Category: Regulation

China’s Crypto Crackdown: Fundamentals Still Show Bull Market Continuation, Bobby Lee Says ‘Don’t Panic’

China's Crypto Crackdown: Fundamentals Still Show a Bull Market Continuation, Bobby Lee Says 'Don’t Panic'The People’s Bank of China (PBOC), the country’s central bank, published a Q&A to its website which said that Chinese citizens participating in virtual currency exchange offshore is “considered illegal financial activity.” The PBOC also reiterated comments it had made in the past stressing that “financial institutions and non-bank payment institutions” cannot process crypto payments. […]

Bank of Russia Lists Crypto Companies Among Financial Pyramids

Bank of Russia Lists Crypto Companies Among Financial PyramidsThe Central Bank of Russia has recently expanded its database of financial market players suspected of illicit activities. Several crypto companies have been added to the list along with entities bearing signs of Ponzi schemes, as well as illegal credit organizations and forex dealers. Central Bank of Russia Blacklists Crypto Platforms As part of its […]

Fed Chair Powell Updates Progress of Digital Dollar, Says ‘I Don’t Think We Are Behind’ on CBDC

Federal Reserve Chairman Jerome Powell has shared the progress of the Fed’s work on a central bank digital currency (CBDC), the digital dollar. “We are working proactively to evaluate whether to issue a CBDC and, if so, in what form,” he said, adding that he does not believe the U.S. has fallen behind other countries […]

Former Monero Developer Spagni Released From US Prison, Pledges to Address Fraud Allegations

Former Monero developer Riccardo Spagni has been released from a U.S. prison where he reportedly spent “sixty-one days in solitary confinement.” The developer’s release was prompted by the failure of South African authorities “to make a timely submission in support of an extradition request.” South African Government Fails to Submit Extradition Documents As previously reported […]

Central Bank of Ukraine Supports Crypto Industry, Fears Cryptocurrency

The National Bank of Ukraine recognizes the benefits of endorsing crypto innovations but also fears cryptocurrencies could gain ground on the national fiat. Announcing its monetary policy guidelines for the near future, the regulator noted it’s going to defend the status of the hryvnia as the only legal tender in the country. Bank of Ukraine […]

US Treasury Targets Crypto Exchanges in Whole-of-Government Effort to Counter Ransomware

US Treasury Targets Crypto Exchanges in Whole-of-Government Effort to Counter RansomwareThe U.S. Department of the Treasury has taken actions targeting cryptocurrency exchanges “responsible for laundering ransoms” as part of the whole-of-government effort to counter ransomware. One cryptocurrency exchange has already been sanctioned along with related crypto addresses. “We will continue to crack down on malicious actors,” said Treasury Secretary Janet Yellen. US Government Targets Crypto […]

Messari Founder Ryan Selkis Announces Senate Run for 2024 — ‘Enough Talk’

Ryan SelkisRyan Selkis, the founder of Messari, a cryptocurrency research company, has announced he will be running for the U.S. Senate in 2024. The entrepreneur made the announcement on Twitter after finding out one of the speakers at Messari’s Mainnet conference, whose identity could not be confirmed, was served with a subpoena by the SEC. This […]

Iranian Lawmakers Oppose Crypto Restrictions, Call for Supportive Regulations

Iranian Lawmakers Oppose Crypto Restrictions, Call For Supportive RegulationsMembers of the Iranian parliament, the Majlis, have voiced concerns over Tehran’s restrictive policies towards innovations such as cryptocurrencies. Following the release of a study recommending a new approach towards the crypto industry, the lawmakers have called for the adoption of friendlier regulations. Iranian MPs Urge for Change in Crypto Policies After Research Some parliamentarians […]

60 Cryptocurrency Exchanges in South Korea to Shut Down All or Some Services This Week

60 Cryptocurrency Exchanges to Shut Down All or Some Services This WeekThe deadline for cryptocurrency exchanges and wallet operators to comply with the new regulatory requirements to stay open in South Korea is this week. So far, only one crypto exchange has been licensed to continue operations. About 60 crypto exchanges are expected to either shut down or reduce services. 60 Crypto Exchanges Expected to Shut […]

Senator Warren’s office confuses MakerDAO for failed 2016 project The DAO

Elizabeth Warren’s office has allegedly confused top 10 DeFi protocol MakerDAO with an early experiment in decentralized autonomous organizations that failed in 2016.

Recent dialogue between MakerDAO developers and the office of anti-crypto Senator Elizabeth Warren’s has revealed a concerning lack of familiarity with the current decentralized finance (DeFi) ecosystem.

On Sept. 20, a screenshot began circulating on social media appearing to show dialogue between members of the MakerDAO community discussing the conclusions from a recent meeting between representatives of the project and the office of Senator Warren.

In the screenshot, pseudonymous MakerDAO Governance delegate “PaperImperium” claims to have spent much of the time convincing Warren that Maker is not the same project as The DAO — an infamous early experiment in decentralized autonomy organizations (DAOs) that suffered a major hack before failing in 2016.

MakerDAO is currently sixth-largest DeFi protocol commanding a total value locked of more than $8.2 billion, according to DeFi Llama.

Despite the confusion, the delegate also concluded that the Senator is “not super interested in us,” adding that they “have a commitment for another meeting” that is expected to take place within roughly three weeks.

While the screenshots shared to social media claim appear to be citing Senator Warren directly, a Sept. 17 thread posted to MakerDAO’s governance forum indicates the project’s delegates would be meeting with Warren's “economic and banking advisors.”

The meeting comes after increasing efforts from MakerDAO to promote initiatives establishing dialogue between the crypto industry and lawmakers.

Elizabeth Warren has recently become a pariah to the crypto industry, labeling crypto as "the new shadow bank" and a "lousy investment" in recent months.

Earlier this month she suggested it would be “worth considering” prohibiting U.S. banks from holding the reserves to back private stablecoins in a move that could “effectively end the surging market.”

Related: Sen. Warren goes after Ethereum network fees in committee hearing

The DAO was one of the first major projects on Ethereum, launched in 2016 after raising $150 million USD worth of ETH through a token sale. The DAO was hacked due to code vulnerabilities and $60 million in ETH was stolen less than 3 months after it launched.

It was one of the most heavily invested crypto projects to date, having attracted 14% of all circulating ETH at the time.

As a result of the incident, the Ethereum community opted to hard fork Ethereum to reverse the attack, with dissenting voices maintaining the old chain to spawn the Ethereum Classic classic chain.

Turkey Is ‘at War’ With Cryptocurrency, Says President Erdogan

Turkey Is 'at War' With Cryptocurrency, Says President ErdoganTurkish President Recep Tayyip Erdoğan has clarified the government’s stance on cryptocurrencies, stating that the country is at war with crypto. He emphasized that Turkey will continue with its own currency. A War and a Struggle Against Cryptocurrency Turkish President Recep Tayyip Erdoğan answered some questions from young people in the “Meeting with Youth” program […]

Korean Province Seizes Cryptocurrencies From 1,661 Investors for Unpaid Fines

Korean Province Seizes Cryptocurrencies From 1,661 Investors for Unpaid FinesA South Korean province has seized cryptocurrencies worth over $5 million from 1,661 investors who were more than $12 million in arrears on their fines in total. The seizure followed an investigation of nearly 30,000 companies and individuals as well as their cryptocurrency holdings at four exchanges. Korean Province Confiscates Cryptocurrencies for Unpaid Fines The […]

Ripple Has No Plans to Settle With SEC Over XRP, Confident Gensler Will Drop the Lawsuit

Ripple Has No Plans to Settle With SEC Over XRP, Confident Gensler Will Drop the LawsuitAmid the ongoing lawsuit with the U.S. Securities and Exchange Commission (SEC), Ripple’s legal team reportedly said that they have no plans to settle with the securities watchdog. They are confident that SEC Chairman Gary Gensler will be convinced that pursuing the case is picking winners and losers in the crypto business to the detriment […]

US Court Sentences Cryptocurrency Hedge Fund Founder to 7.5 Years in Prison

US Court Sentences Cryptocurrency Hedge Fund Founder to 7.5 Years in PrisonThe founder of two cryptocurrency hedge funds in New York, Stefan Qin, has been sentenced to 7.5 years in prison and three years of supervised release. He is also ordered to forfeit about $55 million. The Department of Justice (DOJ) said that he “engaged in a scheme to steal assets” from his hedge funds and […]

Directors of Collapsed South African Crypto Investment Firm to Testify via Virtual Platform

Directors of Collapsed South African Crypto Investment Firm to Testify via Virtual PlatformAmeer and Raees Cajee, the two directors of the South African crypto-investment platform, Africrypt, are set to participate in an inquest that seeks to seal the fate of the collapsed firm. The Death Threats According to an Itweb report, the Cajee brothers — who have agreed to testify on October 19 and 20 — will […]

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