“If we don’t start planning and taking action soon, we have everything to risk.” “There is a tectonic shift underway,” Perianne Boring, the president of the Chamber of Digital Commerce, a cryptocurrency lobbying group, told other industry lobbyists, executives and two House lawmakers who serve as industry champions, during a virtual gathering last month. ![]() Ripple is just one of a long list of cryptocurrency companies scrambling for influence in Washington as the Biden administration begins setting policy that could shape the course of a potentially revolutionary industry that is rapidly moving into the mainstream and drawing intensifying attention from financial regulators, law enforcement officials and lawmakers. And to defend itself against the S.E.C., it hired Mary Jo White, a former chairwoman of the commission during the Obama administration. Trump to help it develop strategy in Washington. ![]() It has retained a consulting firm staffed with former aides to both Hillary Clinton and former President Donald J. Ripple has hired two lobbying firms in the past three months. The company, Ripple Labs, has enlisted lobbyists, lawyers and other well-connected advocates to make its case to the Securities and Exchange Commission and beyond in one of the first big legal battles over what limits and requirements the government should set for trading and using digital currency. and Asia," Alpay Soytürk, compliance head at Spectrum Markets, a securitised derivatives trading venue, said.īitcoin, which has fallen about 18% in the last 13 days as China tightens curbs on the cryptocurrency sector, shrugged off the FCA move, and was last up 0.3% at $34,767.WASHINGTON - When federal regulators late last year accused one of the world’s most popular cryptocurrency platforms of illegally selling $1.38 billion worth of digital money to investors, it was a pivotal moment in efforts to crack down on a fast-growing market - and in the still-nascent industry’s willingness to dive deeply into the Washington influence game. "The FCA is aligning with other major regulators, notably in the U.S. Japan's regulator said on Friday that Binance was operating in the country illegally, a notice posted on Japan's Financial Services Agency website showed. Its spokesperson declined to comment on where its holding company is based, describing Binance as "decentralised".īinance has been targeted by regulators across the world in recent months. It offers services ranging from digital token trading to derivatives, as well as emerging technology such as tokenised versions of stocks. ![]() Regulatory concerns about cryptocurrencies such as bitcoin include their potential for use in money laundering and other illegal activities, as well as potential risks to consumers.īinance, run by Canadian Changpeng Zhao, is one of the most significant players in the crypto world. Around 64 have withdrawn their applications, the spokesperson said, up from 51 in early June.Ī Binance spokesperson declined to comment, but said it worked closely with regulators and law enforcement "to further the security and sustainability in the industry while providing the best services and protection to our users". Just six firms have registered, with dozens more still being assessed but not yet deemed "fit and proper". The Financial Conduct Authority (FCA) banned Binance, one of the world's biggest crypto exchanges, on Friday from conducting any regulated activity in Britain as regulators across the world bolster oversight of the crypto sector.ĭata on registrations shows the number which have been ditched has jumped by a quarter in less than a month, an FCA spokesperson said on Monday, adding that Binance withdrew its application in mid-May, without giving further details.Ĭrypto-related firms have since January had to register with the FCA, which oversees compliance with laws designed to prevent money laundering and terrorist financing, before doing business. LONDON, June 28 (Reuters) - A growing number of crypto asset firms are abandoning attempts to register with Britain's financial regulator as global scrutiny of the rapidly-growing sector intensifies.
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