• Regulation,  United States

    Rohit Chopra Backs SEC’s ‘Regulation By Enforcement’ Regime

    Agency head wants to bully state AG’s into enforcing CFPB rules

    Rohit Chopra, head of the Consumer Financial Protection Bureau, signaled in an interview with American Banker yesterday that his agency may move on an enforcement action relating to cryptocurrencies at the same time that the Securities Exchange Commission is also looking at regulatory action concerning the sector. American Banker’s Kate Berry asked Chopra how concerned he was about “crypto,” stating that “You have complaints from consumers who say their money has been stolen.” Chopra replied, “Well, it’s interesting. Right now, cryptocurrencies are really primarily in the speculative trading markets. There is a question though about what happens when some of that is riding the rails of the Big Tech firms or…

  • Regulation,  Uncategorized,  United States

    Appeals Court Deals Major Blow to SEC

    DC Court limits agency’s reach in a decision with major crypto implications

    Crypto may have won a major court battle yesterday. And the decision didn’t even involve crypto. In a ruling released Tuesday, a three-judge panel at the U.S. Court of Appeals for the District of Columbia Circuit found that, as the Wall Street Journal put it, “the SEC had exceeded its authority under federal law when it issued a 2020 order overhauling the governance of the data feeds.” This was a technical ruling on a case that has nothing to do with crypto. Basically, the SEC had sided with brokers that have maintained forever that exchanges like the New York Stock Exchange and Nasdaq wield monopolies and use that power to…

  • Regulation,  United States

    Sens. Lummis and Gillibrand Issue Serious, Thoughtful Crypto Proposal

    Responsible Financial Innovation Act isn’t perfect, but it’s a hell of a start

    On Tuesday, Senators Kirsten Gillibrand (D-NY) and Cynthia Lummis (R-WY), introduced the Responsible Financial Innovation Act, aimed at — finally— creating a real regulatory framework for digital assets. The senators stated in their press release that the goal of the legislation was to encourage “responsible financial innovation, flexibility, transparency and robust consumer protections while integrating digital assets into existing law.” This is a laudable goal. And painfully overdue. But as with any legislation—especially a groundbreaking bill in a fast-changing part of technology—it’s very tough to assess this proposal’s strengths. We read the entire 69-page bill. And there’s even a helpful 6-page summary. To our eyes, this proposed legislation is a rock-solid…

  • Bitcoin,  Latin America

    Weekly Bitcoin Review

    Issues with El Salvador’s Chivo wallet and Bitcoin dominance diminishing

    Bitcoin dominance waning  The price of Bitcoin has seen a solid recovery over the last week. It currently sits around $51,200. Yet other assets have once again outperformed Bitcoin this week. Cardano (ADA) is up 23% this week, Polygon (MATIC) is up 25% in the week, and Polkadot (DOT) price is up over 30%. In contrast, Bitcoin price is up 9% this week, which is still nothing to scoff at. This does show that coins on smaller networks are beginning to gain more traction, lowering the dominance Bitcoin has shown over the cryptocurrency market for its entire run. However, this is not due to a lack of people buying or…