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Analysis
The crypto industry’s business in Washington is coming to a head just as a looming congressional budget impasse could shut down an array of federal services next week. But the digital assets sector can expect its most important matters won’t go entirely dark, experts suggest, even if they’re dragged out longer than crypto firms had hoped.
Crypto was on fire as a topic in the early U.S. presidential campaigning, but the first Republican debate last week showed it may not be an issue that has legs with candidates trying to grasp mainstream attention. While we wait to see whether digital assets come up at the Republican primary debate next month, here’s how the major candidates from both parties shake out on the topic:
As Coinbase Inc. (COIN) scraps with the U.S. Securities and Exchange Commission (SEC) on its right to exist as an exchange, the company has achieved an unprecedented milestone in U.S. oversight by winning approval to handle customers’ buying and selling of crypto futures.
CoinsPaid, a crypto payment processing company with Ukrainian roots, fell a victim to a social engineering attack, thought to have emanated from Lazarus, a North Korean hacking group.
The city’s new licensing regime paves the way for exchanges to operate legally but tough compliance requirements could cost firms as much as $20 million, industry insiders say.
The crypto industry has never made it this far in its quest for a new system of U.S. oversight for digital assets, but the recent flurry of legislative progress may still be too contentious for it to become law.
The U.S. Federal Reserve denies that its new instant payments service, FedNow, is in any way tied to the digital asset space. But experts say the new system could lay the groundwork for the infrastructure needed for a potential central bank digital currency (CBDC) in the U.S. And so this week’s announcement has led to a fresh airing of warnings about potential privacy and control risks around a digital dollar.
Australian officials directly sought out current and former employees of Binance’s operation there this week, demanding copies of internal communications and data from their personal devices, according to a person familiar with the government’s move against the leading crypto exchange, which marked the latest in a pile-up of legal troubles facing the company.
The difficulty of mining bitcoin is poised to set a new all-time high this week as miners continue to deploy new mining machines to cash in on recent spike in revenue.
Should the country decide to issue a digital pound, existing data protection, security and anti-money laundering rules would need amending, said Louise Abbott, partner at U.K.-based Keystone Law.