Italy is taking steps to enhance surveillance of crypto assets and address associated risks. According to a draft decree reviewed by a news agency, the plan includes imposing high fines on those who manipulate the market. The fines range from ,400-.4 million (€5,000 to €5 million) for offenses such as insider trading, unlawful disclosure of […]
Bitcoin News
Bitfarms Adopts Defensive Measures Against Riot Platforms’ Takeover
Bitfarms Ltd. has adopted a shareholder rights plan to protect the integrity of its ongoing Strategic Alternatives Review Process. This plan was unanimously approved by the Board and involves issuing rights to shareholders to prevent unwanted takeovers. Riot Platforms Inc., which owns 11.62% of Bitfarms, made an unsolicited bid to acquire all shares and plans […]
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Solana Developers Test Congestion Fixes in Testnet, Introduce Measures to Prioritize Traffic
Anza, a collective of developers focused on the Solana blockchain, has produced a fix that aims to reduce the congestion that the network has been experiencing. The new version of Solana, now being tried in testnet, includes a feature called stake-weighted quality of service (SWQOS), that prioritizes transactions from higher quality validators. Solana Gears up […]
Bitcoin News
Paraguay to Strengthen Measures to Fight Illegal Cryptocurrency Mining
The Government of Paraguay will strengthen the measures directed to combat the illegal cryptocurrency mining operations in the country. In a recent meeting, ANDE, the National Power Administration, the Supreme Court, and the Department of Justice, agreed to deal with these crimes swiftly given the damages they cause to the Paraguayan power grid. Paraguay Prepares […]
Bitcoin News
Solana Announces Recommendations and Measures to Deal With Network Congestion
The Solana Foundation has announced several recommendations that developers should follow to cope with the high usage that the network is currently experiencing. The foundation recommended implementing priority fees, and a series of optimizations to avoid dropping transactions. Also, an improved transaction scheduler is expected to be included in the next update. Solana Foundation Makes […]
Bitcoin News
Nigerian Presidential Adviser Assails Binance, Calls for Measures Against the Crypto Exchange
Bayo Onanuga, a special adviser to the Nigerian president, has leveled accusations against Binance, blaming it for exacerbating the local currency’s depreciation against major currencies. Onanuga called for immediate action against Binance, warning that its activities could potentially undermine the economy. Binance, however, has refuted these allegations, attributing the naira’s depreciation to “complex factors” that […]
Bitcoin News
Argentina’s President Javier Milei Issues Major Deregulation Measures via Executive Order
Javier Milei, president of Argentina, has issued an emergency executive order repealing a series of laws to prepare the state for upcoming privatization and modernization moves. The executive order, which has 366 articles, touches on major aspects of Argentine life, including rents, job regulation and land regulation. It also converts all state companies into limited companies.
Argentine President Javier Milei Launches Massive Deregulation Measures
President Javier Milei has launched the first batch of measures focusing on reducing the footprint and reach of the state in Argentina, as he promised during his campaign. On December 21, Milei issued a national emergency executive order that modifies — and eliminates — some of the most relevant laws that regulate work, rent, product pricing, and other aspects of the Argentine citizens’ lives.
The executive order, titled “Decree of Necessity and Urgency – Bases for the Reconstruction of the Argentine Economy,” grounds its action on the economic crisis that Argentina is currently facing, arguing that the only way of overcoming this situation is to revamp the country’s economy.
The document states:
The National State will promote and ensure the effective validity, throughout the national territory, of an economic system based on free decisions, adopted in an area of free competition, with respect for private property and the constitutional principles of free circulation of goods, services, and work.
For this objective, the order calls for the deregulation of trade, services, and industry throughout the national territory, declaring all restrictions on the supply of goods and services void and converting all state companies into limited companies, preparing them for an upcoming privatization action.
The 366-article emergency order is garnering immense opposition from lawmakers in the Argentine Congress, which can void it if both chambers repeal it by a simple majority.
Analysts and experts are already questioning the constitutionality of the changes to the existing regulatory framework, stating that they could even lead to legal action against Milei. Raul Ferreira, a law professor at Buenos Aires University, stated:
The decree is openly unconstitutional because the legislation that is intended to be carried out with the aim of permanence has to be made by Congress.
What do you think about Milei’s steps to deregulate the Argentine economy? Tell us in the comments section below.
US Senators Press Biden Administration for Measures to Counter ‘Serious National Security Threats’ Linked to North Korea, Crypto
U.S. senators have pressed the Biden administration for measures to counter “serious national security threats” posed by North Korea’s dependence on cryptocurrency. According to the lawmakers, North Korea is using crypto “to evade harsh sanctions and support its ambitions to project geopolitical power through nuclear weapons and ballistic missiles.”
US Lawmakers Concerned About ‘Serious National Security Threats’ Linked to North Korea, Crypto
U.S. Senators Elizabeth Warren (D-MA), Tim Kaine (D-VA), and Chris Van Hollen (D-MD) have pressed the Biden administration for measures to counter crypto-related national security threats.
In their letter, dated Aug. 3, to Brian E. Nelson, Treasury Department’s Under Secretary for Terrorism and Financial Intelligence, and Jake Sullivan, the White House’s National Security Advisor, the lawmakers wrote: “We write to express concern about the national security threat posed by North Korea’s reliance on digital assets to circumvent international sanctions and embargoes and fund its illegal weapons programs.”
The letter cites several sources detailing North Korea’s illicit use of crypto, including White House Deputy National Security Advisor for Cyber and Emerging Technology Anne Neuberger who stated that about half of North Korea’s missile program has been funded by “cyberattacks and cryptocurrency theft.” The senators stressed:
Given the pressing nature of this threat, we ask the Administration to provide details on its plan to stop North Korea … from using digital assets to evade harsh sanctions and support its ambitions to project geopolitical power through nuclear weapons and ballistic missiles.
The lawmakers concluded their letter with five questions concerning the Treasury’s “plans to address the serious national security threats posed by North Korea’s dependence on cryptocurrency.” The senators requested the answers be delivered to them no later than Aug. 16.
A United Nations report revealed in February that North Korea stole more crypto assets in 2022 than in any other year. Blockchain analytics firm Chainalysis similarly found that North Korea-linked hackers, such as the members of the Lazarus Group, were particularly active last year. They stole an estimated .7 billion worth of cryptocurrency across several hacks, according to the data firm.
What do you think about the U.S. senators probing the Biden administration for a plan to address the threats posed by North Korea’s crypto dependence? Let us know in the comments section below.
Federal Reserve Chair Pushes Stronger Measures to Tackle Inflation, Considers Back-to-Back Rate Hikes
Federal Reserve Chair Jerome Powell has reaffirmed the Fed’s hawkish stance. Noting that the latest economic data indicates that the Fed’s policy “may not be restrictive enough” and “has not been restrictive for long enough,” Powell stated that the central bank could raise interest rates “at consecutive meetings.”
Fed Chairman Powell on Rate Hikes
Federal Reserve Chair Jerome Powell reaffirmed the Fed’s hawkish stance on Wednesday during a central banker panel hosted by the European Central Bank in Sintra, Portugal. With the next Federal Open Market Committee (FOMC) meeting slated for July 25-26, Powell emphasized that the Fed is not done curbing inflation and hinted at the possibility of consecutive interest rate hikes. The Federal Reserve paused raising interest rates in June after 10 consecutive rate hikes.
“If you look at the data over the last quarter, what you see is stronger than expected growth, a tighter than expected labor market, and higher than expected inflation,” Powell detailed, adding:
That tells us that although policy is restrictive, it may not be restrictive enough and it has not been restrictive for long enough.
Powell noted that Fed officials have not decided on the timing and magnitude of additional interest rate hikes. Nonetheless, he shared:
I wouldn’t take moving at consecutive meetings off the table at all.
During an event held by Spain’s central bank in Madrid on Thursday, the Fed chair clarified: “We expect the moderate pace of interest rate decisions to continue.”
Last week, Powell said: “Inflation pressures continue to run high, and the process of getting inflation back down to 2 percent has a long way to go.” He further stated that a minimum of two more interest-rate hikes this year are likely necessary to steer inflation towards the Fed’s 2% target. The Fed chairman also rejected the possibility of a rate cut in the near future, stating that while “it will be appropriate to cut rates at a time when inflation is coming down really significantly, we’re talking about a couple of years out.”
What do you think about Federal Reserve Chairman Jerome Powell’s statements? Let us know in the comments section below.
Bakkt Takes Proactive Measures, Delists Polygon, Solana, and Cardano Amid Regulatory Crackdowns
According to a Fortune report published on June 16, the cryptocurrency asset platform Bakkt is delisting three cryptocurrencies due to the current regulatory climate. Bakkt’s general counsel stated that the platform will expand its coin offering once there is “further clarity.”
Bakkt Reacts to Regulatory Pressure, Delists Solana, Polygon, and Cardano
Bakkt, the New York-based digital asset platform, revealed Friday that it is delisting solana (SOL), polygon (MATIC), and cardano (ADA). The move comes as the U.S. Securities and Exchange Commission (SEC) intensifies its scrutiny of cryptocurrency platforms and designates certain assets as unregistered securities.
The announcement of Bakkt’s delisting of SOL, MATIC, and ADA was made by the company’s general counsel and secretary, Marc D’Annunzio, in an interview with Fortune. D’Annunzio stated that the proactive removal would continue “until there is further clarity on how to compliantly offer a more extensive list of coins.”
Prior to Bakkt’s decision, the digital trading platform Robinhood has chosen to delist cardano (ADA), solana (SOL), and polygon (MATIC). Similarly, Tel Aviv-based Etoro has announced the delisting of ALGO, MANA, DASH, and MATIC for U.S. customers, citing the same reasons. Both Robinhood and Etoro said the firms are implementing proactive measures until regulatory clarity is established in the United States.
All the tokens that were previously listed on Bakkt, Robinhood, and Etoro and subsequently delisted have been classified as unregistered securities by the U.S. SEC. The SEC’s enforcement lawsuits also identify XRP, TON, OMG, POWR, BTT, KIN, TRX, MIR, EMAX, ALGO, and IHT, among others, as securities.
Are the recent delistings by Bakkt, Robinhood, and Etoro a necessary step towards regulatory compliance, or do they hinder innovation in the cryptocurrency space? Share your thoughts and opinions about this subject in the comments section below.