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The Consumer Financial Protection Bureau (CFPB) has proposed a rule that could hold crypto wallet providers accountable for hacks, extending protections under the Electronic Fund Transfer Act (EFTA) to digital wallets. If enacted, users would be able to dispute unauthorized transactions, while providers would bear the responsibility for losses, even in cases of user negligence. Critics argue this could impose excessive burdens on wallet providers and stifle innovation in the crypto space, with public comments on the proposal accepted until March 31, 2025.
As Donald Trump prepares to assume office, the U.S. Consumer Financial Protection Bureau has proposed new regulations for stablecoin issuers and wallet providers, aiming to apply the Electronic Fund Transfer Act to digital tokens. This initiative, which could reshape the crypto landscape, faces uncertainty as Trump may appoint a new CFPB chief who could alter or rescind the proposal. Consumer advocates support the move, while critics argue it inadequately addresses decentralized finance and self-hosted wallets.
The UK is set to implement a new regulatory framework for crypto staking on January 31, 2025, distinguishing it from traditional investment schemes. This amendment clarifies that staking, essential for networks like Ethereum and Solana, is a technical process rather than an investment activity, promoting a more crypto-friendly environment while ensuring regulatory oversight across all UK nations.
The UK Treasury has confirmed that crypto staking is not classified as a collective investment scheme, such as ETFs, providing regulatory clarity for blockchain validators. This decision, effective January 31, 2025, is part of the UK’s broader initiative to establish a balanced regulatory framework for crypto, including stablecoins and NFTs. Economic Secretary Tulip Siddiq emphasized that staking services should not be treated like investment funds, highlighting the importance of securing the network over profit-making.
The UK Treasury has confirmed that crypto staking will not be classified as a collective investment scheme, following an amendment to the Financial Services and Markets Act 2000. This clarification, effective from January 31, distinguishes staking from traditional investment models, promoting innovation while reducing legal uncertainty in the crypto sector.Meanwhile, a survey reveals that only 35% of financial advisors can invest in crypto for clients, despite a growing interest in digital assets. While crypto allocations have doubled year-over-year, many clients are investing independently, highlighting ongoing access challenges for advisors.
The UK Treasury has clarified that crypto staking, essential for proof-of-stake blockchains like Ethereum and Solana, is not classified as a collective investment scheme (CIS), which is subject to strict regulation. This amendment to The Financial Services and Markets Act 2000 will take effect on January 31, allowing users to validate transactions and earn tokens without the heavy regulatory burden typically associated with CIS. Economic Secretary Tulip Siddiq emphasized the need to remove legal uncertainties surrounding staking services, aligning with the local crypto industry's concerns.
The UK Treasury has amended the Financial Services and Markets Act 2000 to exclude crypto staking, specifically for Ethereum and Solana, from being classified as collective investment schemes, effective January 31. This change recognizes staking as a blockchain validation process, providing regulatory clarity and fostering innovation in the crypto sector. The amendment aims to support the growth of blockchain technologies while ensuring appropriate oversight.
A federal judge has paused the SEC's lawsuit against Coinbase, citing conflicting rulings on crypto legality across various courts. Judge Katherine Failla acknowledged the complexity of applying existing securities laws to digital assets, allowing Coinbase to pursue an interlocutory appeal. This decision could significantly impact the SEC's authority over crypto, as the Second Circuit may provide much-needed legal clarity on the issue.
The US Treasury and IRS have finalized broker rules for digital asset service providers, mandating DeFi protocols to implement Know-Your-Customer (KYC) procedures by 2027. Critics argue the regulations are unlawful and beyond the Treasury's authority, with potential lawsuits anticipated. The rules require extensive reporting on digital asset transactions, including NFTs and stablecoins, while offering temporary relief from penalties for good faith compliance efforts.
Solana surged 204% in 2024, driven by decentralized exchange activity and the creation of over 3 million tokens, while Ethereum is poised for a potential breakout in 2025, with predictions of reaching $10,000 amid a favorable regulatory environment and increased staking opportunities. Retail trading has also surged, surpassing 2021 levels, as individual investors flock to cryptocurrencies and popular stocks. However, Ethereum faces challenges from rival blockchains and regulatory headwinds, which may impact its adoption and performance.
Bill Hughes Sr
People
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US regulator proposes rule to hold crypto wallet providers accountable for hacks
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