Aurelia Butler

To name just a few, the AML Directive 5, MiCa and the Transfer of Funds Regulation have reshaped the European financial framework. These laws mandate a rigorous monitoring system. However, the depth and breadth of these regulations are unparalleled in their scope. One cannot help but wonder if such comprehensive oversight is truly sustainable in the long run Banks, crypto asset managers, and even sports clubs now face complex due diligence processes, requiring them to verify customer identities, assets, and transaction patterns. With the Financial Action Task Force (FATF) Travel Rule and equivalents of the Foreign Corrupt Practices Act in play, data collection, sharing, and monitoring become increasingly invasive. This begs the question: to what extent should the quest for security compromise the sanctity of personal data?Continue Reading on Cointelegraph More

In contrast, Ethereum experienced a downturn after briefly reaching a high of $1,628.16. Misinformation regarding the approval of Blackrock (NYSE:BLK)’s spot Bitcoin ETF led to a drop in the cryptocurrency’s value, landing at a low of $1,570.89 today. Following its failure to surpass an RSI ceiling of 49.00, Ethereum now appears to be targeting a lower level at $1,540, bringing an end to its four-day winning streak.This article was generated with the support of AI and reviewed by an editor. For more information see our T&C. More

This move follows the suspension of U.S. dollar deposits earlier this year in June, a decision made in response to the SEC’s intensified scrutiny of the crypto sector. This regulatory pressure led to hesitation among Binance.US’s banking partners, prompting them to distance themselves from further engagements within the crypto industry.Binance.US had previously warned its users about potential disruptions in dollar withdrawals, hinting at a complete halt by June 13. The SEC has initiated legal action against Binance.US, its parent company Binance, and CEO Changpeng Zhao for operating unregistered securities operations. This issue is expected to be a key discussion point at the upcoming Benzinga’s Future of Digital Assets conference.In addition to these regulatory challenges, Binance.US has also been managing lawsuits related to its transactions. Last month, the company severed ties with its euro payments collaborator without announcing a successor, marking another setback for the exchange.The revised terms of service represent a significant departure from standard financial protections. Previously, Binance.US’s U.S. dollar deposits were insured by the Federal Deposit Insurance Corporation (FDIC). Now, customers are obligated to convert their USD into stablecoins or other digital currencies before they can proceed with withdrawal. This change was communicated to customers via email as part of the exchange’s comprehensive service reassessment.This article was generated with the support of AI and reviewed by an editor. For more information see our T&C. More

She expressed skepticism about the introduction of a CBDC, citing possible disruptions to the banking system and serious consumer privacy concerns. Bowman argued that no convincing case has been made that a CBDC could better facilitate everyday payments or reduce payment system frictions than alternatives like FedNow or future innovations.FedNow, which is endorsed by Fed Chair Jerome Powell, aims to foster financial inclusion by providing same-day fund access and efficient cash flow management for consumers and small businesses. Despite ongoing assessments by the Federal Reserve on CBDC’s potential benefits and drawbacks, congressional approval would be necessary for any launch.Bowman also warned about the risks associated with stablecoins, digital tokens that claim one-for-one dollar convertibility but are less secure, less stable, and less regulated than traditional forms of money. These digital assets pose substantial risks to consumers and the U.S. banking system.In her speech, Bowman emphasized the need for a clear regulatory framework for digital assets that mirrors successful U.S. banking practices. She insisted that activities posing similar risks should be governed by the same regulations, irrespective of product or provider, thereby ensuring strong consumer protection even outside the regulatory perimeter. This approach would help maintain the existing success of regulations while fostering responsible innovation advantageous to consumers.This article was generated with the support of AI and reviewed by an editor. For more information see our T&C. More

Bowman spoke at length about central bank digital currency (CBDC) and stablecoin. She also considered “unified ledger” technology and distributed ledger technology as a bridge between existing systems, as well as ways to improve existing technology. She repeated questions she has raised before about the need for such innovations and suggested that banks can play a role in preventing government overreach:Continue Reading on Cointelegraph More

In an X (formerly Twitter) post on Oct. 17, Yann Allemann and Jan Happel, co-founders of on-chain analytics firm Glassnode, described the $28,000 mark as a “critical milestone” for the BTC price.Continue Reading on Cointelegraph More