The decentralization that promised to make cryptocurrencies accessible, transparent, and an everyman’s investment dream has turned into a nightmare for many. While professional investors have largely done well shorting blockchain stock, other individuals haven’t been as successful. Fortune wrote of “crypto carnage” in a market that has so far lost $1 trillion in this year’s market selloffs. Bitcoin has lost about 50 percent of its market value this year, while Ethereum has fallen by 56 percent since January. Last week, the European Union advanced a framework for crypto-assets that includes consumer protection and safeguards against cybercrime. Continue reading EU Advances Crypto Regulation in Face of Small Investor Pain

A debate as to whether cryptocurrencies are more like commodities than securities is playing out in Washington, with Senators Cynthia Lummis (R-Wyoming) and Kirsten Gillibrand (D-New York) introducing legislation to regulate them like commodities. If passed, the bill would put digital currency under the regulatory purview of the Commodity Futures Trading Commission (CFTC) rather than the Securities and Exchange Commission (SEC), a win for the crypto sector, which prefers the smaller agency. SEC chair Gary Gensler takes the position that digital assets are akin to publicly traded stock and should be regulated by the SEC.
Continue reading Senate Cryptocurrency Bill Could Be a Victory for Blockchain

Senator Kirsten Gillibrand (D-New York) has revisited her Data Protection Act of 2020 to add the creation of a government agency that would regulate and enforce federal privacy laws. She noted that, “Big Tech companies are free to sell individuals’ data to the highest bidder without fear of real consequences … a data privacy crisis is looming over the everyday lives of Americans.” The revamped version, more likely to be passed during the Biden administration, also includes sections on antitrust and civil rights. Continue reading Another Call for the Creation of a Privacy Enforcement Agency

Senate Finance Committee chair Ron Wyden (D-Oregon) heads a bipartisan group of U.S. senators attempting to understand more about digital advertising auctions and their relationship to personalized ads. The group sent a letter to the largest companies that run these auctions, including AT&T, Index Exchange, Google, Magnite, OpenX Software, PubMatic, Twitter and Verizon Communications. The senators want the names of all foreign clients gaining access to user data through the auctions, citing concerns of national security. Continue reading Senators Press Ad-Auctioneers for Personal Data Sales Info