Tag Archives: crypto

Earlier this month, Benoit Coeure, a well-known central bank policymaker, sounded an alarm for central banks to act now on minting their own central bank digital currencies (CBDCs).  In a speech, the former European Central Bank economist who leads innovation at the Bank of International Settlements (BIS) warned that rapidly mushrooming cryptocurrencies will challenge the business models of international banking — if monetary authorities don’t quickly act. As China moved on Friday to… Source link

At first blush, if you look at the news about crypto right now, things don’t look so great. “China Declares Cryptocurrency Transactions Illegal; Bitcoin Price Falls” screams the Wall Street Journal headline from yesterday. Bloomberg, citing that China news and the SEC threatening to sue cryptocurrency exchange Coinbase, called September “crypto’s grim month.” Indeed after topping $52,600 earlier this month, bitcoin is down some 20% to close to $43,000. And that’s all true, as far… Source link

Cryptocurrency electronic cash bitcoin banner advertisement seen in Hong Kong. (SOPA Images/Sipa USA) Bitcoin tumbled on Friday afternoon as the People’s Bank of China said all cryptocurrency-related transactions are illegal. The central bank vowed to crack down on illegal activities of cryptocurrency trading and banned overseas exchanges from providing services to mainland investors. It also said it will stop all companies from facilitating cryptocurrency trading and will strengthen monitoring… Source link

The nation’s largest banks are asking an international body of regulators to give them the space to grow their crypto asset exposures, sparking debate over where guardrails should be placed on the emerging asset class. On Tuesday, an advocacy group representing the eight largest U.S.-based financial institutions wrote to the Bank of International Settlements (BIS) regarding its proposal for a global framework for bank exposure to crypto assets. “We find the proposals in the consultation to… Source link

The Biden administration is taking action to safeguard against ransomware attacks by penalizing cryptocurrency exchanges that help facilitate illegal attacks, while also laying out guidelines for companies to safeguard against said attacks. In its strongest actions to date, the U.S. Treasury will impose sanctions on Suex – a virtual currency exchange that has fronted transactions involving illegal profits for at least eight different ransomware attacks. Analysis of known SUEX transactions… Source link

There’s a storm brewing between the booming cryptocurrency sector and regulators charged with overseeing a white-hot industry, where potential risks to investors are proliferating almost as fast as new products.  Tuesday’s Senate testimony by newly-appointed Securities and Exchange Commission Chairman Gary Gensler did little to shed light on a number of crypto-related controversies — including an evolving battle with Coinbase (COIN), the premier crypto trading platform trying to offer a… Source link

Crypto investors got a fresh injection of volatility on Monday, after Litecoin (LTC-USD) spiked — then quickly tanked — after news of a partnership with Walmart (WMT) was exposed as a hoax. Litecoin rallied as high at 25% in under half an hour, after a fake announcement circulated early Monday that stated the U.S. retail giant would allow customers to pay in the digital currency. It spurred LTC up from $174 to a session high of $232 — before it came back to earth once Walmart knocked… Source link

The U.S. Securities and Exchange Commission (SEC) signaled a big change in policing cryptocurrencies last week, as one of the largest crypto exchanges in the world revealed it was blocked from launching a new crypto lending product. As Coinbase CEO Brian Armstrong explained, the SEC took issue with the company’s plans to pay interest to customers so they could earn up to 4% on their crypto assets. The particular crypto asset Coinbase was preparing to offer 4% on was the least volatile asset… Source link

This week’s “flash crash” that dragged bitcoin (BTC-USD) back below $50,000 — and sent other digital coins reeling in its wake — marred what should have been the momentous occasion of the first sovereign country on earth adopting a cryptocurrency as legal tender.  Despite the ugly price action, most of crypto’s true believers are still just that — even as some observers question bitcoin’s head-spinning volatility, and El Salvador’s decision to throw its weight behind it.  Michael… Source link

The hands-off regulatory position the U.S. Securities and Exchange Commission (SEC) has long taken when it comes to managing cryptocurrencies appears to be coming to an abrupt end. On Tuesday, Coinbase co-founder and CEO Brian Armstrong went public with the battle he says the SEC has now picked with his company’s proposed lending product. In a long thread on Twitter, Armstrong chronicled his attempts to work with the SEC to explain how the company’s customers would be able to earn interest on… Source link