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In an op-ed on Bloomberg Law, Steven Merriman and Jim Vivenzio of Perkins Coie raised concerns over FinCEN’s latest move to crack down on crypto mixers. The Financial Crimes Enforcement Network (FinCEN) is pushing for financial institutions to impose new compliance measures in its latest reporting plan, focusing on crypto transactions involving” convertible virtual currency (CVC) mixing.” According to fintech compliance lawyers Steven Merriman and Jim Vivenzio, FinCEN’s latest proposal broadens the definition of “mixing” and “mixers,” potentially targeting not only transactions involving traditional mixing services — e.g. sanctioned Tornado Cash — but also “innocuous blockchain transactions,” like converting one form of crypto to another. “The amount of monitoring and reporting contemplated by FinCEN’s proposal could be disruptive.” Steven Merriman and Jim Vivenzio While FinCEN’s primary focus is on th...

The European Union is enhancing the European Central Bank’s role to oversee climate risks and digital assets in the banking sector. This move comes with the expanding scope of risks facing the banking sector, notably those associated with climate change and the burgeoning field of digital assets. Under the new mandate, the ECB’s responsibilities will now encompass overseeing banks ’ transition strategies towards a net-zero carbon economy spanning the next three decades. This development places the ECB at the forefront of supervising how banks prepare and adapt to environmental changes, which is increasingly seen as critical given the potential financial risks of climate change. Moreover, the ECB’s jurisdiction is extended to include the supervision of bank-owned crypto asset services. This change reflects the growing importance of digital assets like Bitcoin (BTC) in the financial landscape and the need for robust regulatory frameworks to manage associa...

The losses on US Treasuries recently surpassed $1.5 trillion and the likely outcome is turbulent markets, but how will Bitcoin price fare? The U.S. economy has been facing turbulent times lately, with the U.S. personal consumption expenditure (PCE) inflation index rising by a significant 3.5% over the past 12 months. Even when excluding the volatile food and energy sectors, it's evident that the efforts made by the U.S. Federal Reserve to curb inflation have fallen short of their 2% target rate. U.S. Treasuries have lost a staggering $1.5 trillion in value, primarily due to these rate hikes. This has led investors to question whether Bitcoin (BTC) and risk-on assets, including the stock market , will succumb to heightened interest rates and a monetary policy aimed at cooling economic growth. Theoretical losses of U.S. Treasury holders, USD. Source: @JoeConsorti As the U.S. Treasury keeps flooding the market with debt, there's a real risk that rates could climb even highe...

Bitcoin traders are truly "spooked" and sentiment crashes harder than BTC price as the shake-up from last week's losses continues. Bitcoin (BTC) starts a new week with traders licking their wounds after a 10% snap crash. BTC price action is struggling to recover from a manic end to the days prior to the weekend, and the fear is palpable going into what could turn out to be an equally volatile few days. With $26,000 so far forming the focus for the markets, theories are brewing over where Bitcoin might head next. Multiple factors are set to converge to provide some influence — United States macro data prints are firing up again, while the Federal Reserve will deliver key commentary on the economy at the annual Jackson Hole Economic Symposium. Within Bitcoin, meanwhile, short-term holders now face increasing unrealized losses, and on-chain transactions in loss are setting multi-year highs. Sentiment is back on the floor, but is the fear really justified? Cointelegraph take...

The failure of First Republic Bank marks a volatile beginning to a busy macroeconomic week, while Bitcoin already faces downside pressure. Bitcoin (BTC) starts a new week digesting major macroeconomic news as the United States sees the second-largest bank failure in its history. After a sideways weekend, BTC/USD was already volatile into the new weekly and monthly candle as downside kicked in. After steadying below $29,000, BTC price action is already facing more potential pressure as First Republic Bank is placed in public receivership and taken over by JPMorgan Chase. The move, announced during Asia trading but before the Wall Street open, precedes an already heavy week in which the Federal Reserve will reveal its next interest rate shift. With a lot to take in, the potential for continued surprises on crypto markets is clearly in evidence. Cointelegraph takes a look at these risks and more in the weekly rundown of crypto, and specifically Bitcoin, price triggers. BTC price volatil...