Crypto trading platform Uphold said it will be withdrawing support for users in Venezuela due to sanctions imposed by the United States government. In a Thursday announcement, Uphold said “owing to the increasing complexity of complying with U.S. sanctions” the platform would “very reluctantly” be moving out of Venezuela. The platform advised users to withdraw their funds as soon as possible, noting it would halt trading for Venezuela-based clients on July 31, with all accounts “fully restricted” starting on Sept. 30. “As a U.S. financial institution, Uphold has to comply with U.S. sanction programs administered by the U.S. Office of …

Cryptocurrencies are attracting a lot of attention from academic institutions as they become increasingly accepted as an alternative to conventional assets. The University of Cincinnati (UC) in Ohio, United States, has even established courses around cryptocurrency as part of its curriculum. In fact, UC is working on two new programs that will educate students about cryptocurrencies like Bitcoin (BTC) and emerging financial technologies, according to a Wednesday UC News story. The reports state that the projects are being funded by Dan Kautz and Woody (Woody) Uible, who will provide them through the UC's Carl H. Lindner College of Business. The …

Now, every interested user has a chance to leave their mark on a crypto bill that could define industry guidelines in the United States in the near future: the Responsible Financial Innovation Act (RFIA). On Wednesday, Senators Cynthia Lummis and Kirsten Gillibrand uploaded the full contents of their Responsible Financial Innovation Act (RFIA) on GitHub, a platform populated by software and product experts, in order to get public feedback. Lummis’ representatives commented: “The senators seek comments from industry stakeholders, consumers and interested parties to ensure that this landmark legislation reflects the innovative nature of the industry it regulates, while also …

Connecticut House of Representatives member Jim Himes has released a proposal aiming to start a dialogue on the United States potentially launching a central bank digital currency, or CBDC. In a white paper released on Wednesday, Himes urged Congress to begin exploring the rollout of a digital dollar issued by the Federal Reserve to prevent the government from falling behind in innovations in financial technology. According to the U.S. lawmaker, a CBDC “should not be thought of as replacing legacy payment systems and currencies but as an additional alternative for consumers and businesses.” The white paper laid out a proposal …

The United States-based subsidiary of cryptocurrency exchange FTX will acquire Embed Financial Technologies as part of a deal aimed at “enhancing” the company’s stock offering. In a Tuesday announcement, FTX US said it will purchase Embed Financial Technologies and its subsidiary, clearing firm Embed Clearing, for an undisclosed amount “pending satisfaction of customary closing conditions and regulatory approval.” The deal followed the crypto firm’s announcement in May that it would be launching a stock trading platform, with FTX Stocks partnering with Embed Clearing to “execute, clear and custody” user accounts and trades. According to FTX US president Brett Harrison, the …

The firm behind one of the first Bitcoin futures-linked exchange-traded funds in the United States will give investors a new vehicle to bet against the price of the cryptocurrency. In a Monday announcement, exchange-traded fund issuer ProShares said its Short Bitcoin Strategy ETF would be available for trading on the New York Stock Exchange, or NYSE, starting Tuesday under the ticker BITI. The vehicle will allow U.S. investors to bet against Bitcoin (BTC) using futures contracts, given the cryptocurrency’s performance in a single day as measured by the Chicago Mercantile Exchange Bitcoin Futures Index. “BITI affords investors who believe that …

The Federal Reserve’s board of governors pointed to stablecoins as a potential risk to financial stability amid a volatile crypto market. In its Monetary Policy Report released on Friday, the board of governors of the Federal Reserve System said “the collapse in the value of certain stablecoins” — likely referring to TerraUSD Classic (USTC) becoming unpegged from the United States dollar in May — in addition to “recent strains” in the digital asset market suggested “structural fragilities.” The government department pointed to the President’s Working Group on Financial Markets report from November 2021, in which officials said legislation was “urgently …

A group of 14 United States senators and House representatives have signed a letter to the Environmental Protection Agency extolling what they believe are the benefits of crypto mining. In a Thursday letter, many U.S. lawmakers including pro-Bitcoin Senator Cynthia Lummis and Representative Tom Emmer addressed EPA administrator Michael Regan, requesting the government agency analyze the potential impact of crypto mining in an effort to balance innovation with environmental concerns. The group of 14 senators and representatives claimed mining could have a “substantial stabilizing effect on energy grids” and cited examples of mining operations using flared gas and renewable energy …

The crypto sector may be maturing, but regulatory clarity around the treatment of digital assets continues to remain cumbersome. This was recently highlighted by Commissioner Hester Peirce — also known as the United States Securities and Exchange Commission’s (SEC) “crypto mom” — in remarks she made at “The Regulatory Transparency Project Conference on Regulating the New Crypto Ecosystem: Necessary Regulation or Crippling Future Innovation?” Peirce began her speech by emphasizing the importance of “regulating the new crypto ecosystem.” While this may be, Peirce also noted that the crypto industry is still in search of an actual regulator. She said: “A …

Benjamin Delo, co-founder of cryptocurrency exchange BitMEX, has been sentenced to 30 months probation for violating the Bank Secrecy Act (BSA), which is an Anti-Money Laundering (AML) law. The sentence, handed down at a federal court in New York on Wednesday, follows his guilty plea to charges in February of “willfully failing to establish, implement and maintain an Anti-Money Laundering (AML) program” in his role at BitMEX. Prosecutors had argued Delo should serve a year in prison or at least receive a two-year probation and six months of home detention, as was given to former CEO Arthur Hayes in May. …

The United States Financial Industry Regulatory Authority, or FINRA, reportedly plans to “bulk up” its capability to monitor crypto — a move that could include scooping up employees recently terminated from crypto companies. According to a Tuesday Reuters report, FINRA president and CEO Robert Cook encouraged crypto workers who expect to be on the chopping block to reach out to the financial regulator as part of its efforts to increase resources related to the space. Major crypto exchanges in the United States including Coinbase and Gemini have announced plans to cut staff amid extreme market volatility, likely resulting in the …

“I like to call myself a future, or aspiring, cult leader,” Meltem Demirors, chief strategy officer of CoinShares — a publicly listed investment firm managing around $5 billion in assets — told Cointelegraph. Demirors, who first entered the Bitcoin (BTC) space in late 2012, further mentioned that it has been “fun to see how big the crypto sector has become,” noting that people from all walks of life are now interested in the cryptocurrency space. As such, Demirors explained that “crypto cults” are bringing people together in a positive manner, especially since it gives people a sense of purpose and …