Novinky

Gary Gensler, Chair of the United States Securities and Exchange Commission (SEC), will step down from his role and leave the agency on January 20, 2025, as President-elect Donald Trump assumes office. Appointed in 2021, Gensler's tenure was marked by a stringent regulatory approach toward cryptocurrencies, initiating numerous enforcement actions against industry players.Gensler cited the SEC’s approval of spot Bitcoin exchange-traded funds (ETFs) as an example of his collaborative efforts with the crypto industry but maintained that issuers must comply with regulatory frameworks. On Nov. 14, he reiterated the need for crypto tokens to register and provide transparent disclosures to the public.President-elect Trump, who has pledged to make the U.S. “the crypto capital of the world,” has promised a leadership overhaul of regulatory agencies, including the SEC. Reports suggest that Trump may appoint Summer Mersinger, a pro-crypto commissioner at the Commodity Futures Trading Commission (CFTC), as the new CFTC Chair and potentially establish a White House role focused on cryptocurrency policy.Gensler's departure follows the resignation of Gurbir Grewal, the SEC's chief enforcer, in October, known for his aggressive stance on cryptocurrency enforcement.In a statement, Gensler reflected on his time at the SEC, saying: “It has been an honour of a lifetime to serve with them on behalf of everyday Americans and ensure that our capital markets remain the best in the world.” The leadership change signals a potential shift in U.S. crypto regulation under Trump’s administration, likely fostering a more industry-friendly environment. The prospect of new regulatory approaches may bolster investor confidence and drive innovation within the cryptocurrency sector.

According to Cointelegraph, the United Kingdom is set to unveil a draft regulatory framework for crypto assets early next year, as announced by a Treasury official at the City & Financial Global’s Tokenisation Summit in London on November 21. The anticipated regulations, initially expected last summer, were delayed due to a general election that resulted in a change of government. The Labour government, led by Keir Starmer since July 5, 2024, will now present the new regulations.Economic Secretary to the Treasury, Tulip Siddiq, stated that the upcoming regulations will encompass stablecoins, staking services, and cryptocurrencies. Siddiq emphasized the simplicity and logic of addressing all aspects in a single phase. She noted that stablecoins do not align well with existing payment services regulations, and while legislation for stablecoins has been under discussion since October 2023, it was not anticipated before 2025. The crypto industry is particularly interested in ensuring that staking services are not classified as a "collective investment scheme," which would impose additional restrictions. Siddiq assured that the government intends to eliminate this legal ambiguity.The previous Conservative government had aimed to position the UK as a cryptocurrency hub, but the country has often been perceived as having a challenging regulatory environment. This perception is frequently attributed to the Financial Conduct Authority, an independent regulatory body. Meanwhile, the European Union's Markets in Crypto-Assets (MiCA) regulation is set to be fully implemented by the end of the year, providing regulatory clarity across the continent. In contrast, the UK appears less appealing to the crypto industry, especially with the United States' previous administration being seen as supportive of cryptocurrency. The former UK government had pledged new crypto regulations by July, but this was not realized. The Labour government's sole effort in crypto regulation so far has been a bill proposed in September to clarify the legal status of non-fungible tokens (NFTs), cryptocurrencies, and carbon credits by recognizing them as property.

According to CoinDesk, the U.S. District Court for the Northern District of Texas has invalidated the Securities and Exchange Commission's (SEC) rule that broadened the definition of a securities dealer to encompass more firms, including those in the cryptocurrency sector. This decision marks a significant legal setback for the SEC under Chair Gary Gensler, coinciding with his announcement of resignation effective January.The court's ruling came in response to a lawsuit filed by the Blockchain Association and the Crypto Freedom Alliance of Texas. The judge, Reed O’Connor, criticized the SEC for overstepping its legal boundaries, stating that the agency exceeded its statutory authority by implementing a broad definition of a dealer that was not aligned with the Exchange Act's text, history, and structure. Consequently, the court ordered the rule, finalized in February, to be discarded.An SEC spokesperson mentioned that the agency is reviewing the decision and will determine the appropriate next steps. The contested rule was part of several initiatives under Gensler's leadership aimed at asserting the SEC's regulatory authority over crypto businesses. The expanded dealer definition was criticized by the industry for being overly vague and imposing unrealistic demands on decentralized finance (DeFi) operations and crypto traders who did not provide dealer services.The swift legal response from the court represents a notable victory for the crypto industry against the SEC, which has been actively pursuing legal actions against the sector. In his resignation announcement, Gensler highlighted the agency's efforts to protect investors and its legal successes in enforcing securities laws, despite the challenges posed by the evolving crypto landscape.Kristin Smith, CEO of the Blockchain Association, hailed the court's decision as a triumph for the digital asset industry. She argued that the SEC's dealer rule was an unlawful attempt to extend its regulatory reach beyond the authority granted by Congress. With the court's ruling, the digital asset industry is shielded from what she described as an unlawful regulatory overreach by the SEC.

According to BlockBeats, on November 22, documents revealed that the U.S. Securities and Exchange Commission (SEC) has been urged to withdraw the broker rules that serve as the foundation for a lawsuit involving ConsenSys and decentralized finance (DeFi) exchanges. The request highlights ongoing tensions between regulatory bodies and the rapidly evolving DeFi sector, which operates on blockchain technology to facilitate financial transactions without traditional intermediaries.The call for revocation comes amid growing scrutiny of DeFi platforms, which have gained popularity for their ability to offer financial services without the need for centralized control. Critics argue that the SEC's current regulatory framework is ill-suited for the unique characteristics of DeFi, potentially stifling innovation and growth in the sector. Proponents of DeFi emphasize the importance of creating a regulatory environment that supports technological advancement while ensuring consumer protection and market integrity.This development is part of a broader debate on how best to regulate emerging financial technologies. As DeFi continues to expand, regulators worldwide are grappling with the challenge of balancing oversight with the need to foster innovation. The outcome of this case could have significant implications for the future of DeFi regulation in the United States and potentially influence global regulatory approaches.

According to BlockBeats, former CFTC Chairman Chris Giancarlo is reportedly being considered for the position of SEC Chairman, as reported by Fox News on November 22. Giancarlo, who previously led the U.S. Commodity Futures Trading Commission, is also recognized as one of the founders of the Digital Dollar initiative.Giancarlo has been actively involved in discussions surrounding cryptocurrencies, central bank digital currencies (CBDCs), and stablecoins. His insights into the development of Web3 and digital currencies have been noted for their depth and understanding. He has emphasized the significance of these emerging technologies and financial tools for the future, highlighting their potential impact on the financial landscape.His potential appointment as SEC Chairman could signal a shift in regulatory approaches towards digital currencies and blockchain technologies, reflecting his extensive experience and forward-thinking perspective in these areas. The consideration of Giancarlo for this role underscores the growing importance of digital assets in the regulatory sphere.

According to Cointelegraph, the Consumer Financial Protection Bureau (CFPB), a financial regulatory body in the United States, has finalized its rules concerning the 'Larger Participant' criteria for digital payment platforms. Notably, the transfer of crypto assets has been excluded from this rule. The finalized regulation applies to digital wallets like Apple Pay and centralized peer-to-peer payment services, but only for transactions conducted in US dollars. The CFPB clarified that the definition of 'annual covered consumer payment transaction volume' is limited to transactions in US dollars, thereby excluding digital asset transfers, including cryptocurrencies such as Bitcoin and stablecoins, from the larger-participant test.Industry stakeholders, including research-based investment firm Paradigm and pro-crypto nonprofit organizations, successfully opposed the CFPB's initial proposal, which included digital asset transactions. The CFPB's focus on digital payment services began in September 2023, targeting platforms like Apple Pay, Google Pay, and peer-to-peer services such as Venmo. The agency expressed concerns about potential monopolistic practices by Big Tech firms that could marginalize smaller companies. Rohit Chopra, the director of the CFPB, also highlighted concerns regarding the monetization of consumer data by these companies.Initially, the CFPB proposed extending its oversight to include crypto wallet providers, but this move faced resistance from the crypto industry and lawmakers. In January 2024, US lawmakers sent a letter to the CFPB, opposing the rule due to its potential impact on cryptocurrencies. They emphasized that peer-to-peer transactions through self-hosted wallets are crucial for the digital asset ecosystem as they eliminate third-party risk. Despite the opposition, the CFPB appeared to reinforce its stance in April 2024 by targeting blockchain video games, citing concerns over in-game asset tokens being traded outside the gaming ecosystem on electronic exchanges.

According to Odaily, the number of initial unemployment claims in the United States for the week ending November 16 reached 213,000, marking the lowest level since the week ending April 27, 2024. This figure fell short of the expected 220,000 claims and was a decrease from the previous week's revised count of 219,000, which was initially reported as 217,000.The four-week moving average of initial claims, which smooths out weekly volatility, was reported at 217,750, slightly down from the previous week's revised average of 221,500, initially recorded as 221,000. This decline in initial claims suggests a strengthening labor market, as fewer individuals are seeking unemployment benefits.In contrast, the number of continuing unemployment claims for the week ending November 9 was reported at 1.908 million, exceeding the anticipated 1.873 million. The previous week's figure was revised from 1.873 million to 1.872 million. The increase in continuing claims indicates that while fewer people are filing for initial benefits, those already receiving unemployment assistance are taking longer to find new employment opportunities.

According to Odaily, the dollar has experienced an increase following the U.S. presidential election, and it is anticipated to continue trading within a higher range. Analysts at ING, including Chris Turner, have indicated in a report that the market is preparing for a potential second term for President Trump. As a result, expectations for a Federal Reserve rate cut in December have diminished.Turner noted that the economic developments in overseas markets are "far from encouraging." He also mentioned that U.S. economic data, including initial jobless claims, is unlikely to significantly impact the market. Consequently, the dollar index is expected to maintain its position within the new range of 106-107. This outlook reflects the current market sentiment and the anticipated economic conditions in the near future.

According to Foresight News, UBS and Deutsche Bank have announced their participation in a trial conducted by the European Central Bank (ECB) to explore the use of distributed ledger technology (DLT) for wholesale settlement. As part of this initiative, the two banks simulated tokenized deposit payments between financial institutions. The trial utilized the Bundesbank's Trigger solution, which enables blockchain-based systems to connect with the Trigger Chain, facilitating payments in central bank money through the Target2 payment system.In the context of tokenized deposits, the process involves the destruction of tokens on the sending blockchain and their minting at the receiving bank. The trial included two separate experiments. The first focused on time-sensitive euro payments, highlighting the potential for DLT to enhance efficiency and speed in financial transactions. The second experiment simulated transactions between Deutsche Bank's London branch and UBS in Switzerland, involving the exchange of British pounds and Swiss francs, with settlements conducted in euros.These trials represent a significant step in exploring the integration of blockchain technology into traditional banking systems. By simulating real-world scenarios, the banks aim to assess the feasibility and benefits of using DLT for cross-border payments and settlements. The experiments underscore the growing interest among financial institutions in leveraging blockchain to improve transaction processes, reduce costs, and enhance security.The ECB's initiative reflects a broader trend in the financial industry towards embracing digital innovations. As central banks and financial institutions continue to explore the potential of DLT, these trials provide valuable insights into the practical applications of blockchain technology in the banking sector. The successful execution of these simulations could pave the way for further adoption of DLT in wholesale banking operations, potentially transforming the landscape of international finance.

According to Odaily, the UK's Finance Minister, Tulip Siddiq, has confirmed plans to issue pilot digital gilt bonds using distributed ledger technology (DLT). These digital bonds are equivalent to UK government bonds. Siddiq noted that this pilot initiative will be part of a digital securities sandbox but will not fall under the jurisdiction of the Debt Management Office (DMO), which is responsible for all gilt and treasury bill operations.Prior to this announcement, reports from the Financial Times indicated that despite opposition from the DMO, Siddiq is determined to advance the digital gilt bonds initiative, known as DIGIT. The report cited a former minister and several department officials who mentioned that the DMO is resisting this move. The introduction of DIGIT represents a significant step in the UK's exploration of digital securities, aiming to leverage the benefits of DLT in government bond issuance.

According to BlockBeats, on November 21, the Department of Government Efficiency (DOGE) reported that the U.S. Congress has allocated $516 billion to federal programs with expired legal authorization for the fiscal year 2024. This information is based on relevant government documents.A significant portion of this funding, nearly $320 billion, is directed towards programs whose authorization expired a decade ago. The revelation highlights ongoing concerns about the efficiency and oversight of federal spending, as substantial funds continue to be allocated to programs without current legal backing. This situation raises questions about the legislative process and the mechanisms in place to ensure that taxpayer money is spent effectively and in accordance with up-to-date legal frameworks.The allocation of funds to expired programs underscores the complexities and challenges faced by lawmakers in managing the federal budget. It also points to potential areas for reform, as the government seeks to improve transparency and accountability in its financial operations. The Department of Government Efficiency's findings may prompt further scrutiny and debate within Congress regarding the need for updated authorizations and more rigorous oversight of federal expenditures.

According to Odaily, the majority of the European Union's Markets in Crypto-Assets Regulation (MiCAR) is set to take effect by the end of this year. However, German companies are currently unable to obtain MiCAR cryptocurrency licenses from the local regulatory authority, BaFin, due to the failure of certain legislative measures. In contrast, foreign companies that have secured licenses elsewhere can operate freely within Germany and across the EU.The MiCAR framework includes country-specific details, such as the requirement for each nation to designate a regulatory body to issue licenses to crypto-asset service providers (CASPs). In Germany, this responsibility falls to the Federal Financial Supervisory Authority (BaFin). However, the designation of BaFin is part of a legislative draft that has yet to be approved. Given the collapse of the coalition government, the likelihood of this bill passing in the near term is slim. This situation also impacts banks, as institutions like banks or securities companies can extend their licenses to qualify for MiCAR CASP status, a process BaFin currently cannot facilitate.Germany had existing cryptocurrency regulations prior to MiCAR. The legislative draft stipulates that authorized companies can continue their operations and reapply for MiCAR licenses next year. The initial draft of the Financial Market Digitization Act (FinmadiG) was released in October 2023, introducing the Crypto Market Regulation Act (KMAG), which aims to replace Germany's old crypto rules with MiCAR.Earlier this week, a group of German scholars addressed a letter to the Finance Committee of the German Bundestag, highlighting Germany's breach of EU law. The German implementation law was supposed to take effect on June 30, coinciding with the enactment of stablecoin (electronic money token) legislation.

According to BlockBeats, on November 21, the Department of Government Efficiency (DOGE) highlighted a report from The Washington Times indicating that federal government agencies are utilizing only 12% of their headquarters space in Washington D.C. on average. The report specifically noted that the Department of Agriculture, which has facilities capable of accommodating over 7,400 employees, sees an average daily occupancy of just 456 staff members, equating to a mere 6% utilization rate.This revelation has prompted DOGE to question the rationale behind spending American taxpayers' money on maintaining largely vacant buildings. The low occupancy rates raise concerns about the efficiency and necessity of maintaining such extensive office spaces when they are significantly underutilized. The issue underscores a broader discussion about the potential for optimizing government resources and reducing unnecessary expenditures, especially in the context of evolving work environments and the increasing prevalence of remote work.The findings suggest a need for a reassessment of space allocation and utilization strategies within federal agencies. As remote work becomes more common, the traditional model of large, centralized office spaces may no longer be the most effective or economical approach. This situation presents an opportunity for government agencies to explore more flexible and cost-effective solutions that align with current workforce trends and fiscal responsibilities.

According to Odaily, European Central Bank (ECB) Governing Council member François Villeroy de Galhau has indicated that the inflation rate in the Eurozone is expected to stabilize at 2% by the beginning of 2025. This projection comes amidst ongoing assessments of the region's economic resilience.Villeroy de Galhau's comments highlight the ECB's outlook on inflation, which is a critical factor in monetary policy decisions. The anticipated stabilization of inflation at the 2% target aligns with the ECB's long-term objectives for price stability. This forecast suggests that the central bank's measures to control inflation are on track, providing a sense of predictability for economic stakeholders.Despite various economic challenges, the European economy continues to demonstrate resilience. This resilience is crucial as it supports the ECB's efforts to maintain stable inflation rates. The ability of the Eurozone to withstand economic pressures without significant disruptions is a positive sign for future economic stability. The ECB's focus remains on ensuring that inflation does not deviate significantly from the target, thereby fostering a stable economic environment.

According to Cointelegraph, the United States Securities and Exchange Commission (SEC) has postponed its decision on the approval of the Franklin Templeton Crypto Index ETF until early 2025. In a letter dated November 20, the SEC stated that it had not received any comments following the publication of the proposed rule change in the Federal Register on October 8, 2024. The regulatory body emphasized the need for additional time to thoroughly evaluate the proposed rule change and the associated issues, setting January 6, 2025, as the new deadline for a decision.The delay in the SEC's decision has left the industry in anticipation, as crypto index ETFs are seen as a significant development for digital asset markets. In August, Franklin Templeton submitted its application for a crypto index ETF, with industry experts like Katalin Tischhauser from Sygnum crypto bank highlighting the potential benefits. Tischhauser noted that index ETFs allow investors to gain market exposure without the need to select individual assets, thereby reducing the risk of costly mistakes. This approach has contributed to the popularity of stock indexes such as the S&P 500.Franklin Templeton is not alone in its pursuit of launching a crypto index ETF in the United States. In October, the New York Stock Exchange expressed interest in listing Grayscale's crypto index ETF and sought regulatory approval for trading. By November, US regulators were reportedly considering the listing of the Grayscale ETF. The approval of such an ETF would be a landmark event in the US, potentially unlocking new capital flows into the digital asset markets, akin to the impact of Bitcoin and Ether ETFs approved earlier in 2024.

According to Cointelegraph, Japan is set to proceed with a proposed economic stimulus package following Prime Minister Shigeru Ishiba's commitment to engage in bipartisan discussions for comprehensive tax reform. The package is anticipated to be approved by the end of 2024 and includes significant changes to income tax, corporate taxes, and cryptocurrency taxes. This marks a shift from the governing party's previous stance, which favored higher taxes.The current situation has been described as challenging, with Japan's cryptocurrency tax policy relying on a complex "miscellaneous tax" that can impose up to a 55% levy on transactions. The opposition party advocates for a 20% flat tax rate on digital assets, along with various other tax reductions. Proposed tax cuts under discussion include raising the tax-free income threshold from $6,650 to $11,345, reducing fuel taxes, and lowering sales taxes until the employment market improves by at least 2%.Japan's digital assets market is showing signs of growth and maturity as the country aims to strengthen its economy ahead of 2025. Prior to Ishiba's election as prime minister in September, Yuichiro Tamaki, leader of the Democratic Party for the People and a former front-runner, had pledged digital asset reform to position Japan as a leader in Web3. Although Tamaki was defeated, the closely contested election highlighted a shift in national politics. The ruling Liberal Democratic Party retained power but lost 68 seats in the House of Representatives, likely prompting the renewed focus on bipartisan tax reform.

According to Odaily, Federal Reserve Governor Cook has indicated that a pause in interest rate hikes might occur if the progress in reducing inflation slows while the job market remains robust. Cook emphasized that if the labor market and inflation develop as anticipated, it would be appropriate to continue lowering policy rates to a neutral level.The recent rate cuts have been a significant step towards easing policy restrictions. Overall data suggests that inflation is still on a downward trend, and the labor market is gradually cooling. The scale and timing of future rate cuts will depend on upcoming data, the economic outlook, and the balance of risks. Cook's remarks highlight the Fed's data-driven approach to monetary policy, focusing on maintaining economic stability while addressing inflationary pressures. The decision-making process will consider various economic indicators to ensure that policy adjustments align with the evolving economic landscape.

According to BlockBeats, on November 20, former U.S. President Donald Trump nominated Matthew Whitaker for the position of U.S. Ambassador to NATO. This nomination marks a significant step in Trump's diplomatic appointments, as Whitaker is a notable figure with a background in law and politics.Whitaker, who previously served as Acting U.S. Attorney General, is expected to bring his extensive experience in legal and governmental affairs to the role. His nomination comes at a time when NATO is facing various geopolitical challenges, and the U.S. is seeking to strengthen its alliances within the organization. Whitaker's appointment will require confirmation by the U.S. Senate, a process that will involve scrutiny of his qualifications and past service.The nomination of Whitaker is part of a broader strategy by Trump to reinforce U.S. influence in international organizations. As NATO continues to play a crucial role in global security, the appointment of a seasoned diplomat like Whitaker is seen as a move to ensure that U.S. interests are effectively represented. The decision underscores the importance of diplomatic leadership in navigating complex international relations and maintaining strong alliances.

According to PANews, the Swiss Financial Market Supervisory Authority (FINMA) has expressed concerns over the increasing risks of money laundering within the cryptocurrency sector. In its 2024 risk monitoring report, FINMA detailed these warnings, emphasizing the growing misuse of digital assets such as cryptocurrencies and stablecoins for illegal activities.The report highlights that stablecoins are increasingly being used for illicit transactions, including sanction evasion. This trend complicates law enforcement efforts and heightens the legal and reputational risks for financial institutions lacking robust risk management strategies. The regulatory body stressed the need for stronger measures to address vulnerabilities associated with the misuse of digital assets.To mitigate these risks, FINMA has implemented measures targeting institutions, including focused supervision and enhanced risk management requirements. Broader efforts involve on-site inspections and revised audit plans aimed at bolstering anti-money laundering defenses. The regulator also called for the establishment of clear risk tolerance definitions and effective risk management practices, particularly for institutions dealing with politically exposed persons or clients from high-risk industries.