US Republicans threaten SEC’s Gensler with subpoena, UN cybercrime law rattles crypto

US Republicans threaten SEC chair Gensler with subpoena over FTX arrest

US House Republicans took another stab at Gary Gensler on Thursday, threatening to subpoena the Security and Exchange Commission chair over the arrest of FTX founder Sam Bankman-Fried.

House Financial Services Committee members Patrick McHenry and Bill Huizenga said that a February inquiry into details leading up to the disgraced founder’s arrest has been “stonewalled” by the agency.

They cautioned the watchdog boss that they’d resort to “compulsory” action in the form of a subpoena if information was not given freely.

Bankman-Fried was arrested the night before he was set to testify before the HFSC.

Gensler’s aggressive stance on crypto, carbon emission disclosures and to revamp the stock market’s inner workings has made him a frequent target of Republican ire since he stepped into the role in 2021.

NOW READ: Gensler’s history hints at what’s coming next in the crypto crackdown

UN’s upcoming cybercrime laws spell surveillance trouble for crypto

Members of the crypto community worry that an upcoming United Nations’ cybercrime law could lead to widespread surveillance of the industry.

The UN committee proposed legislation that that would require all signees to implement surveillance laws that apply to all organisations “engaged in circulation of digital financial assets and digital currency.”

The negotiations are in their penultimate round. When finalised, the law could have a significant impact on DeFi and crypto in general.

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14-day queue for ETH stakers post-Shapella associated with Kraken exchange

One day after Ethereum’s Shapella upgrade went live, withdrawal requests have caused a 14-day queue, owing to the technical specifications of the upgrade.

As many as 80% of validators trying to withdraw are associated with the Kraken exchange, which is currently under orders by regulators to cease its staking program.

Many of the stakers initially staked funds remain in the network, as a majority of withdrawn Ether has consisted of rewards earned during the staking period.

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Ethereum co-founder Buterin outlines need for more scalability

Ethereum co-founder Vitalik Buterin spoke out about the need for the network to tackle scalability following Wednesday’s successful Shapella upgrade.

In a livestream broadcast prior to the upgrade, Buterin highlighted woes experienced in previous bull markets and other high-activity periods.

Historically, users have experienced transaction fees in the hundreds of dollars during those events.

Buterin pointed toward Ethereum’s next major upgrade slated for early 2024, which will help layer 2 protocols such as Arbitrum and Optimism scale using a process called “proto-danksharding.”

NOW READ: Arbitrum reels from voting drama as concerns over decentralisation loom large

London Stock Exchange flirts with Bitcoin derivatives

The London Stock Exchange Group’s French clearinghouse unit just signed a deal to offer trading in Bitcoin derivatives.

The LSE’s LCH division will clear Bitcoin futures and options in a venture dubbed LCH DigitalAssetClear. The move comes in spite of a shaky regulatory environment for crypto in the UK in 2023.

More web3 news from around the web…

Bored Ape whale claims $4 million lost in rug pull scam shortly after selling nearly $3 million of the popular NFTs — The Block

US derivatives regulator says Binance intentionally flouted rules — Bloomberg

Hacker picks off $11m from old contract at Yearn Finance — DL News