Crypto trading/market thread

[searcher]

• An Ohio man who stole more than 712 bitcoin was sentenced to four years in prison Thursday.
• Gary Harmon pled guilty in January to stealing the cryptocurrency.
• Law enforcement agents found a photo on Harmon's phone of him in a bathtub full of cash.

A bitcoin thief who stole $5 million of the crypto and posed in a dollar-filled bathtub is sentenced to 4 years in prison

 

[pmbug]

Re: the bitcoin thief:

...
According to court documents, Gary James Harmon, 31, of Cleveland, Ohio, perpetrated a scheme to steal cryptocurrency that was the subject of pending criminal forfeiture proceedings in the case of Larry Dean Harmon, Gary Harmon’s brother. In February 2020, Larry Harmon was arrested for his operation of Helix, a darknet-based cryptocurrency money laundering service, known as a “mixer” or “tumbler.” Helix laundered over 350,000 bitcoin – valued at over $300 million at the time of the transactions – on behalf of customers, with the largest volume coming from Darknet markets. Law enforcement seized various assets, including a cryptocurrency storage device containing Larry Harmon’s illegal proceeds generated through the operation of Helix, which were subject to forfeiture in the criminal case. However, law enforcement was initially unable to recover bitcoin stored on the device due to the device’s additional security features.

Knowing that the government was seeking to recover the bitcoin stored on the seized device for forfeiture in Larry Harmon’s criminal case, Gary Harmon used his brother’s credentials to recreate the bitcoin wallets stored on the device and covertly transfer more than 712 bitcoin, valued at approximately $4.8 million at the time, to his own wallets ...

Ohio Man Sentenced for Stealing Over 712 Bitcoin Subjected to Forfeiture

www.justice.gov

He basically emptied out his brother's safety deposit box before the Fed could do it.

 

[rblong2us]

An attempt to stop the real thieves from getting it !
They just weren't smart in the way they went about it and showing off is a really dumb thing to do.
Hopefully other items in the safe deposit box got away .......

 

[searcher]

LONDON, April 28 (Reuters) - Mastercard (MA.N) will expand its cryptocurrency payment card programme by seeking more partnerships with crypto firms, the company's head of crypto and blockchain said, even as the sector comes under closer scrutiny from regulators and banks grow wary.

Mastercard seeks to expand crypto card tie-ups

Mastercard will expand its cryptocurrency payment card programme by seeking more partnerships with crypto firms, the company's head of crypto and blockchain said, even as the sector comes under closer scrutiny from regulators and banks grow wary.

www.reuters.com

 

[searcher]

A whopping $3.4 billion—that’s how much a Texas court has ordered Cornelius Johannes Steynberg, the CEO of Mirror Trading International Proprietary Limited (MTI) to pay in connection with a large-scale fraud case involving Bitcoin.

As part of the settlement, half of that amount will go toward providing restitution to victims of MTI’s fraudulent activities, with the other half designated as a civil penalty, the highest civil monetary penalty ordered in any CFTC case.

CFTC Cracks its 'Largest Fraud' Case Involving Bitcoin, Orders Offender to Pay $3.4B Penalty

CFTC has just won a record $3.4 billion penalty payment in a Bitcoin-related fraud case, according to an order from a Texas judge.

news.yahoo.com

 

[pmbug]

From Searcher's link:

...
Per the order, Steynberg engaged in an international fraudulent multilevel marketing scheme (MLM) to solicit Bitcoin from the public for participation in an unregistered commodity pool operated by MTI, a South Africa-based company.

From approximately May 2018 to approximately March 2021, Steynberg, as the controlling person of MTI, and the company falsely claimed to trade off-exchange retail forex through a proprietary "bot" or software program.

“Either directly or indirectly, the defendants misappropriated all of the Bitcoin they accepted from pool participants,” reads the order for final judgment.

CFTC Cites $1.7 Billion MLM in Its 'Largest Fraud Scheme Case Involving Bitcoin'

The CFTC found that Steynberg, individually and as the principal and agent of MTI, accepted at least 29,421 Bitcoin, valued at over $1.7 billion at the end of March 2021, from at least 23,000 individuals in the U.S. and worldwide, to participate in the commodity pool without being registered as a commodity pool operator (CPO), as required by the law.

Steynberg has been held in Brazil on an Interpol arrest warrant since December 2021 and is still a fugitive from South African authorities, per the announcement.
...

It appears this was just another MLM fraud. He happened to scam bitcoin instead of dollars. It's not an indictment of crypto.

What wasn't stated in the article is whether authorities actually recovered any bitcoin from Steynberg or not. Are the feds going to be auctioning off that 29,421 bitcoin into the market?

 

[searcher]

Coinbase Inc. Chairman and Chief Executive Officer Brian Armstrong, board member Marc Andreessen and other officers avoided more than $1 billion in losses by using inside information to sell stock within days of the cryptocurrency platform’s public listing two years ago, before bad news sent the share price tumbling, according to a lawsuit filed by an investor.

Coinbase Executives Sued for Dumping Stock, Saving $1 Billion

Coinbase Inc. Chairman and Chief Executive Officer Brian Armstrong, board member Marc Andreessen and other officers avoided more than $1 billion in losses

www.insurancejournal.com

 

[searcher]

The Securities and Exchange Commission was about to define “digital asset” but deleted it in the final version of a rule, reversing a move that might have started formalizing crypto’s role.

The U.S. Securities and Exchange Commission (SEC) took one small step backwards in regulating the crypto sector on Wednesday, when it erased what would have been its first formal definition of “digital asset” from its latest hedge fund rule.

U.S. SEC Changes Its Mind on Officially Labeling Digital Assets

The Securities and Exchange Commission was about to define “digital asset” but deleted it in the final version of a rule, reversing a move that might have started formalizing crypto’s role.

www.coindesk.com

 

[pmbug]

They prefer to regulate on a whim.

 

[pmbug]

The U.S. Securities and Exchange Commission (SEC) has been ordered by a U.S. court to respond to cryptocurrency exchange Coinbase's (COIN) complaint over how it applies securities laws to digital assets.

The Third Circuit Court of Appeals said in a Wednesday filing that the SEC must file its response within 10 days. Coinbase may then file a response seven days thereafter.
...

U.S. Court Orders SEC to Respond to Coinbase Allegations Within 10 Days

Coinbase last week argued that the SEC is providing insufficient regulatory guidance for U.S. companies operating in the crypto sector.

www.coindesk.com

 

[searcher]

Pepecoin’s Bewildering Rise Turned a Pittance Into an Almost 5,000,000% Meme Coin Profit​

Story by Krisztian Sandor • 2h ago

The bewilderingly fast rise of pepecoin (PEPE), a meme coin introduced mere weeks ago that’s now worth more than $1 billion, is making gigantic fortunes for those undeterred by warnings this is a fad that will end badly.

A perfect example: a pseudonymous trader named dimethyltryptamine.eth spent $263 just three weeks ago to buy trillions of PEPE tokens. That former pittance has turned into $3.8 million in profits from tokens they’ve already sold, and their remaining holdings are worth about $9 million, according to data by blockchain research firm Arkham Intelligence. That’s an almost 5,000,000% profit.

More:

Pepecoin’s Bewildering Rise Turned a Pittance Into an Almost 5,000,000% Meme Coin Profit

 

[pmbug]

 

[searcher]

May 4 (Reuters) - Bankrupt crypto exchange FTX received U.S. bankruptcy court permission on Thursday to sell its LedgerX business for $50 million, raising additional funds to repay creditors.

FTX gets approval for LedgerX sale, asserts $3.9 billion Genesis claim

Bankrupt crypto exchange FTX received U.S. bankruptcy court permission on Thursday to sell its LedgerX business for $50 million, raising additional funds to repay creditors.

www.reuters.com

 

[pmbug]

LedgerX was apparently FTX's "non-bankrupt crypto derivatives trading platform" with a similar name to, but completely different from the French company Ledger that makes cold storage wallets.

 

[Goldhedge]

 

[pmbug]

The writing has been on the wall for Binance for a while. I pity the fool that is keeping a large balance on exchange at this point.

 

[searcher]

From the link:

The world of Bitcoin mining can be as complex and intimidating as it is lucrative, with its unique terminology and technical jargon, as well as the ever-evolving landscape of hardware, software, and regulations. For those who are just starting out, or for seasoned miners looking to stay ahead of the game, the Bitcoin Mining Academy is proud to announce its official launch. As a one-stop destination for all things related to Bitcoin mining, this comprehensive blog website covers topics ranging from understanding terminology to advice on starting your own mining operation, and everything in-between.

Bitcoin Mining Academy: A Comprehensive Guide to the World of Cryptocurrency Mining

___________________________________________________________________________________________________________________________________


If you're like me and don't know a lot about bitcoin mining this could be a site worth looking into.

Bitcoin Mining - Bitcoin Mining Academy

www.btcmining.academy

 

[searcher]

OpenAI CEO Sam Altman raises $100M for Worldcoin crypto project, which uses 'Orb' to scan your eye: report​

Story by Chris Pandolfo • Yesterday 3:55 PM

OpenAI CEO Sam Altman has reportedly raised nearly $100 million for his next big project, a cryptocurrency called Worldcoin that will verify users' unique identities by scanning their eyes.

After revolutionizing artificial intelligence with ChatGPT, Altman has set his sights on creating an "inclusive" global cryptocurrency that will be available to anyone who verifies their "unique personhood" with the "Orb," an imaging device that takes a picture of an iris pattern.

Founded by Altman and Alex Blania in 2019, Worldcoin is set to launch in several weeks once Altman has secured the necessary funding. Previous investors in the project include Khosla Ventures and Andreessen Horowitz’s crypto fund, disgraced FTX founder Sam Bankman-Fried and internet entrepreneur Reid Hoffman, the Financial Times reported.

More:

OpenAI CEO Sam Altman raises $100M for Worldcoin crypto project, which uses 'Orb' to scan your eye: report

 

[searcher]

From the link:

PARIS, France – Crypto companies fleeing U.S. regulatory uncertainty have been offered a welcome in France, by officials boasting a regulatory framework that offers relative predictability.

The European Union member already boasts around 74 registered crypto companies – a number that could surge to 100 as a last round of firms seek to anticipate the EU’s Markets in Crypto Assets rules that were formally signed off by ministers earlier Tuesday.

“In France, we are proud to be pioneers” with the crypto service asset provider regime, known as PSAN, that was legislated in 2019, Benoît de Juvigny, Secretary General of the Autorité des marchés financiers (AMF), told reporters Tuesday.

Fleeing U.S. Crypto Firms ‘Welcome,’ French Regulator Says

100-odd companies could be registered in France as the just-agreed MiCA EU crypto legislation beds in, Financial Markets Authority officials said

www.coindesk.com

 

[searcher]

LONDON, May 17 (Reuters) - Bitcoin , ether and other cryptocurrencies should be regulated as gambling given the significant risks they pose to consumers, a panel of UK lawmakers said in a report on Wednesday.

Crypto should be regulated as gambling, UK lawmakers say

Bitcoin , ether and other cryptocurrencies should be regulated as gambling given the significant risks they pose to consumers, a panel of UK lawmakers said in a report on Wednesday.

www.reuters.com

 

[searcher]

NEW YORK, May 18 (Reuters) - Bankrupt crypto exchange FTX is seeking to claw back more than $240 million it paid for stock trading platform Embed, saying former FTX insiders did no investigation before buying the essentially worthless bug-ridden software platform.

FTX seeks to claw back over $240 million from Embed acquisition

Bankrupt crypto exchange FTX is seeking to claw back more than $240 million it paid for stock trading platform Embed, saying former FTX insiders did no investigation before buying the essentially worthless bug-ridden software platform.

www.reuters.com

 

[searcher]

LONDON, May 23 (Reuters) - International securities watchdog IOSCO unveiled on Tuesday the first global approach to regulating cryptoasset and digital markets, drawing on lessons from last year's collapse of the FTX exchange that fuelled concerns over consumer protection.

The industry, which typically only has to comply with anti-money laundering checks, has been calling for a global approach to regulation as different jurisdictions follow their own rules.

Watchdog proposes first set of global rules for crypto sector

International securities watchdog IOSCO unveiled on Tuesday the first global approach to regulating cryptoasset and digital markets, drawing on lessons from last year's collapse of the FTX exchange that fuelled concerns over consumer protection.

www.reuters.com

 

[pmbug]

I skimmed through the IOSCO proposal:

https://www.iosco.org/library/pubdocs/pdf/IOSCOPD734.pdf

I didn't notice anything outrageous, but it is a bit dry reading, so I just skimmed it and may have missed something.

 

[searcher]

Cryptocurrency miners nationwide found their spirits uplifted this Sunday as a dark cloud threatening their industry parted, revealing a silver lining.

The potential storm, a 30% energy excise tax looming over them under the proposed “Digital Asset Mining Energy excise tax,” had been withdrawn from the Fiscal Responsibility Act of 2023. The unexpected reprieve brought a sense of respite to the sector.

Crypto miners rejoice as threatening energy tax withdrawn

 

[searcher]

Federal Reserve issues consent order to Silvergate Bank to wind down operations and liquidate​

June 2, 2023

• The Federal Reserve issues consent order to Silvergate Bank and parent company for winding down operations and liquidation.
• Silvergate voluntarily closes due to industry and regulatory developments, with significant declines in crypto-related deposits.
• Self-liquidation plan overseen by Federal Reserve and California regulators to protect depositors' funds; closure impacts other crypto-friendly banks.

More:

Federal Reserve issues consent order to Silvergate Bank to wind down operations and liquidate – Cryptopolitan

In a move to facilitate the voluntary self-liquidation announced by Silvergate Bank earlier this year, the Federal Reserve Board has issued a consent order to the bank and its parent company, Silvergate Capital Corporation. The order aims to ensure an orderly wind-down of the bank’s operations...

www.cryptopolitan.com

 

[searcher]

NEW YORK, June 2 (Reuters) - London-based Arch Insurance International has authorized cryptocurrency insurer Evertas to increase the coverage limit for a single policy to $420 million for custodians or exchanges in what the U.S firm said is the highest in the industry.

The move is a big boost for a crypto sector tainted by the collapse of major market players such as FTX and should help ease concerns on hacks and thefts that have plagued the industry. Currently only 2-3% of global cryptoassets are believed to be insured, Evertas said.

Crypto insurer Evertas authorized to offer largest single crypto insurance policy

London-based Arch Insurance International has authorized cryptocurrency insurer Evertas to increase the coverage limit for a single policy to $420 million for custodians or exchanges in what the U.S firm said is the highest in the industry.

www.reuters.com

 

[Goldhedge]

 

[searcher]

The Securities and Exchange Commission on Tuesday sued Coinbase, alleging that the publicly traded cryptocurrency trading platform has been operating illegally as an unregistered exchange.

The litigation comes one day after the SEC filed suit another major crypto exchange, Binance and its CEO, on grounds that it too is violating securities rules by not registering with the SEC. The pair of suits are part of SEC Chair Gary Gensler's push to regulate the burgeoning cryptocurrency market and protect investors.

SEC sues Coinbase as feds crack down on cryptocurrency companies

 

[Goldhedge]

Is this good news... or?

 

[searcher]

June 8 (Reuters) - Crypto exchange Binance.US said on Thursday it is stopping U.S. dollar deposits and users will soon not be able to withdraw dollars from the exchange, after U.S. financial regulators said they supported freezing Binance's assets.

The purportedly independent U.S. affiliate of Binance, the world's largest crypto exchange, said in a tweet late on Thursday that its banking partners are preparing to stop dollar withdrawal channels as early as June 13.

Binance.US halts dollar deposits, Robinhood delists tokens after SEC crackdown

The U.S. affiliate of Binance said it was halting dollar deposits, while trading platform Robinhood Markets said it was delisting some crypto tokens, after the U.S. securities regulator stepped up its crackdown on the crypto sector.

www.reuters.com

 

[pmbug]

I think the writing has been on the wall for at least a year with respect to Binance. I'm more interested in hoe the SEC vs Coinbase plays out.

 

[searcher]

Not news........crime story.

Their Crypto Company Collapsed. They Went to Bali.​

Not long after his cryptocurrency hedge fund collapsed last year, spawning a market meltdown that devastated the industry, Kyle Davies got on a plane and left his troubles behind.

He flew to Bali. As his company was liquidated and law enforcement authorities opened investigations on two continents, Mr. Davies spent his days painting in cafes and reading Hemingway on the beach.

More:

Their Crypto Company Collapsed. They Went to Bali.

Not long after his cryptocurrency hedge fund collapsed last year, spawning a market meltdown that devastated the industry, Kyle Davies

dnyuz.com

 

[pmbug]

The US war on crypto is making for some bumpy rides. Buckle up if you're riding this bronco...

A key metric tracking the crypto market liquidity tanked sharply over the weekend, leaving paper-thin order books that could amplify price swings.

Crypto research firm Hyblock Capital's global bid and ask indicator, which aggregates the dollar amount of resting bid and ask orders for more than 1,100 coins listed worldwide, fell by 20% across spot markets on Saturday.

The sharp decline happened as alternative cryptocurrencies like SOL, MATIC, DOGE and others crashed amid rumors of a fund liquidating its coin holdings.

According crypto hedge fund Assymetric's CIO Joe McCann, some market makers likely pulled out from the market during the altcoin crash, causing a sharp decline in the amount of resting bid and ask orders.

"The @hyblockcapital Global Bid/Ask metric dropped a full 20% during the collapse. Seems like a bunch of MMs [market makers] pulled inventory creating paper-thin order books," McCann tweeted. Other observers argued that the decline in liquidity stemmed from a single market maker running out of collateral.
...

Crypto Global Bid and Ask Metric Plunged 20% Over Weekend, Points to Paper Thin Liquidity

Hyblock Capital's global bid and ask indicator plunged 20% during Saturday's altcoin crash, indicating a sharp deterioration in the crypto market liquidity.

www.coindesk.com

 

[spinalcracker]

Volcano bonds should be right around the corner.


'VOLCANO ENERGY' EMERGES IN THE LAND OF VOLCANOESSAN SALVADOR, El Salvador05 June 2023 El Salvador's rapid progress towards economic freedom and self-reliance is gaining momentum as we harness our abundant and sustainable natural resources to create 'Volcano Energy.' Our primary goal is to position El Salvador as a prominent global player in the Bitcoin mining industry, while simultaneously promoting energy competitiveness, diversification, and geographic expansion for the Bitcoin network, as part of our unwavering commitment to establishing a global Bitcoin standard.With a focus on a debt-free approach, we are constructing a pathway to our geothermal future within the volcanic region, integrating solar and wind projects. We are commencing this transformative journey with the development of a 241 MW renewable power generation park in the Metapán region of El Salvador. Located in the El Shiste hamlet, within the municipality of Metapán, Santa Ana, this chosen site boasts exceptional solar and wind energy yields in the country.The power generation capacity will be divided between 169 MW of photovoltaic solar energy and 72 MW of wind energy, resulting in an impressive total capacity of 241 MW. This significant milestone will pave the way for the establishment of one of the world's largest Bitcoin mining farms, with an initial computational power surpassing 1.3 EH/s.The total commitment for the project is $1 billion, beginning with a first investment of $250 million, bootstrapped by key Bitcoin industry leaders, with collaboration from top developers and manufacturers of renewable energy technology, as well as Bitcoin mining experts on a global scale. The Government of El Salvador will play a crucial role in the planning and execution of this initiative, securing a preferred participation equivalent to 23% of the revenues. The investors will own 27%, and the remaining 50% will be reinvested in expanding energy production capacity and advancing Bitcoin mining.Together, through Volcano Energy, we are blazing a trail toward a prosperous future, marked by sustainable energy, technological innovation, and global leadership in the Bitcoin mining industry. El Salvador's volcanoes will shape our landscape and power our nation's transformation, driving economic growth and prosperity for generations to come.

VolcanoEnergy-PressRelease

VolcanoEnergy-PressRelease

volcano-energy.tiiny.co

 

[searcher]

June 13 (Reuters) - It's a rough time to be an altcoin. Insecurity reigns.

A slew of altcoins - a catch-all for most cryptocurrencies except bitcoin and ether - have been harpooned in lawsuits filed by U.S. regulators against exchanges Binance and Coinbase (COIN.O) last week, hammering the prices of the tokens.

It's big. Over 50 cryptocurrencies worth over $100 billion in total and making up about 10% of the overall market, are now viewed by the SEC watchdog as securities, according to CCData.

Cryptoverse: Security alert! Altcoins worth $100 billion dropped in hot water

It's a rough time to be an altcoin. Insecurity reigns.

www.reuters.com

 

[pmbug]

I'm honestly not sure what to make of this news:

BlackRock, the world's biggest asset manager, is close to filing an application for a Bitcoin ETF (exchange traded fund), according to a person familiar with the matter.

BlackRock will be using Coinbase (COIN) Custody for the ETF and the crypto exchange’s spot market data for pricing, the person said. Coinbase declined to comment.

BlackRock began working with Coinbase to make crypto directly available to institutional investors midway through last year.

It wasn't clear if the ETF will be spot or futures. BlackRock did not immediately respond to requests for comment.

To date, the Securities and Exchange Commission (SEC), which oversees ETFs in the U.S., has rejected every application for a spot bitcoin ETF, though it has approved several bitcoin futures ETFs for trading.

BlackRock Close to Filing for Bitcoin ETF Application: Source

BlackRock will be using Coinbase (COIN) Custody for the ETF and the crypto exchange’s spot market data for pricing, the source said.

www.coindesk.com

 

[pmbug]

A couple developments in the crypto space that I found interesting:

Polkadot is changing their governance model:

Polkadot Revamps Governance System, Removes ‘First Class Citizen’ Voting Groups

The new Polkadot OpenGov system allows multiple voting tracks to take place simultaneously without bottlenecks.

www.coindesk.com

Seems like this might be a move designed to negate Polkadot's conformity with the SEC's definition of a security.

~~~

Polygon is publishing an "open database" project called "The Value Prop" showcasing use cases for blockchain technology:

Polygon Labs, the Ethereum scaling platform, has released an open database that shows positive use cases of blockchain on any application from across the world, it announced on Thursday.

Called "The Value Prop," the database hosts as many as 39 use cases and over 300 applications, with numbers expected to increase. Polygon Labs conceived the project as a “Wikipedia for use cases.”

"This is just the beginning. It's not like this is going to be a stagnant website," said Rebecca Rettig, Chief Policy Officer at Polygon Labs in a pre-launch interview with CoinDesk. "It's going to grow as people see it and say, 'Oh, we want more applications that are on Solana to be listed on here. Please put them up on the website.'"

The clamor for use cases has been growing among regulators as jurisdictions grapple with the challenge of framing legislation that not only supports innovation but also protects citizens.
...

Polygon Labs Rolls Out Open Database for Blockchain Use Cases

Called "The Value Prop," the database hosts as many as 39 use cases and over 300 applications, with numbers expected to increase.

www.coindesk.com

The Value Prop site can be found here:

TheValueProp

The fundamental value proposition for blockchains. Through use cases, across networks, and around the world.

thevalueprop.io

 

[searcher]

June 17 (Reuters) - Binance, Binance.US and the U.S. securities regulator entered into an agreement to ensure that only Binance.US employees could access customer funds in the short term, according to court documents.

Under the agreement, which still needs sign-off from the federal judge overseeing the case, Binance.US will take steps to make sure that no Binance Holdings officials have access to private keys for its various wallets, hardware wallets or root access to Binance.US's Amazon Web Services tools, the filings showed.

Binance, SEC agree to allow only US employees to access customer funds

Binance, Binance.US and the U.S. securities regulator entered into an agreement to ensure that only Binance.US employees could access customer funds in the short term, according to court documents.

www.reuters.com

 

[searcher]

Well, well. BlackRock (BLK) entered the chat early last year and it finally spoke up.

BlackRock’s iShares unit filed paperwork Thursday afternoon with the U.S. Securities and Exchange Commission (SEC) for the formation of a spot bitcoin (BTC) exchange-traded fund (ETF).

As with all things perpetually online, many are tying themselves up and tripping over semantics. Is this proposed fund actually an ETF or just a trust? The question seems odd, but the tippity top of BlackRock’s S-1 filing sports this as the name of the proposed fund: iShares Bitcoin Trust.

Before going further, as Bloomberg’s Eric Balchunas tweeted, this is exactly how the SPDR Gold Shares ($GLD) ETF works. It's a trust, but it acts like an ETF. Without getting into it too deeply, if the iShares Bitcoin Trust is approved and functions with daily creations and redemptions, then it would basically look and act like an ETF. Who cares if it’s technically a “trust?”

BlackRock’s Bitcoin ETF Would Be a Big Deal

And it doesn’t really matter if it’s technically a trust.

www.coindesk.com

 

[pmbug]

... Bitcoin , ether and other cryptocurrencies should be regulated as gambling given the significant risks they pose to consumers, a panel of UK lawmakers said in a report on Wednesday. ...

U.K. parliamentarians have voted through a new bill that could recognize crypto as a regulated activity in the country.

The approval of the Financial Services and Markets Bill (FSMB) on Monday by Parliament’s upper chamber, the House of Lords, means the bill is going to enter the final stages before it is put into law.

The wide-ranging bill, spanning over 340 pages, was introduced in July to take advantage of Brexit freedoms and give regulators more power over the U.K. financial system. While the original bill included a proposal to regulate stablecoins under the country’s payments rules, amendments to treat all crypto as a regulated activity and measures to supervise crypto promotions were added later as the bill progressed through Parliament.
...
Next, the FSMB will be returned to the lower house of Parliament to agree on a final version. Once both houses agree on the document, it will be sent to the King to be approved and passed into law. The bill can be sent back and forth between the chambers of Parliament until a consensus is reached.

UK Crypto, Stablecoin Laws Approved by Parliament's Upper House

The Financial Services and Markets Bill stands to recognize crypto as a regulated activity and stablecoins as a means of payment under existing laws.

www.coindesk.com