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Crypto Czar David Sacks Teases Major Announcements, What To Expect?

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Crypto Czar David Sacks has confirmed that some big announcements are coming in the US crypto policy ahead. President Donald Trump signed an executive order last month asking Sacks and his team to review the possibility of Bitcoin reserve. Since then, the inter-agency Working Group has become active in working on different regulatory requirements with the US SEC and CFTC, coordinating joint efforts.

US Crypto Policy Under Coordinated Efforts, Says David Sacks

With crypto regulations taking center stage in Wahington, concerns about potential overlap among key policymaking groups are surfacing. The SEC’s crypto task force, the CFTC’s pilot program, the Presidential Working Group, and Congress’s Bicameral Working Group for Digital Assets, etc have all been in action. However, this has led to a question of whether too many cooks will spoil the show for crypto regulations.

But crypto policy experts said that there’s nothing much to worry about adding that these groups are actively coordinating efforts and working collaboratively. For e.g crypto czar David Sacks associate Bo Hines met with Hester Peirce, head of the SEC’s crypto task force, and Acting CFTC Chair Caroline Pham.

At the same time, industry representatives from the Blockchain Association and Digital Chamber of Commerce have also engaged with the task force on topics ranging from ETF staking to stablecoin regulations. Some of these representatives will also participate in a CFTC-hosted CEO forum while addressing the issue of using tokenized assets and stablecoins as collateral in the futures market. David Sacks confirmed this development stating:

“The inter-agency Working Group on Digital Assets is working well together to implement the President’s agenda. Bo Hines is doing a fantastic job as Executive Director keeping everyone coordinated. Some important announcements are coming soon”.

Additionally, as former agency staffers move into Congressional roles, they are forming closer ties. Representatives French Hill and Bryan Steil affirmed that the House’s Bicameral Working Group for Digital Assets is aligned with Senate counterparts and the Presidential Working Group in drafting legislation.

Key Decision Undertaken By Trump Administration

Following Donald Trump taking charge of the White House, his administration has been quick in introducing pro-crypto measures and reversing some of the wrongs of the previous administration.

Soon after Gary Gensler’s exit following the Trump oath-taking, the U.S. Securities and Exchange Commission (SEC) decided to repeal the controversial SAB 121 accounting rule which prevented banks from working with digital asset firms.

The Federal Deposit Insurance Corporation (FDIC) plans to update its guidelines, enabling U.S. banks to handle crypto assets and provide tokenized deposits without requiring prior regulatory approval.

In the latest development, a U.S. judge has paused the SEC’s lawsuit against Binance for 60 days to allow a new task force to review crypto regulations. A status report is expected by April 14.

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Bhushan Akolkar

Bhushan is a FinTech enthusiast with a keen understanding of financial markets. His interest in economics and finance has led him to focus on emerging Blockchain technology and cryptocurrency markets. He is committed to continuous learning and stays motivated by sharing the knowledge he acquires. In his free time, Bhushan enjoys reading thriller fiction novels and occasionally explores his culinary skills.

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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Regulation

Coinbase CLO Slams US Treasury for Defying Court Ruling In Tornado Cash Case

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Coinbase Chief Legal Officer Paul Grewal has criticized the U.S. Department of Treasury for failing to comply with a court ruling related to the sanctions placed on Tornado Cash. His statements come after the Treasury indicated its intention to defy parts of a Fifth Circuit Court decision that challenged the legality of the sanctions.

US Treasury’s Response to the Court Ruling

The Fifth Circuit Court of Appeals recently ruled that the action by the U.S. Treasury Department was unlawful as it put Tornado Cash on the Specially Designated Nationals (SDN) list. The court noted that Tornado Cash’s smart contract was non-erasable, so it did not constitute “property” under the International Emergency Economic Powers Act (IEEPA).

However, the Treasury has expressed willingness not to abide to the order of the court fully, but rather wants to suggest for remand for the proceedings.

In a sequence of tweets, Paul Grewal criticized the Treasury by stating that he was disappointed by its decision. He stated that though the court has dismissed the arrangement through which the Treasury listed Tornado Cash, that the Treasury is still looking to partially delist the entity.

“They say trust us,” Grewal said, referring to the Treasury’s assurance that it will abide by the ruling on the grounds that doing so may compromise national security. Grewal stated that the Treasury exceeds its authority erasing the Congress direction thus reviving the problems that led to a court case in the first place.

Court Decision on Tornado Cash

The Fifth Circuit came to the decision in December 2024 to resolve whether Tornado Cash’s smart contracts are properties that are prohibited from U.S. sanctions. The court further held that immutable smart contracts could not be considered as property under IEEPA.

It separated them from changeable smart contracts which could be managed and employed for unlawful purposes. Thus, the court did not question the Treasury’s ability to sanction Tornado Cash as an entity but addressed its treatment of the smart contracts only.

The ruling was seen as a significant blow to the Treasury’s case. However, the court did not provide a broad ruling on the legality of the Treasury’s decision to sanction Tornado Cash as a whole. Instead, it stated that these immutable contracts did not meet the definition of property under IEEPA and could not be blocked as part of the sanctions process.

Treasury’s Proposed Action Moving Forward

Despite the court ruling, the U.S. Treasury is proceeding cautiously. The agency has stated that it plans to remand the issue to the Department of the Treasury and the Office of Foreign Assets Control (OFAC) for further review. The Treasury has also indicated that it will begin the process of removing Tornado Cash from the SDN list, although no specific timeline has been provided.

Grewal has voiced concerns about the Treasury’s proposed approach. He noted that rather than fully comply with the court’s decision, the Treasury appeared to be looking for ways to maintain sanctions on Tornado Cash. This, according to Grewal, is a continuation of the same actions that led to the legal challenge in the first place.

However, the plaintiffs in the case, including Coinbase, plan to file a reply to clarify their position and ensure the Treasury complies with the court’s decision.

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Kelvin Munene Murithi

Kelvin is a distinguished writer with expertise in crypto and finance, holding a Bachelor’s degree in Actuarial Science. Known for his incisive analysis and insightful content, he possesses a strong command of English and excels in conducting thorough research and delivering timely cryptocurrency market updates.

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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Nasdaq Files 19b-4 For 21Shares Polkadot ETF With US SEC

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Nasdaq has filed Form 19b-4 with the U.S. Securities and Exchange Commission (SEC), seeking approval to list 21Shares’ spot Polkadot ETF. This move would allow investors to gain exposure to Polkadot’s native cryptocurrency, DOT, without directly holding the asset.

Nasdaq Files 19b-4 For 21Shares Polkadot ETF

According to a recent filing, Nasdaq has filed Form 19b-4 for a spot Polkadot ETF on behalf of 21Shares. The proposed ETF will track the spot price of Polkadot’s DOT token, the 27th largest cryptocurrency by market capitalization.

The filing follows 21Shares’ earlier submission of an S-1 amendment, in which the company detailed its plan to provide a regulated investment vehicle for digital asset exposure.

As the sponsor of the fund, 21Shares aims to provide a secure and accessible means for investors to participate in the growth of Polkadot without the need for direct ownership of DOT. In addition to the Polkadot ETF, the company is seeking approval for other ETFs related to digital assets such as Solana and XRP.

This Is A Developing News, Please Check Back For More

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Kelvin Munene Murithi

Kelvin is a distinguished writer with expertise in crypto and finance, holding a Bachelor’s degree in Actuarial Science. Known for his incisive analysis and insightful content, he possesses a strong command of English and excels in conducting thorough research and delivering timely cryptocurrency market updates.

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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Pakistan unveils new ‘crypto council’ amid push for regulation

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  • Pakistan wants to streamline crypto regulation and oversight.
  • The Pakistan Crypto Council (PCC) will help align the country’s crypto ecosystem with global trends.

Pakistan has established the Pakistan Crypto Council (PCC) to oversee the adoption and regulation of blockchain technology and digital assets.

According to details, the PCC will help advance crypto adoption within the country’s financial ecosystem.

Senator Muhammad Aurangzeb, Pakistan’s Finance Minister will chair the PCC, with the team including the Governor of the State Bank of Pakistan, the Chairman of the Securities and Exchange Commission of Pakistan (SECP), and the Federal Law and IT Secretaries.

At a February meeting on digital assets, Aurangzeb emphasized the significance of Pakistan developing a well-regulated digital asset framework. According to the government, this is what will align the country with international best practices. This will also add to compliance with the Financial Action Task Force (FATF) guidelines.

This and the announcement on March 15 signals a dramatic reversal from the nation’s prior stance, which barred cryptocurrency due to concerns over money laundering and terror financing.

Amid this latest move, Pakistan looks focused on becoming one of the crypto innovation and adoption hubs.

Pakistan’s shift comes as the country ranks among the top nations for crypto adoption, boasting approximately 20 million active users and over $20 billion in transactions annually.

The nation’s $35 billion remittance market stands to gain significantly from this pivot.

It’s one of PCC’s agenda that the country moves towards crafting clear regulatory guidelines, collaborating with global blockchain entities, and prioritizing consumer protection and financial security through a strong legal framework.

Pakistan eyes clear crypto framework

Pakistan is taking the big move follows Saqib’s appointment, which the Ministry of Finance hailed as “a significant step forward.”

Together, these initiatives will help harness digital currencies’ potential while mitigating risks. The PCC mandate seeks to balance innovation with accountability, aligning Pakistan with international trends in digital finance and reinforcing its economic ambitions on the world stage.

Across the globe, the United States recently created a strategic bitcoin reserve, held an inaugural White House crypto summit and has new pro-crypto leadership at key government agencies.

Meanwhile, the European Union’s Markets in Crypto-Assets (MiCA) is in full effect and Russia is reportedly tapping into crypto for oil trade.



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