Cryptocurrency news september 2022
The concept of trust in crypto may be viewed as implying that if rules are transparent and followed which is possible because of the underlying code , then users of a crypto network can have complete confidence in the system and not have to rely on any single actor. But consumers may have a different perspective on trust when it comes to their financial lives—one that places a greater emphasis on outcomes being fair and just.
That is, if their wallet or network is hacked or their money is deposited with a crypto lender, they care that they can have their money returned to them, and are likely to have greater confidence in a system that can ensure this. Research shows that wealth gaps between Black and white households are not explained by individual choices, but rather by history and inheritance that reflect accumulating inequality and discrimination. Bill which predominantly assisted white soldiers with attending college, starting a business, or buying a home.
This legacy has been passed from generation to generation via unequal monetary inheritances, which account for a great deal of current wealth gaps. But research shows that communities of color are unable to build lasting wealth due to unequal access to credit. As a result, if an individual lacks wealth in the first place, obtaining credit becomes harder, which hinders their ability to build wealth.
That is, should Black and Latino or Hispanic crypto-holders incur losses, their financial well-being would feel an outsized negative impact compared to white crypto-holders. Despite the vast amount of money poured into crypto and related products over the years, crypto has not developed past the use case as a speculative asset.
Here too, cryptocurrencies are a vulnerable option, because they have no intrinsic value and are not backed by anything; they are simply grounded in speculation. Cryptocurrencies derive their value from other people believing they are good investments, but if that changes, the value can quickly drop to nothing, which can be particularly risky for populations that do not have existing or inherited wealth to fall back on.
Crypto as a tool for remittances Another common crypto narrative revolves around its ability to help individuals—in particular, immigrants—send cross-border remittances abroad. However, it is important to note that sending cross-border remittances is not necessarily about including people in systems and services they were previously excluded from, but rather about enhancing an existing system and related products. Therefore, access is not the gap being filled here, but rather cost—particularly, the high costs that come from using typical money service providers.
As mentioned previously, crypto networks also come with fees, which serve as incentives to keep them running. For example, miners receive mining rewards or fees to validate transactions; these network fees can vary depending on network traffic. For users to convert their stablecoins back to U.
Conversion would also still require the use of a money transfer provider if these providers are partners with crypto issuers and platforms. Payday loans are an example, as they provide access to credit but come with high costs and risks. Indeed, just as we see check cashing and payday lender storefronts concentrated in Black, Latino or Hispanic, and immigrant communities, we are soon likely to see bitcoin ATMs in Latino or Hispanic grocery stores, according to recent crypto industry announcements.
That is, instead of providing banking products and services for historically excluded groups the way we do for the wealthy, we are offering crypto as an alternative to what we know already works. By doing so, we may well be incentivizing the perpetuation of exclusionary and stratified banking services by monetizing the inequities and failing to address their root causes.
With scams, fraud, and misleading information and marketing already hurting many consumers, substantial measures are necessary to address unfair and deceptive practices. One approach to developing baseline consumer protections is to not only incorporate the same level of protections that banked individuals receive, but also to examine the consumer protections of industries that—like crypto—claim to fill gaps in financial services for low-income consumers and those excluded from traditional banking services.
As already mentioned, these industries include payday lending and check-cashing services as well as money service providers and their remittances services. In reviewing these industries, policymakers can identify not only consumer protections and whether they are working, but also the challenges regulators have faced in ensuring communities at the margins are not exploited and how to address those issues early on. For these reasons, consumer advocates have requested the CFPB require clearer disclosures to ensure consumers can determine the full price of remittances, limit the use of estimates in remittance disclosures as required by Congress, and reverse the expansion of institutions considered exempt from regulation.
These advocates aim to ensure that companies transparently disclose hidden remittance fees so consumers have an understanding of the real costs of their payments. This single total cost of all fees should also be displayed to consumers before a payment is made and as part of the receipt—ensuring that consumers can determine the full price of cryptocurrencies.
There are other recommendations to consider, including: The agency that oversees crypto should have an explicit investor protection mandate and significant resources to monitor the industry. Particularly, retail investor protections should be prioritized in the rules that are developed. Moreover, there should be rules about deceptive marketing, ensuring that crypto-related products would be marketed and sold in a fair and responsible manner.
Given the prevalence of fraud, scams, hacks, and misleading information, the agency that oversees crypto should also have significant resources to vigilantly monitor the industry and aggressively pursue investigations where appropriate. However, the sources providing those educational materials is relevant, as they may have biases, incentives, or conflicts of interest that could impact the information shared with consumers or the terminology used, which can also be misleading.
Require crypto companies to disclose the gender and racial diversity data of their workforce and board members. Although communities of color are increasingly adopting crypto, this diversity is not reflected in the industry overall, particularly in terms of who gets access to venture capital funding and in the leadership of crypto companies, boards, and venture capital firms.
The aggregated data should be published in order to monitor progress over time. Refrain from making misleading claims regarding crypto and financial inclusion. Many individuals—including government officials—have made persistent claims about crypto and its present or potential financial inclusion benefits despite a lack of supporting evidence.
The Ariel-Schwab investor survey, for instance, noted that one-third of Black investors believe that cryptocurrencies are safe and already regulated by the government. A corporation converted to a DAO would no longer be in control of the platform, which reverts to a completely new decentralized model, unlike anything regulated currently.
The SEC is reportedly looking into true DAOs such as Uniswap, which operates in the decentralized finance DeFi sector as a decentralized exchange DEX and is a code-based organization that matches buyers and sellers of cryptocurrency. One area of focus is lending pools, where users will provide their assets for other users to trade, which produces healthy yields, just as banks provide interest on assets.
This may fall into the Howey Test investment contract realm. Joe Raczynski Technologist and futurist, manager of technical client management at Thomson Reuters. Financial crime There is also concern that crypto firms can, and are, being used as conduits for facilitating financial crime.
Many such firms, if not most, are outside the regulatory perimeter and have often found stepping into the regulated world challenging. One example of this is Binance, which has suffered multiple setbacks in its attempts to become regulated in several jurisdictions. The FCA currently has a limited role in registering UK-based crypto-asset exchanges for anti-money laundering purposes.
Exchanges can be used to launder the proceeds of crime and we must contribute to the global effort to address financial crime by demanding that businesses with a UK presence meet the necessary standards. While some of the business which have applied to us have shown evidence of adequate systems and controls, many others fell well short of acceptable standards, and many have withdrawn their applications as we have scrutinized them.
The state of those firms ignoring the requirement to register with us or which have moved off-shore to avoid registration could be even worse. Charles Randell Chair of the UK Financial Conduct Authority and the Payment Services Regulator, September New research shows that decentralized finance DeFi protocols in particular are becoming an increasingly significant route for money launderers. This refers to cyber-criminal activity such as darknet market sales or ransomware attacks in which profits are virtually always derived in cryptocurrency rather than fiat currency.
It is more difficult to measure how much fiat currency derived from offline crime — traditional drug trafficking, for example — is converted into cryptocurrency to be laundered. The couple allegedly conspired to launder , bitcoin stolen after a hacker broke into Bitfinex and initiated more than 2, unauthorized transactions. In another high-profile example last year, former partners and associates of the ransomware group REvil [25] caused a widespread gas shortage on the U.
East Coast when it used encryption software called DarkSide to launch a cyber attack on the Colonial Pipeline. The biggest difference between fiat and cryptocurrency-based money laundering is that, due to the inherent transparency of blockchains, it is much easier to trace how criminals move cryptocurrency between wallets and services in their efforts to convert their funds into cash.
Mining pools, high-risk exchanges and mixers also saw substantial increases in value received from illicit addresses. One of the novel features of DeFi platforms is that visibility and verification of identities of counterparties is not required. Although some platforms have recently introduced know-your-customer KYC verification requirements, these are not always necessary for the platforms to function, even though such requirements are required by law in most jurisdictions.
In addition, some third-party service providers offer additional privacy-enhancement or even law evasion techniques for DeFi users. It can therefore be difficult to trace transactions, increasing the risk of these platforms attracting illegal activities, money laundering, terrorist financing, or circumventing sanctions restrictions. Cryptos are undoubtedly being used in financial crime, but it still appears that, for instance, cryptocurrencies are substantially less likely to be used for money laundering than fiat currency.
That said, the war in Ukraine has raised further questions and concerns about the potential for cryptos to be used in the avoidance of, or non-compliance with, sanctions. Specifically, the international regulatory framework should provide a level playing field along the activity and risk spectrum. The IMF believes this should have the following elements: Crypto-asset service providers that deliver critical functions should be licensed or authorized. This would include storage, transfer, settlement and custody of reserves and assets, among others, as with existing rules for financial service providers.
Requirements should be tailored to the main use cases of crypto-assets and stablecoins. Authorities should provide clear requirements on regulated financial institutions concerning their exposure to and engagement with crypto. As the financial sector transforms, the stakes — and gains — from cooperation are high. As financial regulators and supervisors, we have a responsibility to make sure that we can continue to deliver on our mandate to safeguard financial stability.
We want no holes in the global financial safety net, however much it gets stretched and reshaped. Steven Maijoor Executive director of supervision, Dutch Central Bank De Nederlandsche Bank , February Firms and their risk and compliance officers must engage with policymakers and regulators to ensure the best possible supervisory approach. Fast-moving digital transformation and adoption, even in limited terms, of innovative new technology, products and solutions will require skill sets to keep pace.
Cryptos have huge potential to be a positive and transformative force for the future of financial services. Wilkins said she saw crypto-assets as the bedrock of the emerging financial ecosystem. The opportunities and risks extend well past the crypto-assets themselves to encompass a rapidly expanding range of financial services, from lending to insurance, she said.
The future of this new frontier will depend critically on the regulatory response to these new activities and how fast the traditional financial system modernizes, and there will need to be major investment in domestic and cross-border payments, as well as digital governance, she said. Tipping point In many countries, cryptos appear to be at a legal and regulatory tipping point.
Concerns about financial stability and vulnerable customers, together with the apparently persistent misperceptions about financial crime, are driving policymakers to consider significant action. Policymakers must, however, balance these considerations with the benefits which could be derived from the more widespread adoption of cryptos.
Other countries, meanwhile, are welcoming cryptos with seemingly few regulatory concerns. Most countries are reluctant to stifle innovation, but it would be politically unacceptable to deliberately risk either wholesale financial stability or widespread retail customer detriment. There is an urgent need for a coherent approach to the regulation and oversight of cryptos; otherwise, there is a danger that they will fail to achieve their potential, and the world will lose the considerable benefits they could bring.
Chapter Four Compendium: Cryptocurrency regulations by country In digital assets moved from the fringes of the economy and began to enter the mainstream, prompting more widespread public adoption. Commercials for crypto trading platforms blanket network television in the United States and the sector has become a focus of everyday conversation.
Today there are more than 16, individual cryptocurrencies in circulation, led by bitcoin. Thus far, the regulatory response is best described as ad-hoc, rhetorical or driven by enforcement in some instances. The challenge in such a new and disruptive area will likely take years to finalize. Adding to the challenge is the ambiguous nature of digital assets themselves and the lack of standardized definitions, thus creating questions of overlap and jurisdiction.
The regulation of this new sector will require international coordination and engagement with the industry as it presents an opportunity for progress. An overly restrictive approach could stifle innovation and drive the industry to more welcoming jurisdictions, as the new digital universe is inherently global and borderless.
The regulatory framework is evolving rapidly and changing quickly. Some jurisdictions have imposed outright bans while others are staunch advocates. Many market participants are desperately seeking a more defined regulatory framework and thus, certainty. This will mean new rules, regulations, or at a minimum official guidance. The race to regulate is now underway. This compendium to the report provides a summary of the regulatory picture in each jurisdiction.
The summary below is grouped by region and focuses primarily on cryptocurrencies such as bitcoin. It provides an overview for each country, the regulatory state of play and links to the primary financial regulatory authorities or other relevant information. Much of the regulatory framework is still developing, and regulations and restrictions also vary depending on uses such as payments, investments, derivatives, and tax status.
Most countries have generally found ways to tax gains or income derived from cryptocurrencies, and some have more specific obligations than others. In Canada adopted a clear registration regime for trading platforms that offer custodial services to Canadian clients. Several firms have registered under the new rules. Canada has also provided guidance on advertising and marketing of cryptos.
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Render Token Render Token, often known as RNDR, is a cryptocurrency project whose primary goal is to distribute graphics processing tasks using a peer-to-peer network. Render Token has been creating quite a commotion within the cryptocurrency market ever since it was first introduced. Render Token adheres to the ERC20 standard and was developed to facilitate connections between artists and anyone who have spare GPU capacity. The group developed a system that enables those who require computational power such as painters, animators, and other such professionals to efficiently acquire it on demand through the use of the cloud.
This seems like a step in the right direction, especially when taking into consideration the expenses associated with purchasing new technology. Render Token is becoming increasingly popular as a result of the fact that people who mine cryptocurrencies typically have spare graphical processing power. Even if any impending listings are only rumors at this point, a lot of credible sources have predicted that the project would most likely be added to leading crypto trading websites with other new currencies in the near future.
It has several prize drawings on a regular basis, and some of the prizes include tickets to the World Cup, luxury automobiles, and one million dollars in Bitcoin. Lucky Block organizes a wide range of contests, each of which may be played on a budget of any size. It is for this reason that the Law Commission has recommended the creation of a third category of property which covers digital assets explicitly. In particular, it is currently evaluating whether the following indicia could be used to determine whether a digital asset falls within this proposed new third category of personal property, namely i the digital thing has an existence independent of both persons and the legal system; ii the digital thing is rivalrous i.
The implications of declaring crypto as property Whilst the question as to whether cryptocurrencies are property may seem academic only, the ability to obtain certain interim remedies in England will often turn on whether there is identifiable property. An example of this is an application for a freezing injunction which requires the claimant to prove that the defendant has identifiable property which can be frozen in the first place. Similarly, an application for a proprietary injunction rests on there being identifiable property in place.
Indeed, in Ion Science Ltd v Persons Unknown unreported, 21 December , Commercial Court , the claimants obtained a proprietary injunction against persons unknown after they were induced into transferring approximately The court accepted that cryptocurrencies were property in English law and, accordingly, a claimant would be entitled to put forward a proprietary tracing claim to those currencies.
However, it is important to note that in the examples of AA and Ion Science, where the court has been heralded for adopting a flexible approach to cryptocurrencies and its willingness to grant interim remedies such as freezing and proprietary injunctions, these remedies were given almost always in the context of without notice applications with no adversarial debate. In other cases, certain issues have simply been assumed as was the case in Zi Wang v Graham Derby [] EWHC Comm in which the defendant and claimant did not dispute whether cryptocurrency could theoretically be held on trust and the court accepted that to be the case.
It therefore remains to be seen whether future cases in the arena of cryptocurrency will continue the trend of helpful interim remedies and whether or not limits may be imposed on their use. Can you use cryptocurrency as security in English Litigation? Cryptocurrency is increasingly the subject matter of issues in litigation before the courts. In response to the claim, the defendants issued an application to challenge the jurisdiction of the English courts the Jurisdiction Challenge and issued a security for costs application in relation to the costs of the Jurisdiction Challenge.
The question then turned to the manner of security. In its judgment, the court noted that the unexpected fall in the value of Bitcoin could result in the security being effectively valueless. This would expose the Claimant to a risk of which they would not usually be exposed to with other forms of security such as cash.
In coming to its conclusion, the court considered Monde Petroleum SA v Westernzagros Ltd [] EWHC 67 Comm in which Mr Justice Popplewell as he then was accepted the possibility of alternative forms of security, but only in circumstances where the security is just as good as a payment into court or the provision of a first-class London bank guarantee. Bitcoin was clearly not as good. Cryptocurrency and Cybercrime Because cryptocurrencies utilise blockchain technology to enable their trades, anyone can view the repository of crypto transactions made in a single day.
Cryptocurrencies are therefore celebrated for their transparency. However, despite this unique characteristic of blockchain technology, the lack of a centralised governing body for example, a bank and Know Your Client procedures prevents transactions from being checked specifically for their legality. Accordingly, the use of blockchain technology is no block to the possibility of being subject to a very real cybercrime.
The Courts have already seen an array of criminal cases involving cryptocurrencies. By way of example, in R v Read Christopher [] EWCA Crim , the perpetrator stole information from a company via multiple malware attacks and blackmailed members of staff to try and have the victims remit bitcoin to the perpetrator. Mr Read, also an employee of the victim company, was sentenced to seven and a half years due to the financial loss and psychological harm incurred.
The case is a simple reminder of how traditional forms of crime can be used in relation to digital assets.
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