⚖️ Cryptocurrency Developer Sues U.S. Department of Justice, Challenging Biden Era Regulatory Crackdown

Cryptocurrency developer Michael Lewellen has recently filed a lawsuit against the U.S. Department of Justice (DOJ), accusing the Biden administration of overregulation that stifles innovation in the cryptocurrency space. His lawsuit claims to address the same issues as previous legal actions taken against the developers of Tornado Cash and Samourai Wallet.

Lewellen's collaboration with Pharos has become the focus of this lawsuit. Pharos, as a non-custodial protocol, enables users to raise funds for charitable or various projects safely and transparently without intermediary involvement.

Lewellen stated that suing the DOJ is a stand against excessive regulation and emphasized that it is not just about the rights of Pharos, but also the future of innovation in American cryptocurrency. He believes that Pharos is a tool, not a financial service, and should not be subject to federal funds transfer laws. He also pointed out that the DOJ's enforcement actions against non-custodial protocol developers (like Tornado Cash) represent an overreach of federal power.

Although policymakers insist that increased regulation is crucial for curbing illegal activities and protecting consumer rights, Lewellen and other developers argue that the ambiguity of regulatory policies has led to a shift of innovative activities abroad. This lawsuit highlights the differing views and conflicts of interest between the two sides on how to balance the freedom of innovation with the needs of regulatory safety.

Meanwhile, Amanda Tuminelli, Chief Legal Officer of the DeFi Education Fund, praised Lewellen for voicing the concerns of software developers, and Coin Center's CEO Peter Van Valkenburgh also supported him, emphasizing the importance of maintaining developers' freedom to release software. The unified stance of these two industry leaders further underscores the consensus within the developer community regarding the freedom of software development.

🗣 Conclusion:

Lewellen's lawsuit against the U.S. Department of Justice is not just a fight for a personal project but also a struggle for the freedom of innovation in the cryptocurrency industry, highlighting the contradiction between regulation and freedom, as well as the dilemmas faced by innovators.

With the support of industry leaders, this case is expected to become a turning point in cryptocurrency regulation, prompting the public to think deeply about the balance between innovation and regulation.

💬 What are your thoughts on Lewellen's lawsuit against the DOJ? How should regulation in the cryptocurrency industry balance innovation and safety? Leave your views and opinions in the comments section!

#加密货币监管 #法律诉讼 #DOJ

👩‍Senator Lummis Exposes FDIC’s Alleged Destruction of Key Documents Related to 'Operation Chokepoint 2.0'
 
Wyoming Senator Cynthia Lummis recently sent a formal letter to Federal Deposit Insurance Corporation (FDIC) Chairman Martin Gruenberg, expressing concerns about the potential destruction of documents related to digital asset activities within the FDIC.
 
Lummis revealed that a whistleblower contacted her office, accusing the FDIC of destroying relevant documents. She believes this action is illegal and has requested the retention of all records related to cryptocurrency activities since January 2022.
 
In her letter, Lummis disclosed that the whistleblower has been under close surveillance by FDIC management and has faced threats of legal action to prevent communication with her office. She condemned such behavior by the FDIC, stating it attempts to conceal materials related to 'Operation Chokepoint 2.0', which is unacceptable and illegal. This operation is alleged to be aimed at preventing the cryptocurrency industry from accessing traditional banking services.
 
Last year, the cryptocurrency industry expressed concerns about how regulators were handling cryptocurrency-related banking operations. During a meeting in August, several industry representatives discussed these issues with White House officials. Although Deputy Secretary of the Treasury Wally Adeyemo denied any attempts to block cryptocurrency from entering the financial system, nearly all attendees reported experiencing limited banking services due to White House policies.

As a result, Lummis instructed the FDIC to retain all documents related to digital asset activities from January 1, 2022, covering communications with specific banks, correspondence regarding cryptocurrency enforcement actions, and records of coordination on digital asset policies with other government agencies.
 
Lummis clearly stated in her letter that she would spare no effort in pursuing criminal responsibility for any deliberate destruction of documents or obstruction of oversight. She firmly emphasized the indispensable nature of transparency and committed to uncovering the facts and disclosing the truth for the American people.

💬 Do you think Lummis's accusations against the FDIC are justified? Will the cryptocurrency industry see a new turning point as a result?
 
#FDIC #加密货币监管 #透明度与监督

Monday's Major Event: Trump to Officially Return to the White House.
This is not only a major event on ZZ but also a critical moment that has drawn attention from the cryptocurrency industry.

During his campaign, Trump painted a picture full of potential for the cryptocurrency industry, but whether these promises can be realized remains an unknown.

Let's briefly review Trump's cryptocurrency promises during his campaign.

1. Establish a National Bitcoin Reserve
Trump proposed using government assets to purchase Bitcoin and create a strategic reserve to solidify the United States' position in the digital asset space. This sounds bold, but the implementation challenges are evident.

2. Support Bitcoin Mining Industry
He promised to make the U.S. a global Bitcoin mining hub through energy tax incentives and subsidies. This is a significant advantage for miners, but energy issues are bound to become a point of contention.

3. Adjust Regulatory Policies and Fire the SEC Chairman
Trump explicitly stated that he would end the "illegal suppression" of the cryptocurrency industry and fire the current SEC Chairman Gary Gensler, replacing him with a leader who better supports the cryptocurrency sector. Whether he can deliver on this remains to be seen.

4. Oppose Central Bank Digital Currency (CBDC)
Trump opposes CBDCs, believing they could threaten the innovation of private cryptocurrencies, and he has promised to prevent the U.S. from further developing a digital dollar.

5. Promote the Liberalization of Cryptocurrency Innovation
He supports the development of Web3 and related technologies, providing a fair environment for cryptocurrency businesses, and aims to make the U.S. a global cryptocurrency hub.

#BTC #加密货币监管

📢 The Cryptocurrency Battle Heats Up: Democratic Senator Warren Continues Her Push

Anti-cryptocurrency Democratic Senator Elizabeth Warren has taken a hard stance on digital assets, frequently cracking down on the industry recently. On January 12, as a senior member of the Senate Banking, Housing and Urban Affairs Committee, she wrote a letter to newly nominated Treasury Secretary Scott Bessent, continuing her attacks on cryptocurrency and suggesting strict regulatory measures.

Alexander Grieve, Vice President of Government Affairs at Paradigm, shared this letter, pointing out that the content of Warren's letter directly accused Bessent of having "no government work experience."

Regarding anti-money laundering, Warren's stance is resolute. As a senator on the cryptocurrency crackdown request list, she reiterated that cryptocurrency has become a "tool" for criminals and sternly pointed out that illicit actors frequently use cryptocurrency for money laundering, evading sanctions, and even funding significant national security threats, posing great dangers.

She also threw multiple sharp questions at Bessent, given that Bessent disclosed holding up to $500,000 in spot Bitcoin ETF shares, questioning whether the Treasury should have secondary sanctions tools to cut off the relationship between financial technology and cryptocurrency operators and the United States?

Warren also specifically focused on the Office of Foreign Assets Control (OFAC), discussing its jurisdiction over dollar-denominated stablecoins. At the same time, the Biden administration's Treasury has already taken action since November 2023, proposing five legislative proposals aimed at combating illegal financing of digital assets. These proposals include amending the Bank Secrecy Act to add a new category of "financial institutions" that covers cryptocurrency exchanges, non-custodial wallets, and more.

For a long time, Senator Warren has been a strong advocate for regulating digital assets and decentralized protocols on par with traditional finance and banking, but this view is highly controversial in the industry, with many disagreeing.

However, it is noteworthy that Elizabeth Warren has found herself in a fraud scandal this week due to misleading fundraising, as her call for support for the Los Angeles Fire Department Foundation was actually a link to the Democratic fundraising site ActBlue, criticized for exploiting disasters for political gain.

💬 Do you agree with Warren's stance? Do you think her questioning of Scott Bessent is reasonable? Or what are your views on this cryptocurrency war?

Three Russians Arrested for Money Laundering Using Blender.io and Sinbad.io!

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Three Russian citizens have been charged with money laundering for allegedly using cryptocurrency mixing platforms Blender.io and Sinbad.io. These platforms help criminals hide the source of their transactions, laundering funds obtained through illegal means such as ransomware and cryptocurrency theft.

What’s even more interesting is that the activities behind these platforms involve more than just individual criminal acts. According to investigations, they are linked to broader cybersecurity issues and even connected to North Korean-backed hacker groups. Just how extensive is the truth? Let’s take a look together.

The two arrested suspects are 55-year-old Roman Ostapenko and 44-year-old Alexander Olenik, while the third suspect, 32-year-old Anton Tarasov, remains at large. Blender.io operated from 2018 to 2022, focusing on anonymous transactions, and Sinbad.io has inherited this “tradition,” continuing to provide similar Bitcoin mixing services.

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The functionalities of these platforms are very attractive to global cybercriminals, allowing users to pay to hide their identities to launder illegal funds from ransomware and theft.

In November 2023, Dutch police, the FBI, and Finnish authorities jointly shut down Sinbad.io, which had become a hotbed for illegal financial transactions. The U.S. Treasury Department's Office of Foreign Assets Control (OFAC) noted that Blender.io and Sinbad.io are closely related to North Korean-backed hacking activities.

Such platforms remain a key focus for cybersecurity experts, as they make it easier for criminals to hide transactions, increasing the difficulty of tracking illegal activities.

The defendants face charges including conspiracy to commit money laundering and operating an unlicensed money transfer business. If convicted, Ostapenko and Olenik could face up to 20 years in prison for money laundering, along with an additional 5 years for operating without a license.

Currently, the investigation is ongoing, with authorities working hard to apprehend Tarasov and attempting to dismantle this global illicit network.

Click the avatar LIVE to watch the broadcast and understand the trends.

#加密货币监管

👋 Federal Reserve Vice Chair Michael Barr Resigns Amidst Cryptocurrency Policy Controversy

Federal Reserve Vice Chair Michael Barr announced he would resign before President Trump's inauguration following a series of controversies. This is not just a position change; it may signal a new chapter in cryptocurrency regulation.

Barr has served as the Federal Reserve's Vice Chair for Supervision since July 2022. This office was established after the 2008 global financial crisis to provide more transparency and accountability for the U.S. central bank's oversight and regulation of the financial system.

During his tenure, Barr has taken a conservative stance on cryptocurrencies, and his policies have been criticized for restricting U.S. banks' involvement in digital assets. He has warned that banks directly holding crypto assets could be "unsafe and unsound," which has sparked discontent in the crypto community and is seen as hindering the U.S. development in this field.

Recently disclosed documents suggest that Barr may have participated in coordinated actions aimed at limiting banks' involvement in cryptocurrency activities. These documents stem from a legal lawsuit by Coinbase, revealing possible regulatory overreach during Barr's tenure, including restrictions on banks' interactions in areas such as Bitcoin trading and custody services.

During a hearing before the House Financial Services Committee, Federal Reserve Vice Chair Michael Barr faced severe criticism. Iowa Congressman Zach Nunn accused Barr of participating in an anti-cryptocurrency movement that has caused the U.S. to fall behind in the digital assets space. Wyoming Senator Cynthia Lummis, a supporter of cryptocurrencies, also criticized Barr for illegally expanding the Federal Reserve's powers, which harmed Wyoming's digital asset industry.

Barr's departure follows the victory of President Trump and marks the resignation of another anti-cryptocurrency official. Previously, U.S. Securities and Exchange Commission (SEC) Chair Gary Gensler also announced his resignation. Barr's exit could represent a new turning point for the cryptocurrency industry.

In summary, Barr's resignation is a significant event for the cryptocurrency industry, as it may herald a new chapter in U.S. cryptocurrency regulation. We hope the new government can create a fairer and more open development environment for the cryptocurrency industry.

💬 What are your thoughts? Do you think Barr's resignation is another major positive for the cryptocurrency industry?

#Barr辞职 #加密货币监管 #美联储动态

🌐 As Trump Takes Office, CFTC Chairman Announces Resignation

As Trump is about to begin his new term, Rostin Behnam, Chairman of the U.S. Commodity Futures Trading Commission (CFTC), announced that he will resign from his position on January 20, the day of Trump's inauguration. During Behnam's tenure, the CFTC made significant progress in the field of cryptocurrency regulation, laying the groundwork for future regulatory work.

While Behnam's regulatory strategy was not as aggressive as that of SEC Chairman Gary Gensler, he consistently insisted on the need for enhanced comprehensive regulation of the digital asset market and promoted collaboration among regulatory agencies to bridge regulatory gaps.

Under Behnam's leadership, the CFTC implemented major enforcement actions in the cryptocurrency space, including playing a key role in the record $4.3 billion fine against Binance and securing a $5 million settlement from Gemini co-founders Tyler Winklevoss and Cameron Winklevoss.

At the same time, the legal actions taken by the CFTC against collapsed crypto companies such as FTX and Celsius Network also demonstrated Behnam's commitment to maintaining market integrity. As Behnam is set to leave, speculation about the new CFTC chair is rife, with Trump likely to nominate a successor who is friendly to cryptocurrencies.

Currently, Republican commissioners Summer Mersinger and Caroline Pham, as well as former CFTC commissioner Brian Quintenz, are potential candidates. Quintenz is known for advocating clear rules for emerging technologies during his tenure, and he promoted the development of tokenized commodities and decentralized finance, making him a strong contender for the CFTC chair position. Quintenz currently serves as the policy head for Andreessen Horowitz's crypto division a16z.

In summary, Trump's presidency triggers changes in the CFTC leadership, and Behnam's departure leaves a profound mark on cryptocurrency regulation. The potential candidates Summer Mersinger, Caroline Pham, and Brian Quintenz are receiving attention and may reshape the regulatory landscape for cryptocurrencies, with the future direction of the market eagerly anticipated.

💬 What are your thoughts on the potential candidates for the new CFTC chair? Do you prefer experienced veterans or newcomers who may bring fresh ideas to lead the regulation of the cryptocurrency market? Leave your opinions in the comments!

#特朗普上任 #加密货币监管 #Behnam任期

💰Coinbase UK fined $4.5 million by FCA! Is the UK's cryptocurrency regulation becoming clearer?

Let's talk about the UK's cryptocurrency regulation. Coinbase UK has just been fined $4.5 million by the Financial Conduct Authority (FCA), which has caused quite a stir in the industry. 🔍

On July 25, Coinbase was fined a large sum of money for violating the agreement signed with the FCA. The agreement was originally intended to prevent the acceptance of high-risk customers, but Coinbase failed to do so. This has caused investors to worry whether the UK will take stricter regulatory measures on cryptocurrencies? 📊

But don't worry, some legal experts say that this fine may only be a "one-off" enforcement action and does not mean that the UK will take action against the entire cryptocurrency industry. 👩‍⚖️

At the same time, a partner at a commercial crime law firm named Charlotte Tregunna believes that the FCA's action does not represent a tougher stance on the cryptocurrency field. She told reporters that the FCA usually does not easily use its enforcement powers unless it really has to. 💨

Moreover, the focus of the FCA's investigation is actually Coinbase's electronic money transfer service, not its crypto asset trading business. This may indicate from the side that the FCA still hopes to be a cryptocurrency-friendly regulator, but only hopes that the exchange platform can keep up with the pace of regulation and compliance. 🚶‍♂️

🤔 Although Coinbase's fine has attracted widespread attention in the market, British regulators seem to be more inclined to adopt a balanced regulatory strategy that protects the safety of consumers and the market while avoiding stifling innovation. Therefore, it is believed that this incident may be a punishment for Coinbase's individual behavior rather than a warning to the entire industry.

🌐However, this should also sound a wake-up call to all cryptocurrency platforms: compliance cannot be ignored. With the rapid development of the cryptocurrency industry, platforms must strengthen internal governance and compliance culture to adapt to the changing regulatory environment.

💬What do you think of Coinbase's fine? At the same time, how do you think regulators should balance innovation and compliance? Welcome to share your views in the comments section!

#Coinbase #加密货币监管 #罚款 #合规 #FCA

Sun Yuchen extends an olive branch to SEC Chairman Gensler, yet another meticulously crafted brand hype?

Tron's founder Sun Yuchen has reached out to SEC Chairman Gary Gensler, offering a job opportunity; what do you think about this?

This matter has to start with Trump, who previously said that once he takes office, the first thing he would do is fire SEC Chairman Gensler. Interestingly, Trump is set to return to the White House in 2025, which has made cryptocurrency super fans very excited about how this drama, more thrilling than a soap opera, will evolve!

At this hot moment, Sun Yuchen has again jumped onto social media X to publicly state that as long as Gensler can sincerely treat the cryptocurrency industry, he is willing to offer him a job.

Some viewpoints believe this is a big lifeline thrown to Gensler! Just think about it, Gensler was known for being extremely strict with cryptocurrencies during his time at the SEC. At the same time, under his leadership, the SEC took over 100 actions against the cryptocurrency industry, with total fines exceeding $7 billion.

But it seems that Gensler's days may not be easy. With Trump's return and a wave of pro-cryptocurrency legislators being elected, Gensler's term may really be coming to an end.

It is worth noting that Gensler's term does not end until 2026, but the pressure he faces is quite significant. Although Trump wants him gone, the independence of the SEC can also protect Gensler; even if a new chairman is appointed, he can still safely remain in his position.

However, some in the political and cryptocurrency circles believe Gensler has failed to effectively fulfill his duties. For example, Senator Warren Davidson has called for the chairman's resignation, citing a "series of abuses of power" as his reason.

Conclusion:

The job opportunity that Sun Yuchen has thrown to Gensler appears to be a kind invitation, but it may hide deeper marketing considerations. Some believe that on the surface, it is a goodwill gesture towards Gensler, but more so, it is another astute marketing hype by Sun Yuchen regarding his brand and influence.

In this game of cryptocurrency versus regulation, Sun Yuchen's action undoubtedly places him at the forefront of public opinion. After all, in the world of cryptocurrency, Sun Yuchen is never short of topics and attention.

#孙宇晨工作邀请 #加密货币监管 #Gensler任期

👮‍♂️The Wall Street Journal said Tether is under federal investigation, and its CEO denied the allegations!

Big news is coming! The Wall Street Journal reported that the U.S. federal government is investigating Tether, the issuer of the world's largest stablecoin USDT, for suspected violations of anti-money laundering regulations and sanctions policies.

As soon as the news came out, the price of Bitcoin also fell. This morning, it fell from $68,600 to below $66,000 in a short period of time. The current price remains around $67,000.

However, Tether's CEO Paolo Ardoino came out to clarify that they are not under investigation at all. He said on X that there is no sign that Tether is accepting the so-called investigation reported by the Wall Street Journal. It implies that the Wall Street Journal is just rehashing old news.

It is worth noting that despite the constant turmoil, Tether, as the leader in the stablecoin market, has always maintained its peg to the US dollar and successfully met all redemption requirements.

Although some people have doubted whether its $100 billion reserves really exist, the CEO of Cantor Fitzgerald Asset Management, which has $1.32 billion, said that it manages U.S. Treasury bonds that include Tether tokens.

In addition, Tether has been publicly accused by Coinbase and Circle, who suspect that Tether may assist terrorists in money laundering.

Among them, Circle representatives raised the issue to Congress in February, considering Tether's data on facilitating terrorist financing and other illegal activities, and its reputation and other related issues, and hoped that the relevant departments would take this issue seriously.

🗣️ Conclusion:

In this controversy surrounding Tether, we see a microcosm of the regulatory challenges in the cryptocurrency field. Although its CEO denied the rumors of investigation, the market is still highly sensitive to the compliance of stablecoins. This incident is not only a test for Tether, but also a challenge to the transparency and compliance of the entire industry. In the future, we look forward to a healthier and more transparent cryptocurrency market environment.

💬 What do you think of this controversy about Tether? What impact do you think these allegations will have on the entire cryptocurrency stablecoin market? What do you think about the future regulation of stablecoins?

#加密货币市场 #Tether调查 #加密货币监管 #市场信任

🏛️SEC Commissioner Hester Peirce Discusses Cryptocurrency Regulatory Reform, Calls for an End to 'Operation Chokepoint 2.0'

SEC Commissioner Hester Peirce, in an interview with a Fox Business reporter, shared her vision for the agency's cryptocurrency regulatory strategy under the Trump administration's path for reform.

Peirce stated that the U.S. must first stop the actions of 'Operation Chokepoint 2.0,' which have been criticized for undermining banks' access to cryptocurrency. Therefore, Peirce proposed three key tasks to eliminate obstacles to the development and transparency of the cryptocurrency industry.

She said the first step is to ensure that cryptocurrency companies receive the services they need, such as custody services!

The second step is to clarify the SEC's jurisdiction, determining which digital assets fall under the SEC's purview and which do not. This way, everyone will not be in the dark and will know which assets do not need to comply with the SEC's framework.

Peirce also emphasized that regulators and cryptocurrency companies need to sit down together to see how current rules can adapt to the industry and where changes are still needed. This process must be done publicly, allowing everyone to participate; only then can regulatory issues make rapid progress.

Still remember 'Operation Chokepoint 2.0'? Last November, Coinbase revealed the FDIC's 'pause letter' and claimed these letters were strong evidence of the cryptocurrency industry's suppression. Consequently, this issue has drawn widespread attention.

Although there is no formal ban, regulatory agencies such as the Federal Reserve, FDIC, and OCC have also warned banks about the risks of collaborating with cryptocurrency companies.

Even U.S. Congressman French Hill has called for an investigation into 'Operation Chokepoint 2.0,' accusing this action of using politicized de-banking tactics to target the cryptocurrency industry.

Charles Hoskinson, founder of Cardano, also expressed concern about the global impact of this issue, stating that it represents a systematic harassment of cryptocurrency enterprises worldwide.

💬 What are your thoughts on the cryptocurrency regulatory reform path proposed by the SEC commissioner? Do you think these suggestions can help the cryptocurrency industry break through the bottleneck of banking services? See you in the comments!

#加密货币改革 #SEC #特朗普 #加密货币监管

⚖️ UK FCA Proposes to Ban Unregulated Companies from Publicly Issuing Cryptocurrencies

The UK's Financial Conduct Authority (FCA) has released a discussion paper proposing various cryptocurrency regulatory measures, now seeking opinions from investors, cryptocurrency companies, industry groups, and relevant professional institutions.

The core of the proposal is to consider banning unregulated companies from publicly issuing cryptocurrencies, and the Treasury has also stated that, apart from companies that meet specific conditions, other unregulated cryptocurrency businesses will be prohibited from raising funds publicly.

This move aligns with the trend of global regulators strengthening control over unregulated securities issuances, as such issuances are often associated with fraud, investor losses, and market manipulation.

The FCA also proposed that authorized digital asset trading platforms share market abuse data to enhance transparency in the cryptocurrency sector and protect user safety. Additionally, it is seeking feedback from all parties on market access, information disclosure, and measures to combat market abuse, with a deadline of March 14, 2025.

Other European countries are also calling for global cooperation in regulating digital assets, with countries like Denmark, Italy, and the Netherlands considering implementing tax monitoring rules to align with EU tax standards.

This document is an important step for the UK in building a cryptocurrency regulatory framework, with a legislative draft expected next year and a complete regulatory framework to be achieved by 2026.

At the time of the document's release, concerns about the regulatory compliance of digital asset companies are growing, with reports indicating that approximately 90% of digital asset entities in the UK do not meet anti-money laundering standards. Regulators are worried that insufficient regulation could expose the financial system to threats from fraud and money laundering.

In October, the FCA was asked to investigate TikTok for allegedly operating an illegal cryptocurrency trading platform, highlighting the increasing vigilance of regulators in protecting financial markets.

Despite facing regulatory challenges, the adoption of virtual assets in the UK remains strong, with about 7 million adults in the UK holding digital assets.

While strengthening regulation, the FCA also faces challenges from more cryptocurrency-friendly jurisdictions, such as a renewed sense of optimism in the US after Donald Trump, a candidate supportive of cryptocurrencies, won the election.

What are your thoughts on the FCA's proposal to ban the public issuance of virtual assets?

#英国FCA #加密货币监管 #公开发行禁令 #数字资产监管

🌐 India releases new consultation document to open a new era of cryptocurrency regulation?

📢 The Indian government has been a bit busy recently. They are preparing to overhaul the cryptocurrency market. According to foreign media reports, they will release a consultation document in the next few weeks and want to hear everyone's opinions.

📖 The document will be drafted by the bigwigs of the Ministry of Economic Affairs and is expected to be unveiled between September and October. The content may include who will be in charge of this matter, how to manage it, when to start managing it, etc.

🌟 Finance Minister Nirmala Sitharaman has previously said that G20 countries all feel that it is necessary to uniformly regulate cryptocurrencies. She emphasized that although global consensus is important, each country still has to set rules according to its own situation.

🚀 India is already preparing. In 2023, they banned some non-compliant crypto platforms, such as Binance. However, as long as they abide by the new rules, there is still a chance to return to the Indian market.

📈 Despite strict regulations, Indians are still very enthusiastic about cryptocurrencies. By 2024, 115 million Indians may have invested in cryptocurrencies, which is a significant number. Young investors are particularly optimistic about this area and think it is a good long-term investment.

🔍 Viewpoint:

Although the Indian government's regulatory actions may cause some market fluctuations in the short term, in the long run, this is the only way for the healthy development of the market. Clear regulations will provide investors with the necessary protection and pave the way for the legalization and popularization of cryptocurrencies.

At the same time, the leading role of young investors cannot be ignored. They are the source of market vitality and will also be the key to the success of regulatory policies. Let us wait and see how India embraces the innovative opportunities brought by cryptocurrencies while ensuring financial stability.

👇 So, what do you think of India's upcoming cryptocurrency regulatory policy? How will it affect the global market? Share your views in the comments section and discuss this important topic with us!

#印度 #加密货币监管 #政策动态 #市场影响

🚨The Fed strikes hard against cryptocurrency-friendly banks!

🏦Hello everyone! Today we are focusing on the latest regulatory measures taken by the Federal Reserve against Customers Bank, a cryptocurrency-friendly bank.

🔍Just recently, an inspection by the Federal Reserve Bank of Philadelphia revealed some major deficiencies in the risk management and compliance practices of Customers Bank, especially in terms of anti-money laundering and bank secrecy laws. Now, the Federal Reserve and the FDIC have begun to implement strict supervision and compliance measures on the bank.

🗣️ Nic Carter posted on social media X: "Customers is one of the largest banks supporting cryptocurrencies. The Federal Reserve and the FDIC are systematically destroying all banks that support cryptocurrencies." This sounds really worrying about the future of cryptocurrencies!

🛡️The Fed's attitude is very clear. They believe that bank boards need to strengthen supervision and devote more resources to managing these high-risk activities. The focus of the review includes the bank's digital asset strategy and instant payment platform.

🤔 This statement caused an uproar in the cryptocurrency community, and many people jumped out to accuse the Federal Reserve and the FDIC of gradually stifling the cryptocurrency business.

📝At the same time, according to the agreement signed between the Federal Reserve and Customers Bank, Customers Bancorp and Customers Bank are required to submit a detailed improvement plan within 60 days to address compliance issues, strengthen board supervision, improve risk management, and ensure compliance with relevant regulations.

🛡️Some people believe that the Fed's actions have strengthened financial security and compliance on the one hand, helping to prevent illegal financial activities; but on the other hand, this regulatory attitude may hinder the innovation and popularity of cryptocurrencies.

🔍 So, what do you think of the Federal Reserve's strengthening of supervision of cryptocurrency-friendly banks? Will this become an obstacle to the development of cryptocurrency, or a protection for the industry?

👇【Join the discussion in the comment area】#美联储 #加密货币监管 #金融合规 #银行监管 　#加密货币"

📢Hong Kong strengthens cryptocurrency regulation: OTC trading may be regulated by the SFC🔍

Crypto enthusiasts, pay attention, Hong Kong may soon implement stricter regulation of over-the-counter (OTC) cryptocurrency trading.

According to the South China Morning Post, the Securities and Futures Commission (SFC) of Hong Kong is considering working with the Hong Kong Customs and Excise Department (C&ED) to jointly strengthen the supervision of OTC transactions.

OTC transactions usually refer to private transactions conducted directly between large companies, which often bypass public exchanges. But now, the SFC may intervene, which will help provide a clearer regulatory framework for the cryptocurrency industry.

Why do this? One reason is that there have been some major financial losses and fraud in the cryptocurrency industry recently, especially the collapse of Japanese exchanges, which has raised concerns about the role of OTC transactions by regulators. These transactions are often operated through physical stores, and many are associated with fraudulent activities, so stricter supervision is particularly important.

SFC representatives said that they are working closely with the government and other regulators to establish a robust, clear and consistent regulatory environment to promote the sustainable and responsible development of Hong Kong's virtual asset industry.

Although the need for regulation is generally supported, some industry insiders are still concerned that the specific implementation of regulation may bring confusion, as the responsibilities of the SFC and Customs may overlap.

🗣️ Conclusion:

Hong Kong has recently strengthened its supervision of over-the-counter (OTC) cryptocurrency transactions. Although this policy may cause some volatility in the market in the short term, it will help reduce fraud and illegal transactions in the long run, thereby enhancing investor confidence.

For investors, this is a sign that a safer and more compliant market environment is taking shape; for industry participants, it means that they need to adhere to higher compliance standards and improve their risk management capabilities.

It is believed that with the continuous improvement of the regulatory system, Hong Kong's cryptocurrency market is expected to develop in a more stable and sustainable direction.

💬 What do you think of Hong Kong's possible strengthening of supervision of OTC cryptocurrency transactions? See you in the comments section!

#香港加密货币 #OTC交易 #监管加强 #金融市场 #加密货币监管

🇰🇪Kenya Revenue Authority upgrades system, cryptocurrency transactions will be nowhere to hide!

The Kenya Revenue Authority (KRA) is going big! They are going to replace a new tax system to monitor cryptocurrency transactions in real time. Yes, the kind that can record the date, time, type and value of transactions.

Imagine that this new system is like a superhero in the tax world, able to capture every trace of transactions and ensure that every penny can be traced, making tax evasion more difficult.

According to reports, this system will be launched before the end of the year. It will work closely with cryptocurrency exchanges and record detailed information about each transaction.

This is no small matter, because there are nearly 4 million cryptocurrency players in Kenya, and the transaction volume last year reached 18.6 billion US dollars. This market is so big that people have to pay attention to it.

Although the cryptocurrency market in Kenya is still relatively free, KRA official Nickson Omondi said that they already have some tax laws, but they were mainly aimed at companies that did not have a physical office in Kenya.

However, they updated the tax law last September to make it clear to cryptocurrency investors that they need to pay taxes on the income from these transactions.

Omondi also mentioned that according to the current law, cryptocurrency exchanges have to pay 3% of the transaction amount to the government. This also means that Kenya needs to bring cryptocurrency transactions into the formal tax system.

At the same time, KRA will also use artificial intelligence (AI) and machine learning to analyze data to find people who evade taxes, making tax work more efficient, accurate and compliant.

The government also plans to use M-PESA payroll and cash register numbers as electronic tax registers starting December 25, 2024. To expand the tax base and combat tax evasion.

At the same time, there is a tax evasion case involving a cryptocurrency exchange in Nigeria that is still under trial. The company did not register for taxes, violating local tax laws, and Binance became the only defendant in the case.

In terms of cryptocurrency taxation, African countries are getting serious. Kenyan cryptocurrency experts will have to consider tax issues when trading cryptocurrencies in the future.

#肯尼亚税务新动作 #加密货币监管 #加密货币税收

🚀 Cardano leads the MiCA compliance race, showing the charm of green blockchain! 🌿

Hey, the following news I want to talk to you about is the latest developments in the market regulated by the MiCA Act! According to reports, Europe has just introduced the MiCA bill. The main provisions of the bill are that when various cryptocurrency projects submit applications for listing, they will focus on the energy and resource consumption of their chain operations.

It is reported that as soon as the MiCA bill came out, Cardano immediately responded positively and submitted a compliance report about its ecosystem.

We all know that Cardano, as a blockchain using the Proof of Stake (POS) mechanism, has significantly lower energy and resource consumption compared with Proof of Work (POW) chains. It is also reported that Cardano is the most energy-efficient chain among all POS chains, which is why it is fully compliant with MiCA legal regulations.

There is reason to believe that the introduction of the MiCA law not only adds transparency to the European market, but also helps us screen out non-compliant and fishy projects. This sets a good example for the entire cryptocurrency market!

At the same time, everyone is now staring at the United States to see when it will introduce regulatory bills like MiCA. If the United States also joins this transparent team, then the globalization of cryptocurrency will really be just around the corner!

Let us pay attention together and witness the future of cryptocurrency becoming more transparent, more compliant, and more global!

#MiCA法案 #节能区块链 #加密货币监管 #全球化时代 #Cardano