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A noteworthy development has occurred in regulating the United States’ crypto space as a House Committee has approved a bill to bring clarity into the industry. On July 26, the U.S House Financial Services Committee approved the Financial Innovation and Technology Act for the 21st Century Act, popularly known as FIT21. #PASSED:
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Share Share on Twitter Share on LinkedIn Share on Telegram Copy Link Link copied This week, the principal congressional committee reviews multiple bills as they seek to establish a comprehensive regulatory framework for the crypto industry. The occasion marks a pivotal turning point for federal engagement in digital asset regulation, building upon previous
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Share Share on Twitter Share on LinkedIn Share on Telegram Copy Link Link copied The Financial Stability Board (FSB) has completed its global regulatory framework for crypto asset activities, aiming to enhance the consistency and comprehensiveness of regulatory and supervisory practices on an international scale. Built on the principle of
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The Financial Stability Board (FSB) — an international organization that monitors the global financial system — has come up with a global regulatory framework for crypto. The guidelines recommended to the 20 leading economies of the world, known as the G20, are crafted upon the principle of “same activity, same
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On July 7, the Bank for International Settlements (BIS), a financial institution owned by constituent central banks, published a framework for defending central bank digital currencies (CBDCs) against cybersecurity threats. The BIS wrote:"Recent examples of smart contract hacks, which have led to the loss of a significant amount of value
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Italy’s top banking authority has called for a “robust, risk-based” regulatory framework for stablecoins, which could help prevent a worst case scenario — a “run” on stablecoins. The central bank’s recently released Markets, Infrastructures and Payment Systems report for June 2023 has called on regulators to apply the same financial
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The European Commission’s proposals for the use of cash and the digital Euro contain similar content as a draft bill leaked earlier in June. The European Union has published proposals that seek to preserve the use of cash in the region, while simultaneously setting a framework for the possible issuance of a
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Members of the United States House Financial Services Committees met to discuss clarity for the digital asset ecosystem, with some invoking recent legal action from the Securities and Exchange Commission (SEC) against crypto firms.In a June 13 hearing of the committee, ranking member Maxine Waters said Democrats were taking a
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The SEC thinks most cryptocurrencies should be classed as securities, and therefore, most crypto companies and trading should fall under its supervision and comply with regulatory frameworks that are currently applied to other securities, the report said. Original Source
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Share Share on Twitter Share on LinkedIn Share on Telegram Copy Link Link copied The Organization for Economic Cooperation and Development (OECD) has introduced a new tax framework specifically designed for crypto. OECD unveiled its Crypto-Asset Reporting Framework (CARF) at the end of a two-day ministerial-level meeting of its council
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