TrendX Taps Trusta AI to Develop Safer and Smarter Web3 Network

The post Privacy is ‘Constant Battle’ Between Blockchain Stakeholders and State appeared on BitcoinEthereumNews.com. Blockchain industry participants and regulators continue wrangling over privacy rights as the European Union’s sweeping Anti-Money Laundering (AML) rules look set to ban privacy-preserving tokens and anonymous crypto accounts starting in 2027. Credit institutions, financial institutions and crypto asset service providers (CASPs) will be prohibited from maintaining anonymous accounts or handling privacy-preserving cryptocurrencies under the EU’s new Anti-Money Laundering Regulation (AMLR) that will go into effect in 2027, Cointelegraph reported in May. Maintaining the right to access privacy-preserving coins like Monero (XMR) has been a “constant battle” between blockchain industry stakeholders and regulators, according to Anja Blaj, an independent legal consultant and policy expert at the European Crypto Initiative. “Once you think of how the states want to play out their policies, they want to establish control. They want to understand who the parties are that transact among themselves,” said Blaj, speaking during Cointelegraph’s daily live X spaces show on Sept. 3. “[The state] wants to understand that to be able to prevent whatever crime and scamming is happening, and we want to enforce the policies that we create as a society.” Her comments came as the EU ramped up its regulatory oversight of the crypto industry, building on the bloc’s Markets in Crypto-Assets Regulation (MiCA). Related: Swiss banks complete first blockchain-based legally binding payment Room for negotiation remains While the AML framework is final, regulatory experts still see potential for negotiation until it rolls out in 2027. Policymaking is a “continuous conversation,” meaning that “nothing is set in stone, even if the regulation is already out,” said Blaj. “There are still ways to either talk to the regulators, see how it’s going to play out, how it’s going to be enforced.” While there’s always room for negotiations with policymakers, the regulation concerning privacy-preserving cryptocurrencies and accounts is becoming “more…

Cryptocurrency markets often react quickly to the latest developments in crypto regulation and product launches. Recently, Canary Capital has submitted a filing to the U.S. Securities and Exchange Commission (SEC) proposing a Bitcoin ETF that would track Mog Coin, a meme-inspired cryptocurrency. This move has temporarily boosted the token’s trading volume and market value, highlighting [...]

In recent statements made by Chair Paul Atkins, the US Securities and Exchange Commission (SEC) announced a strategic plan targeted at giving much-needed clarity on the classification of crypto assets.  Howey Test And Token Taxonomy In Crypto  Atkins highlighted the forthcoming consideration of establishing a “token taxonomy” within the Commission, a structured framework rooted in legal rationale to discern between securities and commodities.  He emphasized the importance of adhering to “limiting principles” in laws and regulations to ensure a cohesive approach towards crypto asset classification.  Related Reading: Bitcoin To Bottom Out In 300 Days: Top Expert Forecasts $38,000 To $50,000 Price Point Atkins commended the efforts of Commissioner Hester Peirce, particularly her work in providing a transparent and economically grounded treatment of crypto assets under federal securities laws. The Chair emphasized three key themes in his address: the significance of a clear token taxonomy, the application of the Howey test in recognizing the temporary nature of investment contracts, and the practical implications for innovators, intermediaries, and investors in the evolving crypto landscape. Addressing the prevalent issue of distinguishing between securities and non-securities in the crypto space, Atkins noted that while most tokens are not inherently securities, certain tokens may have been sold within the context of an investment contract during a securities offering.  However, he refuted the notion that every token involved in an investment contract perpetually retains its security status, emphasizing the importance of contextual analysis and recognizing the dynamic nature of investment contracts. Atkins Pledges Support For Evolving Digital Asset Laws In his remarks, Atkins also underscored the challenges faced by developers, exchanges, custodians, and investors in navigating the crypto ecosystem, where tokens serve various functions beyond traditional securities.  He criticized the previous administration’s “blanket treatment” of all tokens as securities, highlighting the need for a more nuanced and practical approach to regulation to prevent stifling innovation and driving it offshore. Related Reading: China’s Cybersecurity Agency Alleges US Government Stole $13 Billion In Bitcoin In alignment with ongoing legislative efforts, Atkins reassured that the SEC aims to complement, rather than replace, existing crypto legislative initiatives. He emphasized the agency’s commitment to robust fraud enforcement and the development of clearer regulatory guidelines to ensure the safety of US investors. In closing, Atkins emphasized the importance of forward-looking regulatory practices, rejecting a stagnant approach rooted in fear of change. He reiterated the SEC’s commitment to delineating clear boundaries and providing transparent guidance. The statement concluded:  That is what Project Crypto is about. That is what the Commission should be about. And that is the commitment I make to you today as Chairman: we will not let fear of the future trap us in the past.  Featured image from DALL-E, chart from TradingView.com