By Kapil Rajyaguru
Trump Eyes Handing CFTC Oversight of Crypto.
Donald Trump’s incoming administration reportedly wants the US Commodity Futures Trading Commission to oversee the crypto industry—a move that could drastically roll back some of the regulatory power from the Securities and Exchange Commission.
The role could see the CFTC take on the regulation of spot markets for digital assets deemed commodities and crypto exchanges, Fox Business reported on Nov. 26, citing sources familiar with the matter.
The industry, which has long indicated that the CFTC would be its preferred regulator due to its perceived fairness and lighter touch, would benefit greatly if the agency were to gain regulatory control over crypto.
TORN Soars Over 500% After The Appeal Against U.S. Sanctions.
Tornado Cash’s TORN token spiked over 500% overnight after a federal appeals court in the U.S. ruled that sanctions against the crypto mixer must be relieved. The latest ruling addressed the questionable concealment on the government’s sanction list, which the U.S. Treasury Department was also part of.
According to the U.S. Court of Appeals for the 5th Circuit ruling, Tornado Cash’s inflexible brilliant contracts are not the equity of a foreign federal body, so they can’t be obstructed under the International Emergency Economic Powers Act.
While the department has a right to seal assets, it cannot aim at technology as it is “not the ‘property’ of a foreign national or entity,” the court ruling ordered.
Brazil’s Congress To Weigh Bitcoin Reserve As Hedge Against Global Risks.
A newly proposed bill in Brazil’s Congress plans to establish a sovereign federal Bitcoin Reserve, potentially reshaping the country’s approach to digital assets. Congressman Eros Biondini introduced the bill on Nov. 25, proposing the creation of a Sovereign Strategic Bitcoin Reserve, known as RESBit.
According to the legislation, the Bitcoin reserve could shield the country’s sovereign reserve from currency fluctuations and geopolitical risks while also serving as collateral for the country’s forthcoming central bank digital currency, dubbed Real Digital (Drex).
Under the proposed legislation, the BTC reserve would complement existing financial assets up to a maximum of 5% of the country’s reserves through phased purchases.
Kraken Winds Down NFT Marketplace.
Crypto exchange Kraken is shutting down its non-fungible token (NFT) marketplace just over a year after its launch.
The NFT marketplace will transition to withdrawal-only mode on Nov. 27, initiating a three-month withdrawal period before its complete closure. Kraken said the move will redirect resources to new products and services.
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