In the US, various crypto companies have given their opinion on the regulatory debate. Meanwhile, Binance wants to establish a foothold in Britain. Last week at the regulatory ECHO.
Crypto CEOs in the US Congress
On Thursday, the US Congress asked high-level representatives of the state’s own blockchain industry about the regulation of stablecoins and other crypto assets. During that hearing, Brian Brooks, CEO of the mining company, disagreed Bitfury, SEC Chief Gensler’s stablecoin plans. While Gensler recently called for the right to issue stablecoins to be limited to insured depository institutions, Brooks is now calling for the opposite. In his view, the US government should issue banking licenses to major issuers of stablecoins. Charles Cascarilla from Paxos continued to see the hegemony of the US dollar threatened. You have to get a regulated stablecoin or a central bank digital currency (CBDC) next door. Jeremy Allaire, CEO of Payment Service Provider Circle, also saw an opportunity for the US dollar on stablecoins. Alesia Haas, Chief Financial Officer, Bitcoin Exchange Coinbase, also argued against the SEC that crypto tokens are not securities. The conclusion of the hearing was apparently positive. Most of the MPs present do not want to get in the way of innovations in the crypto industry.
Ripple Introduces Concept for Bitcoin Regulation
Aside from the congressional hearing, the US private sector weighed in on the regulatory debate last week. The crypto payment service provider Wave published a three-page position paper for this purpose. The company behind the XRP token advocates a pragmatic approach that knows how to combine promoting innovation with protecting consumers. This requires adapting the existing legal framework to “some of the unique properties of cryptocurrencies.” With the Digital product exchange law (DCEA), the authors refer to an existing legislative proposal that does not want to regulate Bitcoin and Co. as securities. Representing an ongoing lawsuit with the SEC Wave same line of reasoning.
Binance: Bitcoin exchange makes a new attempt in Britain
I was in the uk Binance they have come under heavy regulatory pressure in recent months. In July, the British Securities and Exchange Commission banned it Financial conduct authority (FCA) Bitcoin Exchange to offer a range of services on the island. Binance However, in early December, CEO Changpeng Zhao indicated that his UK company was going back on the offensive. Zhao plans to establish its own subsidiary to meet UK compliance guidelines. In the US, the Bitcoin exchange is following a similar strategy. Binance He also announced changes to his own organizational structure, the Compliane should be more in the forefront in the future. According to Zhao, the relationship with the British FCA has continued to improve considerably. With your blessing, Binance also intends to integrate crypto futures and derivatives into its British range of services in the future.
Britain takes action against crypto advertising
I like it Binance It will soon be represented in the British market again, the Bitcoin exchange in Great Britain will not be able to change particularly much investment advertising. British MPs asked the FCA last week to restrict the use of the words “investing” and “investing” in crypto advertising. According to the Times MEPs do not like the impression these terms evoke. They fear that potentially fraudulent crypto assets will be presented on a par with investments in companies included in the UK’s FTSE 100 index. A Conservative MP even accused the stock exchange regulator of failing to fight the fraudulent crypto deals. FCA chief Nikhil Rathi promised to investigate the matter. However, your authority needs greater powers to take effective action against crypto advertising.
Iceland speeds up bitcoin mining
Iceland is now fighting electricity bottlenecks. According to a report by Bloomberg strangled the state energy company Landsvirkjun on December 7 the power supply for various branches of industry. This decision was preceded by an outage at a power plant and difficulties in obtaining external electricity. Bitcoin miners are also affected by the cuts. Due to low electricity prices, the northern European island has become a popular destination for international prospecting operations. Hive blockchain, genesis Y Bitfury all have followed the call for affordable renewable energy. Landsvirkjun However, it has now announced that it will not issue new electricity licenses to miners for the time being. It is not known how long this situation will last.