐜𝐲 𝐫𝐞𝐠𝐮𝐥𝐚𝐭𝐢𝐨𝐧 𝐛𝐢𝐥𝐥𝐬, 𝐚𝐩𝐩𝐫𝐨𝐯𝐢𝐧𝐠 𝐭𝐡𝐞 𝟐𝟏𝐬𝐭 𝐂𝐞𝐧𝐭𝐮𝐫𝐲 𝐀𝐜𝐭 to protect customers and ensure decisive rules for the digital asset sector. The lawmakers favored the Blockchain Regulatory Certainty Act and the Financial Innovation & Technology for the 21st Century. Meanwhile, the vote by the House of Representatives represents a massive win for crypto activists that have persuaded lawmakers to provide clear crypto regulations. It is the first time Congress decided on regulatory bills for the crypto market. Favoring the bills would ensure clear rules for cryptocurrency firms when registering with the Securities & Exchange Commission and the Commodity Futures Trading Commission. While nations like the EU, Australia, and Singapore adopt clear market rules, the United States envisions an inclusive regulatory model for digital currencies to stay at par. The SEC has showcased its dominance over the crypto space, stating that most cryptocurrency firms sell digital assets as securities and are thus subject to customer protection rules. The regulator amplified its effort by suing Coinbase and Binance for failure to register some cryptocurrencies. The leading cryptocurrency exchanges have denied these allegations. The securities watchdog faced massive criticism following the lawsuits, with the community pushing Congress to provide laws clarifying crypto as a commodity or security. The cryptocurrency sector has seen increased regulatory scrutiny since last year’s sudden debacle of leading digital asset companies, including FTX, Voyager Digital, and Celsius Network.

The Crypto Compass: Your Weekly update on the evolving landscape of global crypto! ❇️ Top Headlines ❇️ ⚖️ UK & Hong Kong take proactive stances with stablecoin & crypto regulations. 🇹🇷 Turkish lawmakers engage with stakeholders, aiming for secure & innovative crypto regulations. 🇮🇳 India shows growing optimism for its Central Bank Digital Currency (CBDC). ➕ Bonus Reads ➕ = Singaporeans embrace crypto, highlighting its potential to disrupt finance. = Swiss Postfinance enters the crypto space, offering services to its customers. = South Africa embraces digital payments and crypto for financial inclusion. = Understanding crypto taxes in the US: a must-read for crypto holders. Stay informed and navigate the ever-changing crypto world with The Crypto Compass! https://lnkd.in/e7rpg8tB #cryptocurrency #blockchain #regulation #adoption #innovation #CBDC

An interesting article from the FT. Industry leader, Binance appears to be struggling to maintain its market presence despite the stabilisation of major cryptocurrencies such as Bitcoin. Since the demise of FTX, the international regulators have focused in on Binance. In the US, Binance were sued this year by the US by the Commodity Futures Trading Commission and, more recently, by the Securities and Exchange Commission. The latter claim that Binance used “an extensive web of deception, conflicts of interest, lack of disclosure, and calculated evasion of the law”. The company and its subsidiaries have also clashed with international policymakers and regulators in the UK, France, Singapore, the Netherlands and Thailand. The FT report details a work culture that appears to have focused primarily on the growth of its market share, with everything else coming second.  Unnamed interviewees told the FT they were not allowed to disclose they worked for Binance, were made to install VPN’s on all electronic devices and in court filings one even acknowledged that the company knew people were using Binance for crime. Relatedly, the French case accuses the company of inadequate checks to prevent money laundering. Could the decline in Binance’s influence indicate a return to more ‘traditional’ decentralised finance models in the cryptocurrency market? https://lnkd.in/gN2zH8bq

UK May Introduce Stablecoin and Staking Regulations in 6 Months: Report: According to Bloomberg, the British government is expediting the approval of new regulations for stablecoins and crypto asset staking services, aiming to have these rules passed by lawmakers within the next six months. This statement comes amidst mounting pressure to deliver concrete proposals before an impending general election. Expedited Crypto Legislation Economic Secretary to the […] Crypto Mak #Cryptocurrency #AANews #CryptoNews #regulations #stablecoins

📣This post goes out to my foreign friends:📣 Today we had a milestone in Brazilian crypto regulation! Contextualizing for those who are not following the Brazilian market closely, here are some key points to understand the big picture of our regulatory timeline:   -JUNE 2015 – First crypto-related bill which determines rules for virtual currencies in airline frequent flyer programs. -MARCH 2017 – Brazilian Internal Revenue Service adds specific topics on declaring digital currencies for Income Tax purposes. -SEPTEMBER 2017 – The Financial Activities Control Board takes a favorable position on the regulation of digital currencies. -SEPTEMBER 2018 – Creation of the Joint Parliamentary Front on Blockchain and Digital Assets. -APRIL 2019 – First bill that provides for the legal regime of Cryptoassets. -JUNE 2019 – Creation of a Special Commission in the Chamber of Deputies for the virtual currency market -JANUARY 2020 – Beginning of the obligation to provide information to the Internal Revenue Service of holders of operations with crypto assets -DECEMBER 2022 –The Chamber of Deputies approves the bill that regulates the Brazilian cryptocurrency market. In general terms, the text leaves it up to the Executive branch to appoint a body to establish the guidelines for this market -TODAY – June 2023: The president of Brazil signs a decree naming the Central Bank as the entity responsible for regulating, authorizing and supervising digital asset service providers. Next steps: The expectation now is the publication of specific rules by the Central Bank, which should protect investors and the market without impeding innovation and technology development. Soon we will also have new information on how the Securities Commission will regulate digital assets similar to securities.   This progressive history of crypto regulation (with first guidelines being approved since 2015) brings a unique backdrop to the global crypto market, providing a sense of clarity and dialogue for the ecosystem.   Additional information for those who are not yet aware of the transformation capacity of the Brazilian financial sector: you should research about "pix". This is a unique project, developed by Central Bank in 2020. PIX enables instant transfers, 24/7, free of charge and widely used throughout the country (it is possible to buy from an apple on the corner to your apartment with this same technology). This project is a clear evidence of how innovative is our financial sector.   I hope I was able to help in understanding our market! If the Brazilian crypto market is still not so clear, just reach out to me ☕ ; )

Alpha Daily – June 30, 2023: -UK bill giving regulators the power to supervise crypto and stablecoins was approved by King Charles in the final step needed to become UK law (https://lnkd.in/emGtjSv5) -South Korea passes cryptocurrency bill to tackle unfair trading and protect crypto investors (unified bill defining digital assets and imposing penalties for illicit trading activities like using undisclosed information, market manipulation and other unfair trading practices in crypto) (https://lnkd.in/ejSXdNS9) -A committee of lawmakers in Canada is calling for the government to set up a national blockchain strategy that clarifies the country's regulatory approach and demonstrates support for the industry (https://lnkd.in/ewRuRNGY) -An open letter to lawmakers in the EU was issued by more than 160 executives from tech companies around the world urging careful consideration of AI regulations to avoid stunting the industry or markets (https://lnkd.in/ehMRY_2i) -US Senator Michael Bennet (D-CO) wrote a letter to major tech companies, including OpenAI and Google, to urge the labeling of AI-generated content (https://lnkd.in/e2VqnYy7) -Fidelity refiled its application with the US SEC for a spot Bitcoin ETF (https://lnkd.in/ee9mjSXd) -US Federal Reserve’s banking bailouts reach a new weekly high of $103 billion (highest level of distressed asset redemptions since emergency fund‘s inception) (https://lnkd.in/etUvZn8K) -Coinbase's Base prepares for mainnet launch with security audits (https://lnkd.in/efMiQfh3) -CME Group announces plans to launch Ethereum to Bitcoin ratio futures (https://lnkd.in/euFQaBwb) -Canadian ETF issuer 3iQ to work with Coinbase to offer Ethereum staking in its funds (https://lnkd.in/e8nYqDhP) -Revolut US to delist Cardano, Polygon and Solana in September 2023 (https://lnkd.in/e4GWwDyB) -Lacoste expanded its NFT ecosystem with the introduction of rewards and co-creation features for its UNDW3 community (https://lnkd.in/ePx7CwJb)

Decoding EU Crypto Legislation: Former Icelandic Central Bank Chairman Shares InsightsIn an exclusive with crypto.news, Jón Helgi Egilsson, a former Icelandic central bank chairman, sets out how the European Securities and Markets Authority (ESMA) is entering the final phase of crypto asset regulation in the European Union (EU), and what this means for Crypto Assets (MiCA) legislation. The cryptocurrency market is becoming more deeply ingrained in the public sector. The need for a legal framework that guarantees security, stability, and trust is of the utmost importance, with the latest MiCA regulations being hailed as the answer. Yet, despite its significance, MiCA is enveloped in confusion and misunderstanding, particularly regarding its... https://lnkd.in/dQqV98nm #Bank #Central #central_bank #chairman #crypto #crypto_assets #Cryptocurrency #Decoding #European_Union #Icelandic #Insights #Legislation #MiCA #MiCA_bill #Shares