Monat: April 2024

• SEC began investigtions into Ethereum as a security in March 2023.
• The regulator sent subpoenas and a Wells Notice to Consensys, a Ethereum development firm.

The US Securities and Exchange Commission (SEC) has reportedly viewed Ethereum as an unregistered security for at least a year, FOX Business reported on Monday.

According to the publication, this consideration about ETH comes to light following court filings by Ethereum software developer company Consensys.

The company, which sued the SEC last week amid investigations around the cryptocurrency, maintains that Ethereum is not a security.

Consensys sued the SEC

The Consensys team’s lawsuit filed in Texas accused the Gary Gensler led SEC of “overreach” in its regulation of the crypto space. The lawsuit also asked the court to declare ETH not a security.

SEC’s Wells Notice to Consensys and an investigation against the Ethereum Foundation have been key events to unfold in the past few weeks.

FOX Business’ report states that documents show the SEC’s Enforcement Division has looked at Ethereum as an unregistered security since March last year. Per the documents, the investigation centers on the so-called “Ethereum 2.0.”

The SEC believes that there might have been securities “offers and sales” involving Ethereum since 2018.

Interestingly, this is the same year that SEC’s then-Director of Corporation Finance Bill Hinman said Ethereum was a security. Former SEC Chair Jay Clayton also gave guidance to that effect, while the Commodity Futures Trading Commission has deemed ETH to be a commodity.

But per the new court documents, SEC’s Division of Enforcement head Gurbir Grewal gave the nod to a formal investigation into Ethereum’s status on March 28, 2023.

The order authorised enforcement staff to probe and issue subpoenas to entities and individuals deemed to have been involved in the buying and selling of ETH.

These investigations have formed one part of the hurdle market experts say could see the SEC deny spot Ethereum ETFs in May.

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• The upcoming changes to Belgian gambling laws include bans on certain devices, gifts, bonuses, and free games.
• The age limit for punters will also be raised from 18 to 21 years.
• Many Belgian gamblers are shifting to online crypto casinos to circumvent the new changes.

As Belgium gears up for significant changes to its gambling laws, scheduled to take effect in September, a notable shift is underway in the country’s gambling landscape. The impending revisions, aimed at enhancing player protection and tightening regulations, have spurred a surge in Belgian punters turning to offshore Bitcoin casinos. 

While there are legally licensed crypto casinos operating in Belgium, illegal crypto casinos leveraging the anonymity and versatility of cryptocurrencies, are attracting players seeking to circumvent the impending regulatory changes and enjoy a broader range of gambling options. However, concerns abound regarding the risks associated with illegal gambling and the potential consequences for both punters and the regulated gambling industry.

Upcoming Belgian gambling law changes

Belgium’s gambling industry boasts a rich history dating back to the 1300s, offering a diverse range of legal gambling options, including casinos and sports betting. However, the industry faces many challenges and the government is taking a proactive stance towards regulating the industry and safeguarding players by implementing sweeping changes to the country’s gambling laws. 

Among the key revisions is the raising of the legal gambling age from 18 to 21, aligning various forms of gambling with age restrictions already in place at land-based casinos. This measure aims to curb underage gambling and promote responsible gaming practices, reflecting a commitment to protecting vulnerable segments of the population.

Additionally, the revised legislation introduces stringent regulations on advertising and licensing, aiming to minimize exposure to gambling-related messaging and mitigate potential harm, particularly among minors and individuals with gambling disorders. There are also prohibitions on certain gambling devices and restrictions on the accumulation of online licenses to foster fair competition and prevent monopolistic practices within the online gambling sector. 

Moreover, the revised laws introduce bans on gifts, bonuses, and free games to curb excessive or irresponsible gambling behavior.

In a nutshell, the changes introduced in the gambling laws emphasize the government’s dedication to promoting responsible gambling practices by anyone who operates a casino in belgium.

The rise of offshore Bitcoin casinos

Despite the government’s efforts to enhance regulation and player protection, a growing number of Belgian punters are still turning to illegal offshore crypto casinos as an alternative to traditional gambling options. These online platforms, facilitated by the use of cryptocurrencies such as Bitcoin, offer punters anonymity, privacy, and a wider array of games compared to their legal counterparts. 

Furthermore, the allure of circumventing regulatory restrictions and enjoying unrestricted gambling experiences has led many gamblers to explore these illegal offshore Bitcoin casinos, despite the associated risks.

One of the primary draws of offshore crypto casinos is the anonymity afforded by Bitcoin transactions, allowing players to bypass traditional financial systems and evade regulatory scrutiny. Moreover, these platforms boast a diverse range of games and innovative features, catering to the varied preferences of punters and providing an enticing alternative to regulated gambling establishments.

However, the rise of illegal offshore crypto casinos poses significant risks to players, including potential fraud, scams, and legal repercussions. 

The lack of regulatory oversight leaves punters vulnerable to exploitation by unscrupulous operators, while engaging in illegal gambling activities exposes them to fines and prosecution under Belgian gambling laws. Furthermore, the unregulated nature of financial transactions and Bitcoin usage on these platforms increases the risk of financial loss, identity theft, and cyberattacks.

The challenges posed by the illicit online platforms underscore the need for continued vigilance and cooperation among stakeholders to safeguard players and preserve the integrity of the regulated gambling industry in Belgium. 

In response to the proliferation of offshore Bitcoin casinos, authorities have intensified efforts to combat illegal gambling and enforce existing regulations.

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• Russia will not impose a total ban o cryptocurrency transactions in the country as some reports claimed.
• That’s according to Anton Gorelkin, the Deputy Chairman of the State Duma Committee on Information Policy, Information Technologies, and Communications.

Reports that Russia is eyeing a complete ban on crypto turnover in the country amid geopolitical tensions are incorrect, a lawmaker has said.

Earlier reports cited new legislation aimed at controlling the crypto ecosystem as Russia looks to promote its digital finance system and the ruble.

No ban on crypto turnover

On Monday, Anton Gorelkin, the Deputy Chairman of the State Duma Committee on Information Policy, Information Technologies, and Communications, dismissed these assertions, which had earlier been attributed to State Duma officials.

Goreklin said in a Telegram post that, while a new bill looks at banning cryptocurrency exchanges in the country, it does not seek a total ban on crypto turnover.

Local media outlet gazeta also highlighted Goreklin’s comments.

“It’s surprising that even some respected publications wrote that “deputies want to ban the circulation of cryptocurrencies in Russia,”” he wrote.

According to the lawmaker, the new bill seeks to introduce mechanisms that will help identify illegal or criminal crypto transactions. It wouldn’t make sense to have this in the bill if the purpose is to consider everything illegal, Goreklin added.

He emphasized that Russia will not ban crypto turnover. However, the quest is to prohibit crypto exchanges and other crypto platforms not part of the government’s pilot programs.

The lawmaker also noted that restricting crypto exchange operations is geared towards limiting potential exposure that allowing them would portend in terms of Western sanctions.

Despite this, crypto users will still access foreign cryptocurrency exchanges and over-the-counter (OTC) service providers.  

The latest crypto developments in Russia unfold as recent reports suggest that some Russians and business entities have tapped into crypto to evade sanctions scrutiny.

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