ChainCatcher news, FOX Business reporter Eleanor Terrett disclosed that outgoing Federal Reserve official Michael Barr spoke this afternoon at the Council on Foreign Relations in New York about bank decentralization and crypto regulation. He stated that the Federal Reserve is trying to take a neutral stance on these issues. The Fed's expectation is that they operate in a safe and sound manner and comply with consumer laws, anti-money laundering laws, and anti-terrorism financing laws. If they do so, we have no objections.Barr stated, "The Federal Reserve has a novel regulatory plan aimed at overseeing institutions in this space to ensure we have the right expertise to execute in this area. Some institutions are doing this, while others are getting it wrong and running into trouble, either due to anti-money laundering or Bank Secrecy Act issues, or because they cannot meet their customers' liquidity needs, and then they go bankrupt. So, at least for me, this is just straightforward mid-level risk management and banking. If you do it right, you can do it. If you do it wrong, then you shouldn't be doing it."Barr also mentioned that he has never seen evidence of customers being canceled from their bank accounts due to political views.

ChainCatcher News: The website of the Central Commission for Discipline Inspection and the National Supervisory Commission of China recently published an article pointing out that the integrity risks in the construction of financial information systems are becoming increasingly prominent, especially the issues of "difficult management, difficult supervision, and difficult accountability" caused by high professional and technical barriers.During the investigation of the corruption case of Yao Qian, the former director of the Science and Technology Supervision Department of the China Securities Regulatory Commission (CSRC), the discipline inspection and supervision team stationed at the CSRC discovered that he used virtual currency for power-for-money transactions, which were highly concealed and difficult to gather evidence. Yao Qian accepted huge bribes through his position, providing assistance to others in the procurement of information systems, involving project contracting, fund allocation, and other aspects.In response to the issues exposed by the case, the discipline inspection and supervision team proposed supervision opinions to the CSRC Party Committee, urging the strengthening of integrity risk prevention and control in information system procurement, and reinforcing system construction and implementation. At the same time, it emphasized the need to strengthen the education, management, and supervision of professional and technical personnel, especially the "top leaders," to correct the erroneous thinking of some cadres who believe their integrity risks are low, and to enhance their political awareness and discipline consciousness.In November last year, Yao Qian was subjected to disciplinary review and supervisory investigation by the discipline inspection and supervision team stationed at the CSRC and the Shantou Municipal Supervisory Commission in Guangdong Province for serious violations of discipline and law. This case further highlights the importance of integrity risk prevention and control in the field of financial technology supervision.

ChainCatcher news, Bloomberg has questioned a series of actions taken by Trump in the cryptocurrency space since he took office, stating that President Trump and his entourage seem eager to establish their crypto empire. The family not only hopes to pave the way for the U.S. to support cryptocurrencies through more favorable regulations but also aims to secure a place in the positive outcomes.Based on the current (volatile) spot prices, the TRUMP holdings of entities related to Trump have an estimated book value of about $14.9 billion, with risks that are equally incredible. As token buyers and industry insiders see their opportunity to please Trump, the likelihood of quid pro quo and corruption will certainly increase. Additionally, moral hazard is also present.When Eric Trump tweeted a friendly suggestion that Ethereum is worth buying, he was by no means a neutral observer—when he removed the phrase "you can thank me later" from his post on X, he seemed to realize this. Meanwhile, the company has transferred most of its reserves to Coinbase Global Inc., and although it denied any plans to sell, it is difficult to assess what specific insider information might be involved. Trump's tariff policies are certainly not favorable to the crypto market, and the impact of Eric Trump's endorsements is similarly limited.Bloomberg believes that without effective enforcement and strengthening of regulations, oversight of the president's actions will become ineffective, and currently, Trump seems unencumbered by any constraints.

ChainCatcher news, according to sources, the Republican-led committee of the U.S. Securities and Exchange Commission (SEC) is intensifying oversight of the formal investigation into the SEC.

ChainCatcher news, the Central Bank of Russia has introduced regulations to manage foreign exchange operations involving digital rights. According to Russian law, digital rights include electronic records such as cryptocurrencies, tokenized securities, and digital tokens. These rights represent claims or obligations related to assets or services. The new decree will take effect on January 11 and outlines the obligations of residents engaged in such transactions, aiming to clarify and strengthen the oversight of digital assets used for trade and payment purposes.A key requirement outlined in the regulation is that foreign trade contracts involving digital rights settlements must be registered with authorized banks. The document states: "Foreign trade contracts, including those settled using digital rights, must be registered with authorized banks. The registration thresholds for these contracts remain unchanged: import contracts exceeding 3 million rubles and export contracts exceeding 10 million rubles."In addition to registration, the Central Bank of Russia also explained: "The regulation specifies the documents and information that residents must provide to banks, including transaction data related to the transfer or receipt of digital rights as a means of payment under foreign trade contracts, as well as data related to other foreign exchange operations involving digital rights."By defining these requirements, the Central Bank of Russia aims to integrate digital rights into the broader financial system while reducing the risks associated with their use.

ChainCatcher news, Jaret Seiberg of TD Cowen Washington Research Group stated that the resignation of Federal Reserve Vice Chair Barr "is not as much of a victory for big banks as it appears on the surface."Seiberg noted in a report on Monday: "The Democrats will retain their majority on the Federal Reserve Board until early 2026, and given the need to confirm new regulatory officials, it is hard to see significant progress on regulatory easing this year."Barr has called for regulation of stablecoins over the past year and stated that stablecoins "borrow the trust of central banks." "The Federal Reserve is very eager to ensure that any issuance of stablecoins operates within an appropriate federal prudential regulatory framework so that they do not threaten financial stability or the integrity of the payment system," Barr said at a conference in Washington, D.C. in October 2023.For years, lawmakers have been working on legislation to regulate stablecoins, but the crux of the issue lies in how to allocate regulatory authority between state and federal levels. (The Block)In news from yesterday, Federal Reserve's Barr announced that he will resign from the position of Vice Chair for Supervision on February 28, 2025. The Federal Reserve's statement indicated that Barr will continue to serve as a governor of the Federal Reserve but does not intend to engage in significant rulemaking until a successor to the vice chair position is determined. Barr stated in the announcement that the "controversy" surrounding his position could distract the Federal Reserve's focus.

ChainCatcher news, according to Beincrypto, Federal Reserve Vice Chair for Supervision Michael Barr announced today that he will resign from this position. Barr will no longer serve as the third in command of the Federal Reserve Board, but he intends to remain at the Federal Reserve until further notice. It is widely believed in the industry that Barr is one of the key factors behind U.S. banks' failure to engage in cryptocurrency and related services.According to a recent press release, his resignation will take effect on February 28 or after his successor is confirmed. However, even if a new Vice Chair for Supervision is found quickly, Barr will continue to stay on the Federal Reserve Board. His term was supposed to naturally end in 2032. Nevertheless, this may be an important opportunity for cryptocurrency regulation. He stated, "It has been my honor to serve as Vice Chair for Supervision of the Federal Reserve Board. The controversy surrounding this position may distract us from our mission. In the current environment, I believe serving the American people from the Board would be more effective." In 2023, Barr led the crackdown on stablecoins and expressed a desire to "exclude cryptocurrencies from the banking sector."

ChainCatcher news, the Federal Reserve statement shows that Vice Chair Barr announced he will resign from his position as Vice Chair for Supervision on February 28, 2025.The Federal Reserve statement indicated that Barr will continue to serve as a member of the Board of Governors, but does not intend to participate in significant rulemaking until a successor to the Vice Chair position is determined.

ChainCatcher news, the Philippine Securities and Exchange Commission (SEC) has introduced comprehensive regulations for cryptocurrency asset management, covering disclosure, public offerings, trading, and marketing activities. These regulations aim to enhance investor protection and promote transparency in the burgeoning digital asset market.According to the new guidelines, cryptocurrency asset issuers must submit disclosure documents to the SEC at least 30 days prior to any marketing activities or public sales. This document must detail the provider of the cryptocurrency asset, the issuer, key features, risks, and underlying technology, as well as clearly state potential risks, including value loss and limited transferability.Cryptocurrency assets classified as securities must obtain a registration statement approved by the SEC before public offering. Entities issuing or trading cryptocurrency assets must comply with anti-money laundering (AML) laws and SEC reporting requirements. It emphasizes that non-compliance may result in fines, suspension, or revocation of licenses. (Crowdfund Insider)

ChainCatcher message, Federal Reserve's Barr plans to complete the entire term as Vice Chair of Supervision.

According to ChainCatcher news, on the website of the Central Commission for Discipline Inspection and National Supervisory Commission, Yao Qian, former director of the Science and Technology Supervision Bureau of the China Securities Regulatory Commission and former director of the Information Center, has been expelled from the Party and public office due to serious violations of discipline and law. Investigations show that Yao Qian used regulatory power to seek benefits for specific technology service providers, involving money-for-power transactions related to virtual currencies, and illegally accepted huge amounts of property.In addition, he also violated the spirit of the Central Eight Provisions by improperly accepting valuable items, accepting banquets, and engaging in irregular operations in employee recruitment and investment shares. After research and decision by the Party Committee of the China Securities Regulatory Commission and relevant disciplinary inspection and supervision departments, Yao Qian has been subjected to serious penalties, and issues involving suspected criminal activities have been transferred to the procuratorial organs for legal review and prosecution.Previous report indicated that Yao Qian was suspected of serious violations of discipline and law, and had previously undergone disciplinary review by the disciplinary inspection team stationed at the China Securities Regulatory Commission and supervisory investigation by the Shantou Municipal Supervisory Committee in Guangdong Province.It is reported that Yao Qian was the first director of the Digital Currency Research Department of the People's Bank of China (CBDC) and was named one of the most influential figures in the blockchain field by Coindesk in 2017. He has published multiple research articles on blockchain technology, digital currency, and Web 3.0, and co-authored the book "Web 3.0: Changes and Challenges of the Next Generation Internet."

ChainCatcher news, the Dutch Authority for the Financial Markets (AFM) reminds investors to be aware of the risks of cryptocurrency "pump and dump" scams and announces that the Markets in Crypto-Assets Regulation (MiCA) will come into effect on December 30. MiCA explicitly prohibits market manipulation, and the AFM will be responsible for supervising and enforcing the new regulations in the Netherlands.The AFM states that MiCA aims to enhance transparency and market integrity in the crypto industry, although it cannot eliminate all risks. To this end, the AFM has recently investigated several "pump and dump" cases and plans to enforce strict measures after the implementation of MiCA.Additionally, industry experts warn that MiCA may lead to crypto companies relocating to the Middle East, increasing the centralization risks in the industry.

ChainCatcher news, Denis Beau, the First Deputy Governor of the Banque de France, recently revealed that the central bank's prudential supervisory authority, ACPR, is working with the industry to certify smart contracts. "In 2024, we will continue to work with stakeholders on an important proposal from the ACPR, which is to mandate certification of smart contracts before their use." Mr. Beau pointed out that France's early regulations on crypto assets significantly influenced the MiCA regulation.

ChainCatcher news, according to the Discipline Inspection and Supervision Group of the Central Commission for Discipline Inspection and National Supervisory Commission stationed at the China Securities Regulatory Commission and the Guangdong Provincial Commission for Discipline Inspection and Supervision: Yao Qian, the Director of the Technology Supervision Department and the Director of the Information Center of the China Securities Regulatory Commission, is suspected of serious violations of discipline and law, and is currently undergoing disciplinary review by the Discipline Inspection and Supervision Group of the Central Commission for Discipline Inspection and National Supervisory Commission stationed at the China Securities Regulatory Commission and an investigation by the Shantou Municipal Supervisory Committee of Guangdong Province.It is reported that Yao Qian previously served as the first director of the Digital Currency (CBDC) Research Department of the People's Bank of China and was named one of the most influential figures in the blockchain field by Coindesk in 2017. He has published multiple research articles related to blockchain technology, digital currency, and Web 3.0, and co-authored the book "Web 3.0: Changes and Challenges of the Next Generation Internet."

ChainCatcher news, according to The Block, Coinbase and Circle are opposing various aspects of the Basel Committee on Banking Supervision proposal, which introduces stricter standards for preferential regulatory treatment regarding banks' exposure to stablecoin risks.It is reported that the proposed requirements determine whether a stablecoin qualifies for the "Group 1b category," which grants preferential regulatory treatment. According to the consultation document, certain standards must be met, including low volatility and sufficient liquidity. The deadline for comments on the document is March 28.Coinbase stated regarding the above requirements: "The committee's choice indicates a desire to strictly limit banks' holdings and thus use of stablecoins." Circle expressed dissatisfaction with the committee's report mentioning that blockchain has "unique risks."

ChainCatcher news, according to Cointelegraph, the U.S. Securities and Exchange Commission (SEC) passed rules on February 6 requiring more market participants to register with it, join self-regulatory organizations, and comply with federal securities laws and regulations. The new rules may bring cryptocurrencies and decentralized finance (DeFi) under a broader regulatory scope. The new rules were proposed in 2022 and span 247 pages. They redefine the terms "dealer" and "government securities dealer" in the Securities Exchange Act, as well as the phrase "as part of a regular business" used in the Securities Exchange Act of 1934.These rules will apply to market participants that "play a significant role as liquidity providers in the market." Specifically, dealers under the new definitions may express "trading interest, that is, trading at the best available price or near the best available price on both sides of the market for the same security," or earn income "primarily by capturing the bid-ask spread, buying at the bid price and selling at the ask price, or by capturing any rewards provided by trading venues for providing liquidity." The SEC chairman stated in a statement, "These measures are common sense. Without exemptions or exceptions, if anyone's trading practices are consistent with those of an actual market maker, they must register with us as a dealer—this is in line with congressional intent."There is a threshold for the applicability of the new rules. Dealers must own or control $50 million to be subject to the rules. These rules will take effect 60 days after being published in the Federal Register.

ChainCatcher news, according to Cointelegraph, the Spanish fintech company MONEI has begun a pilot for the euro stablecoin EURM under the supervision of the Bank of Spain. According to an announcement published by MONEI on January 29 on its website, the regulatory sandbox pilot started in January and is overseen by the Bank of Spain.It is reported that the pilot will test the transaction capabilities of EURM: users will verify their identity, upload their wallets, deposit up to 10 euros into their accounts, and exchange it for 10 EURM. Each EURM is pegged to the euro at a 1:1 ratio and is held in banks in Spain, such as BBVA and Caixabank.

ChainCatcher news, according to CoinDesk, the Basel Committee on Banking Supervision (BCBS) has proposed enhanced regulatory standards for stablecoins.The consultation document released by BCBS outlines 11 standards for stablecoins, which are cryptocurrencies typically pegged to specific assets such as the US dollar, euro, or gold. To meet the so-called Group 1b considerations, the reserve assets of stablecoins must satisfy a series of criteria, including short-term maturity, high credit quality, and low volatility.Currently, stablecoins must be "redeemable at any time" to qualify for this favorable regulatory treatment, ensuring that "only stablecoins issued by regulated entities with strong redemption rights and governance are eligible." Stablecoins that do not meet the Basel Committee's criteria will be classified into Group 2 and subject to "newly heightened conservative capital treatment." The consultation will remain open until March 28.

According to ChainCatcher news, lawyer Liu Honglin stated that the local market supervision administration in Hainan, in conjunction with other departments, recently issued a notice requiring enterprises engaged in the NFT digital collectibles business within its jurisdiction to submit their business qualifications within a specified time frame, otherwise "the relevant responsibilities will be borne by the enterprises themselves."Relevant enterprises need to possess nine qualifications, including the license to establish a trading market. If they conduct business without the aforementioned qualifications and are suspected of illegal activities, administrative penalties will be imposed by the relevant industry authorities, and if a crime is constituted, criminal responsibility will be pursued in accordance with the law.