Binance also announced<\/a> its decision to exit the Canadian market two weeks ago. The new regulation is \"no longer tenable\" <\/em>for Binance.<\/p>\n\n\n\n Some crypto exchanges, like Coinbase, stayed committed to their business in Canada and are doubling down on their operations. Other exchanges like Kraken and Gemini decide to stay too.<\/p>\n","post_title":"Bybit, Binance Wave Goodbye To Canadian Market Due To Regulatory Shifts","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"bybit-binance-wave-goodbye-to-canadian-market-due-to-regulatory-shifts","to_ping":"","pinged":"","post_modified":"2023-05-31 16:25:16","post_modified_gmt":"2023-05-31 06:25:16","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11825","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};
Affected Canadian customers are advised to take necessary actions by September 30, 2023. Failure to do so may result in liquidating open positions in margin products and derivative contracts. The liquidated funds are still available for withdrawal.<\/p>\n\n\n\n Binance also announced<\/a> its decision to exit the Canadian market two weeks ago. The new regulation is \"no longer tenable\" <\/em>for Binance.<\/p>\n\n\n\n Some crypto exchanges, like Coinbase, stayed committed to their business in Canada and are doubling down on their operations. Other exchanges like Kraken and Gemini decide to stay too.<\/p>\n","post_title":"Bybit, Binance Wave Goodbye To Canadian Market Due To Regulatory Shifts","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"bybit-binance-wave-goodbye-to-canadian-market-due-to-regulatory-shifts","to_ping":"","pinged":"","post_modified":"2023-05-31 16:25:16","post_modified_gmt":"2023-05-31 06:25:16","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11825","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};
Starting from May 31st, account creation will no longer be available. Effective July 31, 2023, Canadian customers can no longer make new deposits. This includes entering into new contracts or increasing their existing positions across all products and services. However, they can still withdraw funds or reduce their positions.<\/p>\n\n\n\n Affected Canadian customers are advised to take necessary actions by September 30, 2023. Failure to do so may result in liquidating open positions in margin products and derivative contracts. The liquidated funds are still available for withdrawal.<\/p>\n\n\n\n Binance also announced<\/a> its decision to exit the Canadian market two weeks ago. The new regulation is \"no longer tenable\" <\/em>for Binance.<\/p>\n\n\n\n Some crypto exchanges, like Coinbase, stayed committed to their business in Canada and are doubling down on their operations. Other exchanges like Kraken and Gemini decide to stay too.<\/p>\n","post_title":"Bybit, Binance Wave Goodbye To Canadian Market Due To Regulatory Shifts","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"bybit-binance-wave-goodbye-to-canadian-market-due-to-regulatory-shifts","to_ping":"","pinged":"","post_modified":"2023-05-31 16:25:16","post_modified_gmt":"2023-05-31 06:25:16","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11825","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};
\u201cIt has always been Bybit's primary objective to operate our business in compliance with all relevant rules and regulations in Canada,\u201d<\/em> the exchange said in a\u00a0blog post<\/a>\u00a0on Tuesday. \u201cIn light of recent regulatory development, Bybit has made the difficult but necessary decision to pause the availability of our products and services.\u201d<\/em><\/p>\n\n\n\n Starting from May 31st, account creation will no longer be available. Effective July 31, 2023, Canadian customers can no longer make new deposits. This includes entering into new contracts or increasing their existing positions across all products and services. However, they can still withdraw funds or reduce their positions.<\/p>\n\n\n\n Affected Canadian customers are advised to take necessary actions by September 30, 2023. Failure to do so may result in liquidating open positions in margin products and derivative contracts. The liquidated funds are still available for withdrawal.<\/p>\n\n\n\n Binance also announced<\/a> its decision to exit the Canadian market two weeks ago. The new regulation is \"no longer tenable\" <\/em>for Binance.<\/p>\n\n\n\n Some crypto exchanges, like Coinbase, stayed committed to their business in Canada and are doubling down on their operations. Other exchanges like Kraken and Gemini decide to stay too.<\/p>\n","post_title":"Bybit, Binance Wave Goodbye To Canadian Market Due To Regulatory Shifts","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"bybit-binance-wave-goodbye-to-canadian-market-due-to-regulatory-shifts","to_ping":"","pinged":"","post_modified":"2023-05-31 16:25:16","post_modified_gmt":"2023-05-31 06:25:16","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11825","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};
Bybit has announced <\/a>that the cryptocurrency exchange will halt its business operation in Canada. The decision was made due to recent regulatory development in the country.<\/p>\n\n\n\n \u201cIt has always been Bybit's primary objective to operate our business in compliance with all relevant rules and regulations in Canada,\u201d<\/em> the exchange said in a\u00a0blog post<\/a>\u00a0on Tuesday. \u201cIn light of recent regulatory development, Bybit has made the difficult but necessary decision to pause the availability of our products and services.\u201d<\/em><\/p>\n\n\n\n Starting from May 31st, account creation will no longer be available. Effective July 31, 2023, Canadian customers can no longer make new deposits. This includes entering into new contracts or increasing their existing positions across all products and services. However, they can still withdraw funds or reduce their positions.<\/p>\n\n\n\n Affected Canadian customers are advised to take necessary actions by September 30, 2023. Failure to do so may result in liquidating open positions in margin products and derivative contracts. The liquidated funds are still available for withdrawal.<\/p>\n\n\n\n Binance also announced<\/a> its decision to exit the Canadian market two weeks ago. The new regulation is \"no longer tenable\" <\/em>for Binance.<\/p>\n\n\n\n Some crypto exchanges, like Coinbase, stayed committed to their business in Canada and are doubling down on their operations. Other exchanges like Kraken and Gemini decide to stay too.<\/p>\n","post_title":"Bybit, Binance Wave Goodbye To Canadian Market Due To Regulatory Shifts","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"bybit-binance-wave-goodbye-to-canadian-market-due-to-regulatory-shifts","to_ping":"","pinged":"","post_modified":"2023-05-31 16:25:16","post_modified_gmt":"2023-05-31 06:25:16","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11825","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};
However, as of Friday, the draft bill had not received the support of the Democrats and would need the support of the Senate to pass.<\/p>\n","post_title":"US Top Legislators Propose Bill To Provide \u2018Clear Rules\u2019 For Crypto","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"us-top-legislators-propose-bill-to-provide-clear-rules-for-crypto","to_ping":"","pinged":"","post_modified":"2023-06-04 14:24:33","post_modified_gmt":"2023-06-04 04:24:33","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11867","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11825,"post_author":"15","post_date":"2023-05-31 16:25:04","post_date_gmt":"2023-05-31 06:25:04","post_content":"\n Bybit has announced <\/a>that the cryptocurrency exchange will halt its business operation in Canada. The decision was made due to recent regulatory development in the country.<\/p>\n\n\n\n \u201cIt has always been Bybit's primary objective to operate our business in compliance with all relevant rules and regulations in Canada,\u201d<\/em> the exchange said in a\u00a0blog post<\/a>\u00a0on Tuesday. \u201cIn light of recent regulatory development, Bybit has made the difficult but necessary decision to pause the availability of our products and services.\u201d<\/em><\/p>\n\n\n\n Starting from May 31st, account creation will no longer be available. Effective July 31, 2023, Canadian customers can no longer make new deposits. This includes entering into new contracts or increasing their existing positions across all products and services. However, they can still withdraw funds or reduce their positions.<\/p>\n\n\n\n Affected Canadian customers are advised to take necessary actions by September 30, 2023. Failure to do so may result in liquidating open positions in margin products and derivative contracts. The liquidated funds are still available for withdrawal.<\/p>\n\n\n\n Binance also announced<\/a> its decision to exit the Canadian market two weeks ago. The new regulation is \"no longer tenable\" <\/em>for Binance.<\/p>\n\n\n\n Some crypto exchanges, like Coinbase, stayed committed to their business in Canada and are doubling down on their operations. Other exchanges like Kraken and Gemini decide to stay too.<\/p>\n","post_title":"Bybit, Binance Wave Goodbye To Canadian Market Due To Regulatory Shifts","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"bybit-binance-wave-goodbye-to-canadian-market-due-to-regulatory-shifts","to_ping":"","pinged":"","post_modified":"2023-05-31 16:25:16","post_modified_gmt":"2023-05-31 06:25:16","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11825","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};
\"For months, our committees have worked collaboratively to establish a viable regulatory framework for digital assets necessary to protect consumers and promote American innovation,\"<\/em> said Chairman Thompson. \"Today\u2019s release of the discussion draft brings us one step closer to bringing regulatory uncertainty to these novel and emerging technologies.\" <\/em><\/p>\n\n\n\n However, as of Friday, the draft bill had not received the support of the Democrats and would need the support of the Senate to pass.<\/p>\n","post_title":"US Top Legislators Propose Bill To Provide \u2018Clear Rules\u2019 For Crypto","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"us-top-legislators-propose-bill-to-provide-clear-rules-for-crypto","to_ping":"","pinged":"","post_modified":"2023-06-04 14:24:33","post_modified_gmt":"2023-06-04 04:24:33","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11867","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11825,"post_author":"15","post_date":"2023-05-31 16:25:04","post_date_gmt":"2023-05-31 06:25:04","post_content":"\n Bybit has announced <\/a>that the cryptocurrency exchange will halt its business operation in Canada. The decision was made due to recent regulatory development in the country.<\/p>\n\n\n\n \u201cIt has always been Bybit's primary objective to operate our business in compliance with all relevant rules and regulations in Canada,\u201d<\/em> the exchange said in a\u00a0blog post<\/a>\u00a0on Tuesday. \u201cIn light of recent regulatory development, Bybit has made the difficult but necessary decision to pause the availability of our products and services.\u201d<\/em><\/p>\n\n\n\n Starting from May 31st, account creation will no longer be available. Effective July 31, 2023, Canadian customers can no longer make new deposits. This includes entering into new contracts or increasing their existing positions across all products and services. However, they can still withdraw funds or reduce their positions.<\/p>\n\n\n\n Affected Canadian customers are advised to take necessary actions by September 30, 2023. Failure to do so may result in liquidating open positions in margin products and derivative contracts. The liquidated funds are still available for withdrawal.<\/p>\n\n\n\n Binance also announced<\/a> its decision to exit the Canadian market two weeks ago. The new regulation is \"no longer tenable\" <\/em>for Binance.<\/p>\n\n\n\n Some crypto exchanges, like Coinbase, stayed committed to their business in Canada and are doubling down on their operations. Other exchanges like Kraken and Gemini decide to stay too.<\/p>\n","post_title":"Bybit, Binance Wave Goodbye To Canadian Market Due To Regulatory Shifts","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"bybit-binance-wave-goodbye-to-canadian-market-due-to-regulatory-shifts","to_ping":"","pinged":"","post_modified":"2023-05-31 16:25:16","post_modified_gmt":"2023-05-31 06:25:16","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11825","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};
However, the proposal adds that the regulated entity should explain how they operate and prove to the regulating agency that they are decentralized and no single person controls more than 20%. <\/p>\n\n\n\n \"For months, our committees have worked collaboratively to establish a viable regulatory framework for digital assets necessary to protect consumers and promote American innovation,\"<\/em> said Chairman Thompson. \"Today\u2019s release of the discussion draft brings us one step closer to bringing regulatory uncertainty to these novel and emerging technologies.\" <\/em><\/p>\n\n\n\n However, as of Friday, the draft bill had not received the support of the Democrats and would need the support of the Senate to pass.<\/p>\n","post_title":"US Top Legislators Propose Bill To Provide \u2018Clear Rules\u2019 For Crypto","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"us-top-legislators-propose-bill-to-provide-clear-rules-for-crypto","to_ping":"","pinged":"","post_modified":"2023-06-04 14:24:33","post_modified_gmt":"2023-06-04 04:24:33","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11867","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11825,"post_author":"15","post_date":"2023-05-31 16:25:04","post_date_gmt":"2023-05-31 06:25:04","post_content":"\n Bybit has announced <\/a>that the cryptocurrency exchange will halt its business operation in Canada. The decision was made due to recent regulatory development in the country.<\/p>\n\n\n\n \u201cIt has always been Bybit's primary objective to operate our business in compliance with all relevant rules and regulations in Canada,\u201d<\/em> the exchange said in a\u00a0blog post<\/a>\u00a0on Tuesday. \u201cIn light of recent regulatory development, Bybit has made the difficult but necessary decision to pause the availability of our products and services.\u201d<\/em><\/p>\n\n\n\n Starting from May 31st, account creation will no longer be available. Effective July 31, 2023, Canadian customers can no longer make new deposits. This includes entering into new contracts or increasing their existing positions across all products and services. However, they can still withdraw funds or reduce their positions.<\/p>\n\n\n\n Affected Canadian customers are advised to take necessary actions by September 30, 2023. Failure to do so may result in liquidating open positions in margin products and derivative contracts. The liquidated funds are still available for withdrawal.<\/p>\n\n\n\n Binance also announced<\/a> its decision to exit the Canadian market two weeks ago. The new regulation is \"no longer tenable\" <\/em>for Binance.<\/p>\n\n\n\n Some crypto exchanges, like Coinbase, stayed committed to their business in Canada and are doubling down on their operations. Other exchanges like Kraken and Gemini decide to stay too.<\/p>\n","post_title":"Bybit, Binance Wave Goodbye To Canadian Market Due To Regulatory Shifts","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"bybit-binance-wave-goodbye-to-canadian-market-due-to-regulatory-shifts","to_ping":"","pinged":"","post_modified":"2023-05-31 16:25:16","post_modified_gmt":"2023-05-31 06:25:16","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11825","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};
On the controversial question of whether an asset is a security or a commodity: the discussion draft provides that the regulated entity makes the case. There has been a long-standing tussle between the SEC<\/a> and the CFTC<\/a> on who should regulate what in the sector. <\/p>\n\n\n\n However, the proposal adds that the regulated entity should explain how they operate and prove to the regulating agency that they are decentralized and no single person controls more than 20%. <\/p>\n\n\n\n \"For months, our committees have worked collaboratively to establish a viable regulatory framework for digital assets necessary to protect consumers and promote American innovation,\"<\/em> said Chairman Thompson. \"Today\u2019s release of the discussion draft brings us one step closer to bringing regulatory uncertainty to these novel and emerging technologies.\" <\/em><\/p>\n\n\n\n However, as of Friday, the draft bill had not received the support of the Democrats and would need the support of the Senate to pass.<\/p>\n","post_title":"US Top Legislators Propose Bill To Provide \u2018Clear Rules\u2019 For Crypto","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"us-top-legislators-propose-bill-to-provide-clear-rules-for-crypto","to_ping":"","pinged":"","post_modified":"2023-06-04 14:24:33","post_modified_gmt":"2023-06-04 04:24:33","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11867","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11825,"post_author":"15","post_date":"2023-05-31 16:25:04","post_date_gmt":"2023-05-31 06:25:04","post_content":"\n Bybit has announced <\/a>that the cryptocurrency exchange will halt its business operation in Canada. The decision was made due to recent regulatory development in the country.<\/p>\n\n\n\n \u201cIt has always been Bybit's primary objective to operate our business in compliance with all relevant rules and regulations in Canada,\u201d<\/em> the exchange said in a\u00a0blog post<\/a>\u00a0on Tuesday. \u201cIn light of recent regulatory development, Bybit has made the difficult but necessary decision to pause the availability of our products and services.\u201d<\/em><\/p>\n\n\n\n Starting from May 31st, account creation will no longer be available. Effective July 31, 2023, Canadian customers can no longer make new deposits. This includes entering into new contracts or increasing their existing positions across all products and services. However, they can still withdraw funds or reduce their positions.<\/p>\n\n\n\n Affected Canadian customers are advised to take necessary actions by September 30, 2023. Failure to do so may result in liquidating open positions in margin products and derivative contracts. The liquidated funds are still available for withdrawal.<\/p>\n\n\n\n Binance also announced<\/a> its decision to exit the Canadian market two weeks ago. The new regulation is \"no longer tenable\" <\/em>for Binance.<\/p>\n\n\n\n Some crypto exchanges, like Coinbase, stayed committed to their business in Canada and are doubling down on their operations. Other exchanges like Kraken and Gemini decide to stay too.<\/p>\n","post_title":"Bybit, Binance Wave Goodbye To Canadian Market Due To Regulatory Shifts","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"bybit-binance-wave-goodbye-to-canadian-market-due-to-regulatory-shifts","to_ping":"","pinged":"","post_modified":"2023-05-31 16:25:16","post_modified_gmt":"2023-05-31 06:25:16","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11825","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};
On the controversial question of whether an asset is a security or a commodity: the discussion draft provides that the regulated entity makes the case. There has been a long-standing tussle between the SEC<\/a> and the CFTC<\/a> on who should regulate what in the sector. <\/p>\n\n\n\n However, the proposal adds that the regulated entity should explain how they operate and prove to the regulating agency that they are decentralized and no single person controls more than 20%. <\/p>\n\n\n\n \"For months, our committees have worked collaboratively to establish a viable regulatory framework for digital assets necessary to protect consumers and promote American innovation,\"<\/em> said Chairman Thompson. \"Today\u2019s release of the discussion draft brings us one step closer to bringing regulatory uncertainty to these novel and emerging technologies.\" <\/em><\/p>\n\n\n\n However, as of Friday, the draft bill had not received the support of the Democrats and would need the support of the Senate to pass.<\/p>\n","post_title":"US Top Legislators Propose Bill To Provide \u2018Clear Rules\u2019 For Crypto","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"us-top-legislators-propose-bill-to-provide-clear-rules-for-crypto","to_ping":"","pinged":"","post_modified":"2023-06-04 14:24:33","post_modified_gmt":"2023-06-04 04:24:33","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11867","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11825,"post_author":"15","post_date":"2023-05-31 16:25:04","post_date_gmt":"2023-05-31 06:25:04","post_content":"\n Bybit has announced <\/a>that the cryptocurrency exchange will halt its business operation in Canada. The decision was made due to recent regulatory development in the country.<\/p>\n\n\n\n \u201cIt has always been Bybit's primary objective to operate our business in compliance with all relevant rules and regulations in Canada,\u201d<\/em> the exchange said in a\u00a0blog post<\/a>\u00a0on Tuesday. \u201cIn light of recent regulatory development, Bybit has made the difficult but necessary decision to pause the availability of our products and services.\u201d<\/em><\/p>\n\n\n\n Starting from May 31st, account creation will no longer be available. Effective July 31, 2023, Canadian customers can no longer make new deposits. This includes entering into new contracts or increasing their existing positions across all products and services. However, they can still withdraw funds or reduce their positions.<\/p>\n\n\n\n Affected Canadian customers are advised to take necessary actions by September 30, 2023. Failure to do so may result in liquidating open positions in margin products and derivative contracts. The liquidated funds are still available for withdrawal.<\/p>\n\n\n\n Binance also announced<\/a> its decision to exit the Canadian market two weeks ago. The new regulation is \"no longer tenable\" <\/em>for Binance.<\/p>\n\n\n\n Some crypto exchanges, like Coinbase, stayed committed to their business in Canada and are doubling down on their operations. Other exchanges like Kraken and Gemini decide to stay too.<\/p>\n","post_title":"Bybit, Binance Wave Goodbye To Canadian Market Due To Regulatory Shifts","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"bybit-binance-wave-goodbye-to-canadian-market-due-to-regulatory-shifts","to_ping":"","pinged":"","post_modified":"2023-05-31 16:25:16","post_modified_gmt":"2023-05-31 06:25:16","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11825","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};
\"This discussion draft is the first step toward delivering on Republicans\u2019 commitment to develop clear rules of the road for the digital assets ecosystem,\"<\/em> commented Chairman Mc-Henry. \"Our goal is to strike the appropriate balance between consumer protection and encourage responsible innovation.\"<\/em><\/p>\n\n\n\n On the controversial question of whether an asset is a security or a commodity: the discussion draft provides that the regulated entity makes the case. There has been a long-standing tussle between the SEC<\/a> and the CFTC<\/a> on who should regulate what in the sector. <\/p>\n\n\n\n However, the proposal adds that the regulated entity should explain how they operate and prove to the regulating agency that they are decentralized and no single person controls more than 20%. <\/p>\n\n\n\n \"For months, our committees have worked collaboratively to establish a viable regulatory framework for digital assets necessary to protect consumers and promote American innovation,\"<\/em> said Chairman Thompson. \"Today\u2019s release of the discussion draft brings us one step closer to bringing regulatory uncertainty to these novel and emerging technologies.\" <\/em><\/p>\n\n\n\n However, as of Friday, the draft bill had not received the support of the Democrats and would need the support of the Senate to pass.<\/p>\n","post_title":"US Top Legislators Propose Bill To Provide \u2018Clear Rules\u2019 For Crypto","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"us-top-legislators-propose-bill-to-provide-clear-rules-for-crypto","to_ping":"","pinged":"","post_modified":"2023-06-04 14:24:33","post_modified_gmt":"2023-06-04 04:24:33","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11867","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11825,"post_author":"15","post_date":"2023-05-31 16:25:04","post_date_gmt":"2023-05-31 06:25:04","post_content":"\n Bybit has announced <\/a>that the cryptocurrency exchange will halt its business operation in Canada. The decision was made due to recent regulatory development in the country.<\/p>\n\n\n\n \u201cIt has always been Bybit's primary objective to operate our business in compliance with all relevant rules and regulations in Canada,\u201d<\/em> the exchange said in a\u00a0blog post<\/a>\u00a0on Tuesday. \u201cIn light of recent regulatory development, Bybit has made the difficult but necessary decision to pause the availability of our products and services.\u201d<\/em><\/p>\n\n\n\n Starting from May 31st, account creation will no longer be available. Effective July 31, 2023, Canadian customers can no longer make new deposits. This includes entering into new contracts or increasing their existing positions across all products and services. However, they can still withdraw funds or reduce their positions.<\/p>\n\n\n\n Affected Canadian customers are advised to take necessary actions by September 30, 2023. Failure to do so may result in liquidating open positions in margin products and derivative contracts. The liquidated funds are still available for withdrawal.<\/p>\n\n\n\n Binance also announced<\/a> its decision to exit the Canadian market two weeks ago. The new regulation is \"no longer tenable\" <\/em>for Binance.<\/p>\n\n\n\n Some crypto exchanges, like Coinbase, stayed committed to their business in Canada and are doubling down on their operations. Other exchanges like Kraken and Gemini decide to stay too.<\/p>\n","post_title":"Bybit, Binance Wave Goodbye To Canadian Market Due To Regulatory Shifts","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"bybit-binance-wave-goodbye-to-canadian-market-due-to-regulatory-shifts","to_ping":"","pinged":"","post_modified":"2023-05-31 16:25:16","post_modified_gmt":"2023-05-31 06:25:16","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11825","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};
The discussion draft aims to enable digital asset platforms to register in the US with the SEC, allowing users to trade assets, commodities, and stablecoins<\/a> in one place. Further, the draft proposes removing the ongoing enforcement actions by the two regulators, CFTC and SEC.<\/p>\n\n\n\n \"This discussion draft is the first step toward delivering on Republicans\u2019 commitment to develop clear rules of the road for the digital assets ecosystem,\"<\/em> commented Chairman Mc-Henry. \"Our goal is to strike the appropriate balance between consumer protection and encourage responsible innovation.\"<\/em><\/p>\n\n\n\n On the controversial question of whether an asset is a security or a commodity: the discussion draft provides that the regulated entity makes the case. There has been a long-standing tussle between the SEC<\/a> and the CFTC<\/a> on who should regulate what in the sector. <\/p>\n\n\n\n However, the proposal adds that the regulated entity should explain how they operate and prove to the regulating agency that they are decentralized and no single person controls more than 20%. <\/p>\n\n\n\n \"For months, our committees have worked collaboratively to establish a viable regulatory framework for digital assets necessary to protect consumers and promote American innovation,\"<\/em> said Chairman Thompson. \"Today\u2019s release of the discussion draft brings us one step closer to bringing regulatory uncertainty to these novel and emerging technologies.\" <\/em><\/p>\n\n\n\n However, as of Friday, the draft bill had not received the support of the Democrats and would need the support of the Senate to pass.<\/p>\n","post_title":"US Top Legislators Propose Bill To Provide \u2018Clear Rules\u2019 For Crypto","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"us-top-legislators-propose-bill-to-provide-clear-rules-for-crypto","to_ping":"","pinged":"","post_modified":"2023-06-04 14:24:33","post_modified_gmt":"2023-06-04 04:24:33","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11867","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11825,"post_author":"15","post_date":"2023-05-31 16:25:04","post_date_gmt":"2023-05-31 06:25:04","post_content":"\n Bybit has announced <\/a>that the cryptocurrency exchange will halt its business operation in Canada. The decision was made due to recent regulatory development in the country.<\/p>\n\n\n\n \u201cIt has always been Bybit's primary objective to operate our business in compliance with all relevant rules and regulations in Canada,\u201d<\/em> the exchange said in a\u00a0blog post<\/a>\u00a0on Tuesday. \u201cIn light of recent regulatory development, Bybit has made the difficult but necessary decision to pause the availability of our products and services.\u201d<\/em><\/p>\n\n\n\n Starting from May 31st, account creation will no longer be available. Effective July 31, 2023, Canadian customers can no longer make new deposits. This includes entering into new contracts or increasing their existing positions across all products and services. However, they can still withdraw funds or reduce their positions.<\/p>\n\n\n\n Affected Canadian customers are advised to take necessary actions by September 30, 2023. Failure to do so may result in liquidating open positions in margin products and derivative contracts. The liquidated funds are still available for withdrawal.<\/p>\n\n\n\n Binance also announced<\/a> its decision to exit the Canadian market two weeks ago. The new regulation is \"no longer tenable\" <\/em>for Binance.<\/p>\n\n\n\n Some crypto exchanges, like Coinbase, stayed committed to their business in Canada and are doubling down on their operations. Other exchanges like Kraken and Gemini decide to stay too.<\/p>\n","post_title":"Bybit, Binance Wave Goodbye To Canadian Market Due To Regulatory Shifts","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"bybit-binance-wave-goodbye-to-canadian-market-due-to-regulatory-shifts","to_ping":"","pinged":"","post_modified":"2023-05-31 16:25:16","post_modified_gmt":"2023-05-31 06:25:16","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11825","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};
The House Financial Services Committee Chairman, Patrick McHenry, and Glean Thompson, the Chair of the House Committee on Agriculture, released a discussion draft<\/a> on the statutory framework for digital assets regulations on June 2.<\/p>\n\n\n\n The discussion draft aims to enable digital asset platforms to register in the US with the SEC, allowing users to trade assets, commodities, and stablecoins<\/a> in one place. Further, the draft proposes removing the ongoing enforcement actions by the two regulators, CFTC and SEC.<\/p>\n\n\n\n \"This discussion draft is the first step toward delivering on Republicans\u2019 commitment to develop clear rules of the road for the digital assets ecosystem,\"<\/em> commented Chairman Mc-Henry. \"Our goal is to strike the appropriate balance between consumer protection and encourage responsible innovation.\"<\/em><\/p>\n\n\n\n On the controversial question of whether an asset is a security or a commodity: the discussion draft provides that the regulated entity makes the case. There has been a long-standing tussle between the SEC<\/a> and the CFTC<\/a> on who should regulate what in the sector. <\/p>\n\n\n\n However, the proposal adds that the regulated entity should explain how they operate and prove to the regulating agency that they are decentralized and no single person controls more than 20%. <\/p>\n\n\n\n \"For months, our committees have worked collaboratively to establish a viable regulatory framework for digital assets necessary to protect consumers and promote American innovation,\"<\/em> said Chairman Thompson. \"Today\u2019s release of the discussion draft brings us one step closer to bringing regulatory uncertainty to these novel and emerging technologies.\" <\/em><\/p>\n\n\n\n However, as of Friday, the draft bill had not received the support of the Democrats and would need the support of the Senate to pass.<\/p>\n","post_title":"US Top Legislators Propose Bill To Provide \u2018Clear Rules\u2019 For Crypto","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"us-top-legislators-propose-bill-to-provide-clear-rules-for-crypto","to_ping":"","pinged":"","post_modified":"2023-06-04 14:24:33","post_modified_gmt":"2023-06-04 04:24:33","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11867","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11825,"post_author":"15","post_date":"2023-05-31 16:25:04","post_date_gmt":"2023-05-31 06:25:04","post_content":"\n Bybit has announced <\/a>that the cryptocurrency exchange will halt its business operation in Canada. The decision was made due to recent regulatory development in the country.<\/p>\n\n\n\n \u201cIt has always been Bybit's primary objective to operate our business in compliance with all relevant rules and regulations in Canada,\u201d<\/em> the exchange said in a\u00a0blog post<\/a>\u00a0on Tuesday. \u201cIn light of recent regulatory development, Bybit has made the difficult but necessary decision to pause the availability of our products and services.\u201d<\/em><\/p>\n\n\n\n Starting from May 31st, account creation will no longer be available. Effective July 31, 2023, Canadian customers can no longer make new deposits. This includes entering into new contracts or increasing their existing positions across all products and services. However, they can still withdraw funds or reduce their positions.<\/p>\n\n\n\n Affected Canadian customers are advised to take necessary actions by September 30, 2023. Failure to do so may result in liquidating open positions in margin products and derivative contracts. The liquidated funds are still available for withdrawal.<\/p>\n\n\n\n Binance also announced<\/a> its decision to exit the Canadian market two weeks ago. The new regulation is \"no longer tenable\" <\/em>for Binance.<\/p>\n\n\n\n Some crypto exchanges, like Coinbase, stayed committed to their business in Canada and are doubling down on their operations. Other exchanges like Kraken and Gemini decide to stay too.<\/p>\n","post_title":"Bybit, Binance Wave Goodbye To Canadian Market Due To Regulatory Shifts","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"bybit-binance-wave-goodbye-to-canadian-market-due-to-regulatory-shifts","to_ping":"","pinged":"","post_modified":"2023-05-31 16:25:16","post_modified_gmt":"2023-05-31 06:25:16","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11825","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};
The cryptocurrency sector in the US could soon get the much-needed regulations if a proposed draft by a section of Congress is adopted.<\/p>\n\n\n\n The House Financial Services Committee Chairman, Patrick McHenry, and Glean Thompson, the Chair of the House Committee on Agriculture, released a discussion draft<\/a> on the statutory framework for digital assets regulations on June 2.<\/p>\n\n\n\n The discussion draft aims to enable digital asset platforms to register in the US with the SEC, allowing users to trade assets, commodities, and stablecoins<\/a> in one place. Further, the draft proposes removing the ongoing enforcement actions by the two regulators, CFTC and SEC.<\/p>\n\n\n\n \"This discussion draft is the first step toward delivering on Republicans\u2019 commitment to develop clear rules of the road for the digital assets ecosystem,\"<\/em> commented Chairman Mc-Henry. \"Our goal is to strike the appropriate balance between consumer protection and encourage responsible innovation.\"<\/em><\/p>\n\n\n\n On the controversial question of whether an asset is a security or a commodity: the discussion draft provides that the regulated entity makes the case. There has been a long-standing tussle between the SEC<\/a> and the CFTC<\/a> on who should regulate what in the sector. <\/p>\n\n\n\n However, the proposal adds that the regulated entity should explain how they operate and prove to the regulating agency that they are decentralized and no single person controls more than 20%. <\/p>\n\n\n\n \"For months, our committees have worked collaboratively to establish a viable regulatory framework for digital assets necessary to protect consumers and promote American innovation,\"<\/em> said Chairman Thompson. \"Today\u2019s release of the discussion draft brings us one step closer to bringing regulatory uncertainty to these novel and emerging technologies.\" <\/em><\/p>\n\n\n\n However, as of Friday, the draft bill had not received the support of the Democrats and would need the support of the Senate to pass.<\/p>\n","post_title":"US Top Legislators Propose Bill To Provide \u2018Clear Rules\u2019 For Crypto","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"us-top-legislators-propose-bill-to-provide-clear-rules-for-crypto","to_ping":"","pinged":"","post_modified":"2023-06-04 14:24:33","post_modified_gmt":"2023-06-04 04:24:33","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11867","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11825,"post_author":"15","post_date":"2023-05-31 16:25:04","post_date_gmt":"2023-05-31 06:25:04","post_content":"\n Bybit has announced <\/a>that the cryptocurrency exchange will halt its business operation in Canada. The decision was made due to recent regulatory development in the country.<\/p>\n\n\n\n \u201cIt has always been Bybit's primary objective to operate our business in compliance with all relevant rules and regulations in Canada,\u201d<\/em> the exchange said in a\u00a0blog post<\/a>\u00a0on Tuesday. \u201cIn light of recent regulatory development, Bybit has made the difficult but necessary decision to pause the availability of our products and services.\u201d<\/em><\/p>\n\n\n\n Starting from May 31st, account creation will no longer be available. Effective July 31, 2023, Canadian customers can no longer make new deposits. This includes entering into new contracts or increasing their existing positions across all products and services. However, they can still withdraw funds or reduce their positions.<\/p>\n\n\n\n Affected Canadian customers are advised to take necessary actions by September 30, 2023. Failure to do so may result in liquidating open positions in margin products and derivative contracts. The liquidated funds are still available for withdrawal.<\/p>\n\n\n\n Binance also announced<\/a> its decision to exit the Canadian market two weeks ago. The new regulation is \"no longer tenable\" <\/em>for Binance.<\/p>\n\n\n\n Some crypto exchanges, like Coinbase, stayed committed to their business in Canada and are doubling down on their operations. Other exchanges like Kraken and Gemini decide to stay too.<\/p>\n","post_title":"Bybit, Binance Wave Goodbye To Canadian Market Due To Regulatory Shifts","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"bybit-binance-wave-goodbye-to-canadian-market-due-to-regulatory-shifts","to_ping":"","pinged":"","post_modified":"2023-05-31 16:25:16","post_modified_gmt":"2023-05-31 06:25:16","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11825","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};
The cryptocurrency sector in the US could soon get the much-needed regulations if a proposed draft by a section of Congress is adopted.<\/p>\n\n\n\n The House Financial Services Committee Chairman, Patrick McHenry, and Glean Thompson, the Chair of the House Committee on Agriculture, released a discussion draft<\/a> on the statutory framework for digital assets regulations on June 2.<\/p>\n\n\n\n The discussion draft aims to enable digital asset platforms to register in the US with the SEC, allowing users to trade assets, commodities, and stablecoins<\/a> in one place. Further, the draft proposes removing the ongoing enforcement actions by the two regulators, CFTC and SEC.<\/p>\n\n\n\n \"This discussion draft is the first step toward delivering on Republicans\u2019 commitment to develop clear rules of the road for the digital assets ecosystem,\"<\/em> commented Chairman Mc-Henry. \"Our goal is to strike the appropriate balance between consumer protection and encourage responsible innovation.\"<\/em><\/p>\n\n\n\n On the controversial question of whether an asset is a security or a commodity: the discussion draft provides that the regulated entity makes the case. There has been a long-standing tussle between the SEC<\/a> and the CFTC<\/a> on who should regulate what in the sector. <\/p>\n\n\n\n However, the proposal adds that the regulated entity should explain how they operate and prove to the regulating agency that they are decentralized and no single person controls more than 20%. <\/p>\n\n\n\n \"For months, our committees have worked collaboratively to establish a viable regulatory framework for digital assets necessary to protect consumers and promote American innovation,\"<\/em> said Chairman Thompson. \"Today\u2019s release of the discussion draft brings us one step closer to bringing regulatory uncertainty to these novel and emerging technologies.\" <\/em><\/p>\n\n\n\n However, as of Friday, the draft bill had not received the support of the Democrats and would need the support of the Senate to pass.<\/p>\n","post_title":"US Top Legislators Propose Bill To Provide \u2018Clear Rules\u2019 For Crypto","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"us-top-legislators-propose-bill-to-provide-clear-rules-for-crypto","to_ping":"","pinged":"","post_modified":"2023-06-04 14:24:33","post_modified_gmt":"2023-06-04 04:24:33","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11867","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11825,"post_author":"15","post_date":"2023-05-31 16:25:04","post_date_gmt":"2023-05-31 06:25:04","post_content":"\n Bybit has announced <\/a>that the cryptocurrency exchange will halt its business operation in Canada. The decision was made due to recent regulatory development in the country.<\/p>\n\n\n\n \u201cIt has always been Bybit's primary objective to operate our business in compliance with all relevant rules and regulations in Canada,\u201d<\/em> the exchange said in a\u00a0blog post<\/a>\u00a0on Tuesday. \u201cIn light of recent regulatory development, Bybit has made the difficult but necessary decision to pause the availability of our products and services.\u201d<\/em><\/p>\n\n\n\n Starting from May 31st, account creation will no longer be available. Effective July 31, 2023, Canadian customers can no longer make new deposits. This includes entering into new contracts or increasing their existing positions across all products and services. However, they can still withdraw funds or reduce their positions.<\/p>\n\n\n\n Affected Canadian customers are advised to take necessary actions by September 30, 2023. Failure to do so may result in liquidating open positions in margin products and derivative contracts. The liquidated funds are still available for withdrawal.<\/p>\n\n\n\n Binance also announced<\/a> its decision to exit the Canadian market two weeks ago. The new regulation is \"no longer tenable\" <\/em>for Binance.<\/p>\n\n\n\n Some crypto exchanges, like Coinbase, stayed committed to their business in Canada and are doubling down on their operations. Other exchanges like Kraken and Gemini decide to stay too.<\/p>\n","post_title":"Bybit, Binance Wave Goodbye To Canadian Market Due To Regulatory Shifts","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"bybit-binance-wave-goodbye-to-canadian-market-due-to-regulatory-shifts","to_ping":"","pinged":"","post_modified":"2023-05-31 16:25:16","post_modified_gmt":"2023-05-31 06:25:16","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11825","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};
The cryptocurrency sector in the US could soon get the much-needed regulations if a proposed draft by a section of Congress is adopted.<\/p>\n\n\n\n The House Financial Services Committee Chairman, Patrick McHenry, and Glean Thompson, the Chair of the House Committee on Agriculture, released a discussion draft<\/a> on the statutory framework for digital assets regulations on June 2.<\/p>\n\n\n\n The discussion draft aims to enable digital asset platforms to register in the US with the SEC, allowing users to trade assets, commodities, and stablecoins<\/a> in one place. Further, the draft proposes removing the ongoing enforcement actions by the two regulators, CFTC and SEC.<\/p>\n\n\n\n \"This discussion draft is the first step toward delivering on Republicans\u2019 commitment to develop clear rules of the road for the digital assets ecosystem,\"<\/em> commented Chairman Mc-Henry. \"Our goal is to strike the appropriate balance between consumer protection and encourage responsible innovation.\"<\/em><\/p>\n\n\n\n On the controversial question of whether an asset is a security or a commodity: the discussion draft provides that the regulated entity makes the case. There has been a long-standing tussle between the SEC<\/a> and the CFTC<\/a> on who should regulate what in the sector. <\/p>\n\n\n\n However, the proposal adds that the regulated entity should explain how they operate and prove to the regulating agency that they are decentralized and no single person controls more than 20%. <\/p>\n\n\n\n \"For months, our committees have worked collaboratively to establish a viable regulatory framework for digital assets necessary to protect consumers and promote American innovation,\"<\/em> said Chairman Thompson. \"Today\u2019s release of the discussion draft brings us one step closer to bringing regulatory uncertainty to these novel and emerging technologies.\" <\/em><\/p>\n\n\n\n However, as of Friday, the draft bill had not received the support of the Democrats and would need the support of the Senate to pass.<\/p>\n","post_title":"US Top Legislators Propose Bill To Provide \u2018Clear Rules\u2019 For Crypto","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"us-top-legislators-propose-bill-to-provide-clear-rules-for-crypto","to_ping":"","pinged":"","post_modified":"2023-06-04 14:24:33","post_modified_gmt":"2023-06-04 04:24:33","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11867","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11825,"post_author":"15","post_date":"2023-05-31 16:25:04","post_date_gmt":"2023-05-31 06:25:04","post_content":"\n Bybit has announced <\/a>that the cryptocurrency exchange will halt its business operation in Canada. The decision was made due to recent regulatory development in the country.<\/p>\n\n\n\n \u201cIt has always been Bybit's primary objective to operate our business in compliance with all relevant rules and regulations in Canada,\u201d<\/em> the exchange said in a\u00a0blog post<\/a>\u00a0on Tuesday. \u201cIn light of recent regulatory development, Bybit has made the difficult but necessary decision to pause the availability of our products and services.\u201d<\/em><\/p>\n\n\n\n Starting from May 31st, account creation will no longer be available. Effective July 31, 2023, Canadian customers can no longer make new deposits. This includes entering into new contracts or increasing their existing positions across all products and services. However, they can still withdraw funds or reduce their positions.<\/p>\n\n\n\n Affected Canadian customers are advised to take necessary actions by September 30, 2023. Failure to do so may result in liquidating open positions in margin products and derivative contracts. The liquidated funds are still available for withdrawal.<\/p>\n\n\n\n Binance also announced<\/a> its decision to exit the Canadian market two weeks ago. The new regulation is \"no longer tenable\" <\/em>for Binance.<\/p>\n\n\n\n Some crypto exchanges, like Coinbase, stayed committed to their business in Canada and are doubling down on their operations. Other exchanges like Kraken and Gemini decide to stay too.<\/p>\n","post_title":"Bybit, Binance Wave Goodbye To Canadian Market Due To Regulatory Shifts","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"bybit-binance-wave-goodbye-to-canadian-market-due-to-regulatory-shifts","to_ping":"","pinged":"","post_modified":"2023-05-31 16:25:16","post_modified_gmt":"2023-05-31 06:25:16","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11825","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};
The cryptocurrency sector in the US could soon get the much-needed regulations if a proposed draft by a section of Congress is adopted.<\/p>\n\n\n\n The House Financial Services Committee Chairman, Patrick McHenry, and Glean Thompson, the Chair of the House Committee on Agriculture, released a discussion draft<\/a> on the statutory framework for digital assets regulations on June 2.<\/p>\n\n\n\n The discussion draft aims to enable digital asset platforms to register in the US with the SEC, allowing users to trade assets, commodities, and stablecoins<\/a> in one place. Further, the draft proposes removing the ongoing enforcement actions by the two regulators, CFTC and SEC.<\/p>\n\n\n\n \"This discussion draft is the first step toward delivering on Republicans\u2019 commitment to develop clear rules of the road for the digital assets ecosystem,\"<\/em> commented Chairman Mc-Henry. \"Our goal is to strike the appropriate balance between consumer protection and encourage responsible innovation.\"<\/em><\/p>\n\n\n\n On the controversial question of whether an asset is a security or a commodity: the discussion draft provides that the regulated entity makes the case. There has been a long-standing tussle between the SEC<\/a> and the CFTC<\/a> on who should regulate what in the sector. <\/p>\n\n\n\n However, the proposal adds that the regulated entity should explain how they operate and prove to the regulating agency that they are decentralized and no single person controls more than 20%. <\/p>\n\n\n\n \"For months, our committees have worked collaboratively to establish a viable regulatory framework for digital assets necessary to protect consumers and promote American innovation,\"<\/em> said Chairman Thompson. \"Today\u2019s release of the discussion draft brings us one step closer to bringing regulatory uncertainty to these novel and emerging technologies.\" <\/em><\/p>\n\n\n\n However, as of Friday, the draft bill had not received the support of the Democrats and would need the support of the Senate to pass.<\/p>\n","post_title":"US Top Legislators Propose Bill To Provide \u2018Clear Rules\u2019 For Crypto","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"us-top-legislators-propose-bill-to-provide-clear-rules-for-crypto","to_ping":"","pinged":"","post_modified":"2023-06-04 14:24:33","post_modified_gmt":"2023-06-04 04:24:33","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11867","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11825,"post_author":"15","post_date":"2023-05-31 16:25:04","post_date_gmt":"2023-05-31 06:25:04","post_content":"\n Bybit has announced <\/a>that the cryptocurrency exchange will halt its business operation in Canada. The decision was made due to recent regulatory development in the country.<\/p>\n\n\n\n \u201cIt has always been Bybit's primary objective to operate our business in compliance with all relevant rules and regulations in Canada,\u201d<\/em> the exchange said in a\u00a0blog post<\/a>\u00a0on Tuesday. \u201cIn light of recent regulatory development, Bybit has made the difficult but necessary decision to pause the availability of our products and services.\u201d<\/em><\/p>\n\n\n\n Starting from May 31st, account creation will no longer be available. Effective July 31, 2023, Canadian customers can no longer make new deposits. This includes entering into new contracts or increasing their existing positions across all products and services. However, they can still withdraw funds or reduce their positions.<\/p>\n\n\n\n Affected Canadian customers are advised to take necessary actions by September 30, 2023. Failure to do so may result in liquidating open positions in margin products and derivative contracts. The liquidated funds are still available for withdrawal.<\/p>\n\n\n\n Binance also announced<\/a> its decision to exit the Canadian market two weeks ago. The new regulation is \"no longer tenable\" <\/em>for Binance.<\/p>\n\n\n\n Some crypto exchanges, like Coinbase, stayed committed to their business in Canada and are doubling down on their operations. Other exchanges like Kraken and Gemini decide to stay too.<\/p>\n","post_title":"Bybit, Binance Wave Goodbye To Canadian Market Due To Regulatory Shifts","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"bybit-binance-wave-goodbye-to-canadian-market-due-to-regulatory-shifts","to_ping":"","pinged":"","post_modified":"2023-05-31 16:25:16","post_modified_gmt":"2023-05-31 06:25:16","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11825","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};
An earlier attempt by the Ooki DAO to defend itself fell through when it missed the January deadline to respond to the lawsuit.<\/p>\n","post_title":"CFTC Wins Lawsuit Against Ooki DAO In A 'Precedent-Setting' Ruling","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"cftc-wins-lawsuit-against-ooki-dao-in-a-precedent-setting-ruling","to_ping":"","pinged":"","post_modified":"2023-06-12 02:09:11","post_modified_gmt":"2023-06-11 16:09:11","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11960","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11867,"post_author":"1","post_date":"2023-06-04 14:24:29","post_date_gmt":"2023-06-04 04:24:29","post_content":"\n The cryptocurrency sector in the US could soon get the much-needed regulations if a proposed draft by a section of Congress is adopted.<\/p>\n\n\n\n The House Financial Services Committee Chairman, Patrick McHenry, and Glean Thompson, the Chair of the House Committee on Agriculture, released a discussion draft<\/a> on the statutory framework for digital assets regulations on June 2.<\/p>\n\n\n\n The discussion draft aims to enable digital asset platforms to register in the US with the SEC, allowing users to trade assets, commodities, and stablecoins<\/a> in one place. Further, the draft proposes removing the ongoing enforcement actions by the two regulators, CFTC and SEC.<\/p>\n\n\n\n \"This discussion draft is the first step toward delivering on Republicans\u2019 commitment to develop clear rules of the road for the digital assets ecosystem,\"<\/em> commented Chairman Mc-Henry. \"Our goal is to strike the appropriate balance between consumer protection and encourage responsible innovation.\"<\/em><\/p>\n\n\n\n On the controversial question of whether an asset is a security or a commodity: the discussion draft provides that the regulated entity makes the case. There has been a long-standing tussle between the SEC<\/a> and the CFTC<\/a> on who should regulate what in the sector. <\/p>\n\n\n\n However, the proposal adds that the regulated entity should explain how they operate and prove to the regulating agency that they are decentralized and no single person controls more than 20%. <\/p>\n\n\n\n \"For months, our committees have worked collaboratively to establish a viable regulatory framework for digital assets necessary to protect consumers and promote American innovation,\"<\/em> said Chairman Thompson. \"Today\u2019s release of the discussion draft brings us one step closer to bringing regulatory uncertainty to these novel and emerging technologies.\" <\/em><\/p>\n\n\n\n However, as of Friday, the draft bill had not received the support of the Democrats and would need the support of the Senate to pass.<\/p>\n","post_title":"US Top Legislators Propose Bill To Provide \u2018Clear Rules\u2019 For Crypto","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"us-top-legislators-propose-bill-to-provide-clear-rules-for-crypto","to_ping":"","pinged":"","post_modified":"2023-06-04 14:24:33","post_modified_gmt":"2023-06-04 04:24:33","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11867","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11825,"post_author":"15","post_date":"2023-05-31 16:25:04","post_date_gmt":"2023-05-31 06:25:04","post_content":"\n Bybit has announced <\/a>that the cryptocurrency exchange will halt its business operation in Canada. The decision was made due to recent regulatory development in the country.<\/p>\n\n\n\n \u201cIt has always been Bybit's primary objective to operate our business in compliance with all relevant rules and regulations in Canada,\u201d<\/em> the exchange said in a\u00a0blog post<\/a>\u00a0on Tuesday. \u201cIn light of recent regulatory development, Bybit has made the difficult but necessary decision to pause the availability of our products and services.\u201d<\/em><\/p>\n\n\n\n Starting from May 31st, account creation will no longer be available. Effective July 31, 2023, Canadian customers can no longer make new deposits. This includes entering into new contracts or increasing their existing positions across all products and services. However, they can still withdraw funds or reduce their positions.<\/p>\n\n\n\n Affected Canadian customers are advised to take necessary actions by September 30, 2023. Failure to do so may result in liquidating open positions in margin products and derivative contracts. The liquidated funds are still available for withdrawal.<\/p>\n\n\n\n
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Classification Of Digital Assets<\/h2>\n\n\n\n
Other Crypto Exchanges<\/h2>\n\n\n\n
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Classification Of Digital Assets<\/h2>\n\n\n\n
Other Crypto Exchanges<\/h2>\n\n\n\n
