Regulators in the United States Maintain Crypto Discussions: Law Decoded Summary for Nov. 13–20

Regulators in the United States Maintain Crypto Discussions: Law Decoded Summary for Nov. 13–20

Blockchain Technology in Congressional Discussion

The  United States House Financial Services Subcommittee on Digital Assets, Financial Technology and Inclusion recently held a hearing to discuss the uses of blockchain technology. The meeting, titled “ Cryptocurrency Crime in Context: Breaking Down the Illicit Activity in Digital Assets,” centered on tackling the misuse of digital assets. Several of the outlines of the hearing included discussions on the use of cryptocurrency for fundraising by organizations like Hamas. The committee’s Chair, Representative French Hill, emphasized that cryptocurrency, like the phone and the internet, shouldn’t be blamed for illicit activities. Representatives from Consensys and Chainalysis stressed the importance of international collaboration, well-crafted legislation, and blockchain sleuthing to combat the misuse of digital assets.

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Concerns Over Digital currency Scams

There was another hearing held by the Senate Special Committee on Aging, where United States Senator Elizabeth Warren raised concerns about digital currency scams. The witness, Steve Weisman, who is an expert on scams and cybersecurity, expressed that cryptocurrency poses greater challenges in transparency compared to credit card fraud. Weisman voiced support for Warren’s Digital Asset Anti-Money Laundering Act, which intends to subject digital assets to the same Anti-Money Laundering laws as traditional fiat currency.

New Guidelines for Cryptocurrency Corporations in New York

The New York State Department of Financial Services (NYDFS) has announced new restrictions that require cryptocurrency corporations to submit their coin listing and delisting policies for NYDFS approval. The incoming changes apply to all digital currency business entities licensed under the New York Codes, Regulations and Regulation or limited purpose trust corporations under the state’s banking law.

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Vivek Ramaswamy’s Critique of Mixer Sanctions

Republican United States Presidential candidate Vivek Ramaswamy introduced a cryptocurrency policy framework was known “The Three Freedoms of Crypto,” criticizing sanctions against cryptocurrency mixer Tornado Cash. He vows to prosecute bad actors, provide regulatory clarity, and prevent federal agencies from creating regulations that limit the use of self-hosted wallets.

Australia to Tax Wrapped Tokens

The Australian Taxation Office (ATO) announced guidance on the financial resources gains tax (CGT) treatment of decentralized finance and wrapping cryptocurrency tokens for individuals. The ATO clarified its intent continuation taxing Australians on financial resources gains when wrapping and unwrapping tokens.

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Mandatory Disclosure of Cryptocurrency Holdings in South Korea

The Democratic Party of South Korea has made it mandatory for prospective candidates to disclose their digital asset holdings before the 2024 general election. The move is part of the party’s efforts to display the “high moral standards” of its candidates.

Hot Take: Digital currency Legislation and Worldwide Scrutiny

These developments signal growing scrutiny and legislation around the use of digital currencies at both the state and international levels. There is a push for collaboration, regulation, and transparency to address challenges and dangers associated with digital assets.

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