• a16z promises FinCEN rule court challenge
    Regulation

    Opposition to FinCEN crypto rule grows after a16z promises court challenge

    The industry plans to fight a proposed regulation requiring U.S. exchanges to collect personal data from private wallet-holders

    Major United States-based crypto exchanges Coinbase and Kraken, Twitter founder Jack Dorsey’s fintech Square, and financial services giant Fidelity are among the firms that recently filed comments with the Treasury Department's Financial Crimes Enforcement Network strongly opposing the proposed new rules.

  • What's next for bitcoin
    Bitcoin,  Ethereum

    What’s next for Bitcoin?

    Two things could drive Bitcoin’s price up—or down—in the final weeks of 2020

    Bitcoin is now in unchartered territory, and prices have never been this high. But this bull run is different. Institutions are pumping hundreds of millions of dollars into the world’s biggest cryptocurrency—and there’s no sign of this appetite abating. You could argue that the biggest danger to BTC’s dramatic surge is the holiday season, when some traders will start logging off for Christmas and New Years. As weekends often spark volatility in the Bitcoin markets, the low trading volumes mean first cryptocurrency is prone to dramatic surges and painful pullbacks.

  • Congressmen call for crypto clarity
    Cryptocurrencies,  Politics

    Congressmen call for crypto clarity in letters to the SEC and Treasury

    Reps. Tom Emmer and Warren Davidson warn that a lack of regulatory clarity, and rumors of a clampdown on self-hosted wallets, are stymying innovation in the U.S.

    Rep. Tom Emmer (R-MN) penned the missive to the SEC, urging the regulator to provide the clarity needed for banks to provide custody services for digital securities. Meanwhile, Rep. Warren Davidson said he had sent a letter to Mnuchin “strongly encouraging him to consult with Congress before issuing new regulations that govern the use of digital self-hosted wallets.”

  • German finance minister pans libra name
    Libra,  Politics,  Regulation

    German finance minister pans Libra’s new name

    Olaf Scholz called the Facebook-founded stablecoin project ‘a wolf in sheep’s clothing” that threatens governments’ control over the economy

    “It is clear to me that Germany and Europe cannot and will not accept its entry into the market while the regulatory risks are not adequately addressed," Scholz said. “We must do everything possible to make sure the currency monopoly remains in the hands of states.”