Justice Department challenges Montenegro’s decision to extradite Terraform Labs Founder to South Korea

SEC Chair Gary Gensler addressed spot ETH ETF applications in a Bloomberg TV interview but refrained from commenting on whether ETH is a security, while the CFTC’s Global Markets Advisory Committee advanced recommendations for a digital assets taxonomy to establish consistent terms. Additionally, the Justice Department plans to challenge Montenegro High Court's decision to extradite Terraform Labs co-founder Do Kwon to South Korea.

The BSV Blockchain Gazette is presented by Bryan Daugherty, Public Affairs Director of Americas for BSV Blockchain, featuring:

• Federal Reserve Chair Jerome Powell
• Sen. Kevin Cramer (R-ND)
• Sen. Cynthia Lummis (R-WY)
• Rep. Mike Flood (R-NE)
• SEC Chair Gary Gensler
• Commodity Futures Trading Commission Global Markets Advisory Committee (GMAC)
• Justice Department
• European Banking Authority

US

Federal Reserve Chair Clarifies Stance on CBDC at Senate Banking Committee Hearing

At a Senate Banking Committee hearing, Sen. Kevin Cramer (R-ND) asked why his constituents should not be worried about a CBDC. Federal Reserve Chair Jerome Powell said that the central bank is not “remotely close” to issuing a CBDC, and the Fed would not propose a retail CBDC but, if anything, would issue a CBDC through banks. Powell also responded to a question from Sen. Cynthia Lummis (R-WY) by stating that the Fed would not issue a CBDC without clear Congressional approval.

Rep. Mike Flood Discusses Digital Assets and Regulatory Developments in Interview with Blockchain Tipsheet

Rep. Mike Flood (R-NE) discussed SEC SAB 121, educating members on digital assets, the CFPB’s digital wallet proposal, and more in an interview with Blockchain Tipsheet.

SEC Chair Gensler Addresses Spot ETH ETF Applications in Bloomberg TV Interview

SEC Chair Gary Gensler discussed spot ETH ETF applications in an interview with Bloomberg TV but did not comment on whether ETH is a security.

SEC Delays Decision on BlackRock's Spot BTC ETF Options Trading

The SEC delayed deciding whether to allow options trading on BlackRock’s spot BTC ETF until April 24.

CFTC Advances Recommendations for Digital Assets Taxonomy

The CFTC’s Global Markets Advisory Committee (GMAC) advanced three recommendations, including a first-ever digital assets taxonomy which aims to provide more consistent terms for digital assets, stablecoins, and more.

Justice Department to Challenge Extradition Decision of Terraform Labs Co-founder

The Justice Department said in a statement to Bloomberg that it will challenge the decision by Montenegro’s High Court to extradite Terraform Labs co-founder Do Kwon to South Korea.

US District Judge Rules on Legal Matters in Alleged Cryptocurrency Schemes

US District Judge Beth Bloom ruled that participants in an alleged $37 million “gold-backed” crypto scheme called Cryptobontix Inc. will not get an immediate appeal on whether token offerings are subject to federal securities laws and SEC authority.

US District Judge Rejects Racketeering Claims in Skycoin Global Foundation Lawsuit

US District Judge Sara Ellis ruled that the founder of crypto token company Skycoin Global Foundation Ltd. cannot bring racketeering and trade secret claims against former consultants he alleges extorted him for millions of dollars and tried to ruin his company’s reputation.

EU/UK

European Banking Authority Initiates Consultation on MiCA Redemption Plan Guidelines

The European Banking Authority (EBA) launched a consultation on the guidelines governing redemption plans under MiCA. The EBA will be accepting public comment until June 10.