South Korea’s Financial Supervisory Service (FSS) has recently addressed the concerns surrounding the potential removal of various digital assets from local cryptocurrency exchanges. This development comes in light of the Virtual Asset User Protection Act, which aims to enhance compliance and scrutiny of listed tokens on these platforms. Contrary to initial reports, the FSS has
Regulation
David Hirsch, the head of the SEC’s Crypto Asset and Cyber Unit in the Division of Enforcement, has officially announced his departure from the agency after almost nine years of service. During his time at the SEC, Hirsch oversaw a multitude of crypto cases, leaving a significant mark on the agency’s enforcement efforts in the
Currency has played a significant role in the advancement of societies throughout history. From bartering systems to standardized coins and paper money, the evolution of currency has shaped human experience. However, in recent decades, the financial landscape has been marred by chaos and instability, raising concerns about the loss of control over traditional currencies. The
The concept of asset tokenization in the financial sector has been gaining traction in recent years as a way to revolutionize securities and asset management. SEC commissioner Mark Uyeda, in a recent statement, highlighted the potential benefits of asset tokenization, emphasizing the advantages of representing asset rights with digital tokens on a blockchain. Uyeda pointed
Coinbase recently voiced its objection to the SEC’s $2.6 billion budget request for the 2025 fiscal year. The cryptocurrency exchange criticized the SEC for allocating a significant portion of the budget, $812.4 million, to enforcement rather than towards creating regulatory clarity. Coinbase argued that the SEC’s heavy focus on enforcement does not benefit the crypto
The European Banking Authority (EBA) recently released comprehensive guidelines focusing on recovery plans for issuers of asset-referenced tokens (ARTs) and e-money tokens (EMTs) under the Markets in Crypto-Assets (MiCA) regulation. This new framework is crucial for maintaining compliance with regulatory standards and ensuring the stability of the crypto-asset market in the EU. The guidelines introduced
The Chairperson of the Commodity Futures Trading Commission (CFTC), Rostin Behnam, recently expressed his confidence in the agency’s ability to take on more responsibilities related to cryptocurrencies. During a hearing before the Senate Committee on Appropriations, Behnam dismissed concerns that the CFTC would be overwhelmed by expanding its authority to include crypto commodities. He emphasized
In a recent statement, Terraform Labs CEO Chris Amani revealed that Terra will transition into a community-led project as the company prepares to wind down operations in the wake of a $4.5 billion SEC settlement. Amani emphasized the need for the community to “take over ownership of the chain” moving forward. He expressed confidence that
The recent report released by the EU Innovation Hub for Internal Security sheds light on the significant impact that cryptocurrencies are having on law enforcement efforts. One of the key findings of the report is the increasing difficulty for authorities to track and recover illicit digital assets that are being moved through decentralized methods like
Nadine Chakar, the global head and managing director of DTCC Digital Assets, recently presented a convincing argument regarding the advantages of tokenization during her testimony before the House Financial Services Subcommittee on Digital Assets. In her testimony, Chakar emphasized the transformative impact of tokenizing real-world assets and how it could benefit the US financial markets.