Friday, January 27, 2023
BTC NOON
  • Home
  • News
  • Bitcoin
  • Ethereum
  • Blockchain
  • Altcoins
  • BNB
  • DeFi
  • NFT
  • Luna Crash
  • Regulation
No Result
View All Result
BTC NOON
No Result
View All Result
Home Regulation

Coinbase and Ripple could soon be regulated

Artem Bogdanov by Artem Bogdanov
August 31, 2022
in Regulation
0
Coinbase and Ripple could soon be regulated
0
SHARES
0
VIEWS
Share on FacebookShare on Twitter

RELATED POSTS

Web3 Loyalty Programs Are Catalyst for Good Crypto Policy and Adoption

U.S. Crypto Laws: Could Separating Exchange and Custody Protect Consumers?


The FTC on Thursday launched the notice of potential rule-making and began seeking comments on a long list of detailed questions, kicking off an effort to protect consumers that will doubtless spur furious opposition from business groups.

“The growing digitization of our economy — coupled with business models that can incentivize endless hoovering up of sensitive user data and a vast expansion of how this data is used — means that potentially unlawful practices may be prevalent,” FTC Chair Lina Khan said in a statement.

While Khan stressed that the FTC is asking whether it even should regulate in particular areas, Khan has long made clear her interest in issuing rules about data and her skepticism of Big Tech’s advertising machine in particular. In June, she told Protocol, “[T]he behavioral ad-based business model creates a certain set of incentives that are not always aligned with people’s privacy protections.”

The FTC put out dozens of questions in the 44-page notice, on areas ranging from digital ads and security of consumer information to biometrics, psychological harms, corporate structure, the protection of kids and teens, algorithmic discrimination and accuracy, and the adequacy of existing guardrails, with queries bringing up practices in health care, finance, and other industries.

For example, the FTC asked, “To what extent, if at all, should the Commission limit companies that provide any specifically enumerated services (e.g., finance, healthcare, search, or social media) from owning or operating a business that engages in any specific commercial surveillance practices like personalized or targeted advertising?”

Khan’s effort comes just weeks after the House advanced a major data protection bill out of committee — the furthest any such measure has so far gotten in Congress, although it still faces stiff headwinds. Khan told Protocol in that June interview that the FTC would likely proceed despite the efforts of lawmakers. Those efforts are slowly gaining support from consumer groups and civil rights advocates, some of whom also celebrated the FTC’s move on Thursday. Despite the support for the legislative proposal, even though it also makes concessions that seem to be appealing to some corporate interests, Sen. Maria Cantwell is holding up the effort.

Overall, industry would vastly prefer for Congress, where lawmakers need some compromise to pass bills, to determine how privacy looks in the U.S., rather than the three Democrats on the five-member commission.

In speaking to reporters on Thursday, the three Democratic commissioners repeatedly emphasized that, however broad their questions right now, they would comply with the law’s requirements that they only try to regulate specific “unfair or deceptive acts” that are shown to be prevalent. The three also praised the congressional efforts and suggested if lawmakers succeed in passing the current privacy bill, it would alter the commission’s priorities.

“I hope it passes soon,” Commissioner Alvaro Bedoya, a longtime privacy expert, said. “This process is not going to interfere with that effort. Should the [bill] pass, I will not vote for any rule that overlaps with it.”

Still, the process ahead is likely to be bumpy. The FTC must follow even more steps and offer greater opportunities for feedback from the public and businesses than most other federal agencies, which often spend months or years crafting their regulations. In addition, business groups, such as the U.S. Chamber of Commerce, have promised to fight Khan’s agenda as hard as they can, including in court. They may also find allies in the judiciary, after a Supreme Court decision earlier this year signaled federal courts should take a deeply skeptical view of extensive rules.

This article was updated Aug. 11 to include new comments from FTC commissioners.





Source link

Tags: CoinbaseregulatedRipple
ShareTweetPin
Artem Bogdanov

Artem Bogdanov

Related Posts

Web3 Loyalty Programs Are Catalyst for Good Crypto Policy and Adoption

Web3 Loyalty Programs Are Catalyst for Good Crypto Policy and Adoption

by Artem Bogdanov
January 26, 2023
0

Web3 loyalty programs have numerous advantages over traditional loyalty programs, but three will resonate the most with policymakers: ownership, control...

U.S. Crypto Laws: Could Separating Exchange and Custody Protect Consumers?

U.S. Crypto Laws: Could Separating Exchange and Custody Protect Consumers?

by Artem Bogdanov
January 26, 2023
0

The pragmatic (or, if you prefer, crony capitalist) crypto companies that engage with (or, if you prefer, spend boatloads to...

Elizabeth Warren urges stricter regulation, says solution to crypto fraud begins with the SEC

Elizabeth Warren urges stricter regulation, says solution to crypto fraud begins with the SEC

by Artem Bogdanov
January 26, 2023
0

U.S. senator Elizabeth Warren urged banking and environmental regulators to fight crypto fraud along with the Securities and Exchange Commission...

US SEC Charges Man for Crypto Token Manipulation Scheme – Regulation Asia

US SEC Charges Man for Crypto Token Manipulation Scheme – Regulation Asia

by Artem Bogdanov
January 26, 2023
0

US SEC Charges Man for Crypto Token Manipulation Scheme  Regulation Asia Source link

Crypto lawyers to be in demand as regulatory pressure reaches boiling point

Crypto lawyers to be in demand as regulatory pressure reaches boiling point

by Artem Bogdanov
January 26, 2023
0

Crypto-versed lawyers will play an increasingly important role in Web3 firms — particularly after the implosion of FTX and the industry...

Next Post
Magic Eden looks to challenge OpenSea’s NFT dominance – TechCrunch

Magic Eden looks to challenge OpenSea’s NFT dominance – TechCrunch

Ethereum Gains Momentum, A Strengthening Case For More Upsides

Ethereum Gains Momentum, A Strengthening Case For More Upsides

RECOMMENDED

Sen. Cruz Champions Cryptocurrency with the Reintroduction of the ACCEPT Resolution

Sen. Cruz Champions Cryptocurrency with the Reintroduction of the ACCEPT Resolution

January 26, 2023
Critical Hit? Dungeons & Dragons-Inspired Web3 Game Pivots Amid NFT Ban

Critical Hit? Dungeons & Dragons-Inspired Web3 Game Pivots Amid NFT Ban

January 26, 2023

MOST VIEWED

  • Donald Trump’s NFT Card Collection Sells Out In Less Than A Day

    Donald Trump’s NFT Card Collection Sells Out In Less Than A Day

    0 shares
    Share 0 Tweet 0
  • Destiny 2: Season of the Seraph Warmind Node locations

    0 shares
    Share 0 Tweet 0
  • How Did Sam Bankman-Fried’s Alameda Research Lose So Much Money?

    0 shares
    Share 0 Tweet 0
  • Project Cedar: Improving Cross-Border Payments With Blockchain Technology

    0 shares
    Share 0 Tweet 0
  • Could USDT Crash Like Luna? Here’s 3 Safe Options

    0 shares
    Share 0 Tweet 0

Recent News

Sen. Cruz Champions Cryptocurrency with the Reintroduction of the ACCEPT Resolution

Sen. Cruz Champions Cryptocurrency with the Reintroduction of the ACCEPT Resolution

January 26, 2023
Critical Hit? Dungeons & Dragons-Inspired Web3 Game Pivots Amid NFT Ban

Critical Hit? Dungeons & Dragons-Inspired Web3 Game Pivots Amid NFT Ban

January 26, 2023
Web3 Loyalty Programs Are Catalyst for Good Crypto Policy and Adoption

Web3 Loyalty Programs Are Catalyst for Good Crypto Policy and Adoption

January 26, 2023

Category

  • Altcoin
  • Altcoins
  • Bitcoin
  • Blockchain
  • BNB
  • DeFi
  • Ethereum
  • Luna Crash
  • News
  • NFT
  • Regulation

Follow Us

Find Via Tags

altcoin Altcoins analyst big Binance Bitcoin Blockchain BNB BTC buy Cardano Chain Coin Crash Crypto Cryptocurrency DeFi Digital dogecoin ETH Ethereum Exchange Eyes Finance FTX heres investors Launches Luna Market Merge News NFT NFTs Platform Prediction Price Protocol Regulation Solana Token Top Trading Week XRP

© 2021 BTC Noon

No Result
View All Result
  • Home
  • News
  • Bitcoin
  • Ethereum
  • Blockchain
  • Altcoins
  • BNB
  • DeFi
  • NFT
  • Luna Crash
  • Regulation

© 2021 BTC Noon