Regulation
Witnesses offer differing opinions on approach to stablecoins at congressional hearing
The Senate Committee on Banking, Housing and Urban Affairs heard from several expert witnesses with knowledge of stablecoins who urged lawmakers to establish a clear regulatory framework but could not seem to agree on where lines would be drawn. In a Tuesday hearing on “Stablecoins: How do They Work, How Are They Used, and What Are Their Risks?” Hilary Allen, a professor at the American University Washington College of Law, Alexis Goldstein, director of financial policy at Open Markets, Jai Massari, partner at Davis Polk & Wardwell, and Dante Disparte, chief strategy officer and head of global policy at Circle, addressed U.S. senators regarding some of the risks stablecoins may pose to the U.S. financial system and how lawmakers could handle regulating the space. Goldstein’s written te...
‘DeFi is the most dangerous part of the crypto world,’ says Senator Elizabeth Warren
Massachusetts Senator Elizabeth Warren did not hold back in her criticism of decentralized finance (DeFi), expressing concern about how a run on stablecoins would affect the average investor. In a Tuesday hearing with the Senate Banking Committee discussing stablecoins, Warren questioned Hilary Allen, a professor at the American University Washington College of Law, as to whether a run on stablecoins could potentially endanger the United States financial system. Though Allen said an “en masse” redemption of stablecoins from people who had lost faith in the tokens would be unlikely to have “systemic consequences” for traditional markets at present, the DeFi system would be more likely to feel the effects. Warren countered that because stablecoins provided “the lifeblood of the DeFi eco...
SEC chair’s regulatory agenda fails to include clarity on crypto, says Hester Peirce
Hester Peirce, a commissioner for the United States Securities and Exchange Commission known by many in the space as Crypto Mom, is pushing back against the regulatory body’s agenda for not including clarification on digital assets. In a Monday joint statement, Peirce and SEC Commissioner Elad Roisman said they were “disappointed” in the failure of chairperson Gary Gensler’s regulatory agenda to include items aimed at helping companies raise capital, furthering investor protection, undoing recent rules passed by the commission and providing clarification on crypto. According to the two regulators, Gensler’s uncertain stance on digital assets may create problems for firms looking to operate in the space. “Rather than taking on the difficult task of formulating rules to allow investors and r...
Indian PM calls for cryptocurrencies to ’empower’ democracy at global summit
Cryptocurrency made an appearance at a global online summit for world leaders in a speech from Indian Prime Minister Narendra Modi. At Friday’s events for the Summit for Democracy hosted by U.S. President Joe Biden, Modi said India would be willing to offer other countries “innovative digital solutions” to facilitate free and fair elections and governance. In addition, the Prime Minister called for a global standard on cryptocurrencies and major social media platforms, likely referring to the impact some have had on politics in India as well as many other countries: “We must also jointly shape global norms for emerging technologies like social media and cryptocurrencies so that they are used to empower democracy, not to undermine it […] By working together, democracies can meet...
South Africa’s financial regulator plans to introduce framework aimed at protecting vulnerable crypto investors: Report
Unathi Kamlana, the commissioner of South Africa’s Financial Sector Conduct Authority, has reportedly said the government’s rollout of a crypto framework would be aimed at mitigating any potential risks. According to a Friday report from Bloomberg, Kamlana said the financial regulator planned to present a regulatory framework early in 2022 intended to protect investors from “potentially highly risky” crypto assets. The commissioner said any framework on crypto would be created in coordination with the Prudential Authority and Financial Surveillance Board of the South African Reserve Bank. “What we want to be able to do is to intervene when we think that what is provided to potential customers are products that they don’t understand that are potentially highly risky,” said Kamlana. “We must...
INEC approves creation of 4,861 additional polling units in Lagos
Independent National Electoral Commission, INEC, Lagos State, has concluded plans to create additional 4,861 polling units in the state. The Commission’s Resident Electoral Commissioner in Lagos State, Sam Olumekun, who announced this at the Election Stakeholders’ forum on Monday, held in Ikeja, explained that the move became necessary to tackle the usual voter apathy and boost voter access to polling units in exercising their fundamental rights to vote. The forum was part of sensitization and public enlightenment of Stakeholders by the commission towards engendering active participation in future election exercises. He stated: “Polling Units are central to the electoral process and therefore democracy at large. Voter access to Polling Units is at the very heart of representative democracy...
NBMA reiterates commitment to clamp down on GMOs
The National Biosafety Management Agency, NBMA, Tuesday, reiterated commitment to ensuring the eradication of Genetically Modified Organisms, (GMOs) in the country, as well as assuring Nigerians of safe products in the market. The Director-General of the NBMA, Dr. Rufus Ebegba, made the disclosure while addressing newsmen in Abuja, stating that Nigerians should be aware of the roles of the Agency in the proper regulation of GMOs in the country. He insisted that the NBMA has not been resting on its oars in ensuring that only safe and approved genetically modified seeds and grains for food and feed processing are allowed into the Nigerian market. Hence, he said, the constant upgrading of GM detection, analysis laboratory, and constant inspection of GMO facilities, confined field trial sites,...
EKSU: SSANU urges Ekiti governor to intervene over proscription of staff unions
File Photo The Senior Staff Association of Nigerian Universities (SSANU), Western Zone, has called on the Governor of Ekiti State, Dr Kayode Fayemi, to as a matter of urgency, intervene in the crisis rocking the Ekiti State University, following the proscription of staff unions by the Governing Council of the university led by Prof. Tale Omole. Staff unions proscribed by the Governing Council are the Academic Staff Union of Universities (ASUU), the Senior Staff Association of Nigerian Universities (SSANU), the National Association of Academic Technologists (NAAT) and the Non-Academic Staff Union of Educational and Associated Institutions (NASU) of the university. While addressing journalists at a press conference on Monday at the University of Ibadan, the National Vice President of SSANU, ...
NiMet chief appointed permanent representative to WMO
Following his appointment as the Director-General and Chief Executive Officer of the Nigerian Meteorological Agency, NiMet, Prof. Mansur Bako Matazu, has been appointed the Permanent Representative of Nigeria to the World Meteorological Organization, WMO. The appointment is in line with the provision of the General Regulations (Regulation 5a) of the World Meteorological Organization Basic Documents No. 1 (WMO – No 15) 2019 Edition which states that “Each member shall designate by written notification of the Secretary-General, a Permanent Representative who shall be the Director of the Meteorological or Hydrometeorological services to act on technical matters for the member between the sessions of congress. Subject to the approval of their respective government, Permanent Representative sho...
Minister: Rail transportation awakening giant to help run government
Nairaland Mr Rotimi Amaechi, Minister of Transportation, on Tuesday described the rail mode of transportation as the awakening giant that would run government. He made the disclosure at the virtual National African Continental Free Trade Agreement (AfCFTA) Implementation Engagement Series for the Rail sub-sector of Transportation. Amaechi, who was represented by Mr Ibrahim Mohammed, a Deputy Director at the Federal Ministry of Transportation (FMOT), noted that the Federal Government had invested heavily on the rail sub-sector of transportation to help facilitate trade. “The rail sub-sector needs consistent opening for the country to further tap into the agreement that AfCFTA creates. “This is why government has embarked on many projects, developing the narrow gauges and establishing standa...
CPN president: Digital technologies efficient in sustaining social, economic development
The President and Chairman of the Council of Computer Professionals (Registration Council of Nigeria), Professor Charles Uwadia, has disclosed that digital technologies have proven to be efficient in sustaining social and economic developments. According to him, during the COVID-19 pandemic, digital technologies played an indispensable role in sustaining social and economic activities. He said though challenges and risks also emerged in the course of embracing various digital innovations but its applicability were proven to be efficient. Uwadia, who spoke at a virtual press conference, to unveil activities lined up for the forthcoming 2020 IT Professionals’ Assembly, with the theme, “Harnessing Digital Technologies for Social and Economic Recovery”, said the assembly which is the 15th edit...
U.S. Senate confirms Wally Adeyemo as deputy treasury secretary
The U.S. Senate has confirmed Adewale Wally Adeyemo as Deputy Secretary of the Treasury, making him the first Nigerian-American to hold the powerful job. Adeyemo, 39, has struck a hardline tone on China, vowing to fight what he called Beijing’s “unfair economic practices” and hold China accountable to international rules. He is expected to play a key role in shaping U.S. economic policy on issues ranging from financial regulation to relief for everyday Americans and U.S. sanctions on foreign governments. A former senior adviser at asset manager BlackRock Inc and the child of Nigerian immigrants, Adeyemo served as a top national security and economic adviser to Democratic former President Barack Obama and held senior jobs at the Treasury. The Senate on Thursday confirmed Adeyemo on a voice ...
