HomeBlockchainUpdates on Crypto Regulation: Congressional Review Act, DOJ Charges, and Recent Developments

Updates on Crypto Regulation: Congressional Review Act, DOJ Charges, and Recent Developments

Recent Regulatory Developments in the Crypto Industry: Congressional Review Act, DOJ Charges, and More

The crypto industry has been rocked by a series of regulatory actions and legal developments from May 5 to May 20, 2024. These updates have global implications and are reshaping the landscape for cryptocurrency businesses and investors.

One of the key developments is the passing of a Congressional Review Act resolution that aims to undo the Securities and Exchange Commission’s (SEC) Staff Accounting Bulletin (SAB) 121. This resolution, passed by the House of Representatives and the Senate, could have significant implications for firms that safeguard consumer crypto assets.

In addition, the U.S. Department of Justice (DOJ) has filed charges against two brothers for conspiracy to commit wire fraud, wire fraud, and conspiracy to commit money laundering. The charges are related to a scheme involving the exploitation of a flaw in MEV-Boost, a software that allows validators to outsource block production, resulting in the fraudulent acquisition of $25 million worth of cryptocurrency.

Furthermore, President Joe Biden has ordered the closure of MineOne, a cryptocurrency mining facility near the Warren Air Force Base in Wyoming. The facility, majority-owned by Chinese nationals, is believed to pose risks to U.S. national security.

The Commodity Futures Trading Commission (CFTC) has also settled charges against Falcon Labs for failing to register as a futures commission merchant (FCM). This marks the CFTC’s first action against an unregistered FCM that facilitated access to digital asset exchanges.

These developments are just a snapshot of the rapidly evolving regulatory landscape for the crypto industry. With actions also taken by the Department of the Treasury, the SEC, and the White House, as well as international developments in countries like Canada, France, and the United Kingdom, it is clear that the crypto industry is facing increased scrutiny and regulation.

Staying informed and navigating this complex regulatory environment is crucial for anyone involved in the crypto space. The industry is at a critical juncture, and how these regulatory actions unfold will have far-reaching implications for the future of cryptocurrency.

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