Wall street journal blockchain

For the first time, a US federal court has ruled that in appropriate circumstances cryptocurrencies can be subject to the provisions of US securities laws. Zaslavskiy , No. Combined with another first-ever ruling earlier this year in Commodity Futures Trading Commission v. McDonnell , F. That test soon came in the Zaslavskiy criminal prosecution.

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Content:

• First Mover Asia: Bitcoin Is Off on US Holiday and Could Fall Further
• Build a custom email digest by following topics, people, and firms published on JD Supra.
• U.S. SEC investigates crypto exchange developer Uniswap Labs - WSJ
• Binance CEO Changpeng Zhao talks regulation and platform’s activities in Africa
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• Wall Street Giants Are Suddenly Piling Into Bitcoin And Crypto Amid A $500 Billion Price Pump
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WATCH RELATED VIDEO: DeFi: Crypto’s ‘Wild West’ of Finance - WSJ

First Mover Asia: Bitcoin Is Off on US Holiday and Could Fall Further

With cryptocurrency, blockchain and decentralized finance gaining ground on the continent, Binance wants to be the leader in driving these activities. However , for that to happen, the company will need to consider the regulatory challenges it might face on the continent, where crypto activities have been barred in two of the most prominent crypto-heavy countries, Nigeria and Kenya.

It is already taking several hits from regulators in the U. TechCrunch: Crypto is one industry several governments are trying to regulate. Should crypto be regulated? Zhao: Regulation is essential for the crypto industry and will go a long way towards building trust with consumers and institutions interested in the space.

Ultimately , it takes proper regulation to realize crypto mass adoption, and we believe in facilitating this in a healthy way through proactively collaborating with local regulators and leading the industry to a common destination: benefit and protect users. Overall , effective regulations safeguard consumers while stimulating growth and innovation, while poorly crafted regulatory policy stifles growth and protects dated, ineffective processes and institutions.

As the largest exchange globally, why is Binance having so many regulatory issues in the U. And what steps is the company taking to address them? I believe every cryptocurrency exchange is working closely with regulators all around the world. As industry leaders, many people see the industry and see Binance. We are the largest crypto exchange because users trust us.

We earned that trust through many decisions and actions that protected users. We want to share our best practices with the industry and regulators all around the world. We believe this will help shape a healthier industry.

We have also reviewed our existing services, including updating Futures Leverage for New Accounts and restricting access to it in a number of markets and initiating a mandatory KYC [know your customer] requirement across the platform. We are pushing for longer unlocking schedules for founder tokens, from years to years. This is something that no regulators have asked for, but we believe it will help the industry become healthier.

We are always looking for ways to protect users. Would you say governments are going about it correctly? And are they knowledgeable about the budding industry and how to hone its advantage?

There is no absolute right or wrong here. Crypto and even the regulation of crypto are such new concepts, and many governments are trying to get more clarity about the space. Regulators share the same mission with us — protecting consumers while encouraging innovation. The adoption and development of crypto has many parallels with that of the car. Laws and guidelines were developed along the way as the cars were running on the road. These are frameworks and laws we take for granted today that allow this powerful technology to be used widely and safely.

Crypto is similar because it can be accessible for everyone, but frameworks are required to prevent misuse and bad actors. And Binance wants to be a positive contributor. Why is Binance bullish on Africa, where crypto regulations are increasingly becoming worrying? Crypto is solving the issues of cross-border payments and remittances sending money within Africa and beyond , currency devaluation, etc.

Many African countries have suffered from high unemployment rates, and crypto and blockchain have provided innovative job opportunities for a young and brilliant continent, bringing Africans closer to financial freedom.

Even from the first day when Binance launched, we had users from Africa, and they were actually relatively active. So, I had a little tour around Africa just to learn a little bit more about the market, and soon after that, we opened Binance Uganda, which was our first fiat gateway.

What is particularly interesting about African usage is that the number of people having bank accounts is quite low due to a lack of access to traditional financial services. However, this is why crypto is so attractive. What happens when they start coming for Binance instead, similar to the U.

Binance welcomes regulation and takes a collaborative approach in working with regulators and governments in navigating this emerging industry, and we take our compliance obligations very seriously. We are actively keeping abreast of changing policies, rules and laws in this space.

As such, Binance is ready to assist regulators and find the optimal way to set a fair playing field — consumer protection is important to all of us. Do you think crypto adoption and growth will slow down if Binance and other crypto platforms are subjected to government regulations worldwide? Smart regulation encourages innovation and helps keep users safe.

Crypto users deserve safe access to emerging technologies and practices, including NFTs, stablecoins, staking, yield-farming and more.

We touched on this in our recently released 10 Fundamental Rights for Crypto Users. Crypto regulation is inevitable. But users have the right to share their voice on how the industry should evolve with their blockchain platform of choice. What do you think is fueling crypto adoption in Africa? Africa is a unique continent with unique challenges. For example, several African countries are plagued with constant currency devaluation, and so users are more likely to use crypto and stablecoins as a hedge against devaluation and as a store of value.

Making payments — whether it is remittances, cross-border transfers or settlements — is also pretty difficult across country lines, and crypto simplifies this. Many Africans look to crypto for wealth creation and financial freedom. Much like Southeast Asia and Latin America, millions of people live below the poverty line. Many of the non-banked are skipping banks and coming directly to crypto, using a mobile phone as their bank.

Is that the number of Binance users on the continent? The Wall Street Journal cited stats provided by a third party based on speculation, as they do not have access to our systems nor any user information. As more Africans use P2P more than ever before, how is Binance making sure users are safely trading cryptocurrencies in Africa on its platform? These have been our focuses in Africa as we remain committed to ensuring that Africans are well educated and protected.

With Binance P2P in particular, user protection and safety are paramount. As of August, we had provided free crypto classes to over , Africans on topics ranging from user protection to building a career in blockchain.

The team recently implemented new risk management measures, including a crypto escrow service. We have also recently expanded our global KYC requirements to enhance user protection and implement new P2P features to prevent bad actors from exploiting the system. Honestly , the potential is endless, and in emerging economies, this is even more true. New financial infrastructure, systems and processes are being created — transforming lives and creating the potential for financial freedom.

I think these can be very transformative. Regulating crypto is essential to ensuring its global legitimacy.

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Coin Center and the Blockchain Association are both concerned about how specific provisions of the America Competes Act could negatively affect the crypto industry. Proponents of the America Competes Act of , introduced this week in the U. House of Representatives, said the legislation would make the U. The crypto industry is worried the sector will be collateral damage. Crypto lobbying groups are worried about a specific provision proposed by Rep. The provision in the Competes Act would strike those limitations. The use of such measures, however, has been historically infrequent.

U.S. SEC investigates crypto exchange developer Uniswap Labs - WSJ

Expert insights, analysis and smart data help you cut through the noise to spot trends, risks and opportunities. Sign in. Accessibility help Skip to navigation Skip to content Skip to footer. Become an FT subscriber to read: Facebook gives up on crypto ambitions with Diem asset sale Leverage our market expertise Expert insights, analysis and smart data help you cut through the noise to spot trends, risks and opportunities. Join over , Finance professionals who already subscribe to the FT. Choose your subscription. Trial Try full digital access and see why over 1 million readers subscribe to the FT.

Binance CEO Changpeng Zhao talks regulation and platform’s activities in Africa

Facebook is selling the technology for its cryptocurrency project known as the Diem Association after the project proved to be unsuccessful, The Wall Street Journal reported. The technology will be sold to Silvergate Capital Corp. The bank and Diem previously reached a deal to issue some of the stablecoins, which are considered to be less volatile and are backed by hard dollars. That deal was part of an effort to revamp the project to satisfy regulators, the Journal added.

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The popular altcoin dropped a massive 10 percent on its valuation in this current trend. The public highly associates it to the United States Federal Reserve's raised interest rates for the cryptocurrency. However, Bitcoin is not only to experience this problem as the top coins in the list also see the trend, particularly with the whole cryptocurrency community. Read Also: Odell Beckham Jr. According to the Wall Street Journal's report , the US Federal Reserve is the one to blame for a massive drop in the cryptocurrency industry.

Wall Street Giants Are Suddenly Piling Into Bitcoin And Crypto Amid A $500 Billion Price Pump

Sable Martin, 25, a biology graduate and expectant mother in Atlanta, spends her days trading stocks. On May 19, everything changed. She started seeing reports that Binance, the world's largest crypto exchange by trading volume, according to CoinMarketCap , was crashing and preventing people from moving their money, while others were saying their accounts had been closed with no explanation. She quickly logged on to Binance. US to transfer them to.

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Michael is a veteran technology writer who has been covering business and consumer-focused hardware and software for over a decade. Facebook's plans to be an early power in the rise of cryptocurrency appear to have collapsed, as reports are pouring in that its Diem Association formerly Libra Association stablecoin initiative is winding down and selling off its assets. Read More. The company's plan began in when Mark Zuckerberg revealed Libra, positioning it as a new form of cryptocurrency that could be used as a payment method within the Facebook Messenger and WhatsApp platforms.

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The first time I heard about blockchains was at a party where a friend of mine spent the night talking my ear off about this thing called Bitcoin and why I ought to buy some. I suspect that many others have had a similar experience. At its core, a blockchain is just a database that is maintained by a network of users and secured through cryptography. Each block has a unique ID called a hash that is created by running the ID of the block that preceded it and the data stored in the current block through a cryptographic algorithm. This ensures the integrity of all the data stored on the blockchain because altering the data in any block would produce a different hash. Although blockchains can be used as an immutable record of financial transactions, this is far from their only use.

Close panel. Press Enter. From birthdays to Buffett and blockchain, this week had a little bit of everything in fintech. Check out the headlines below for what you might have missed.