Regulation
Kamala Harris Pledges US Dominance in Blockchain & AI Technology
Vice President of the United States Kamala Harris has vowed to help the U.S become the world’s leading country in the area of blockchain and artificial intelligence. In a speech at The Economic Club of Pittsburgh, Harris stressed that the United States needs to continue to lead in the technologies of the future. She mentioned blockchain, AI, quantum tech and other such technologies as domains where the US needs to remain on top.
Kamala Harris Vows to Lead in Emerging Technologies
In her speech, Harris focused on maintaining America’s leadership in some of the most promising sectors such as blockchain. She claimed that these innovations are necessary for the continued competitiveness of the country and especially when it comes to competing with countries such as China.
Kamala Harris positioned the future of American economic leadership in AI, blockchain, and quantum computing and said that her administration would lead in these areas.
From Harris’ latest speech today she says that the US should become “Dominant in Blockchain”
I’m sure the “silence isn’t enough” “digital assets isn’t enough” crowd will move the goal post again.
But: progress!
— Adam Cochran (adamscochran.eth) (@adamscochran) September 25, 2024
Kamala Harris elaborated her vision of ‘opportunity economy’, where the America will support innovativeness but remain protective of consumers. She pointed out that her government would introduce a favorable environment for doing business, clear rules to develop digital assets and other possible technologies.
Mark Cuban Endorses Harris, Shows Interest in SEC
Billionaire entrepreneur Mark Cuban has publicly endorsed Kamala Harris, expressing support for her stance on innovative technologies, including blockchain and digital assets. Cuban also pointed out that Harris showed her disapproval towards ‘regulation through litigation and further mentioned that her administration could possibly fire the current Chairman of SEC, Gary Gensler.
He said that such a decision could add considerably to economic expansion, dubbing it a potential ‘point in GDP growth.’
In an interview, Cuban went further and said that if he were to be offered the position in a Harris administration, he would be interested in being the head of the SEC. This endorsement and the interest in leadership are an indication of Cuban’s agreement with Harris’s views on technology regulation and the role that technology should play in the modern world.
Congressman Ro Khanna Applauds Harris’ Approach
The Vice President’s statements also attracted support from other legislators, with Representative Ro Khanna welcoming Harris’ stance on newest technologies like Artificial Intelligence and Digital Assets. Khanna stated that going against Bitcoin and cryptocurrencies would be like going against technological advancements such as smartphones and laptops.
He stressed the importance of the right approach to regulation that will allow the development of digital assets without harming customers, as he pointed out that Bitcoin is a new kind of gold for the youth.
🚨NEW: Congressman @RoKhanna just told @FoxBusiness he was encouraged by @KamalaHarris’s recent statement saying she would encourage innovative technologies like AI and digital assets.
“Look, you can’t be against Bitcoin or crypto. It’s like saying I’m against the iPhone or I’m…
— Eleanor Terrett (@EleanorTerrett) September 25, 2024
Khanna’s comments reflect the new reality in the political field that digital assets are not a fad and that embracing innovation through regulation will help the United States maintain its position as a global leader in the global economy.
Kamala Harris’ speech coincided with the release of her 80-page economic plan, which stresses the importance of emerging technologies. Her vision includes fostering growth in industries like AI and blockchain while maintaining strong regulatory frameworks to protect consumers and investors
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Regulation
Senator Cynthia Lummis Critiques US SEC’s Crypto Regulation Approach
Wyoming Senator, Cynthia Lummis, an advocate for digital assets, has criticized the US Securities and Exchange Commission’s (SEC) handling of cryptocurrency regulations. Speaking on CNBC’s Squawk Box, Lummis criticized SEC Chair Gary Gensler for his attitude towards the cryptocurrency market saying it was counterproductive and problematic.
Senator Cynthia Lummis Critiques US SEC’s Crypto Regulation
During the interview, the Senator stressed that the US crypto industry has many problems, which are only accentuated by the current tactics of the SEC. Lummis took aim at SEC Chairman Gary Gensler for his approach to regulating the sector, which she said involved using enforcement actions instead of clear guidelines.
She pointed out that this has resulted in a lot of uncertainty, with many digital asset companies ending up mired in legal disputes instead of being offered clear rules to follow.
According to Senator Cynthia Lummis, the SEC has been a significant hindrance to the further development of the cryptocurrency sector despite the need for regulatory certainty. She pointed out that the current legal framework is insufficient and incapable of catching up with the advancement, especially considering the EU which adopted a complete set of crypto laws in 2023. Lummis noted that the United States might lose its position in the global financial services market if such shortcomings in regulation are not filled as soon as possible.
“Crypto Assets Should Fall Under CFTC Oversight”
Lummis also touched on the category of digital assets and shared her view that Bitcoin and Ethereum are commodities and should fall under CFTC jurisdiction instead of the SEC.
She noted that the SEC strategy, which has tended to categorize digital assets as securities, does not apply to decentralized cryptocurrencies such as Bitcoin and Ethereum.
Senator Cynthia Lummis also stressed that Congress should step up and come up with proper legislation that would state the scope of different agencies concerning digital assets. She noted that despite the fact that there are still some assets that can be regulated by the CFTC, there is a need to have a clear and current framework for the regulation of the market. She also pointed out that the Howey Test, which is a legal test applied to ascertain whether an asset can be considered a security, may require an update in view of the current developments in the crypto market.
Gary Gensler’s Stance on BTC and ETH
In contrast with Senator Cynthia Lummis, SEC Chair Gary Gensler has maintained that the U.S. already has crypto regulations in place. During an interview, Gensler responded to criticism from industry stakeholders, arguing that “not liking the rules is not the same as there being no rules.”
He insisted that the SEC is focused on protecting investors, noting that many crypto firms have benefited from public interest in digital assets without providing proper disclosures.
Gensler affirmed that Bitcoin is not a security, a stance shared by his predecessor Jay Clayton. This distinction, Gensler noted, allowed the SEC to approve the launch of Bitcoin Spot Exchange-Traded Funds (ETFs) earlier this year. However, Gensler has remained largely silent on the classification of Ethereum, though its treatment as a commodity has been inferred from regulatory decisions regarding Ethereum ETFs.
Lummis Calls for Changes in Crypto Regulation
According to the Wyoming Senator, these gaps can only be closed by legislation. She cited her plan with Senator Kirsten Gillibrand to change the wash sale rule in order to increase the funding for the CFTC and its capacity to regulate the digital asset space.
This proposal, she said, would allow for a more comprehensive approach to regulating the crypto space without jeopardizing its potential.
In addition, Senator Cynthia Lummis and a number of other lawmakers have also expressed concern about the SEC’s Staff Accounting Bulletin 121 (SAB 121) that forces crypto custodians to include customer assets as liabilities. In a letter to Gensler, lawmakers demanded that SAB 121 be withdrawn stating that it places undue regulatory restraints on the crypto industry.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Regulation
Sorare charged for unlicensed gambling services in the UK
- UK Gambling Commission charges Sorare for providing unlicensed gambling services.
- The United Kingdom’s Gambling Commission has been investigating Sorare for three years.
- Sorare denies wrongdoing, asserting it is not a gambling platform under UK law.
The United Kingdom’s Gambling Commission has taken legal action against Sorare, a blockchain-based fantasy sports platform, accusing the company of operating unlicensed gambling facilities.
Sorare, headquartered in France, offers non-fungible tokens (NFTs) tied to fantasy sports teams and athlete collectibles. Following the Gambling Commission’s move, the platform is set to appear in a UK court on October 4.
The Gambling Commission opened its investigation into Sorare in October 2021 but has largely kept its findings under wraps.
As of July 2023, the Commission had not made its conclusions public, instead stating that it would engage in further dialogue with operators and third parties before reaching a final verdict.
The upcoming court battle represents the culmination of nearly three years of regulatory scrutiny.
What is Sorare?
Sorare, founded in 2018, allows users to collect and trade digital cards in the form of NFTs. These cards represent real-life athletes, and users can create fantasy teams to compete based on the players’ real-world performances.
The platform covers multiple sports, including football, basketball, and baseball. Player performance in actual games directly impacts the fantasy teams, making the platform interactive for users.
Sorare’s NFT cards can be traded or sold, sometimes reaching values in the hundreds of thousands of dollars.
Sorare denies any wrongdoing
In response to the charges, Sorare has firmly denied any wrongdoing.
In a public statement issued by the company’s spokesperson, Sorare has argued that it is not a gambling platform under UK law and criticized the Gambling Commission for misinterpreting its business model.
As quoted by The Guardian, the spokesperson said, “We firmly deny any claims that Sorare is a gambling product under UK laws. The Commission has misunderstood our business and wrongly determined that gambling laws apply to Sorar.”
Sorare has faced legal challenges before, including a similar case in France. In that instance, the company reached a settlement before the matter could proceed to court.
Initially, Sorare only accepted cryptocurrency payments for transactions on its platform. However, in 2023, the company expanded its payment options to include traditional fiat currencies in an effort to increase user adoption.
The outcome of the UK case could have significant implications for Sorare and the broader NFT gaming industry, which continues to blur the lines between collectibles, gaming, and gambling.
Regulation
US SEC Settles With Mango Markets For Unregistered Crypto Sales
The U.S. Securities and Exchange Commission (SEC) announced today that it has settled charges against Mango DAO, Blockworks Foundation, and Mango Labs LLC for their involvement in the unregistered sale of crypto assets on the Mango Markets platform.
The SEC’s enforcement action targets the sale of MNGO governance tokens and alleges that these entities failed to comply with federal securities laws, depriving investors of essential legal protections.
US SEC Settles With Mango Markets
According to the SEC, Mango DAO, a decentralized autonomous organization, and Blockworks Foundation, a Panamanian entity, raised more than $70 million from unregistered offers and sales of MNGO tokens beginning in August 2021.
The tokens, marketed as governance tokens of the Mango Markets platform, were sold to hundreds of investors worldwide, including in the United States. The SEC’s complaint argues that by bypassing registration requirements, the entities did not provide investors with the disclosures and safeguards mandated by U.S. securities laws.
MNGO tokens were promoted as governance tokens intended to provide holders with decision-making power within the Mango Markets ecosystem. However, the SEC maintains that their sale should have been registered under the Securities Act of 1933, as the tokens were deemed to be securities.
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Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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