Thoughts From Davos

In other words, it’s possible, even plausible, that the crypto industry was able to take advantage of a gap in normal sponsorships to get a foot in the door, so to speak. It’s far too early to know whether they’ll be able to repeat this during a normal WEF meeting (the next one will be Jan. 15-20, 2023).  Matthew Blake, head of the future of financial and monetary systems at the WEF, told me that the annual meeting wouldn’t have any crypto panels if there wasn’t interest from multiple parties.…

Regulators Are Paying Attention to UST

The introduction of the Libra stablecoin project led to, years later, multiple regulatory approaches and the certainty that sooner or later, governments will have rules in place for how stablecoins can operate. However, all of these efforts have focused on asset-backed stablecoins, not algorithmic stablecoins. The novel structures here might result in new approaches from regulators. The major difference? Libra never launched, and there haven’t been any asset-backed stablecoin collapses the way there was with UST. That difference may lead to regulators placing a higher priority on this issue. Author:…

US Appeals Court Orders SEC to Bring Enforcement Actions to Jury Trials

The SEC alleged in 2013 that George Jarkesy Jr. and his firm, Patriot28 LLC, violated federal securities law by misstating his hedge funds’ assets. The case was tried before an administrative law judge, rather than before a civil court. These administrative law judges, or in-house judges, may have violated Jarkesy’s seventh amendment rights to a jury trial, the 5th Circuit Court of Appeals said in its ruling Wednesday. Author: Nikhilesh De Source link

US Officials Tie North Korea’s ‘Lazarus’ Hackers to $625M Crypto Theft

“Identification of the wallet will make clear to other VC actors, that by transacting with it, they risk exposure to US sanctions. This demonstrates Treasury’s commitment to use all available authorities to disrupt malicious cyber actors and block ill-gotten criminal proceeds,” the spokesperson said. “There may be mandatory secondary sanctions requirements on persons who knowingly, directly or indirectly, engage in money laundering, the counterfeiting of goods or currency, bulk cash smuggling, or narcotics trafficking that supports the Government of North Korea or any senior official or person acting for or…

Lawmakers Raise Alarm on Crypto for Sanctions Evasion as Experts Cast Doubt

Still, lawmakers want assurances from Yellen that the Office of Foreign Assets Control (OFAC), which enforces U.S. sanctions rules, will be able to maintain the blocks against Russian banks and oligarchs. Wednesday’s letter asked Yellen and OFAC to provide responses to five questions about the agency’s work, including whether decentralized finance (DeFi) arrangements could help malicious actors bypass sanctions. Author: Nikhilesh De Source link

US Sanctions Russian President Vladimir Putin

“Following a television telephone conversation President [Joe] Biden held with European Commission President Ursula von der Leyen and in alignment with the decision by our European allies, the United States will join them in sanctioning President Putin and Foreign Minister [Sergei] Lavrov and members of the Russian national security team. I expect we’ll have more specific details out later this afternoon,” Psaki said. Author: Nikhilesh De Source link