The U.S. Securities and Exchange Commission has reportedly launched a probe into major crypto exchange Binance's U.S. arm regarding trading firms connected to Binance CEO Changpeng Zhao. According to a Tuesday report from the Wall Street Journal, the SEC is looking into the relationship between Binance.US and trading firms Sigma Chain AG and Merit Peak. The federal regulator has reportedly requested information from the U.S. crypto exchange on the two companies, and is investigating how it may have disclosed its potential links to the market makers to users. The news outlet reported that corporate documents from 2019 as well as …

House Financial Services Committee member and New Jersey Representative Josh Gottheimer has introduced legislation which would have the Federal Deposit Insurance Corporation back stablecoins in a similar manner to fiat deposits. In a draft of the Stablecoin Innovation and Protection Act of 2022 released on Tuesday, Gottheimer proposed labeling stablecoins issued by insured depository institutions or certain nonbank issuers as “qualified.” Under this definition, the bill suggests “qualified stablecoins” are neither securities or commodities under U.S. law, and redeemable on demand from the issuer. In cases of nonbank issuers, the legislation would require the Federal Deposit Insurance Corporation, or FDIC, …

The 2022 Winter Olympics, officially called the XXIV Olympic Winter Games, kicked off on Feb. 4 in Beijing with crypto being a major part of the event, partly because of the Chinese government’s digital currency ambitions. The cryptocurrency community hasn’t had strong ties to the Olympics over the last few years. The last major headline-grabbing interaction was when the Dogecoin (DOGE) community helped fund the Jamaican bobsled team in 2014 so they could attend the event in Sochi. The 2022 Winter Olympics, however, are making history due to the presence of nonfungible tokens (NFTs), Bitcoin- (BTC)-supported athletes, the launch of …

The husband-wife duo accused in the infamous $3.6 billion Bitcoin (BTC) money laundering case had quite a contrasting valentine. A federal judge upheld the decision of a suspended release for wife Heather Morgan while husband Ilya Lichtenstein has been sent to pre-trial detention. Beryl A. Howell, the chief judge at the Federal District Court in Columbia, ruled that Lichtenstein has the motivation and resources to flee and thus must be kept under detention. While Morgan managed to fulfill the criteria for a suspended release on a bond of $3 million. The lawyer representing the couple denied any motivation for fleeing …

Several storylines that had been long in the making dominated last week’s news cycle in the cryptocurrency policy and enforcement department. The Russian government has made another huge step on the path toward creating a tailored regulatory framework for digital assets, unveiling its consolidated view that crypto is to be treated as currency rather than swept under the rug of a blanket ban. While this movement in the direction of crypto’s formal legitimization is a welcomed development, a host of questions persists related to both the exact shape of the new regime and its enforcement. The biggest enforcement story of …

As payment methods continue to evolve, new innovations are improving financial infrastructures that have been in use for years. Currently, central bank digital currencies (CBDCs) are a topic that has grabbed the attention of many nations worldwide including the Islamic Republic of Iran. The Middle Eastern nation has faced considerable economic and financial hardships due to sanctions imposed on it by the United States and believes that piloting a CBDC can resolve problems associated with the blockade. Furthermore, some view a CBDC as a potential solution to the country’s perceived corruption problem. Corruption allegations have trailed Iran for decades. The …

HM Revenue and Customs (HMRC), the chief tax authority in the United Kingdom, have seized three nonfungible tokens (NFTs) associated with a suspected tax evasion fraud. The tax watchdog claimed it was the first U.K. law enforcement agency to seize NFT. The NFT seizure came along with the arrest of three people who are suspected of evading taxes using various sophisticated means, reported BBC. The arrested suspects in the case reportedly used fake identities and created 250 fake ‘shell’ companies to evade £1.4 million ($1.8 million) in value-added taxes (VAT). HMRC obtained a court order to confiscate $6,765 (£5,000) worth …

The cryptocurrency industry in the United States is about to score a major legal win as the U.S. Treasury Department plans to spare crypto miners, and other "ancillary parties" from tax reporting rules. In a letter to a group of senators on Friday, the U.S. Treasury indicated that it plans to exempt crypto miners, stakers and other market participants from rules that would require crypto brokers to share data on their clients’ transactions with the Internal Revenue Service. “Appreciate the Treasury Department affirming that crypto miners, stakers and those who sell hardware and software for wallets are not subject to …

Michelle Rempel Garner, a member of the House of Commons of Canada, has introduced a bill proposing the government set up a framework to encourage the growth of the cryptocurrency sector in the country. In the first reading of Bill C-249 in the House of Commons on Wednesday, Garner proposed having Canada’s Minister of Finance — currently Chrystia Freeland, a member of the country's Liberal Party — consult with industry experts to develop a regulatory framework aimed at boosting innovation around cryptocurrencies. The bill, titled the “Encouraging the Growth of the Cryptoasset Sector Act,” would also require the Finance Minister …

In a new chapter of the EOS community versus creators saga, the EOS Network Foundation’s (ENF) founder and “community-elected CEO” Yves La Rose revealed that they are preparing for a legal “war” against EOS creators Block.one. According to La Rose, they are reviewing any potential legal action “to seek $4.1B in damages.” Currently, the EOS leader mentioned that a Canadian law firm is working with them to explore what legal action they can take against the original developers of EOS. As Founder of @EosNFoundation I share your frustrations! We are taking further steps to hold @B1 accountable for its past …

Jason Powell, a member of the Tennessee House of Representatives, has introduced a bill proposing counties, municipalities, and the state to invest in cryptocurrencies and nonfungible tokens, or NFTs. According to Tennessee House Bill 2644 introduced on Feb. 2, Powell proposed amending the current state code to add crypto, blockchain, and NFTs to the list of authorized investments for the counties, state, and municipalities to make with idle funds. Lawmakers assigned the bill to the House Finance, Ways, and Means Subcommittee on Feb. 8 for further consideration. The legislation was the second related to crypto and blockchain introduced by Powell. …

Authorities in the United States have made arrests and announced the seizure of $3.6 billion in cryptocurrency more than five years after hackers stole 119,756 Bitcoin from the Bitfinex exchange. In a Tuesday announcement, the U.S. Department of Justice said it had ordered the arrest of Ilya Lichtenstein and his wife Heather Morgan for allegedly conspiring to launder crypto connected to the 2016 Bitfinex hack. The 119,756 Bitcoin (BTC) — worth $72 million at the time hackers breached security at the exchange in August 2016 — is now valued at more than $5.1 billion. Since the 2016 hack, individuals connected …