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Last week, the United States took a step closer to regulatory clarity for its crypto industry. In a 35–15 vote, the House Financial Services Committee (FSC) approved the Financial Innovation and Technology for the 21st Century Act. The bill is intended to establish rules for crypto firms on when to register with either the Commodity Futures Trading Commission (CFTC) or the Securities and Exchange Commission (SEC).

Meanwhile, the bipartisan Blockchain Regulatory Certainty Act, sponsored by Republican Representative Tom Emmer and Democratic Representative Darren Soto, also passed a vote in the FSC. It aims to set guidelines removing hurdles and requirements for “blockchain developers and service providers” such as miners, multisignature service providers and decentralized finance platforms.

Despite the progression of the acts, several lawmakers refused to support another proposed piece of legislation — The Digital Assets Market Structure Bill. Representative Maxine Waters condemned the bill for too closely heeding the calls of the crypto industry and ignoring regulatory guidance from the SEC.

The U.S. Senate also passed the $886 billion 2024 National Defense Authorization Act. Within the bill, a crypto-related amendment was advanced by a group of senators, including Cynthia Lummis, Elizabeth Warren, Kirsten Gillibrand and Roger Marshall. It will require establishing examination standards for crypto and compel the U.S. Treasury Department to perform a study aimed at cracking down on anonymous crypto transactions. This includes using crypto mixers like Tornado Cash, which are used to make transactions private.

New capital rules for crypto holdings in Canada

Canada’s financial watchdog is proposing changes to its capital and liquidity approach to crypto assets, according to the Office of the Superintendent of Financial Institutions (OSFI). The proposed rules will simplify institutions’ approach to perceived crypto risks, defining four categories of crypto assets and their capital treatment. The OSFI is opening public consultations on two draft guidelines until Sept. 20. One of the guidelines affects federally regulated deposit-taking institutions, such as banks and credit unions, while another addresses the regulatory capital treatment of crypto-asset exposure for insurers.

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Russia’s CBDC gets final legal approval

Russia is moving forward with its central bank digital currency (CBDC) as President Vladimir Putin signed the digital ruble bill into law. With this approval, the digital ruble law is officially scheduled to take effect from Aug. 1, 2023, with all but one rule ready to be enforced. Article three — which includes amendments to several Russian federal laws, including those related to bankruptcy and inheritance — is expected to take effect from August 2024.

The new legislation officially empowers the Russian central bank to launch the first CBDC pilot with real consumers. Previously, the government expected to roll out trials in April in collaboration with 13 local banks.

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Binance seeks dismissal of CFTC lawsuit 

Crypto exchange Binance and its CEO Changpeng “CZ” Zhao requested the dismissal of a lawsuit filed by the CFTC. In a court filing, attorneys for Binance and CZ accused the CFTC of exceeding its regulatory authority and engaging in regulatory overreach. The filing states that the CFTC is attempting to regulate foreign individuals and corporations operating outside the U.S., which goes beyond the limits of its statutory jurisdiction and interferes with well-established principles of comity with foreign sovereigns.

The CFTC initiated a lawsuit against Binance in March, alleging that the company offered unregistered derivatives products in the U.S., including cryptocurrency trading services, futures and options products. The regulator also accused Binance of inadequate supervision, lacking reliable Know Your Customer or Anti-Money Laundering programs, and failing to register as a futures commissions merchant, designated contract market or swap execution facility.

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Key player in $13M crypto Ponzi scheme pleads guilty

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Key player in M crypto Ponzi scheme pleads guilty

Key player in M crypto Ponzi scheme pleads guilty

Vincent Anthony Mazzotta Jr has pleaded guilty to money laundering and conspiracy to obstruct justice, which together carry a maximum of 15 years in prison.

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US Senate bill seeks to include crypto in mortgage approval process

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US Senate bill seeks to include crypto in mortgage approval process

US Senate bill seeks to include crypto in mortgage approval process

If passed, the legislation could give more weight to a US housing regulatory agency’s June order to consider certain digital assets for mortgage loan risk assessments.

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British Palestinians call UK plan to recognise Palestinian state ‘absurd and performative’

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British Palestinians call UK plan to recognise Palestinian state 'absurd and performative'

British Palestinians have called Sir Keir Starmer’s decision to recognise Palestine as a state if Israel does not abide by conditions “absurd and performative” – and will not allay concerns about people in Gaza.

After recalling his cabinet ministers from parliamentary recess on Tuesday, the prime minister said the UK will recognise a Palestinian state by September if Israel agrees to end the “appalling situation in Gaza”.

Gaza latest: ‘Worse-case scenario of famine’ unfolding

The British Palestinian Committee (BPC), which represents the experiences of Palestinians in the UK, sent Sir Keir a letter ahead of the meeting urging him to take actions they said could make a real difference to people in Gaza.

They had urged him to not recognise Palestine as a state without taking measures to “end the genocide” in Gaza, calling it “symbolic” and said it “must not be used to deflect from accountability”.

After Sir Keir announced his plan to recognise Palestine, Dr Sarah Husseini, BPC director, told Sky News the plan is “absurd while Israel continues to exterminate and starve women, men and children”.

She added: “What is needed is urgent accountability for the genocide in Gaza and an end to UK military support to the state committing these crimes.

“This performative announcement does little to allay the concerns of Palestinians in this country. It will not relieve the government of its legal duties, and it will not silence the calls from the British public to end British complicity in the atrocities being livestreamed to their phones.”

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Sky News on board Gaza aid plane

The war has now been going on for 21 months after it was sparked by Hamas militants killing 1,200 Israelis and taking 250 hostages on 7 October 2023. The militant group still holds 50 hostages, of whom only 20 are believed to be alive.

Sir Keir had been under pressure from his own MPs and other UK political parties, notably since France last week said it will recognise Palestine as a state, but had resisted – saying recognition needs to be part of a wider peace plan.

He has also refused to say whether “genocide” is taking place in Gaza – a claim Israel has vehemently denied.

Israel paused fighting in three areas for another 10 hours today to help aid distribution, the third day it has done so amid mounting international condemnation of the scenes of hunger unfolding in Gaza.

David Mencer, a spokesperson for the Israeli government, said: “There is no intent, (which is) key for the charge of genocide… it simply doesn’t make sense for a country to send in 1.9 million tonnes of aid, most of that being food, if there is an intent of genocide.”

Israel also rejected Sir Keir’s plan and accused him of pandering to his MPs and the French.

The Israeli foreign ministry said: “The shift in the British government’s position at this time, following the French move and internal political pressures, constitutes a reward for Hamas and harms efforts to achieve a ceasefire in Gaza and a framework for the release of hostages.”

Read more:
25% of young children and pregnant women malnourished in Gaza
The view from a plane dropping aid into Gaza

Palestinians wait to receive food from a charity kitchen, amid a hunger crisis, in Gaza City, July 28, 2025. REUTERS/Khamis Al-Rifi
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The BPC said the UK could take immediate steps to help starving Gazans. Pic: Reuters

In the BPC’s letter, it had said the government has “not only a political and moral obligation, but a legal obligation” to take three steps.

They are:

• Preventing and punishing Israel’s “genocide” in Gaza and to end “all complicity in it”

• Apply “immediate and comprehensive sanctions on Israel”

• Safeguard the rights to freedom of expression and assembly in the UK

More specifically, the group called on Sir Keir to end “all forms of military collaboration, urgently review all public contracts to ensure they are not aiding unlawful occupation or genocidal acts, and support universal jurisdiction mandates”.

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Has Trump broken from Netanyahu over Gaza?

The group said these steps would help towards ending the starvation crisis in Gaza, which it said had been made possible “due to the impunity granted to” Israel and “compounded by the active military, economic and diplomatic support from states such as the UK”.

They also accused the UK government of introducing “draconian legislation to limit the rights” of British citizens campaigning to end the atrocities “and British complicity in those atrocities”.

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