The U.S. House of Representatives Committee on Ethics released a memorandum this week that provides new guidance for how House members should handle disclosures about their cryptocurrency holdings. The new rules will require representatives who own more than $1,000 in cryptocurrency to publicly disclose those assets.
Tether released a law firm report on Wednesday that it hopes will allay ongoing concerns about whether the company’s USD reserves are sufficient to back the Tether cryptocurrency. The report from law firm Freeh, Sporkin & Sullivan LLP (FSS) cites information provided by Tether’s banking partners confirming that the company had roughly $2.55 billion in U.S. dollar reserves on June 1 – more than enough to back every Tether currently in circulation.
After conducting a review of digital currency’s potential benefits as a central bank-issued currency, the Bank of Korea (BOK) has determined that it will not issue its own. Citing concerns about societal costs and the potential moral hazard, a recent BOK report suggested that the central bank should continue to have total control over the issuance of Korean currency.
Japan’s cryptocurrency self-regulatory body, the Japan Virtual Currency Exchange Association (JVCEA), has agreed to a set of new regulations for the industry, according to a report from Nikkei Asian Review. The association plans to hold a vote on its proposed rules on June 27. The rules are designed to ban insider trading and prevent trades involving cryptocurrencies that are designed to be difficult to track.
The Commodity Futures Trading Commission (CFTC) has asked a judge to rule that cryptocurrency My Big Coin is a commodity subject to the agency’s regulation, according to a recent report from Reuters. The agency is currently pursuing legal action against My Big Coin (MBC) and MBC creator Randall Carter for fraud.