Malaya Ruiz
Today’s top crypto news reveals a growing wave of regulatory challenges, the impact thereof on market dynamics, and concerns about user trust in the crypto space.
Crypto Regulation News
SEC Commissioner Hester Peirce is urging a shift in cryptocurrency regulation and wants to end “Operation Chokepoint 2.0.” She has criticized the government’s restrictions on banking services for the crypto industry, especially in custody. Peirce’s three-part proposal includes ending the Chokepoint, clarifying SEC authority, and working together with the industry. Her emphasis on collaboration could be a significant turning point for crypto regulation.
Meanwhile, the Cedar Innovation Foundation (CIF) has launched an ad campaign against the renomination of SEC Commissioner Caroline Crenshaw. They announced the campaign on X, targeting Washington-focused social media platforms. CIF claims that confirming Crenshaw would undermine the pro-crypto mandate supported by voters. They describe her as “more anti-crypto than Gensler” and call on lawmakers to reject her renomination.
Related: Florida Court Lets $80M Binance Bitcoin Lawsuit Move Forward
In Iran, Abdolnaser Hemmati, Minister of Economic Affairs and Finance, plans to create a regulatory framework for cryptocurrency instead of imposing outright bans. He believes that digital assets can help tackle economic issues and create jobs for young people. The Central Bank of Iran (CBI) has introduced new licensing requirements for crypto brokers and custodians. CBI Governor Mohammadreza Farzin supports this view, stating that cryptocurrencies can enhance national assets and help Iran navigate international sanctions.
The Central Bank of Iran (CBI) plans to introduce its digital currency, the Digital Rial, as part of a broader initiative to modernize the country’s banking infrastructure and enhance international financial collaboration.
— Iran Daily (@IranDailyWeb) November 26, 2024
Mohammadreza Farzin, the governor of the CBI, broke in… https://t.co/B2Fr3Q2Ft1 pic.twitter.com/KJCKSAPX84
Coinbase Users Frustrated Over Platform Issues
Over the weekend, many Coinbase users expressed their frustrations on X, reporting account lockouts, withdrawal issues, and inadequate support. Coinbase’s support claimed these complaints were largely “FUD/misinformation,” citing a rise in fraudulent attempts. However, a Community Note revealed that some comments were from users with ongoing account restrictions. Coinbase’s product director advised against using VPNs and ad blockers last Monday, which led to negative reactions from users. Coinbase has since assured users that it is already working on solutions.
Related: US CFTC Approves Spot Crypto Trading on Regulated Exchanges
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MALAYA RUIZ
Malaya is dedicated to helping individuals share meaningful narratives about crypto, blockchain, and future tech. Her extensive experience in editing, copywriting, and publishing gives her a deep understanding of the craft of storytelling and collaboration, which she channels through Shiba Inu's official publications. Malaya owns two dogs and therefore has a special admiration for the Shiba Inu breed.
