Last week, U.S. Senators Cynthia Lummis (R-Wyo.) and Kirsten Gillibrand (D-N.Y.) introduced a joint bill addressing how stablecoins could be regulated in the country. It’s the latest effort to try and get something done in the U.S. legislative front – but is it enough?
Top U.S. House Lawmakers Meet on Stablecoin Bill Strategy: Punchbowl
The U.S. congressional effort to establish regulations for stablecoins has become an increasing longshot for passage this year, but the lawmakers who’ve pushed legislation the farthest reportedly had a meeting with Senate Majority Leader Chuck Schumer about it, Punchbowl News reported.
Key U.S. Lawmaker McHenry Says House Has ‘Workable’ Stablecoin Bill
U.S. Rep. Patrick McHenry (R-N.C.) said some of the recent chaos in Congress derailed crypto legislation for a while, but a stablecoin bill is largely worked out in the House of Representatives and just needs a schedule floor vote.
Republican Lawmakers Introduce Legislation to Ban a CBDC in the U.S. … Again
Another group of Republican lawmakers has introduced legislation to block efforts to introduce a digital dollar.
England’s Law Commission Seeks Views on Draft Legislation to Label Crypto as Property
The Law Commission also called for evidence on its project on digital assets and electronic trade documents in private international law.
Crypto Action in Senate Remains on Back Burner: Sources
Despite keen interest from U.S. Senate Democrats such as Elizabeth Warren (D-Mass.) to deal with the illicit movement of funds in crypto, there’s no immediate action planned in the committee that would need to get it rolling, according to two sources familiar with the plans.
UK Minister Expects Stablecoin and Staking Legislation Within Six Months: Bloomberg
UK Economic Secretary to the Treasury Bim Afolami has said the UK government was “pushing very hard” to bring legislation for stablecoins and staking services for crypto assets within six months, according to a Bloomberg report.
U.S. Treasury Debunks Narrative That Hamas Relied on Crypto to Fund Terrorism
Just after Hamas’ terrorist attacks in Israel last year, crypto took blame for helping fund such brutal killing. While the prominent media reports were later bashed by cryptocurrency experts, the U.S. Department of the Treasury’s top official on terrorism financing confirmed to lawmakers on Wednesday the situation was blown out of proportion.
Treasury Secretary Janet Yellen Warns of Crypto Risks
U.S. Treasury Secretary Janet Yellen is set to tell Congress that the crypto industry poses several potential hazards to the financial system, including the dangers of stablecoins, runs on crypto platforms and volatile prices, according to a brief portion of her testimony posted Monday.
U.S. Lawmakers Seek to Overturn SEC’s Crypto Accounting Policy
Members of Congress are trying to delete the controversial U.S. Securities and Exchange Commission accounting bulletin that implies restrictions on companies that want to hold their customer’s crypto assets.
1inch DAO Makes DeFi History, Votes To Onboard Legal Counsel
In a historic move that sets a precedent for decentralized autonomous organizations (DAOs), 1inch DAO, the entity behind the 1inch Network, has voted to secure “legal advisory services” from STORM Partners. Notably, this decision comes amid growing regulatory scrutiny on the crypto and decentralized finance (DeFi) sectors.
1inch DAO Votes To Onboard STORM Partners For Legal Advisory Services
Following voting that ended on January 9–overwhelmingly supported by the 1inch community–holders decided to onboard STORM Partners. This marks a significant step forward in the DAO’s efforts to navigate the complex legal landscape and protect its members.
With STORM Partners on board, 1inch DAO becomes the first autonomous organization in the broader crypto ecosystem to access expert guidance on compliance, governance, and legal defense. Out of this landmark move, the DAO will receive expert legal advice.
As such, they will strive to operate within the confines of applicable laws and regulations in the United States and beyond.
This move is particularly noteworthy given the recent United States Securities and Exchange Commission (SEC) concerns over the crypto industry and the DeFi sector. From lawsuits, the agency noted that individuals who engage in illegal activities, including offering unregistered securities, via a DAO could be sued individually.
To illustrate, following a lawsuit from the SEC, BarnBridge DAO agreed to stop selling what the agency said were “unregistered securities.” As part of the settlement, the DAO and its two founders, Tyler Ward and Troy Murray, agreed to pay $1.7 million in damages.
Lawsuits Have Devastated DAOs In The Past
By onboarding legal counsel, 1inch DAO proactively addresses these concerns. It also aims to protect community members against the bruises of the law.
The DAO said the decision was a “deliberate effort to balance preserving decentralization and addressing operational challenges.” Through STORM Partners, the DAO will have a framework and receive legal support, laying a path for others to follow.
This decision considers the adverse impact of a lawsuit from a government agency like the SEC. In June 2023, US District Judge William H. Orrick ruled in favor of the US Commodity Futures Trading Commission (CFTC), agreeing that Ooki DAO issued unregistered commodities.
In a statement, the 1inchDAO new legal partner, STORM, stated the following, hinting at the services and the way they will attempt to protect the entity:
Our team will cover, among others, cross-jurisdiction regulatory compliance, contractual agreements, DAO governance framework, members’ liability, legal personality, asset protection, intellectual property, enforcement of rights and defence against external claims. Our legal representation, underpinned by community-guided Power of Attorney, is meant to ensure the DAO’s stability, efficiency and longevity.
Furthermore, by onboarding a legal advisor, the community aims to protect the DAO’s decentralization while maintaining “regulatory compliance.” It remains to be seen if other DAOs will follow suit and vote to elect a legal representative for their communities.
Argentina’s Milei Proposes Incentives for Declaring Domestic, Foreign Crypto Holdings in Draft Bill
Crypto is captured in an asset-regularization regime included in a wide-ranging bill that’s facing mounting backlash from citizens.
Bipartisan Anti-Crypto Terror Financing Bill Heads to U.S. Senate
Legislation will crack down on terrorist organizations like Hamas by applying sanctions to foreign parties that facilitate financial transactions with terrorists.
India Won’t See Crypto or Web3 Bill for Another 18 Months, Senior Lawmaker Tells CoinDesk
India is unlikely to bring a crypto or Web3-specific legislative bill anytime soon and perhaps all the way up to mid-2025, said one of the most senior politicians in India’s government overseeing the financial evolution of the nation.
Pro-Blockchain Bill Clears Hurdle in U.S. House
Another crypto bill has cleared the goal posts of a committee in the U.S. House of Representatives, with the unanimous approval of legislation that would direct the U.S. Secretary of Commerce to support blockchain technology.
New Jersey bill would make crypto sold to institutional investors a security
The bill complements one already on the governor’s desk that regulates digital assets owned by individuals.
Republicans’ Leadership Squabbles Delayed U.S. Crypto Bills Until 2024, Key Lawmakers Say
Republican Rep. French Hill and Democrat Rep. Jim Himes see potential future floor votes for crypto bills being key to convincing the Democrat-controlled Senate to play ball.
Brazil to Impose 15% Tax on Crypto Earnings Held on Offshore Exchanges: Report
The bill is awaiting presidential approval.
Public needs to know blockchain use cases, AI needs regulation now — Andrew Yang
The former presidential candidate spoke at NABS about opportunities the United States may be missing to blockchain and AI for public good.
CFTC Chief: Nothing Changed After FTX Meltdown to Empower Agency to Prevent Repeat
U.S. regulators don’t have any more authority now to head off another major crypto collapse than they did when FTX imploded and took much of the industry with it, said Commodity Futures Trading Commission (CFTC) Chairman Rostin Behnam.
