FULL STORY: US regulators want Congress to let them oversee all corners of crypto, including asking for a law that names a regulator for the spot market in non-security tokens in a new Financial Stability Oversight Council report. jesseahamilton reports
The Treasury-led FSOC has responded to President Joe Biden’s executive order with calls for greater regulatory reach into markets, crypto firms’ affiliates and outside service providers.
issuers.”Innovation without adequate regulation could result in significant disruptions,” Yellen said during the council’s Monday meeting. She said the report”identifies a number of current gaps in regulation” and finds that crypto assets”could pose a risk to financial stability.”
Read more:Biden’s Executive Order Produces Few Answers in Crypto Reports From US TreasuryThe 125-page FSOC document concluded that potential fraud and manipulation in crypto trading begs for a spot market watchdog, according to a staff presentation at the meeting. Legislation in both the Senate and House would place the CFTC in that role, though the bills leave the Securities and Exchange Commission (SEC) with authority to decide which tokens are”securities” over which it will have jurisdiction.
California Takes Action Against 11 Crypto Firms Allegedly Operating Like Ponzi Schemes Quantifying Opportunities and Risks in Liquidity Protocols US outlines plan for long-term baby formula imports Uzbekistan Introduces Monthly Fees for Cryptocurrency Companies – Regulation Bitcoin News
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California Takes Action Against 11 Crypto Firms Allegedly Operating Like Ponzi SchemesThe Cali watchdog went after other crypto companies following the desist and refrain order against Nexo. Nexo has nothing to do with ponzi, dyor
Quantifying Opportunities and Risks in Liquidity ProtocolsLeveraging stablecoins as collateral? Join QCPCapital’s Darius Sit, gauntletnetwork’s Tarun Chitra, ledger_prime’s aelkrief and Shawn Douglass on Monday as they discuss data-driven approaches to analyzing liquidity risk. Sponsored by Amberdataio: QCPCapital gauntletnetwork ledger_prime AElkrief Amberdataio So yyou mean, ? inflluencers’s printing free,making free ? from DEX and yyou won’t tallk about it it QCPCapital dariussitzl gauntletnetwork tarunchitra ledger_prime AElkrief shawn_douglass Amberdataio So you meann, ? all’s priinntiinng free,makiinng free ? from unniiswap annd you wonn’t menntiionn iit
US outlines plan for long-term baby formula importsU.S. regulators have revealed their plan to allow foreign baby formula manufactures to stay on the market long term. Breast fed is better Yay ?sto es el resultado de malas pol?ticas con bloqueos y sanciones nazis a pa?ses libres y soberanos, secuestro de pol?ticos y aviones por razones subjetivas, etc., lo que se viene en contra del propio pueblo estadounidense. Lo malo que se haga en contra de otros se devuelve.
Uzbekistan Introduces Monthly Fees for Cryptocurrency Companies – Regulation Bitcoin NewsCrypto firms licensed in Uzbekistan will have to pay fees to the state under new legislation proposed by regulators. Naoris Protocol provides a secure unified governance layer across all devices in the network, creating a supercomputer of trust that makes networks stronger as they grow, not weaker. NaorisProtocol decentralized cybersecurity mesh blockchain NaorisProtocol Trade on Coinstore now ? a lot of potential projects are available there , and the exchange is really safe for trading Cz having hight protection ( doing KYC 1 and KYC 2 ) ? Coinstore CoinstorePrime Why you not talking aboout this!.
Thai SEC to Prosecute Bitkub and Four Others in Alleged Wash Trading CaseThailand continues to maintain strict surveillance of the crypto industry while stating its commitment to protecting investors from potential risks.
First Mover Asia: Bitcoin Sees No October Rise Yet; the Dollar as the Protocol in the Future of Money?Bitcoin starts historically strong October much as it ended its most recent, dreary September, falling slightly but holding over $19K; USDC, the second most-traded stablecoin, is developing its own “ecosystem. JPRubin23 and mikejcasey JPRubin23 mikejcasey This is incredible game changer JPRubin23 mikejcasey That depends on taking the market in a calm light JPRubin23 mikejcasey The kattanatrade project looks interesting, don’t you think?
would establish rules for stablecoin issuers.California’s regulator has targeted 11 crypto-related entities which allegedly violated the state’s securities laws.Moderator Nick Lord will be joined by Shawn Douglass (Co-founder and CEO of Amberdata), Tarun Chitra (Founder and CEO of Gauntlet), Alexandre Elkrief (DeFi PM & Head of Ledgerprime Labs of LedgerPrime), and Darius Sit (Co-founder and CIO QCP Capital) for an in-depth-discussion-on: – Data-driven approaches to analyzing liquidity protocol risk – Quantitative strategies for enhancing yield/achieving superior returns – Decreasing volatility in returns and leveraging stablecoins as collateral This is one not to miss.By MATTHEW PERRONE AP Health Writer September 30, 2022, 11:37 AM 0:38 FILE – Only a few scoops are left in a mother’s next to last can of baby formula in Laurel, Md.
“Innovation without adequate regulation could result in significant disruptions,” Yellen said during the council’s Monday meeting. She said the report"identifies a number of current gaps in regulation" and finds that crypto assets"could pose a risk to financial stability. The Department of Financial Protection and Innovation (DFPI), in an announcement on Tuesday, stated that while all the accused companies offered unregistered securities to customers, most sought funds from investors to conduct crypto trading on their behalf." Read more: Biden’s Executive Order Produces Few Answers in Crypto Reports From US Treasury The 125-page FSOC document concluded that potential fraud and manipulation in crypto trading begs for a spot market watchdog, according to a staff presentation at the meeting. Legislation in both the Senate and House would place the CFTC in that role, though the bills leave the Securities and Exchange Commission (SEC) with authority to decide which tokens are"securities" over which it will have jurisdiction. Consequently, the DFPI issued a desist and refrain order to the 11 entities. The FSOC – whose members include the heads of financial agencies, including the Federal Reserve and both the SEC and CFTC – is also preparing to recommend that U. (AP Photo/Jacquelyn Martin, File) The Associated Press WASHINGTON — U.
S. Furthermore, each of the entities had a referral program that operated in the manner of a pyramid scheme. regulators need to be able to reach into all corners of digital businesses. They not only need to be able to supervise a crypto firm, but also all of its affiliates and key service providers – as the Fed can do when it oversees Wall Street banks, the report will argue, asking Congress to grant that power.” Some of the companies involved in the case, which, according to the California regulator, purportedly operate crypto trading services, include Pegasus, Elevate Pass, Remabit, and World Over the Counter Limited. This is the latest document – and one of the most anticipated – set to emerge from President Joe Biden’s executive order calling on federal regulators to come up with plans for overseeing crypto. While the FSOC will once again note that U. The DFPI that the company offered its Earn Interest Product account to California residents without registering it as securities. market will have until October 2025 to make sure their formulas comply with federal standards for nutrition, labeling and manufacturing.
S. financial regulators do have powers that reach into much of the industry, the report’s recommendations rely heavily on Congress to step in and solve many of the government’s shortcomings. However, the current congressional session is nearing its end and lawmakers will be directing their attention to the midterm elections next month that will remake Congress. Thus, any reliance on the legislative branch could represent a long-term project. "Crypto cannot exist outside of our public policy frameworks, regardless of what the crypto industry initially expected or what certain market participants might say today," SEC Chairman Gary Gensler said on Monday, adding that the policies need to protect consumers and financial stability, while also shielding against illegal activity. In May, the FDA eased federal import regulations and President Joe Biden authorized the airlift of millions of pounds of powdered formula from overseas.
"Whether you call something a crypto token, stablecoin or decentralized finance platform (DeFi), those public policy goals remain the same," he added. As expected, the report calls for Congress to “create a comprehensive federal prudential framework for stablecoin issuers” that will let regulators set up guardrails around the tokens that are so vital to current crypto trading and future payments ideas. A high-profile bill in the House Financial Services Committee is seeking to do that. The FSOC contends the crypto industry has been picking and choosing regulators – or often ignoring them completely. “Crypto-asset entities do not have a consistent or comprehensive regulatory framework and can take advantage of gaps in the regulatory system and engage in regulatory arbitrage,” according to the report. The policy allowing importation was set to expire in November, but the FDA said it would be extended to January, after which companies can ask to stay on the market longer.
It added that agencies should use their existing authority and coordinate with each other to block the industry’s ability to pick and choose the rules they want to follow and the regulators they want to deal with. The FSOC’s recommendations also targeted the kind of proposal made by crypto broker FTX to directly clear its customers’ crypto derivatives trading rather than using traditional go-betweens. “A number of firms have proposed to offer vertically integrated services so that retail customers can directly access markets,” the report noted, without mentioning FTX’s very public proposal being considered now at the CFTC. The FSOC is wary of the idea that customers’ under-margined positions could automatically be closed out at all hours, which the council argued “creates the potential for cascading liquidations and reduced capacity for human intervention during periods of stress.” The council said its agency members need to more closely study such “vertical integration” and whether the structure “can or should be accommodated under existing laws and regulations.S.
” UPDATE (Oct. 3, 2022, 19:27 UTC): Adds council's approval and comment from SEC's Gary Gensler. UPDATE (Oct. 3, 2022, 19:41 UTC): Adds recommendation affecting FTX proposal. Read more about . Earlier this month the FDA formally acknowledged several shortcomings in its response to the shortage, including outdated information technology systems and inadequate training among its facility inspectors.