Hester Pearce as lawmakers debate regulators against ‘gag law’: Law passed
U.S. Securities and Exchange Commission (SEC) Commissioner Hester Peirce disagreed with her agency's denial of a petition to amend the 1972 “gag rule” that defendants were barred from denying or denying the SEC's charges. “A policy of denying defendants the right to publicly criticize after the agreement is signed is unnecessary, undermines regulatory integrity and raises First Amendment concerns,” Pearce wrote, adding that the SEC “can be trusted in its investigative work” and analysis. It does not need to “demand silence to settle the accused.”
Members of the US Congress want to repeal the SEC's Staff Accounting Bulletin 121 (SAB 121). This announcement will restrict banks that want to hold their clients' cryptocurrency assets, requiring them to keep their investors' assets on their books. Representatives Mike Flood, Willie Nickell and Senator Cynthia Lammis have introduced a resolution to formally repeal SAB 121 and end its legal force under the Congressional Review Act. U.S. lawmakers have argued that it threatens the desire of regulated banks to act as crypto custodians and treats crypto holdings differently from other assets.
Leaders of the US House Financial Services Committee and the Subcommittee on Digital Assets, Financial Technology and Inclusion have requested a lengthy comment from the Consumer Financial Protection Bureau (CFPB) on the proposed rule, saying its impact on the digital asset space is unclear. ” if implemented. Reps. Patrick McHenry, Mike Flood and French Hill questioned how the November 2023 proposal would “apply to certain entities in the digital asset ecosystem.” The CFPB proposed legislation to extend its regulatory powers to depository institutions, including digital assets in its definition of “funds” and would allow it to target wallets.
China is about to introduce new AML regulations.
China is set to improve its anti-money laundering (AML) regulations on cryptocurrency-related transactions amid calls by policymakers to further scrutinize the country's fledgling crypto industry. The first revised draft of the country's AML laws was tabled in 2021 and the revised draft was included in the legislative work plan of the state assembly in 2023 and will come into effect in 2025.
Peking University Law School Professor Wang Xin, who participated in the discussion, stressed the importance of solving the problems surrounding crypto money laundering at the legal level. Xin added that the use of cryptocurrency and digital assets as a form of money is gradually becoming a mainstream trend, and current Chinese laws do not have a clear definition of digital assets. The professor said that while the revised bill includes prevention of digital assets money laundering, there is a lack of enforcement guidance on the seizure, reduction and confiscation of assets for counterfeiting, resulting in a “disconnect”.
Continue reading
Hong Kong examines Worldcoin
Hong Kong's Office of the Personal Data Privacy Commissioner (PCPD) has announced an investigation into local operations of identity verification project WorldCoin, citing “serious risks to personal data privacy”. The PCPD said it executed search warrants and entered six locations in Hong Kong controlled by WorldCoin as part of its investigation into the project. The commission requested documents and information and warned Hong Kong residents to consider how their biometric data is used. WorldCoin uses iris-scanning orbs for users to authenticate themselves. According to the PCPD, any personal data under WorldCoin's control “must be collected for a lawful purpose” in connection with the operation or activity of the project.
Continue reading
EU member states have reached a consensus on the AI law
The European Union has boosted its artificial intelligence (AI) regulatory framework, with member states voting to approve the final text of EU AI legislation. EU Internal Market Commissioner Thierry Breton confirmed the political agreement reached in December 2023 by all 27 member states. In a post on social media, X said AI law is historic and first-world. AI Regulation is a risk-based strategy for regulating AI applications. The agreement covers government use of AI in biometric surveillance, how to regulate AI systems like ChatGPT and transparency rules to be followed before entering the market.
Continue reading
Read more
UK police may be ‘ill-equipped to handle crypto crime' – fraud victim
The US government has conducted a survey of the impact of crypto mining on electricity use
S. Korea proposes FSC inspection of crypto execs before employment
The Irish Council for Civil Liberties says the Microsoft-OpenAI partnership should be investigated as a merger.
