The Uruguayan government has introduced legislation to the parliament, accelerating the regulation of the crypto space in the country and establishing the central bank as the regulatory authority. Introduced on Sept 5, the bill strive to clarify the country's regulatory framework for cryptocurrency assets, stating that all companies that provide digital asset-related services, including initial coin offerings (ICOs) are under the supervision of the Superintendency of Financial Services (SSF), a central bank entity. Cryptocurrency exchanges, custody services, and any financial services relating to these digital assets should also adhere to anti-money laundering regulations and best practices. Additionally, the document defined …

Recently elected Conservative Party leader and prime minister of the United Kingdom Liz Truss has appointed Kwasi Kwarteng as the country’s newest chancellor of the exchequer, or chief financial minister. In a Tuesday announcement, Truss’ office named Kwarteng as the next U.K. finance minister, replacing Nadhim Zahawi, who served as chancellor of the exchequer for three months following Rishi Sunak’s resignation in July. Kwarteng was most recently the U.K. government’s secretary of state for business, energy and industrial strategy in addition to being a Member of Parliament since 2010. The Rt Hon Kwasi Kwarteng MP @KwasiKwarteng has been appointed Chancellor …

The Federal Reserve's efforts to battle inflation by rising interest rates and killing demand may have limited results as long as the supply side of the inflation problem won’t be fixed, according to macro analyst Lyn Alden. “Until they actually fix the supply side of certain things, like energy especially, but commodities broadly and logistics infrastructure, until that is improved, it's hard to have a more persistent fix to the inflationary problem”, Alden told Cointelegraph in an exclusive interview. Jerome Powell’s speech at Jackson Hole sent a clear signal that the Federal Reserve is determined to continue its efforts to …

A South Korean town near Seoul has been successfully operating a pilot program that allows police to seize crypto from the exchange accounts of individuals with delinquent traffic fines. Gunpo, a city of about 275,000 in the northwestern Gyeonggi province was selected by the national government to execute the pilot program in 2022 which an Aug. 16 report from the JoongBoo Ilbo news outlet stated was a way to collect delinquent funds in an “untact," or contactless fashion. The program appears to have been successful, at least in the first half of 2022, with Gunpo police achieving an 88% collection …

The United States Securities and Exchange Commission, or SEC, and the Commodity Futures Trading Commission, or CFTC, has proposed requiring large advisers to certain hedge funds to report any exposure to digital assets. In a Wednesday notice, the SEC and CFTC proposed amending their confidential reporting form for certain investment advisers to private funds of at least $500 million. The Form PR would require qualifying hedge funds to not include exposure to cryptocurrencies when reporting “cash and cash equivalents,” but rather add them under a different category “to report digital asset strategies accurately.” The two U.S. financial regulators cited the …

The United State Department of the Treasury has requested comments from the public on the potential opportunities and risks of digital assets in compliance with President Joe Biden’s executive order from March. In a Tuesday announcement, the U.S. Treasury said it was asking for input from the public that will “inform its work” in reporting to the president on the possible implications of digital assets on the financial markets and payment infrastructures. Biden’s executive order directed the Treasury Department to take the lead among other government agencies in developing policy recommendations aimed at mitigating both systemic and consumer risks around …

In the middle of crypto’s latest bear market, industry and asset class detractors have rallied together to share their skepticism and network with lawmakers at their own anti-crypto conference. Whereas most crypto conferences exist to promote the latest developments on the cutting edge of the industry, crypto critic journalist Amy Castor said in her Sunday blog post that the Crypto Policy Symposium promises a way for disgruntled nay-sayers to voice their negativity. Crypto skeptics step up lobbying efforts with their first conference – Amy Castor https://t.co/DdUjSfFPIQ — your #1 source for absurdist true crime (@davidgerard) July 3, 2022 Author and …

An International Monetary Fund study on energy consumption has reveale the importance of design choices within the crypto ecosystem to build an environmentally friendly mainstream payment system. In the study, titled “Digital Currencies and Energy Consumption,” the IMF examines the energy consumption of crypto assets based on their distinct design elements to evaluate the ideal mechanism for developing central bank digital currencies (CBDCs). Sharing the groundwork for policy discussions around the environmental impacts of digital currencies, the IMF recommends moving away from proof-of-work-based distributed ledger technology applications, adding: “In particular, Bitcoin, the best known application of this type, is estimated …

The United States Federal Reserve is starting the process of paring back its $9 trillion balance sheet that ballooned in recent years in a move called quantitative tightening (QT). Analysts from a crypto exchange and financial investment firm have conflicting opinions about whether QT, starting on Wednesday, will put an end to a decade of unprecedented growth across crypto markets. The worst part about this is that I would imagine ~80% of Americans have no idea what QUANTITIVE TIGHTENING is Why would we, this wasn’t taught in public school The SEC should worry about educating Americans on these terms as …

The billionaire founder and CEO of the FTX cryptocurrency exchange, Sam Bankman-Fried, has revealed he intends to spend anywhere between $100 million and $1 billion to help influence the 2024 United States presidential election campaigns. In a podcast interview on Tuesday, Bankman-Fried was asked how much money he might donate during the next presidential election cycle, answering he’d give “north of $100 million” with a “soft ceiling” of $1 billion if he were to bankroll the person running against former president Donald Trump: “I would hate to say hard ceiling because who knows what’s going to happen between now and …

Cryptocurrency exchange Coinbase has created a “crypto native think tank” in an attempt to help shape the global conversation around policies for digital assets. The newly formed Coinbase Institute will also publish research on crypto and Web3. Coinbase tapped its director of policy Hermine Wong to head the institute. She previously served in the Division of Economic and Risk Analysis at the United States Securities and Exchange Commission (SEC) and before that worked at the Department of State. The related Coinbase Institute Advisory Board has also been formed and will feature academics across law and finance from top universities such …

Caroline Pham, currently serving as a commissioner at the United States Commodity Futures Trading Commission, or CFTC, has announced a former head of U.S. regulatory policy at investment banking firm Credit Suisse Securities will be joining her staff. In a Friday announcement, Pham said Keaghan Ames will be her counselor and senior policy adviser at the CFTC starting May 23. Ames worked at Credit Suisse for more than two years as vice president and head of U.S. regulatory policy, which included advising executives on digital assets regulation. He will be joining the CFTC from the Institute of International Bankers, where …