ChainCatcher news, according to Cointelegraph, the UK Labour Party recently won the election, and Keir Starmer will become the new Prime Minister. The local cryptocurrency industry hopes the new government will continue existing policies to promote innovation and growth.Kraken UK Managing Director Bivu Das stated, "Clearly, the political landscape in the UK has changed, but for the cryptocurrency (industry), we believe everything will proceed largely as usual. The new government has the opportunity to continue driving innovation and growth in this emerging asset class and to solidify the UK's position as a leading jurisdiction for blockchain innovation."

ChainCatcher news, federal policy expert Dorothy DeWitt recently stated at an event, "It takes a long time to make rules." She cited the Dodd-Frank Act, which was released in 2010, with its final rules not being passed by the CFTC until 2021. She said, "It's really hard to get consensus among those who are uninterested, have limited understanding, and are intimidated by very complex issues."It is reported that Dorothy DeWitt was the chief financial legal advisor to the Senate and also served as the director of the CFTC regulatory division. (source link)

ChainCatcher news, according to Ledger Insights, the International Organization of Securities Commissions (IOSCO) has confirmed plans to consult on the regulation of cryptocurrencies and digital assets in the second quarter of this year, with a final report to be released by the end of the year.Meanwhile, another working group will focus on DeFi regulation, planning to conduct consultations in the third quarter of this year and release a final report by the end of the year. This is part of IOSCO's work plan for 2023/24.It is reported that IOSCO has previously outlined how existing securities regulations can be applied to DeFi in many cases. It is also exploring the connections between DeFi and stablecoins, crypto trading, lending platforms, and the broader financial markets.According to previous reports, last year IOSCO and the Bank for International Settlements (BIS) released regulatory guidelines for systemic stablecoins. The guidelines emphasize that if a stablecoin performs transfer functions and regulators consider it important to the financial system, it should comply with the Principles for Financial Market Infrastructures (PFMI). (source link)

ChainCatcher news, according to Cointelegraph, Coinbase Chief Legal Officer Paul Grewal stated: "The staking products we offer on Coinbase are fundamentally different from the yield products described in the regulatory actions against Kraken. The differences are significant."He pointed out that the first difference is that Coinbase users retain ownership of their cryptocurrency at all times. Coinbase stated in its updated user agreement on December 15, 2022, that it merely "facilitates the staking of these assets on behalf of users," but may not replace any Ethereum. The second difference is that customers have the "right to request to withdraw their stake," and the company cannot "simply decide not to pay any withdrawals." He noted that Coinbase being a publicly traded company is another key difference, which allows customers to "gain deep transparency into our financial condition." (source link)

ChainCatcher news, a report from institutional-grade crypto fund management company CoinShares shows that the total outflow of funds from digital asset investment products last week was $32 million, marking the largest outflow of the year.It is reported that the U.S. Securities and Exchange Commission (SEC) filed charges against Kraken's staking services on February 9. A few days later, the SEC sued Paxos over the minting of Binance USD (BUSD). (Cointelegraph)