WASHINGTON—The White House is considering a wide ranging oversight of the cryptocurrency market to combat the growing threat of ransomware and other cyber crime, a spokeswoman said on Friday. “The NSC and NEC are coordinating across the interagency to look at ways we can ensure that cryptocurrency and other digital assets are not used to…
White House Weighs Broader Oversight of Cryptocurrency Market
October 9, 2021
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Sen. Lummis Discloses Bitcoin Purchase Worth up to $100,000
Sen. Cynthia Lummis (R-Wyo.) has disclosed that she purchased up to $100,000 worth of Bitcoin just weeks after Senators sought to make adjustments to the bipartisan infrastructure package’s cryptocurrency reporting rules. According to a Periodic Transaction Report filed Oct. 7, Lummis purchased $50,001-$100,000 in the digital currency on Aug. 16, from River Financial, a bitcoin exchange platform. The Republican senator has been a longtime supporter…
Cryptocurrency Exchange Huobi to Clean up Existing Mainland Clients by End 2021
BEIJING—Chinese cryptocurrency exchange Huobi Global said on Sunday it had stopped taking new mainland customers on Friday (Sept. 24) and would end contracts with mainland clients by the end of the year to comply with local regulations. China’s regulators intensified a clampdown on Friday, banning cryptocurrency transactions and mining, clarifying that overseas exchanges are barred from…
Bitcoin Exchanges Cut Ties With Chinese Users Following Beijing’s Latest Crypto Ban
September 27, 2021
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Cryptocurrency exchange giants are cutting ties with Chinese users after Beijing vowed to crackdown on the virtual currency market last Friday. Chinese cryptocurrency exchange Huobi Global said on Sunday it had stopped taking new customers in mainland China, effective from Friday. The prominent crypto exchange will retire existing mainland Chinese user accounts by the end…
China’s Central Bank Declares All Cryptocurrency-Related Activities Illegal
September 24, 2021
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China’s central bank has declared all cryptocurrency-related transactions illegal while vowing to crack down on the virtual currency market. The People’s Bank of China said in a statement, translated by CNBC, that services offering trading, order matching, token issuance, and derivatives for virtual currencies are strictly prohibited. Overseas crypto exchanges providing services in mainland China are…
Chinese Australian Man Sentenced to 7 ½ Years in Prison for Crypto Hedge Fund Fraud
September 24, 2021
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New York-based cryptocurrency hedge fund manager Stefan He Qin was sentenced to seven and a half years in prison for fraud on Sept. 15. U.S. District Judge Valerie E. Caproni also ordered the confiscation of $54,793,532. The 24-year-old Qin was accused of misreporting the proceeds of the $90 million fund he managed and embezzled investor…
Robinhood to Begin Testing Crypto Wallets, With Broader Launch in Early 2022
NEW YORK—Robinhood Markets Inc. said on Wednesday it plans to begin testing cryptocurrency wallets next month, with a broader rollout in early 2022, allowing its users to move supported digital currencies in and out of their brokerage accounts. The Menlo Park-based retail brokerage currently allows buying, selling, and holding of certain cryptocurrencies, like bitcoin and…
China’s Sovereign Cryptocurrency: A Pipe Dream or a Draconian Movement Toward Totalitarianism?
Analysis A number of articles have claimed that China is the first country to launch a sovereign cryptocurrency, but this is not exactly true. Money has three uses: as a medium of exchange, a store of value, and a unit of accounts. If an asset cannot be used to make purchases, stored in a savings…
CNBC, Reuters Correct Fake Walmart Cryptocurrency Stories; Litecoin Tumbles
A press release linking Walmart to a cryptocurrency called LiteCoin was later revealed as fake, causing Litecoin’s price to tumble by nearly a third. The release, sent on GlobeNewswire around 9:30 a.m. Eastern, claimed Walmart customers could soon use Litecoin to buy products from America’s largest retailer. It was promoted by Reuters, CNBC, the Bloomberg…
Ukraine Parliament Passes Law to Legalize and Regulate Cryptocurrency
Ukraine has become the latest country to legalize cryptocurrency, just days after El Salvador adopted Bitcoin as legal tender. In an almost unanimous vote on Sept. 8, the Ukrainian Parliament adopted a virtual asset bill making cryptocurrency and other digital assets legal in the country. Known as Bill No. 3637 On Virtual Assets, the draft bill provides clarification on how individuals and…
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