House Republicans Patrick McHenry and GT Thompson face a central problem drafting their crypto bill: Removing SEC discretion over whether a crypto token is a security allows issuers of traditional stocks and bonds the opportunity to arbitrage regulation, writes Todd Phillips.
India’s central bank is trying to expand the global narrative around cryptocurrencies beyond “financial stability and integrity to macro-financial and cross-sectoral implications and risks of crypto-assets.
The leader of South Korea’s ruling People Power Party wants a new bill requiring lawmakers and high-level government officials to declare their cryptocurrency-related assets to be implemented within two months.
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.
India’s government and central bank have received proposals asking to restore access of the Unified Payments Interface (UPI), a widely popular real-time payment system, to the crypto industry.
Representatives for the seven advanced economies signaled a commitment to following norms set by standard-setters FSB and IMF on crypto and central bank digital currencies.