Crypto companies in stranglehold of US authorities

Crypto companies in stranglehold of US authorities

Regulatory ECHO: Crypto companies in stranglehold of US authorities

Bitcoin coin in a pincer, with the USA flag in the background. Symbolic image crypto regulation in the US.

Whether it is from the newly appointed US Secretary of the Treasury Janet Yellen or New York Attorney General Letitia James – crypto companies in the US are being met with scepticism these days. Many companies in the land of unlimited Bitcoin Future opportunities are encountering the heavy hand of the authorities. The designated head of the SEC, Gary Gensler, is associated with many hopes. Whether his appointment will actually open up the market remains to be seen.

„Or we’ll shut you down“: State prosecutor admonishes the crypto industry

Not only in Washington, but also in the US states, there is sometimes a critical attitude towards crypto companies. This is evidenced by the recent rejection by New York Attorney General Letitia James. In a press release, the lawyer waves the state’s heavy hand. Her credo: Stick to the rules, or you’ll get it too. Tether, Bitfinex and Coinseed were the latest to feel the pinch.

BitMEX founder Arthur Hayes wants to extradite himself

Companies abroad are also worried about scrutiny from the West: Singapore’s crypto exchange BitMEX, for example, has been defending itself since October against a lawsuit filed by the Securities and Exchange Commission (CTFC). The latter accuses the company of operating an unlicensed trading platform. After a long period of hesitation, its founder and former boss Arthur Hayes no longer wants to evade the authorities‘ grasp. From his exile in Southeast Asia, the US-American is now travelling to his home country to answer questions.
Counterattack – Ripple and the SEC: CEO Brad Garlinghouse with a new move

Meanwhile, the trench warfare between the securities regulator and the payment service provider Ripple continues: The company, led by the twin brothers Garlinghouse, is still accused of not labelling its cryptocurrency Ripple (XRP) as a security – a serious accusation for the company as well as the XRP price. Now the company’s own in-house lawyers have filed a motion to dismiss the case. Hopeful observers, meanwhile, are looking with bated breath at the shake-up in the authority’s executive suite. Some expect the personnel shake-up to bring about a rethink in the Ripple case.

Gary Gensler: Will a new man at the top of the SEC bring about a turnaround?

President Biden recently brought a breath of fresh air to the top of the SEC with Gary Gensler. Whether the MIT professor and proven blockchain expert will actually become a game changer for the securities regulator, however, remains an open question: At his most recent hearing in the US Senate, the SEC chief-designate did not say very much. In his view, cryptocurrencies have brought about a rethink in the financial industry. He wants to advocate for the promotion of innovation. For the SEC, on the other hand, it is still primarily a matter of enforcing the applicable laws and upholding the principles of investor protection. It remains exciting

Crypto miners in China’s Inner Mongolia province must brace themselves for an approaching mining ban. The Inner Mongolia Development and Reformation Commission published plans to this effect last week. The reason for the sudden cancellation is environmental and emission concerns ordered by the central government in Beijing. The situation in Iran, however, is quite different: Here, the government has given the green light to the mining industry – possibly also to fill the state coffers despite the US sanctions.
Goodbye Switzerland, hello Africa: Is this the new crypto oasis?

Meanwhile, futurologists are already certain: Africa, the youngest continent and probably the most ignored by global politics, is often traded as the „New Frontier“ – a place of great opportunities where companies can seemingly do anything. So far, Africa has played a minor role on the crypto stage. Yet the continent holds huge potential, not least thanks to the rapidly growing use of crypto among the population. BTC-ECHO editor Daniel Hoppmann takes a closer look at the situation and dares to look into the crystal ball.

Time to take a BTC position – Bundesbank makes no profits for the first time since 1979

And then there is the German Bundesbank. In its hallowed Frankfurt halls, 40 years of certainty have now come to an abrupt end. In 2020, the German bank will now not distribute a profit to the Treasury for the first time in a long time. The reason for the balanced balance sheet is the „increased risk provisioning“ and the ongoing Corona pandemic. Observers see the move, similar to the recent rise in interest rates for US government bonds, as a vote of no confidence in the expansionary monetary policy and a symptom of reawakened inflation fears. So is it high time to create Bitcoin positions?