Blockworks’ Post

As the crypto landscape continues to evolve, I believe we're on the cusp of a major shift in regulatory landscape. With the increasing adoption and mainstream recognition of cryptocurrencies, it's only a matter of time before a new regulatory agency is established to oversee the industry. Drawing parallels from history, I think a Kennedy administration would likely follow a similar playbook to the Roosevelt administration's approach to regulating the stock market. Remember how FDR appointed Joseph Kennedy, a prominent businessman and father of JFK, to head the SEC? I believe we'll see a similar move in the crypto space. This new agency would likely be tasked with setting clear guidelines, standards, and safeguards for the industry. It would provide a much-needed framework for crypto companies to operate within, while also protecting investors and ensuring the integrity of the market. What would this mean for the crypto community? * Increased clarity and predictability for businesses operating in the space * Enhanced investor confidence and protection * A level playing field for all players, big and small * Opportunities for innovation and growth, as the industry is brought under the umbrella of a dedicated regulatory body As the crypto space continues to mature, it's essential that we prioritize regulatory clarity and stability. I believe this new agency would be a significant step in the right direction.

😍📃 Circle CEO Jeremy Allaire Expects US to Pass Stablecoin Legislation in 2024 Circle CEO Jeremy Allaire has expressed his confidence in the United States finally passing long-awaited stablecoin legislation this year. #CryptoNews #news

And so it begins! With #MiCA starting to take effect on the European markets, stablecoin issuers need to get their books and operations in order, something that was not actually enforced upon them even after US Congress hearings! Whether EU's digital markets legislative package is for the better is yet to be seen, but what is evident, is that the EU is still an unavoidable factor and market operators much prefer to comply rather than be left out.

So what happened last year is the BIS and IOSCO issued a lot of directives and recommendations regarding the regulation of stablecoins, so all of this is going to national legislatures and so things are happening all over this year. It's hitting Hong Kong, so I've been pretty active in that policy area, and the main thing that I have done is to bring up national security and constitutional issues. It's also that virtual asset regulation just hits an absolute ton of other issues. Virtual asset regulation is pretty much the first original issue that the "patriot legislature" has had to deal with and you get very much into geopolitics. https://lnkd.in/gwAPNFjR https://lnkd.in/gGvhupie

Crypto-ETFs In Japan Require 'Cautious Consideration,' Warns Regulator | Bitcoinist.com: Japan's top financial regulator is pumping the brakes on approving crypto-based exchange-traded funds (ETFs).

Are US regulations on crypto about to shift? 😐That is one potential takeaway after a tech advisory committee voted to submit a new "first of its kind" DeFi report to regulators at the U.S. Commodity Futures Trading Commission. The report was produced by DeFi mavens like Ari Redbord from TRM Labs and Carole House from Terranet Ventures, and aims to influence how the government will sweep DeFi into the regulatory perimeter. Recommendations include close collaboration between regulators and industry to create bespoke rules for DeFi. That's something the US has struggled to do for digital assets.“ "The report is the first of its kind from the CFTC,” Ari Redbord, vice chair of the committee, told DL News. “No other financial regulator in the US has attempted to tackle the full suite of issues around the regulatory opportunities and challenges of DeFi,” he added, saying that while other government initiatives on DeFi have been published, none have had such depth and breadth. https://lnkd.in/eMyBmhzH

Over at the Elliptic blog, we continue our #2024 regulatory outlook series by zooming in on #stablecoins. 🪙🔎 We explain why across this year stablecoins will be a top priority for regulators and policymakers, consider how things may play out in different jurisdictions, and discuss why it will be more important than ever for stablecoin issuers to demonstrate that they can manage the perceived risks in order to harness the opportunities. 💡 Check out the full piece below. 👇 #stablecoins #stablecoin #crypto #cryptoassets #regulation #compliance #policy #amlcft #riskmanagement #elliptic

Good projections here, David. For us in Nigeria, the Naira hasn’t been doing very well as a store of value as it keeps falling against the USD, Pounds and Euro. As at today, there is no data or indicator to support a prediction of the Naira recovering from its downhill journey anytime soon. The most viable alternative available to Nigerians is to save in stablecoins to hedge against the further depreciation of their funds and assets. So for us here, resorting to stablecoins it is not just about the movement of funds but also the preservation of value. People are moving in droves to stablecoins as a store of value.

The EU's Markets in Crypto-Assets Regulation (MiCA) is now in effect, significantly altering the stablecoin market. This new regulation imposes strict licensing requirements and transaction caps, impacting major stablecoin issuers. We wrote a quick article to get you fully up to speed. Read more here: https://lnkd.in/ex7DEtFH