John Hickenlooper, a United States Senator representing Colorado, has penned a letter to Gary Gensler urging the Securities and Exchange Commission chair to establish “clear rules” for the crypto market. In an Oct. 13 letter, Hickenlooper called on the SEC to take action on regulatory issues including identifying which cryptocurrencies were considered securities, establishing registration guidelines for trading platforms, and “determining what disclosures are necessary for investors to be properly informed.” According to the senator, the lack of a coordinated regulatory framework from the government has led to uneven enforcement, while the SEC is the agency “well positioned to offer …

Republican members of the House Financial Services Committee have requested the Department of Justice provide its assessment and legislative proposals around a digital dollar within ten days. In an Oct. 5 letter addressed to U.S. Attorney General Merrick Garland, 11 Republican lawmakers asked the Justice Department for a copy of its “assessment of whether legislative changes would be necessary to issue a CBDC,” as required by President Joe Biden’s executive order on digital assets from March. The House members claimed the “appropriate place for the discussion” on legislation concerning a central bank digital currency would be in the U.S. legislative …

A decentralized autonomous organization (DAO) has been established to serve as an ally for every project and business that's embracing Web3. ThreeOh DAO says the next generation of the internet can bring entrepreneurship, wealth and opportunities to communities around the world — and it wants to represent the interests of Web3 and DeFi users when regulations and policies are being decided. Those behind the DAO say they have the necessary infrastructure in place to engage with policymakers and make an impact — amplifying the voices of everyone in this nascent industry on national and international stages. Crucially, this organization says …

North Carolina Representative Patrick McHenry may have used his virtual appearance at a cryptocurrency conference as a soapbox for calling for votes in the 2022 United States midterm elections. In a prerecorded message for the attendees of the Converge22 conference in San Francisco on Sept. 29, McHenry suggested that the goal of a “clear regulatory framework” for digital assets could drive U.S. lawmakers to develop legislation. The Republican lawmaker used terms including “bipartisan consensus” and support from both major political parties over certain regulatory frameworks related to digital assets and stablecoins before seemingly encouraging crypto users to vote red in …

New Jersey Representative Josh Gottheimer said that United States lawmakers needed to pass legislation clarifying regulators’ role over crypto or risk companies taking their business abroad. Following a roundtable discussion on Sept. 27 with Commodity Futures Trading Commission chair Rostin Behnam and many industry leaders, Gottheimer said some of the crypto bills proposed by members of the U.S. House of Representatives and Senate were “building blocks” aimed at achieving regulatory clarity. Though saying he was “bullish” on the Digital Commodities Consumer Protection Act, Gottheimer suggested that the bill — aimed to give the CFTC greater authority over the crypto spot …

While testifying before United States (U.S.) lawmakers, JPMorgan Chase CEO Jamie Dimon referred to himself as a “major skeptic” on “crypto tokens that you call currency like Bitcoin,” labeling them as “decentralized Ponzi schemes.” Dimon was asked what keeps him from being more active in the crypto space during an oversight hearing held by the House Financial Services Committee on Sept. 21. Dimon emphasized that he sees value in blockchain, decentralized finance (DeFi), ledgers, smart contracts, and “tokens that do something," but then proceeded to lambast crypto tokens that identify as currencies. Asked for his thoughts about the draft U.S. …

A new bill demanding a congressional notification prior to payments of the United States Department of State (DOS) rewards using cryptocurrencies surfaced as the U.S. Congress raised concerns about the evasion of sanctions. The Rewards for Justice Program, a counterterrorism rewards program run by the Secretary of State, offers rewards for information that prevents international terrorism. Citing examples of Russia and Belarus as previously sanctioned regimes that have used cryptocurrencies to circumvent sanctions, the bill H. R. 7338 demands that: “The Secretary of State shall notify the appropriate congressional committees not later than 15 days before paying out a reward …

As the world waits to see America’s take on cryptocurrency regulation, crypto enthusiasts should keep one thing in mind: The industry can trust Senator Cynthia Lummis. Her proposal with Senator Kirsten Gillibrand, which we’ve all been waiting for action on, is bipartisan in nature. We’re still awaiting the final details, but things have slowed to a crawl with the November elections around the corner. United States Securities and Exchange Commission Chairman Gary Gensler has moved forward with commentary that suggests the Commodity Futures Trading Commission will take a major role in the oversight of Bitcoin (BTC), which, in and of …

There’s never a good time for a crypto winter, but it would be difficult to envision a worse time than right now. Even before 70% of Bitcoin’s (BTC) value evaporated seemingly overnight, things were not going great in the court of public opinion. Negative sentiment was everywhere; a Twitter account documenting crypto bros taking it on the chin racked up hundreds of thousands of followers. Now the biggest crypto exchanges in the world are laying off full-time employees by the thousands, and the self-proclaimed “Cryptoqueen” has landed a spot on the United States Federal Bureau of Investigation’s Ten Most Wanted …

Decentralized finance (DeFi), one of the fastest growing ecosystems in the cryptocurrency market, has long been a dilemma for regulators, given the decentralized nature of the space. In 2022, United States regulators paid special focus to the nascent area with significant attention to ending the anonymous nature of the ecosystem. DeFi protocols allow users to trade, borrow and lend digital assets without having to go through an intermediary. DeFi ecosystems by nature are decentralized with the majority of projects being run by automated smart contracts and decentralized autonomous organizations (DAOs). Most DeFi protocols don’t require heavy Know Your Customer (KYC) …

In a recent interview, United States congressman and a known crypto skeptic Brad Sherman claimed that banning cryptocurrencies is not an option at this point. In a statement to LA Times, the Northridge-area Democrat said that the crypto industry has become quite powerful over the years. He added that the high capital donations to the politicians and strong crypto lobbying make it impossible for them to impose a blanket ban. He explained: “We didn’t ban it at the beginning because we didn’t realize it was important, and we didn’t ban it now because there’s too much money and power behind …

Brian Shroder, the president and CEO of Binance US, received a federal letter requesting the urgent disclosure of official documents that prove the exchange’s adherence to various investor-centric safety protocols. The request comes from a Subcommittee chairman under the United States House Committee on Oversight and Government Reform. In the letter addressed to Shroder, Congressman Raja Krishnamoorthi from the Subcommittee on Economic and Consumer Policy highlighted the lack of participation from crypto exchanges in helping the US government curb financial fraud and protect investors, stating: “I am concerned by the rapid growth of fraud and consumer abuse. I am also …