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Updated Jan 26, 2021 at 4:06 p.m. UTC FinCEN Further Extends Comment Period for Controversial Crypto Rules The Financial Crimes Enforcement Network (FinCEN) is further extending a comment period for a controversial proposed rule that would require crypto exchanges to gather and store counterparty information for transactions to unhosted wallets. FinCEN announced the move Tuesday, saying all comments are due 60 days after the change is submitted to the Federal Register, the U.S. government’s logbook. The move is a victory for the crypto industry, which has complained the previous deadline of...

Bubbles Are Good for Bitcoin Over the last few weeks, the price of bitcoin has hit a record high of more than $41,000, blowing past the 2017 bubble high point of $19,783. The price has since declined relatively rapidly, and questions have arisen about what’s next for this latest bubble. This presents an opportune moment to analyze why these bubbles form and what they mean for the future of bitcoin. Price volatility causes market uncertainty and is often viewed as detrimental. However, for bitcoin, the price volatility – such as this recent bubble and past ones of varying sizes in 2017 an...

Updated Jan 25, 2021 at 5:08 p.m. UTC CFTC Attorney Who Let Regulators Trade Crypto Joins Private Law Firm Daniel Davis, the Commodity Futures Trading Commission’s (CFTC) general counsel, is joining Katten Muchin Rosenman LLP, a law firm based in Chicago. Davis, who joined the CFTC in 2017 under former Chair Chris Giancarlo, headed the agency’s legal division for four years, overseeing the regulatory agency’s compliance with the law in rulemaking as well as enforcement actions. In 2018, Davis also authored a memo authorizing agency staff to invest in cryptocurrencies. He left the regula...

Bitcoin Faces Further Losses Before Rally Restarts, Say Analysts Despite a bounce earlier on Friday, bitcoin may yet see further losses in the near term. Bitcoin prices for the last 24 hours. (CoinDesk 20) Updated Jan 22, 2021 at 2:44 p.m. UTC Bitcoin Faces Further Losses Before Rally Restarts, Say Analysts Bitcoin’s shorter-term price woes are likely not over yet, analysts say, with one predicting a further decline to $26,000. The cryptocurrency fell by 13% on Thursday in a spot market sell-off, hitting a low of $28,845 earlier on Friday, the lowest level since Jan. 4. In the hours since, ...

Updated Jan 14, 2021 at 3:55 p.m. UTC DC Magistrate Judge Calls Unhosted Wallet ‘Horror Story’ a ‘Fiction’ Federal Magistrate Judge Zia M. Faruqui has learned to stop worrying and love unhosted wallets. “The horror story of unhosted wallets is fiction, not fact,” wrote the judge in a Jan. 6 memorandum opinion for D.C. District Court. He quoted a Coin Center thinkpiece (also named in Strangelovian fashion) on the downside of over-regulating unhosted wallets, then added his own summation: “Indeed, cash poses a greater challenge to law enforcement than cryptocurrency in unhosted wa...