Bill
Australian senator drafts bill aimed at stablecoin, digital yuan regulation
Australian Liberal Senator Andrew Bragg has released a new draft bill aimed at clamping down on digital asset exchanges, stablecoins, and China’s central bank digital currency, the e-Yuan. In a statement on Sept. 18, Senator Bragg stated that “Australia must keep pace with the global race for regulation on digital assets” as “it is essential that the parliament drives law reform” on the matter. The new draft bill, titled Digital Assets (Market Regulation) Bill 2022, calls for the introduction of licenses for digital asset exchanges, digital asset custody services, stablecoin issuers, as well as disclosure requirements for facilitators of the e-Yuan in Australia. Australia must keep pace in the digital assets race: a bill to protect consumers, promote investment & protect our inter...
Go green or go home? What the NY State mining moratorium could mean for crypto industry
On April 26, the State of New York put itself at the forefront of the regulatory struggle with crypto, as its Assembly voted for a two-year moratorium on crypto mining operations that use energy generated by fossil-fuel power plants. Depending on how one looks at it, this development could either signal a new alarming legislative trend or a trigger that would accelerate the digital asset industry’s movement toward a more sustainable path. Moratorium with further evaluation The lower chamber of the NY state legislature, the Assembly, passed a bill that would put a two-year hold on any new mining operations using the proof-of-work (PoW) consensus mechanism, as well as on the renewal of existing permits. The bill, S6486D/A7389C, is marketed by its sponsors as a necessary act of complian...
Bipartisan bill to give CFTC authority over exchanges and stablecoins
A bipartisan group of lawmakers in D.C. introduced an updated bill on April 28 to regulate cryptocurrency developers, dealers, exchanges, and stablecoin providers, bringing them under the regulatory control of the United States Commodity Futures Trading Commission (CFTC). The Digital Commodity Exchange Act of 2022 (DCEA) was re-introduced to Congress by Republican Representatives Glenn Thompson and Tom Emmer with support from Democrat co-sponsors Darren Soto and Ro Khanna. The updated version includes a section covering stablecoin providers, who can register as a “fixed-value digital commodity operator.” These operators would be obligated to share how the stablecoin operates, retaining records for the regulator along with providing information on the assets backing the “fixed-value digital...
Nigerians urged to reject PIB for failing to address key issues
Socially relevant and need-meeting organisations in partnership with civil society movements have called on Nigerians to massively reject the long-expected PIB as it has failed to address fundamental issues. Rather the organisations said that the outcome of PIB was mischievous and would compound the problems of the communities, just as it would create another avenue to make the rich even richer while the suffering communities continue to languish in difficulty and poverty. The coalition group said the PIB “failed to properly address the lingering issues of the oil and gas host communities” submitting that the recent position on critical issues is a far cry from the yearnings of oil and gas host communities. “The current version of the Petroleum Industry Bill failed to address community, ec...
House concurs with Senate, approves $6.183 billion external loan request
The House of Representatives has approved the federal government’s request for $6.183 billion (N2.343 trillion) as external borrowing in 2021 Appropriation Act. The approval followed the consideration and adoption of clauses in the report presented by the committee on Aids, Loans and Debt Management, chaired by Hon. Ahmed Dayyabu Safana. The House also gave approval for the bill seeking to establish a Defence Research and Development Bureau (DRDB) to conduct and coordinate robust research and development in the Armed Forces of Nigeria. The approval was sequel to the consideration and adoption of the 5 parts and 34 Sections of the Bill’s report, presented by Chairman House Committee on Defence, Hon. Babajimi Benson. Presenting the report, Benson said the objective of the Bureau was to condu...
NLC urges National Assembly to transform NNPC to public liability company
The Nigeria Labour Congress has cautioned the National Assembly to handle with utmost care what it described as the very sensitive issue of the unbundling of the Nigeria National Petroleum Corporation. It urged the lawmakers to transform the NNPC to a public liability company as part of the reforms of the oil and gas sector captured in the Petroleum Industry Bill. The NLC President, Ayuba Wabba, said this on Tuesday, in a statement lauding the passage of the PIB titled, ‘Congress commends the national assembly for passing the petroleum industry bill – demands that the NNPC be transformed into a public liability company.’ It stated, “We know that the process of making the PIB a law has not been completely consummated as the passed bill would still need to be harmonized by a conference of th...
APGA: Electronic transmission of results will check rigging
The All Progressive Grand Alliance (APGA) has said that the party is in support of the inclusion of electronic transmission of election results in the Electoral Act (amendment) Bill. National Chairman of the party, Chief Victor Oye, said that electronic collation of results will eliminate election to a great extent. Oye who spoke to newsmen in Abuja on Monday said that the party supports the inclusion of the provision for electronic voting and results transmission hundred percent. He said that allowing electronic transmission of results will check the usual manipulation and hijack of election results sheets in transit by political thugs. “Since we are accepting electronic voting, we will also do electronic collation of results. It will help to curb election malpractice and rigging. I think...
Senator Lawan: Senate to pass electoral act amendment bill in two weeks
President of the Senate, Ahmad Lawan, says the National Assembly is working towards passing the Electoral Act Amendment Bill in the next two weeks. Lawan said this at the inauguration of Mr Abimbola Yusuf, as Chief Commissioner of the Public Complaints Commission (PCC) and 37 other Commissioners from the 36 states and the Federal Capital Territory (FCT) on Monday in Abuja. He has urged Nigerians who were not comfortable with certain clauses in the ongoing amendment, to take their complaints to their representatives, for consideration before the passage of bill. “The national assembly is embarking on the amendment of the Electoral Act probably by next week or within the next two weeks. “It is very important that those who feel very strongly about any amendment that they think should be effe...
PIB: Ijaw leaders reject ‘disgusting, provocative’ bill
The leadership of the Ijaw nation has rejected the Petroleum Industry Bill (PIB) just passed into law by the National Assembly describing it as disgusting and provocative. The leaders also called on the Minister of State for Petroluem Resources, Chief Timipre Sylva, to use this opportunity to write his name in gold, and on the side of prosperity by standing firm with the Ijaw people against their oppressors. President of the Ijaw National Congress (INC), the umbrella body of the Ijaw people, Prof Benjamin Okaba in a packed press conference, he addressed at the Ijaw House, headquarters of INC in Yenagoa, Bayelsa State, declared that the Ijaw nation rejects in its entirety the 3% and 5% provisions as compensation, the redefinition of host communities and other provisions including the alloca...
CSOs: No to manual transmission of election results
No fewer than 42 civil society organisations have rejected the Electoral Amendment Bill (2021) being proposed by the National Assembly. The CSOs in a statement on Sunday said the manual transmission of election results would be used to manipulate the outcome of polls. Some of the CSOs are Center for Liberty, The Electoral Hub, Yiaga Africa, Raising New Voices, Ready To Lead Africa and Speak Out Africa Initiative, Centre for Development Alternatives Research and Studies, Aspilos Foundation, Women Advocates Research and Documentation Centre and South-South Professional Women Association. “As everyone may be aware, the National Assembly will pass the Electoral Amendment Bill (2021) this week. Barring any last-minute changes, the bill is expected to be passed by both chambers on Thursday. “Som...
PIB: IPMAN commends National Assembly for inclusion of PEF
The Independent Petroleum Marketers Association of Nigeria has commended the National Assembly for the inclusion of the Petroleum Equalisation Fund in the newly passed Petroleum Industry Bill. The Public Relations Officer of IPMAN, Yakubu Suleiman, gave the commendation on Sunday in a statement. Suleiman said the legislative arm of government had demonstrated that it was sensitive to the yearnings of majority of Nigerians for a permanent solution to the energy problems in the country. He said the entire content of the bill as passed by the Senate would serve as a catalyst for the inflow of the much desired foreign direct investment to boost the economy. He said: “The much awaited Petroleum Industry Bill has come to ease Nigerians of the pains that necessitated the call for the Bill in the ...
Ondo assembly passes anti-open grazing, judicial autonomy bills into law
In a bid to regulate the activities of herdsmen and the rearing of livestock in the state, the Ondo State House of Assembly has passed into law the anti-open grazing bill. The House also passed into law the bill on the autonomy of the judiciary and the bill on violence against persons prohibition. The bills were passed after the chairmen of three committees submitted their reports on the bill. The plenary session of the Assembly, held on Thursday, was presided over by the Speaker, Mr Bamidele Oloyeloogun. Speaking on the bills at the session, the committee chairmen remarked that the bills were in the best interest of all citizens of Ondo State. On the anti-open grazing bill, Mr Taofik Mohammed of the House Committee on Agriculture explained that the bill was to regulate rearing and grazing...
