111480
The latest news from the world of cryptocurrencies. Paid promotion: @gqsoul
South Korea’s Democratic Party Mandates Crypto Holdings Disclosure for Candidates in Upcoming Elections
🇰🇷 The Democratic Party of South Korea has instituted a new policy requiring preliminary candidates for the upcoming general elections to disclose their holdings in virtual assets, including cryptocurrencies, according to The Korea Economic Daily (Hankyung).
🖥 This decision, announced by Han Byung-do, the chairman of the Democratic Party’s Strategic Planning Committee, follows discussions within the party’s general election planning team. The party aims to ensure that candidates uphold the highest moral standards and avoid potential conflicts of interest related to digital asset holdings.
🖥 Chairman Han emphasized the importance of this policy in a recent statement. “The consensus was that the verification of candidates should be strictly strengthened based on morality,” he said. Han also warned that candidates who fail to accurately report their holdings will face legal repercussions and potentially severe consequences, including the cancellation of their candidacy.
Crypto Exchange Kraken Helps UK Police Return $2 Million to Scam Victims
🔵 Crypto exchange Kraken has partnered with the UK’s South East Regional Organised Crime Unit (SEROCU) to return nearly £2 million ($2.4 million) worth of stolen crypto to victims of a scam. Following the arrest of 40-year-old Dutch national Wybo Wiersma, who illicitly transferred IOTA tokens using a fraudulent website designed to generate fake seed phrases, SEROCU seized £2.37 million in crypto.
💡 It is the first time the Proceeds of Crime Act has been used to make such a crypto exchange seizure in the UK, a recent announcement from SEROCU said. SEROCU also shared the news of the upcoming repayment on X, along with a picture of the now-sentenced Wiersma
💡 In court, Wiersma was ordered to pay £2.1 million, with Kraken’s assistance reportedly instrumental in converting the seized crypto into back into British pounds.
🔵 “The victims, of which there are many across the world, have patiently waited for five years for this to happen and it is thanks to my team’s innovation and collaboration, particularly with Kraken, without whom this may not have been possible,” Detective Inspector Rob Bryant of SEROCU’s Cyber Crime and Cryptocurrency Unit, said in a statement.
Leetbit: Where Crypto Meets Excitement!
Ready for some serious gaming fun with DEPOSIT BONUS 150% + 50 Free Spins? 🤔
Hold on to your seats, because it's about to get wild! 🎁 Get ready for crazy rewards, fantastic prizes and adrenaline!
The pulse-pounding world of top-notch crypto casino and e-sports glory isn't just calling your name; it's shouting it. Premium games from elite providers are revved up and ready to go. 🌟🎮
🚀 Join our loyalty program for cashback, deposit top-ups, freecash, and freespins. 🚀
Best of all? Dive into the fast lane with instant play – ZERO KYC delays! 🛑✨
Click here, register your account, don't forget to use PROMO: LEETP, and let's get the party started! 🎉🎉
Binance Unveils Web3 Wallet to Promote “Self Sovereign Finance”
🔶 Digital asset exchange Binance has rolled out a web3 wallet to offer a simplified gateway to self-custody for its users.
🟡 The company announced the wallet’s launch at the Binance Blockchain Week Conference in Istanbul highlighting that it can be integrated across 30 blockchain networks and can connect users to several decentralized applications (dApps).
🟡 The new web3 wallet will be available to all users on the Binance App and will compete with MetaMask and Trust Wallet. Trust Wallet is currently owned by the exchange so it is unclear the roles both wallets will play but according to reports, the new wallet will be easily accessible through the exchange.
🔶 While it stresses ease in ushering users to other forms of storage, it was not revealed if a know-your-customer (KYC) will be mandatory to use the service.
💯 Don’t miss $CAGA launch - the first community-driven LSDfi
💎 CAGA Crypto could be the next big thing in liquid staking! It’s the first true community-driven project in LSDfi:
✅ Stake $CAGA to earn a generous APR
✅ Vote with your $CAGA
✅ Receive a share of the protocol revenue
✅ Decide which product CAGA Crypto will release next
✅ Submit proposals
✅ Benefit from the fair voting mechanism
CAGA Crypto already has two more products in the pipeline: leveraged loans (Mega Pools) and a DEX (Swap Pool). This team keeps building like 🔥!
🚨 $CAGA token is about to launch - join the official group: /channel/cagacryptogroup
Sam Bankman-Fried Trial: Recap, Legal Analysis, and What’s to Come
🛡 The landmark fraud trial against Sam Bankman-Fried came to a swift end Thursday night as the jury found him guilty on all counts after mere hours of deliberation. Bankman-Fried’s parents broke down as the jury revealed their decision, while the defendant stood motionless facing the jury.
🔗 The disgraced FTX founder’s guilty verdict follows an intensive month-long trial which saw his former girlfriend, friends and roommates take the stand against him.
🔗 “It was a very well-tried case by the government,” says former U.S. Assistant Attorney Kevin J. O’Brien. “The evidence was substantial… They had four cooperators from inside the company testifying that he was in charge and made all the key decisions.”
© Originally slated to last for six weeks, the trial lasted around a month thanks to the prosecution reducing their arguments, which O’Brien calls “smart.”
November promises to be a very eventful month for all participants of the Sundae project
Is this tied to the project's creator announcing an imminent token listing on a major exchange or the upcoming Sundae Day in the USA? We will find out soon.
A reminder of what is known about the project:
Sundae is a crypto token that equates to digital art. Currently, Sundae is available at the price of an ice cream, but in a month, the token's value may reach $25, and subsequently $50, $100, or even $1000.
What is remarkable it's the coincidence: one of the Sundae creators posted information about the project on Telegram, and 20 minutes later, Elon Musk posted a photo where he was eating Sundae ice cream in his childhood. It might be a coincidence, but it could also be Musk's intention.
Investing in Sundae today might resemble buying McDonald's stocks on its opening day in 1940 or accidentally purchasing a Picasso drawing for ten dollars.
The Sundae project was established by the team of Odyssey and the popular meme token Grimace.
This pathetic uptrend on the crypto market you call a pump is just a dead cat's bounce.
Save yourself with the help of the main defensive asset in the world. Сlock's ticking ©
🎃 Halloween Magic: Haunt the Giveaway and Win! 🎃
🔥 Unleash the spooktacular spirit of Halloween with Cryptonews.com and score a chance to win big!
🗓 October 31st
🏆 20 winners ($50 BTC each)
👉 Ready to cast your spell for crypto treasures? Follow the link and join the enchanting giveaway!
Don't let the opportunity to win crypto treats slip away this Halloween 💸
Taiwan Advances Crypto Regulation as Draft Act Passes First Reading in Parliament
📊 Taiwan parliament, the Legislative Yuan, has passed the first reading of a proposed crypto law that would regulate the crypto asset industry.
☄️ Taiwan has taken a significant step toward regulating the crypto sector by proposing a special crypto law, which has passed its first reading at the Legislative Yuan (Taiwan’s parliament). This proposed law, co-authored by Yung-Chang Chiang and 16 other lawmakers, would require all cryptocurrency platforms operating in Taiwan to obtain a permit.
☄️ Failure to comply could lead to regulatory orders for them to cease operations. While Taiwan’s Financial Supervisory Commission (FSC) had previously released guidelines for the crypto sector to form self-supervisory rules, these measures lacked legal enforceability.
🕯 The goal is to establish a regulatory framework that provides oversight and legal enforceability for crypto businesses, emphasizing the necessity of such a law to ensure proper regulation in the cryptocurrency sector.
Our friends at Bets.io are holding yet another amazing giveaway, and this time it’s bigger, badder and radder! Yeah, you heard it right — this time it’s five iPhones 15 Pro 256 GB and twenty five $200 cash prizes! 🎉
Entering it is a piece of cake 🎂 :
1. First, you gotta have a Bets.io account
2. Then, subscribe to their Telegram channel — you don’t want to miss this kind of events, duh 😉
3. Send their Telegram bot a message and follow the instructions
And you are golden — all you have to do now is wait until October 31st ⌚️
As for additional conditions: no double entry, only legit accounts and if we can’t send you the iPhone, we’ll provide its cash equivalent. 🎁 All the cash prizes will be credited to your account.
Good luck and have fun at Bets.io! 🍀
Blockchain Firm LBRY Ceases Operations, Cites Insurmountable Debt
🪙 Blockchain file-sharing and payment network, LBRY, announced the termination of its operations, citing "several million dollars" in debts owed to the SEC, its legal team, and a private debtor.
⚡️ On October 20th, the blockchain firm issued its final message to the crypto community on its video-sharing website Odysee and X, stating that "this will be our last post." In the heartfelt message the company shared, they acknowledged that they are unable to continue operations due to mounting financial challenges.
⚡️ However, LBRY clarified that all of its executives, employees, and board members had resigned, and they are now dedicated to fulfilling their legal obligations. It also noted that its assets, including Odysee, its flagship application, are now placed under the watch of the financial regulator.
🦊 The company had previously declared its intention to cease operations due to a legal conflict with the SEC. This was after the court ruling in favor of the SEC in November 2022 and also made a final ruling in July, also adding that a fee must be paid to the SEC as a fine.
Chainalysis Highlights Flawed Analysis in Assessing Crypto's Role in Terror Financing
🇮🇱 In light of recent events, various media outlets have attempted to estimate the extent of illicit cryptocurrency funds that may have been channeled into the Hamas offensive.
⚔️ Senator Elizabeth Warren, along with other lawmakers, has called for answers from the Biden administration in response to a Wall Street Journal report on Hamas's alleged use of cryptocurrency.
⚔️ Chainalysis outlines two critical aspects of analyzing the flow of terrorism-related funds: quantifying funds directly in the possession of a terrorist organization and identifying the service providers facilitating the movement of funds tied to terror financing.
💣 The firm raises concerns that recent estimates concerning the Israel attacks may have included all flows to certain service providers, even if they received some funds associated with terrorism financing. In such cases, the reported totals might encompass funds unrelated to terrorism financing.
Don't look for a broker anymore!
ForexChief with 24/7 English support through Website, Telegram, and WhatsApp, as well, has an English Telegram Group for discussion and signal exchanging. It also offers the following services:
🎁 $100 No Deposit Bonus (limited)
💵 Up to $500 Welcome Bonus (Double your deposits!)
💰Trading credits (up to 70% credit per deposit)
🏦 $1000 bonus for PAMM accounts (for professional traders)
💳 Various deposit and withdrawal methods as Crypto, Perfect Money, Local Bank Transfers, etc.
🧮 The narrowest spreads, including Cashback in MT4 and MT5
✅ And dozens of other special services...
For more information, join the ForexChief English group👇
/channel/xChief_English
Exclusive registration link to receive free $100 bonus and other services:👇
https://pro.cxchief.com/93325d
Ferrari Greenlights Crypto Payments for Supercars – Adoption on the Rise?
💵 Luxury sports car manufacturer Ferrari has announced the acceptance of cryptocurrency payments for its vehicles in the United States, with plans to extend the offering to Europe in response to customer requests.
🟢 The decision comes after electric carmaker Tesla briefly accepted Bitcoin as payment in 2021, only to halt the practice due to environmental concerns.
🟢 However, in an interview with Reuters, Ferrari's Chief Marketing and Commercial Officer Enrico Galliera noted that cryptocurrencies have made efforts to reduce their carbon footprint through the introduction of new software and increased use of renewable energy sources.
💸 Galliera reaffirmed Ferrari's commitment to achieving carbon neutrality along its entire value chain by 2030.
UK Parliament Committee Urges Government to Address NFT Copyright Infringement
🇬🇧 The UK’s Culture, Media and Sport Committee, a cross-party parliament group, is recommending the Government take action on the “widespread copyright infringement” in non-fungible tokens (NFTs). The committee MPs have warned that the promotion of cryptocurrencies in professional sports is putting supporters at risk of financial loss and potentially damaging clubs’ reputations.
🐈 “In professional sports NFTs are being used to extract additional revenue from international fans and, in some instances, as a proxy for fan engagement. NFT advertising may be misleading or even fraudulent,” the committee report stated.
🎁 The report highlighted evidence of fraudulent advertising of NFTs and has urged the Government to make sure that advertisers of crypto assets take responsibility to protect customers. The cross-party Commons also called Government to work with NFT marketplaces to introduce a code of conduct to protect creators and consumers better.
FTX Bankruptcy Team Sues Crypto Exchange Bybit for $1 Billion – What’s Going On?
🪙 FTX’s bankruptcy advisers have filed a lawsuit against crypto exchange Bybit Fintech and its two affiliated companies. The lawsuit aims to recover approximately $953 million worth of cash and digital assets that were withdrawn from Sam Bankman-Fried‘s FTX exchange prior to its Chapter 11 filing a year ago.
🛡 The lawsuit, filed in a Delaware court on Friday, alleges that Bybit’s investment arm, Mirana Corp., enjoyed special “VIP” benefits that were not available to most FTX customers. It claimed that Mirana exploited these privileges to withdraw a significant portion of its assets from Bankman-Fried’s platform just before its collapse in November 2022.
🎁 According to the complaint, Mirana exerted pressure on FTX employees to fulfill its withdrawal requests while regular customers of FTX com were left waiting for hours to access their funds as the exchange faced imminent collapse.
Why MEXC is listing AI token $QDO 👀
🔥 The bull run of 2024 will be fueled by AI tokens with real utility for business. Qoodo is a great example: a smart quality management system powered by AI and blockchain together.
So, why is a big exchange like MEXC interested in $QDO?
- Solid utility for real-world companies
- AI and blockchain that actually work together
- A doxxed team of experts
- Over 12 partnerships with big projects
- Strong tokenomics
- Audited by Hacken
💲Trade $QDO on MEXC here
Official Qoodo group: /channel/qoodo_IO
Not a week goes by without interesting news about the Sundae project.
After a post by one of the founders of the Odyssey project regarding Bitget exchange opening Sundae deposits was published, Elon Musk made a post on his X network:
"Ice cream is one of the great joys of life."
It's hard not to agree with Elon. In just two months, the Sundae token's value has increased from $0.25 to $4, making its many followers 16 times richer.
We'd like to remind you – this is at least the third mention by Musk of some "ice cream." The first mention miraculously coincided with the listing on MEXC.
So, what is Sundae? What's the secret behind the rapid token's value growth during such a depressive period of bear market rally?
The secret of this growth partly lies in rumors that Sundae senators have established an accumulation fund where about 30% of the token's sales profit goes.
The fund plans to invest in various sources of income, such as trust funds, media, online schools, IT companies, digital agencies, and even immortal canvases by world-famous authors.
The project has all chances to become revolutionary, as evidenced by its listing on major exchanges like MEXC and Bitget, the participation of bloggers with a million-strong audience and funds that previously invested in the current market "monsters."
One of the Odyssey co-founders explains: "Sundae means 'ice cream dessert.' Yesterday, the token cost only $0.25, less than ice cream. Today it's already $4, and tomorrow it could be worth thousands. Can you buy your secure future at the price of an ice cream? A foolish question, of course, you can!"
😅 Check out the new gambling project 1win, a haven for gambling enthusiasts and all things related.
1win offers a gaming platform that boasts over 15,000 games, complete with Telegram integration.
As a gambling fan myself, I've given it a try. Just a heads up though, casino games can be risky – so play only with money you can afford to lose.
🟣 Experience swift deposit and withdrawal processes (supports both fiat and crypto) with an automatic exchange to the gaming token.
🟣 Enjoy a fair average RTP of 98% (just so you know, RTP means return to player, and 98% is pretty solid for gamblers).
🟣 No need for KYC verification to manage gambling habits.
⚡️What's next?
🟣 Navigate to the bot.
🟣 Log in via Telegram and start earning.
This project is ideal for those who relish in gambling.
Give it a shot and test your luck, all within the convenience of Telegram.
So, are you ready to try your luck? 👉 "Play now"
Monero’s Security Breach Drains Entire Funds In Community Wallet: What’s Going On?
🚫 Monero’s community wallet was drained of all assets following a security breach described as shocking and a little sketchy.
🔴 The attack on the privacy coin’s wallet took place on Sept 1 but was not revealed until Nov 2 on GitHub. According to the company, the source of the breach remains unidentified and is still under investigation.
🔴 Monero’s developer, Luigi explained that a total of 2,675.73 XMR worth approximately $460,000 was stolen as a result of the incident.
❌ “The CCS Wallet was drained of 2,675.73 XMR (the entire balance) on September 1, 2023, just before midnight. The hot wallet, used for payments to contributors, is untouched; its balance is ~244 XMR. We have thus far not been able to ascertain the source of the breach.”
Tokenized Future: Hong Kong’s Regulatory Shifts Towards Digital Assets
🇭🇰 Hong Kong is mapping out clear guidelines for tokenization and digital assets. The city aims to achieve a mix of innovation and consumer protection for both the developers and the users. This initiative, as part of a broader push, is steered towards placing Hong Kong at the center of fintech evolution in Asia.
🌐 During Hong Kong FinTech Week 2023, the city’s demonstrates solid evidence to push towards modern financial technology. Christopher Hui, Secretary for Hong Kong’s Financial Services and the Treasury, voiced strong support for web3 innovation. This stance remains unchanged despite recent crackdowns on crypto exchanges like JPEX. “We have been asked many times whether JPEX will affect our determination to grow the web3 market,” Hui said. “The answer is a clear no.”
🎁 One notable initiative is the new Integrated Fund Platform (IFP) as listed in a press release. Developed by the Hong Kong Exchanges and Clearing Limited (HKEX), the IFP targets the retail fund sector. It aims to better serve various stakeholders through a streamlined process.
Do Kwon and Terraform Labs Submit Motion for Case Dismissal against U.S. SEC
🇺🇸 Terraform Labs and co-founder Do Kwon have filed a motion for summary judgment against the U.S. Securities and Exchange Commission (SEC), seeking to dismiss allegations of multi-billion-dollar securities fraud. This move could prevent a lengthy trial if the judge rules in Terraform’s favor.
💲 In the motion, Terraform Labs and Do Kwon assert that the SEC has failed to provide ample evidence for their claims. They stated, “After two years of investigation, the completion of a discovery period that resulted in the taking of more than 20 depositions, and the exchange of over two million pages of documents and data, the SEC is evidentiarily no closer to proving that the defendants did anything wrong.”
💲 Terraform Labs directed their motion for summary judgment to Jed Rakoff, the judge at the U.S. District Court for the Southern District of New York, aiming for a swift resolution. However, Terraform’s last attempt did not land well as Rakoff dismissed Terraform’s previous motion to have the lawsuit thrown out, siding with the SEC’s argument that there might be a “plausible claim” regarding Terraform’s potential violation of securities law. Rakoff also rejected using a recent ruling as a precedent which determined that Ripple Labs did not violate any securities law.
Spot Bitcoin ETF Approval: Cantor Fitzgerald Grows Confident – Here’s Why
🪙 Analysts at financial services firm Cantor Fitzgerald believe the long-awaited spot Bitcoin (BTC) exchange-traded fund (ETF) is inching closer to reality.
🟡 The company, known for its prime brokerage and investment banking services, has grown confident in the approval of applications from asset managers seeking to launch a spot ETF for Bitcoin, as reported by Bloomberg News.
🟡 The US Securities and Exchange Commission (SEC) has been hesitant to approve a spot bitcoin ETF due to concerns about potential manipulation on offshore spot platforms. However, Cantor Fitzgerald believes that the market surveillance procedures proposed by new applicants could address these worries and sway the SEC towards approval.
🪙 The firm’s analysts Josh Siegler and Will Carlson emphasized the importance of establishing a “comprehensive surveillance-sharing agreement with a regulated market of significant size” to appease regulators.
Crypto Layoffs Continue: Polkadot Blockchain Developer Parity to Cut 30% Workforce
🔔 Polkadot blockchain developer Parity Technologies is the latest blockchain firm to conduct layoffs. The DLT infrastructure company confirmed to Bloomberg that it would cut 30% of its employees – around 100 staff – in a move to refocus on its core blockchain services.
⚡️ According to Björn Wagner, CEO of Parity, the company will eliminate around 100 staff from its total workforce of less than 400 over a “transition period of a few months.” The move is part of its plan to shift the company’s focus to its technology developments.
⚡️ The company added that most of the cuts would be in the marketing and business development departments. Early this month, the firm hinted about its layoff plans noting that Parity is “sunsetting its go-to-market functions.”
⚠️ Polkadot protocol connects blockchains allowing value and data to be sent across previously incompatible networks like Bitcoin and Ethereum. The DOT token, the native cryptocurrency of Polkadot, is used for staking and governance and has a market value of $5.3 billion.
Thailand Delays Plan to Distribute $15 Billion in Digital Currency to its Citizens
🇨🇷 Thailand's ambitious plan to distribute digital currency to its citizens, with a total value of approximately $15 billion, has hit a roadblock, as Deputy Minister of Finance Julapun Amornvivat announced a delay in the program's launch, local media outlets reported.
🔠 The initiative aimed to provide 10,000 baht (about $280) to each Thai citizen over the age of 16, with the objective of revitalizing the nation's economy.
🔠 The Thai government has shifted the launch date of the digital currency distribution plan to the first quarter of 2024. The delay was attributed to the need for additional time to develop a secure system, ensuring the protection of both funds and user data.
😯 Earlier, Thailand's Prime Minister, Srettha Thavisin, who also has ties with crypto sector, had envisioned this program as a means to boost consumer spending and, in turn, stimulate the economy, with an ambitious target of achieving 5% economic growth in the coming year.
An announcement about the Sundae project has appeared in the public space. Bloggers, stars and opinion leaders are discussing this project.
One of the creators of Sundae published information about the project in Telegram, and 20 minutes later Ilon Musk posted a photo of himself eating Sundae ice cream as a child. It may be a coincidence, but it could also be Musk's idea.
What's known about the project. Something partly crazy, partly grandiose is coming.
Sundae: it's a crypto-token that equates to digital art. According to the project's philosophy, without community appreciation, a Picasso painting is worthless. The value of a work of art depends on community appreciation.
Right now Sundae is available for the price of an ice cream, but in a month the token may be worth $5, and then $50, $100, $1000. With each new purchase, the "Picasso painting token" will become more and more difficult to buy. The current capitalization of the project is only $20 million.
According to the project's White Paper, Sundae holders are expected to receive multi-million dollar dividends, as well as the right to medical and legal insurance, pensions and free use of the corporation's assets.
Investing in Sundae today might be like buying McDonald's stock on the day it opened in 1940 or accidentally buying a Picasso drawing for ten dollars.
The Sundae project was created by the team behind the popular meme token Grimace, which grew in value hundreds of times in six months, making many investors millionaires.
Spin, Win and Repeat - Our motto at Wazamba Crypto Casino! 🤩
Dive into the ultimate gaming universe! 🎰
Your favourite slots, table games, and high odds for sports events await. All in one place with a Welcome Bonus of Up to 100 mBTC + 100 FS + 1 Bonus Crab 💰
Ready to win big? Click here to join Wazamba and enjoy your bonus today! 🚀🥳
SEC's Surrender: Bitcoin ETF on the Horizon, Experts Predict
👽 The Securities and Exchange Commission (SEC) has seemingly conceded its battle against a Bitcoin (BTC) exchange-traded fund (ETF) as the deadline for an appeal passed on Friday. With the agency's inability to appeal a key court ruling, many now predict that a Bitcoin ETF will soon make its way to the market, potentially as early as January 10, according to analysts at Bloomberg.
🟧 The SEC's decision not to challenge the August court ruling in the case of Grayscale vs. SEC is unlikely to be a result of a change of heart by Chair Gary Gensler. Rather, it is believed that the agency's limited legal resources, coupled with the court's dismantling of the SEC's justification for denying the ETF, led to their decision to fold their cards.
🟧 Back in May, a US court ruled in favor of Ripple in the ongoing lawsuit brought by the SEC, claiming that selling XRP on exchanges in itself does not constitute an investment contract. The ruling, issued by the District Court for the Southern District of New York, stated that the “offer and sale of XRP on digital asset exchanges did not amount to offers and sales of investment contracts.”
❔ However, the federal judge also ruled that XRP is a security when sold to institutional investors, as it met the conditions set in the Howey Test.
China's FX Minister Suggests CBDC Programmability for Macroeconomic Management
🇨🇳 An official from China's foreign exchange regulatory body has suggested the potential use of "programmable features" within China's Central Bank-Backed Digital Currency (CBDC) to bolster the effectiveness of monetary policy tools.
🔴 China, alongside several other nations, is diligently working on the development of CBDCs, digital tokens issued and regulated by central banks, although their widespread adoption remains in its early stages.
🔴 However, Lu Lei, the Deputy Administrator of the State Administration of Foreign Exchange (SAFE), has proposed that central banks could harness the programmable attributes of CBDCs to elevate their status to M2 currency, encompassing deposits and savings, Reuters reported.
🚫 This involves the capacity to set parameters that can be altered, allowing for a range of possibilities. For instance, money could be programmed to have an expiration date or be limited in its utilization for specific purposes.
US Consumer Protection Agency Might Introduce E-banking Laws to Digital Assets
👑 The director of the Consumer Financial Protection Bureau (CFPB) disclosed that the agency is considering transplanting e-banking laws to digital assets.
🔥 Speaking at the Bookings payment conference on Oct 6, Rohit Chopra said that the agency might apply the Electronic Fund Transfer Act (EFTA) to protect investors and users in the crypto ecosystem. According to him, to create a safe space for users, the CFPB mulls rolling out traditional finance measures for virtual assets.
🔥 “To reduce the harms of errors, hacks, and unauthorized transfers, the CFPB is exploring providing additional guidance to market participants to answer their questions regarding the applicability of the Electronic Fund Transfer Act with respect to private digital dollars and other virtual currencies.”
➡️ This comes on the heels of recent spikes in activities of bad actors in the digital asset market. If the EFTA gets applied to crypto, virtual asset firms will be required to make certain changes to their operations regarding disclosures and other issues.