In January, the United States Federal Reserve Board of Governors released a discussion paper on a potential U.S. central bank digital currency (CBDC) titled “Money and Payments: The U.S. Dollar in the Age of Digital Transformation.” The comment period for the paper ended May 20, with the Fed receiving over 2,000 pages of comments from individuals alongside responses from leading stakeholders. Cointelegraph read a selection of shareholder responses to the Fed paper, and it quickly became apparent that there are plenty of confidently stated opinions but little agreement among them. The main points of commonality are in the places they …

Human rights activists from 20 countries have submitted an open letter to the United States Congress in support of a “responsible crypto policy” and praising Bitcoin (BTC) and stablecoins as essential tools aiding democracy and freedom for tens of millions. The letter comes just a week after an anti-crypto open letter was sent to Congress, purporting to be from the scientific community but whose lead signatures included well-known crypto critics and authors from high-income, democratic countries. The group of 21 activists clapping back includes people from countries that have either seen recent conflict or have otherwise unstable economies such as …

Wyoming based digital asset bank Custodia is suing the Federal Reserve Board of Governors and the Federal Reserve Bank of Kansas City, claiming an “unlawful delay” in processing an application for its master account. Custodia, formerly known as Avanti, was one of the first Special Purpose Depository Institutions (SPDIs), also known as “blockchain banks,” made under a Wyoming regulatory framework. The bank was founded by Caitlin Long, an early advocate of Bitcoin (BTC) who established the institution in 2020 to provide accounts for crypto companies and serve as a bridge for them to the U.S. dollar payment system. Custodia submitted …

Earlier this year, during the annual Queen’s Speech in the United Kingdom, Prince Charles informed the Parliament about two bills. One of them — the Economic Crime and Corporate Transparency Bill — would expand the government’s powers to seize and recover crypto assets. Meanwhile, the United States Internal Revenue Service (IRS) seized more than $3 billion worth of crypto in 2021. As digital currencies’ monetary stock grows and enforcers’ scrutiny over the maturing industry tightens, the amount of seized funds will inevitably increase. But where do these funds go, assuming they aren’t returned to the victims of scams and fraud? …

The New York State Senate approved a controversial proof-of-work (PoW) mining ban bill that would prohibit any new Bitcoin (BTC) mining operations in the state. The PoW mining ban bill was first passed by the state assembly in April. It aims to prohibit any new mining operations in the state for the next two years. Now, the bill is headed for the governor’s office, which, once approved, would make New York the first state in the United States to place a moratorium on cryptocurrency mining. PoW mining consensus is predominantly used by Bitcoin miners and is considered one of the …

ForUsAll, a 401(k) retirement provider, filed suit against the United States Department of Labor (DOL) and Martin Walsh as Labor secretary in U.S. District Court in Washington, D.C. on Thursday. The company is seeking the withdrawal of a DOL compliance assistance release issued in March, citing the Administrative Procedure Act, which safeguards against arbitrary official encroachment on private rights. The DOL release warned that the department’s Employee Benefits Security Administration is expected to “conduct an investigative program” aimed at 401(k) plans that contain cryptocurrency. ForUsAll CEO Jeff Schulte told Cointelegraph: “The government is suddenly trying to restrict the type of …

A number of social gatherings have started to take place in the Metaverse as companies across the globe begin to understand the value that virtual interactive environments can have for consumers. It shouldn’t come as a surprise then that Pride Month — a month-long celebration held in June to commemorate the 1969 Stonewall Riots — will be celebrated in various metaverse environments this year. Pride in the Metaverse creates open access Akbar Hamid, co-founder of People of Crypto Lab (POC) — an innovation hub dedicated to increasing diversity and representation in Web3 — told Cointelegraph that the Metaverse is an …

As fears surrounding the Coinbase exchange run wild, Paul Grewal, the chief legal officer of Coinbase, assured customers that their funds are safe within the exchange. In an SEC disclosure made by Coinbase back in May, certain parts of the document mentioned that in the case of bankruptcy, crypto-assets held in custody on behalf of its customers may be "subject to bankruptcy proceedings" and that customers may become "unsecured creditors" in the process. The disclosure was thrust into the limelight right after Coinbase reported its losses in the first quarter of 2022 amounting to $430 million and showed a decrease …

The increase of crypto lobbyists recently sparked an effort from anti-crypto individuals in the tech space to urge regulators through a letter to resist the influence of blockchain advocates. In response, the crypto community criticized the move and laid out counterarguments against the contents of the letter. Signed by 26 tech personalities, the letter sent to United States lawmakers described crypto assets as “risky, flawed and unproven digital financial instruments.” It expressed disagreements about the potential of blockchain technology and has urged the regulators to create harsher regulations for cryptocurrencies. The crypto community did not stay silent as many reacted …

The popular Mexican fast-food chain Chipotle is now accepting cryptocurrency payments through digital payment provider Flexa at all of its over 2,950 United States-based restaurants. Flexa announced the partnership on Wednesday which will see Chipotle accept all the 98 cryptocurrencies Flexa currently supports including Bitcoin (BTC), Ether (ETH) and seven U.S. dollar-pegged stablecoins like USD Coin (USDC). Chipotle’s website does not contain any information on the announcement, however. Bitcoin, but make it **burritos.** We’re delighted to share that @ChipotleTweets is now accepting payments in #bitcoin, #ether, #dogecoin, and more, exclusively through Flexa. https://t.co/W0ktwPX7i3 — Flexa (@FlexaHQ) June 1, 2022 The …

United States-based insurers are the most interested in cryptocurrency investment according to a Goldman Sachs global survey of 328 chief financial and chief investment officers regarding their firm’s asset allocations and portfolios. The investment banking giant recently released its annual global insurance investment survey, which included responses regarding cryptocurrencies for the first time, finding that 11% of U.S. insurance firms indicated either an interest in investing or a current investment in crypto. Speaking on the company’s Exchanges at Goldman Sachs podcast on Tuesday, Goldman Sachs global head of insurance asset management Mike Siegel said he was surprised to get any …

On Wednesday, United States prosecutors in Manhattan charged Nathaniel Chastain, 31, with insider trading. Chastain is a former product manager at OpenSea, the largest nonfungible token (NFT) marketplace. This will be the first case of its kind regarding digital assets and traditional criminal investigations. Former employee of NFT marketplace charged in first ever digital asset insider trading schemehttps://t.co/Q8C8btS743 — US Attorney SDNY (@SDNYnews) June 1, 2022 Prosecutors claim that Chastain bought 45 NFTs through anonymous hot wallets and anonymous accounts on OpenSea and then sold them for a profit shortly after. He allegedly bought them shortly before they were featured …