John Reed Stark Criticizes Regulatory Reform at SEC Crypto Roundtable
Former SEC official John Reed Stark has openly criticized the regulatory reform proposals discussed at the recent SEC crypto roundtable. Stark expressed concerns that the proposed regulatory changes could weaken investor protections and increase risks within the cryptocurrency market.
Tornado Cash Removed from US Sanctions List
The US Treasury Department has officially removed cryptocurrency mixer Tornado Cash from its sanctions list as of March 21. This decision follows a January ruling by a US appeals court, which determined that Tornado Cash’s smart contracts are not property of any foreign national or entity, thus limiting the Treasury’s authority to sanction them.
Following the announcement, Tornado Cash’s native token (TORN) surged approximately 60%, reaching a market capitalization of around $73 million.
Crypto Investors’ Speculative Appetite Declines
Investor enthusiasm for speculative crypto assets is declining amid rising scams and global geopolitical tensions. Data from Glassnode indicates that Bitcoin’s “hot supply” metric—coins held for one week or less—has dropped significantly from 5.9% in November to just 2.3% by March 20. Analysts interpret this as a shift toward safer investment strategies in response to market volatility.
Australia Proposes New Crypto Regulatory Framework
The Australian government has unveiled plans for a new regulatory framework aimed at digital asset exchanges, custody services, and brokerage firms. The proposed regulations include:
- Applying existing financial services laws to crypto exchanges and custody providers.
- Requiring crypto firms to obtain an Australian Financial Services Licence.
- Implementing minimum capital requirements and asset safeguarding rules.
- Addressing the issue of crypto-related debanking.
The announcement comes ahead of Australia’s federal election, scheduled to occur by May 17, with the current government promising to release draft legislation for public consultation.
Key Points:
- John Reed Stark criticizes SEC’s proposed crypto regulatory reforms.
- US Treasury removes Tornado Cash from sanctions list; TORN token price surges.
- Crypto investors shift away from speculative assets amid scams and geopolitical uncertainty.
- Australia outlines new crypto regulations, aiming to tackle debanking and enhance investor protections.
