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US Treasury Secretary calls for better crypto regulation

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The US Treasury Secretary calls for improved crypto regulation to prevent illicit transactions

One of America’s members of parliament is calling for better regulation when it comes to cryptocurrencies.

US Treasury Secretary, Janet Yellen, points out that it’s important to support responsible innovation when imposing crypto asset regulation.

Yellen says that regulators normally have authorities that can manage crypto risks and provide oversight on new mediators including digital asset exchanges.

“We will make policy recommendations, including assessment of potential regulatory actions and legislative changes,” Yellen says.

This all echoes a recent White House executive order that was welcomed by the crypto market.

Biden’s order means the Treasury and the Commerce Department are obliged to produce reports documenting “the future of money” and the role cryptocurrencies will play.

Business

Government-backed crypto could threaten the U.S. economy, report finds

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Government-backed cryptocurrencies could threaten the U.S. economy, that’s according to a new report

The Treasury Department believe that prices crypto are set by market speculation and don’t have much economic reality.

It’s found crypto-asset firms intersect with entities that have risky business profiles.

Treasury believes this is a concern for the U-S financial system.

Of course, Bitcoin is just one digital coin to swing and los much of its value since the start of this year.

But advocates think these stable-coins could be less volatile than traditional currencies.

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Business

Kim Kardashian charged over crypto promotion

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Kim Kardashian is making headlines today but not for good reasons.

The celebrity has been charged $1.26 million by the Securities and Exchange commission for unlawfully promoting a crypto asset on her Insta profile.

The SEC found that the star failed to disclose she was paid $250, 000 to post about the digital coin.

Chair Gary Gensler says this is a reminder that “when celebrities endorse investment opportunities, it doesn’t mean that those investment products are right”

Gensler warned investors to do their own research and analyse the risk involved based on their own financial goals.

Kardashian fully cooperated with the investigation and is not allowed to promote another crypto asset for three years.

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Crypto

Coinbase users in the dark following company-wide fault

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Coinbase users were left in the dark at the weekend because of a company-wide fault

The crypto exchange temporarily stopped transactions for users in the U.S. for over five hours.

Withdrawals and deposits involving bank accounts were put on hold.

But users could still use a debit card or PayPal to buy their crypto.

It follows a string of delays with Solana too, after the network suffered an outage last Friday.

Of course, Coinbase dropped over 1-thousand staff as the value of the crypto falls dramatically.

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