America’s housing market may soon be facing its next bubble as home prices across the country continue to be fueled by demand, speculation and lavish spending that could result in a collapse. Moreover, many homeowners are opting to stay put due to climbing mortgage rates, creating a housing shortage. Data from the Federal National Mortgage Association, commonly known as Fannie Mae, found that 92% of homeowners think their current home is affordable. Yet, findings further show that 69% of the general population, consisting of both homeowners and renters, believe it’s becoming too difficult to find affordable housing. Web3 and the …

Regulation by enforcement, a fast and economical substitute for thorough rulemaking, is widely regarded as some of the U.S. executive agencies’ preeminent approach to crypto regulation. It could be summed up as letting crypto firms explore the boundaries of what is permissible by themselves and then punishing industry participants in case their exploratory actions come to look like a transgression. Others will take heed and learn from the explorer’s negative experience. While it is the United States Securities and Exchange Commission that gets accused of over-reliance on regulation by enforcement most frequently, other federal agencies do that as well. Last …

New York's legislature might ban proof-of-work (PoW) crypto mining in the state for at least two years, citing environmental concerns. Over the past weekend, on Saturday and Sunday, several crypto advocacy groups — including the Blockchain Association and Crypto Council for Innovation — rang the alarm over the upcoming vote in the New York Assembly. The state Senate's official webpage did not indicate a specific date for the vote. 1/ New York’s proposed moratorium on proof-of-work (S6486D/A7389C) mining has an unintended consequence - it puts innovation on the back burner. It would have significant implications for the security of major …

The United States Treasury Department has added three Ethereum wallet addresses to sanctions allegedly linked to the hacker group responsible for the theft of more than $600 million in crypto from nonfungible token game Axie Infinity’s Ronin sidechain. In a Friday update, the Treasury Department’s Office of Foreign Assets Control, or OFAC, listed three Ethereum addresses to its Specially Designated Nationals restrictions for North Korea’s Lazarus Group. U.S. authorities, including the Federal Bureau of Investigation and the Cybersecurity and Infrastructure Security Agency, have targeted the group over its alleged role in taking more than 173,600 Ether (ETH) and 25.5 million …

The United States Office of the Comptroller of the Currency, or OCC, has said it intends to pursue cease and desist proceedings against cryptocurrency custody bank Anchorage Digital for violating certain Anti-Money Laundering (AML) requirements. In a Thursday announcement, the OCC said it issued a consent order against Anchorage Digital based on its “failure to adopt and implement a compliance program” in accordance with the required Bank Secrecy Act, or BSA, and AML standards. The government bureau said such actions placed Anchorage Digital in violation of its operating agreement with the OCC, established in January 2021. “The OCC holds all …

United States House of Representatives member Jared Huffman and 22 other lawmakers have requested the Environmental Protection Agency, or EPA, assess crypto mining firms potentially violating environmental statutes. In a letter addressed to EPA administrator Michael Regan on Wednesday, Huffman said he and other Democratic House members had “serious concerns” around crypto firms in the United States reportedly contributing to greenhouse gas emissions and not operating in accordance with either the Clean Air Act or the Clean Water Act. The lawmakers identified efforts to “re-open closed gas and coal facilities” as a means to produce energy for crypto mining operations …

Web3 has given rise to a number of innovative business models. In particular, decentralized autonomous organizations (DAOs) have started gaining traction as Web3 and the creator economy comes to fruition. Natalie Salemink, CEO and founder of Prismatic — a tooling and treasury management platform for DAOs — told Cointelegraph that DAOs are internet-native organizations that utilize smart contracts to facilitate coordination and governance in pursuit of a common goal. When it comes to traditional businesses, though, one of the most interesting aspects a DAO structure can provide is leadership based on computer-generated code rather than individual authority. The idea of …

Crypto investors from the United States realized crypto gains nearly six times higher in total than the United Kingdom, the second-highest country in terms of realized gains. According to a report by Chainalysis, crypto investors in the U.S. accrued a record $46.9 billion in realized gains throughout 2021, leading the rest of the world by a wide margin. The U.S. is followed at quite some distance by the U.K. at $8.1 billion and Germany with $5.8 billion. The report comes as global cryptocurrency adoption continues to gain widespread traction. The U.S. witnessed a massive increase in adoption and realized gains, …

Asset manager Simplify has filed a registration statement with the United States Securities and Exchange Commission (SEC) to list shares of an exchange-traded fund (ETF) linked to Bitcoin (BTC) futures, Treasury securities, and options. In a Wednesday filing, Simplify applied with the SEC for an investment vehicle based on a Bitcoin futures strategy, an income strategy and an option overlay strategy. The Bitcoin Strategy Risk-Managed Income ETF, to be listed under the ticker MAXI on Nasdaq, is a series of exchange-traded funds from the asset management company. The fund will indirectly invest in BTC using crypto futures and, as part …

The United States Treasury Department has added Russia-based crypto mining services provider BitRiver and several subsidiaries as firms facilitating the evasion of sanctions. In a Wednesday announcement, the Treasury Department’s Office of Foreign Assets Control, or OFAC, said it was taking action against BitRiver AG, as well as 10 of its Russia-based subsidiaries, naming the companies as “Specially Designated Nationals.” Firms and individuals listed as such by OFAC have their assets blocked and “U.S. persons are generally prohibited from dealing with them.” According to the U.S. Treasury, the actions against BitRiver and its subsidiaries were based on them allegedly facilitating …

The number of adults in the United States who will use crypto to make purchases in 2022 will increase to 3.6 million, according to a research firm. A report published by Insider Intelligence shows that crypto's value as a means of payment will go up by 70% this year. The firm predicts that by the end of the year, 3.6 million U.S. adults will have used crypto to make purchases. According to the company's principal analyst David Morris, crypto's volatility is being alleviated by the growth of stablecoin usage. As CBDCs are being developed, more focus will be brought to …

Puerto Rico has become the fourth jurisdiction in America to grant a money transmitter license to Binance.US, the American arm of the crypto exchange Binance. Other states that haveissued operational licenses to Binance.US include Wyoming, Connecticut and West Virginia. Binance.US was launched as a second attempt by Binance CEO Changpeng Zhao to cater to investors in the United States as the nation banned Binance’s primary operations, citing regulatory concerns. The new license from Puerto Rico further strengthens CZ's vision “to be licensed everywhere.” According to the announcement, the money transmitter license was awarded to Binance.US by the Puerto Rico Office …