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3LAU noted that there risks were necessarily high, but that he has a “responsibility” to avoid any regulatory gray areas. Popular DJ and crypto investor 3LAU (Justin Blau) has caused a stir in the crypto community after suddenly opting out of decentralized social media platform Friend.tech. Explaining the decision, the DJ highlighted concerns over the regulatory risks that the platform may pose. In a Sept. 15 X (Twitter) thread, 3LAU revealed that he stepped away from Friend.tech after “understanding more of the risks .” “I think it’s an awesome product, but a bit too risky for me (unfortunately). I will be donating the 8-ish ETH to a music-specific charity that I’m passionate about called the Paid In Full Foundation.” Because people will ask… Just off-boarded https://t.co/ekERrR7Af3 after understanding more of the risks. I think it’s an awesome product, but a bit too risky for me (unfortunately). I will be donating the 8 ish ETH to a music-specific charity that I’m passionate abo...

In a joint committee hearing in the Unites States House of Representatives on Wednesday, members of the Financial Services Committee and the Agriculture Committee discussed what regulatory framework is needed to manage the risks and benefits of cryptocurrencies in the US. President Joe Biden has often emphasized the need for greater cryptocurrency regulation, including in the recently published plan to reduce cryptocurrency risks. The joint committee hearing on Wednesday debated this sentiment, but several concrete problems and proposals were raised — suggesting general consensus for new regulation is growing. The witnesses for this hearing included several cryptocurrency executives, such as Andrew Durgee, head of advisory firm Republic Crypto. Also in attendance was Marco Santori, crypto exchange Kraken’s legal chief, and Daniel Schoenberger, legal chief of the Web3 Foundation, which runs Polkadot. We’re live tweeting today’s US House joint committee hearing. Starting...

The UK financial watchdog has received 300 crypto firm registration applications but has approved only 41 applicants. Despite the plans to turn the region into a bustling crypto hub, the United Kingdom’s financial watchdog says it has given the all-clear to only41 out of 300 crypto firm applications seeking regulatory approval to date. The U.K. Financial Conduct Authority (FCA) implemented the new cryptocurrency-focused regulations on Jan. 10, 2020, to supervise businesses operating in the sector and to ensure that they’re subject to the same anti-money laundering (AML) and counter-terrorism financing (CTF) regulations as firms in traditional financial markets. A statement from the FCA has revealed that of the 265 applications that were "determined" a mere 15% of these applications were approved and registered, 74% of firms either refused or withdrew their application, while 11% were rejected. Another 35 applications are yet to be determined. While the FCA didn’t express...