Connect with us

Regulation

Wisconsin Assembly candidate is accepting Bitcoin donations again

Published

on



A candidate for the Wisconsin State Assembly is challenging a state regulator by accepting donations in cryptocurrencies like Bitcoin (BTC).

Phil Anderson, a real estate broker and entrepreneur, now accepts cryptocurrency donations for his Assembly campaign. According to an official statement by Anderson, crypto donations are available via major cryptocurrency payment service provider BitPay.

Anderson said that his campaign is accepting crypto donations despite regulatory uncertainty from the Wisconsin Ethics Commission.

Back in 2018, Anderson accepted Bitcoin donations in his campaign for governor of Wisconsin despite the WEC finding them a “serious challenge” to compliance with state law. According to the candidate, the WEC failed to arrive at a decision regarding the legal status of crypto donations in the state in 2018.

As such, the Wisconsin Assembly candidate is challenging the regulator again, arguing that the WEC “declined to interpret its own rules competently.” Anderson believes that crypto is a legitimate way to make campaign donations because “cryptocurrency is money.” The candidate promises to “push for the laws to be friendly toward cryptocurrency in Wisconsin.”

“I refuse to give in to ignorance and bureaucratic incompetence. […] People have the choice as to how they contribute, and it’s my intention to honor those choices. If my opponent or the Ethics Commission are interested in challenging me, I’m ready for a fight,” he said.

A number of political candidates for various offices in the United States have been accepting crypto as donations for their campaigns. Andrew Yang, a former presidential candidate, was accepting Bitcoin donations for his political action committee in 2019. In August, Republican Rep. Tom Emmer also started accepting campaign donations in crypto via BitPay.



Source link

Regulation

New York authorizes first Yen stablecoin operator in the US

Published

on

By



New York has given the first authorization to a stablecoin backed by the Japanese Yen to operate in the U.S.

Per a Dec. 29 announcement, the New York Department of Financial Services has granted Japanese firm GMO-Z.com a charter to handle U.S.D. and Yen-backed stablecoins in New York. 

Given New York’s status as a global center, the NYDFS is the most prominent state financial regulator in the U.S. It is also one of the most aggressive. A pass to operate in New York often opens up the rest of the country. 

GMO’s charter is as a limited liability trust company rather than a full bank, the principle difference being in authorization to handle deposits. While a stablecoin operator typically needs the ability to hold reserves of the pegged asset, GMO’s charter limits its rights to hold other kinds of deposits not central to its ability “to issue, administer, and redeem” its stablecoins. 

The right to issue such non-depository charters has been a bone of contention between state regulators like the NYDFS and national banking regulators in the U.S. 

GMO president and CEO Ken Nakamura said: “We’re breaking ground with our move to issue the first regulated JPY-pegged stablecoin, which many see as a safe haven asset.” 

The NYDFS recently made changes to its famous BitLicense, including a conditional format that buddies up newly licensed firms with existing licensees. The first conditional BitLicense went to PayPal, facilitating the launch of its new crypto services earlier this fall with the help of longstanding licensee Paxos.