Policy

Sep. 11, 2024

UK Introduces Bill to Clarify Crypto's Legal Status

The bill introduces a new personal property category of "thing" that will apply to certain digital assets. Once enacted, it will help the legal profession determine ownership in disputes such as divorce and provide protection to crypto owners s...

Policy

Sep. 11, 2024

Doors Open at Prometheum as Much-Disputed Firm Tests Crypto Tokens as Securities

The custody function of crypto platform Prometheum Inc. is now open for institutional clients. Prometheum had soft-launched with ETH and later added UNI and ARB to the assets it'll support, and this week the company said it'll also take custody...

Policy

Sep. 11, 2024

EU Regulator Sees Official Journal Publication of Stablecoin Standards Before Year-End

Technical standards under the European Union's Markets in Crypto Assets (MiCA) act will probably be published in the EU's official journal before the end of the year. The rules cover standards for authorization , stress testing and met...

Policy

Sep. 11, 2024

India and Nigeria Lead the World in Crypto Adoption Again, but Indonesia Is Fastest Growing: Chainalysis

India maintained its top position in Chainalysis' annual global crypto adoption report. Indonesia has the highest year-over-year growth at nearly 200% in Central and Southern Asia. India and Nigeria have maintained the top two positions in th...

Policy

Sep. 11, 2024

Singapore Investigating Seven People for Providing Worldcoin Services

Singapore is investigating seven people offering Worldcoin services. Worldcoin has already faced regulatory scrutiny in Colombia , Hong Kong , Argentina and Kenya . Singapore is investigating seven "subjects" for offering services of buy...

Policy

Sep. 11, 2024

Caroline Ellison Shouldn't Go to Jail After FTX Collapse, Attorneys Say

Former Alameda Research CEO Caroline Ellison should be sentenced to time served and supervised release at most, her attorneys said in a late Tuesday filing. Despite her role in propping up FTX and Alameda, Ellison cooperated with prosecutors, F...

Policy

Sep. 11, 2024

Harris Won U.S. Presidential Debate Versus Trump, Polymarket Betting Suggests

Vice President Kamala Harris appears to have beaten former President Donald Trump in the first debate between the U.S. presidential candidates on Tuesday, based on the direction of prediction bets on Polymarket, while crypto policy went unmention...

Policy

Sep. 11, 2024

Former FTX Executive Caroline Ellison's Sentencing Hearing Set for Sept. 24

Former Alameda Research CEO Caroline Ellison's sentencing hearing has been scheduled for Sept. 24, 2024, at 3:00 p.m. EDT. The former executive testified against her boss , Sam Bankman-Fried, during last year's month-long trial, alleging that t...

Policy

Sep. 10, 2024

Second U.S. Firm tZero Said to Become Crypto Broker Dealer Under SEC Oversight

Overstock-backed tZero Group Inc. says it's joined Prometheum Inc. as one of two U.S. special purpose crypto broker dealers. The newly licensed firm said it'll start launching products under its new status early next year. A second company, t...

Policy

Sep. 10, 2024

UK Regulator Charges First Individual With Running a Network of Illegal Crypto ATMs

U.K. regulator the Financial Conduct Authority charged Olumide Osunkoya, 45 year old Londoner for running a network of illegal crypto ATM's. These are also the first charges brought against a person accused of running a network of crypto ATMs i...

Policy

Sep. 10, 2024

Nigeria SEC to Commence Enforcement Action on Unlicensed Crypto Firms: Reports

Nigeria's Securities and Exchange Commission plans to take enforcement action against unlicensed crypto firms. The country recently started issuing licenses to crypto firms. Nigeria's Securities and Exchange Commission (SEC) plans on taking e...

Policy

Sep. 09, 2024

Investors Lost Record High $5.6B to Crypto Scams in 2023, FBI Says

Investors lost a record $5.6 billion to crypto-related financial crime in 2023, up 45% from 2022, according to a new report from the Federal Bureau of Investigation’s (FBI) Internet Crime Complaint Center. According to the report published Mon...

Policy

Sep. 09, 2024

Five U.S. States Reach Settlement With GS Partners, Investors to Get Full Refunds

Five U.S. states have reached a settlement agreement with GS Partners – the European operation behind several crypto investment schemes, including tokenized investments in a Dubai skyscraper – that will see investors get 100% of their money back,...

Policy

Sep. 09, 2024

Kalshi's U.S. Election Markets Delayed Until Friday at Earliest

Kalshi may be basking in the glory of a court victory over regulators, but it will have to wait at least until Friday to list its long-sought prediction markets on the upcoming U.S. election. On Monday afternoon, Judge Jia Cobb of the U.S. Distr...

Policy

Sep. 09, 2024

Coinbase Must Face Shareholder Lawsuit Over Regulator Risk Concerns, Judge Rules

A federal judge ruled that Coinbase shareholders brought plausible allegations about how the exchange portrayed the chances the U.S. Securities and Exchange Commission might sue it. The judge dismissed most of the other allegations brought in t...

Policy

Sep. 09, 2024

Binance Unit Tokocrypto Is Third Crypto Exchange to Score Full License in Indonesia

Binance's Indonesia subsidiary has won a full license from the nation's Commodity Futures Trading Regulatory Agency. More than 30 crypto exchanges have applied for a full license. Binance subsidiary Tokocrypto, an Indonesian cryptocurrency ex...

Policy

Sep. 09, 2024

U.S. Election Betting Delay Would Be 'Devastating' to Kalshi, Firm Says

Kalshi, the U.S. prediction market platform that just won a lawsuit against its regulator, said its future depends on being able to list election betting contracts while there's still time before Americans cast their votes on Nov. 5. In a cour...

Policy

Sep. 07, 2024

CFTC Pleads With Judge to Block Kalshi Election Contracts for 14 Days

Hours after losing a long-running court case filed by U.S. prediction market platform Kalshi, regulators are making a hail Mary pass. Late Friday, the Commodity Futures Trading Commission filed an emergency motion asking a federal judge to g...

Policy

Sep. 07, 2024

How Might Donald Trump's Crypto Token Fit Into Regulations?

The former president of the United States is launching a crypto yield product, even as he appeals to the crypto industry in his current bid for office. Donald Trump will be the "chief crypto advocate" for World Liberty Financial, a venture that h...

Policy

Sep. 06, 2024

Kalshi Cleared to Offer Congressional Prediction Markets in Victory Against CFTC

Kalshi, a U.S.-regulated prediction market platform, won its federal lawsuit against the Commodity Futures Trading Commission over a plan to offer contracts on which party will control each house of Congress after the November election. Although...

Policy

Sep. 06, 2024

Ripple Co-Founder Among Kamala Harris' New Corporate Endorsers

Ripple Co-Founder and Executive Chairman Chris Larsen is among the 88 corporate leaders who endorsed Vice-President Kamala Harris to be the future president of the United States in a letter. Crypto companies have been very active in the current...

Policy

Sep. 06, 2024

Prosecutors Tell NY Court They Didn’t Renege on FTX Exec Ryan Salame’s Plea Deal

Federal prosecutors have fired back against Ryan Salame’s allegations that they reneged on agreements made in the former FTX executive’s plea deal – namely, that they would cease criminal investigations into Michelle Bond, Salame’s longtime partn...

Policy

Sep. 05, 2024

Visa and Santander Selected by Brazil’s Central Bank for a Second Phase of CBDC Pilot

The Brazilian central bank will oversee 11 projects while the local Securities and Exchange Commission will supervise two. Visa was selected to optimize the foreign exchange market, while Santander plans to work on a project involving automobil...

Policy

Sep. 05, 2024

Trump Promises to Embrace ‘Industries of the Future’ Including Crypto, AI

Former President Donald Trump only devoted a brief moment to crypto in an otherwise lengthy economic address on his intentions for the U.S. economy in a second Trump term. Trump repeated his promise to make the U.S. the world capital for crypto...

Policy

Sep. 05, 2024

UK Regulator Says 87% of Crypto Registration Applications Failed to Meet Standards for Approval

The Financial Conduct Authority said more 87% of crypto registrations received in 2023-24 fell short of meeting approval standards. The FCA has been overseeing the crypto sector in the U.K. and registering firms under its anti-money laundering ...

Policy

Sep. 05, 2024

French President Macron Names Michel Barnier as Prime Minister

Macron selected Barnier, who represented the European Union in negotiations over the U.K.'s exit from the trading bloc. Barnier replaces Gabriel Attal, whose centrist party lost the country's snap election in July. French President Emmanuel M...

Policy

Sep. 05, 2024

Robinhood's Former Ban on Crypto Withdrawals Draws $3.9M Settlement in California

Robinhood's crypto-trading subsidiary used to prevent customers from withdrawing the tokens they bought. Though Robinhood Crypto LLC abandoned that policy in 2022, on Wednesday its past practices earned a $3.9 million slap on the wrist from the s...

Policy

Sep. 04, 2024

Kamala Harris Is Not Directly Accepting Crypto Donations, a PAC Is, Coinbase Says

A Coinbase (COIN) executive appears to have misspoken – or been imprecise – when she said Vice President Kamala Harris is accepting crypto donations. Harris "is accepting donations," Coinbase Chief Financial Officer Alesia Haas said at a Citigro...

Policy

Sep. 04, 2024

VC Giants a16z, Union Square Ventures Get Subpoenaed by New York About Uniswap: Sources

New York State Attorney General Letitia James has joined a regulatory offensive against cryptocurrency trading platform Uniswap, according to internal communications regarding the NYAG subpoenas seen by CoinDesk and two people who are familiar wi...

Policy

Sep. 04, 2024

Uniswap Labs Settles CFTC Charges Over 'Illegal' Margin Products

Uniswap Labs will pay $175,000 to settle charges it offered illegal leveraged and margined commodities transactions, the U.S. Commodity Futures Trading Commission announced Wednesday. Uniswap developed a user interface and a set of smart contr...

Policy

Sep. 04, 2024

Nigerian Court Postpones Decision on Gambaryan Bail Application

A Nigerian court deferred a decision on a bail application by Tigran Gambaryan, crypto exchange Binance's head of financial compliance. Gambaryan's lawyer filed a new application for bail on medical grounds on Monday. A Nigerian court deferre...

Policy

Sep. 04, 2024

Japans Financial Regulator Mulls Taxing Crypto as a Financial Asset

Japan's Financial Services Agency said it may be worth taxing crypto as a financial asset. The country currently taxes crypto profits as income, which can result in a 45% tax rate for high earners. Capital gains from sales of financial securit...

Policy

Sep. 04, 2024

Crypto-Fan Deaton Gets Chance to Battle Elizabeth Warren for U.S. Senate

A prominent lawyer in crypto legal circles, John Deaton, has won the Republican nomination in the Massachusetts Senate race, and he'll now face Sen. Elizabeth Warren. Sen. Warren, who is arguably the most influential crypto critic in Congress, ...

Policy

Sep. 04, 2024

TradFi Companies 'Want to Transact in Bitcoin,' Says Cantor Fitzgerald CEO

Howard Lutnick says banks want to transact in BTC as a new asset class but are being held back the existing requirements of U.S. regulators. "That's why they don't hold it. But if the regulatory environment was good, you will see all the tradit...

Policy

Sep. 03, 2024

SEC Commissioner Mark Uyeda Calls for S-1 Form Tailored for Digital Assets

The SEC should create a version of the S-1 form for registering securities that's tailored to digital assets, said SEC commissioner Mark Uyeda. Uyeda has been one of the few supporters of the crypto industry in the agency, in stark contrast t...

Policy

Sep. 03, 2024

Qatar Brings in Crypto Rules Framework in a Sign of Web 3 Development in the Middle East

Qatar has gone from banning crypto in 2018 to introducing a crypto regulations framework this month. The framework includes recognition of smart contracts, licensing for crypto companies, property rights in tokens and custody arrangements among...

Policy

Sep. 03, 2024

‘Why Are You Doing This To Me?’: Detained Binance Exec Begs Prison Guard for Help in New Court Footage

Tigran Gambaryan, the Binance executive who has been detained in Nigeria since February, limped into an Abuja courtroom on Monday, dragging his left leg behind him, after prison authorities denied his request for a wheelchair. In a video uploa...

Policy

Sep. 02, 2024

OKX Receives Major Payment Institution License in Singapore

OKX SG can offer digital payment token and cross-border money transfer services, which includes the buying and selling of crypto. Singapore has a reputation of being a world-leading crypto hub as it provides clear guidelines on how cryptocurren...

Policy

Sep. 02, 2024

SEC Might Challenge FTX Bankruptcy Estate From Paying Back Customers With Stablecoins

The SEC has sought a change in the FTX's bankruptcy plan. It wants the bankruptcy administrators to remove a discharge provision and said it may challenge distribution transactions involving crypto assets. The U.S. Securities and Exchange Com...

Policy

Aug. 31, 2024

A U.S. Crypto Bill's 2024 Chances

Sens. Chuck Schumer, Cynthia Lummis and Tim Scott think legislation addressing crypto could move through Congress this year – here's how. You’re reading State of Crypto, a CoinDesk newsletter looking at the intersection of cryptocurrency and go...

Policy

Aug. 30, 2024

Crypto Holders Disproportionately Favor Trump for U.S. President, New Academic Poll Shows

Former U.S. President Donald Trump’s efforts to court the cryptocurrency industry this election cycle seem to be paying off, according to the results of a new poll from Fairleigh Dickinson University. The poll results, released Friday , found t...

Policy

Aug. 30, 2024

Elon Musk, Tesla Win Dismissal of Lawsuit Alleging Dogecoin Market Manipulation

A Manhattan judge permanently dismissed a lawsuit that alleged Elon Musk and Tesla manipulated the price of dogecoin (DOGE) by exploiting Musk's social media influence and public statements. Judge Alvin Hellerstein said Musk's statements about ...

Policy

Aug. 30, 2024

Russia Is About to Try Using Crypto to Get Around Sanctions

Russia will start its trial of cross-border payments using crypto next week. Recent statements from senior Russian leaders suggest the law’s purpose is to use crypto to counter sanctions. The law hands power to Russia’s central bank to oversee...

Policy

Aug. 29, 2024

U.S. House Committee Plans for Heap of Crypto Hearings in September

The U.S. House of Representatives' financial-services committee is said to be tackling a ton of crypto issues next month, including DeFi and Securities and Exchange Commission matters. Digital assets will likely be a hot topic for SEC Chair Gar...

Policy

Aug. 29, 2024

Jailed FTX Exec Withdraws His Request to Compel Government to Abide by Plea Deal

Ryan Salame, the former FTX executive sentenced to 7.5 years in prison in May, has withdrawn a legal request to a New York court asking that the conditions of his plea deal with prosecutors be enforced or that his plea be thrown out and his sente...

Policy

Aug. 29, 2024

Trump Keeps Teasing His New Crypto Project, but Details Remain Scant

The Trump family has for weeks loudly – but coyly – said they're getting into crypto. More information might finally be coming soon. Former U.S. President Donald Trump said he'll have more to say this afternoon about his mysterious upcoming cryp...

Policy

Aug. 29, 2024

'Pig Butchering' Scams Remain Dangerous Threat in Crypto Markets, Chainalysis Report Says

Crypto scammers are getting savvier in their efforts to steal digital assets, warns blockchain analytics company Chainalysis in a new report. Scams are driving the majority in 2024's multibillion-dollar crypto-crime sector, per the report publis...

Policy

Aug. 29, 2024

Banks Using Permissionless Blockchains for Transactions Face Multiple Risks: BIS

Banks transacting on permissionless blockchains face multiple risks including settlement finality, the Bank for International Settlements said in a working paper. The paper also said technology to address some of the risks, particularly privacy...

Policy

Aug. 29, 2024

Cash-to-Crypto Industry Dominated by ATMs Is a Law-Enforcement Concern: TRM Labs

Law enforcement authorities globally have concerns about the use of crypto ATMs in scams, a report by blockchain analytics firm TRM Labs found. Last year, over $30 million went to known scam addresses through cash-to-crypto services. Since 20...

Policy

Aug. 29, 2024

CEO of South Korean Crypto Firm Haru Invest Stabbed During Trial: Reuters

Haru Invest CEO Hyung-soo ‘Hugo’ Lee was stabbed during his appearance in court during a trial for fraud. Lee's injuries are not life threatening and the police have caught the attacker. The CEO of South Korean crypto yield firm Haru Invest, ...

Policy

Aug. 29, 2024

Indian Court Orders Scam Websites Using Crypto Exchange Mudrex's Name to Be Taken Down

An Indian court has ordered the takedown of websites using Mudrex's brand to scam people. The Ministry of Communications was given a week to comply with the order. Cryptocurrency exchange Mudrex won a court order asking India's Ministry of Co...

Policy

Aug. 28, 2024

Advocates at Stand With Crypto Seek to Turn Crypto Enthusiasts Into Swing-State Voters

Crypto political advocacy group Stand With Crypto is starting up its tour across several key states in the November general election, beginning next week in Arizona. The organization has gathered more than a million online signups from people i...

Policy

Aug. 28, 2024

Telegram CEO Pavel Durov Set to Appear in French Court After Weekend Arrest

Telegram CEO Pavel Durov is set to appear in a French court Wednesday following the head of the popular social-media and messaging platform's arrest on Saturday at an airport near Paris. He was initially held as part of an investigation into cri...

Policy

Aug. 28, 2024

OpenSea Gets 'Wells Notice' From SEC, Calling NFTs Sold on Platform Securities

Non-fungible token ( NFT ) marketplace OpenSea received a notice from the U.S. Securities and Exchange Commission (SEC) that it intends to pursue an enforcement action, the company disclosed on Wednesday. "OpenSea has received a Wells notice f...

Policy

Aug. 28, 2024

Hong Kong Markets Authority Opens Its Tokenization Sandbox and Major Institutions Dive In

Hong Kong's Markets Authority opened up its tokenization 'Ensemble sandbox' on Wednesday. Major institutions like HSBC and Global Shipping Business Network have already begun testing proof of concepts and HashKey Group plans to join the sandbox...

Policy

Aug. 28, 2024

Australians Lost $122M Worth of Crypto to Scams in 12 Months: Police

Australians lost $259 million in investment scams, 47% of which involved crypto, the police said. The two common methods being used are pig butchering and deepfake technology. Australians lost cryptocurrency worth Australian dollar 180 millio...

Policy

Aug. 27, 2024

New Zealand to Put OECD Crypto Tax Framework in Place by April 2026

New Zealand plans to put in place the Organisation for Economic Co-operation and Development's crypto reporting framework by April 2026. The measures are meant to help ensure firms provide tax information on transactions in crypto-assets to pre...

Policy

Aug. 27, 2024

Telegram CEO's Arrest Is Unlikely to Be the Last: Galaxy

The first major arrest of a prominent messaging or social media company CEO may not be the last, Galaxy said. Telegram and Durov were probably resisting takedown or information requests, the report said. Some of the charges could be linked to ...

Policy

Aug. 27, 2024

Telegram Under Scrutiny in India, But Ban not Imminent: Reports

Telegram is under investigation in India but a ban is not imminent, multiple reports in India have said. India's Information Technology Ministry asked the Nation's Home Ministry for an update into the Telegram investigation after CEO Pavel Dur...

Policy

Aug. 27, 2024

Jailed Binance Exec's Nigeria Case to Be Heard a Month Early

Nigeria's money laundering case against Binance and its executives is set to resume on Sept. 2. Detained Binance executive Tigran Gambaryan has been stuck in Kuje prison for five months while his health has deteriorated. Nigeria's money laund...

Policy

Aug. 27, 2024

U.S. SEC Charges Two Brothers in $60M Ponzi Scam Using a Crypto Platform

The SEC charged two brothers with attempting to defraud more than 80 investors in a $60 million Ponzi scheme. The brothers allegedly told investors one of them had created a “bot” that operated on a crypto asset trading platform, which could id...

Policy

Aug. 26, 2024

U.S. SEC Settles with Abra Over Unregistered Sales of Securities

Crypto platform Abra is the latest to agree to a settlement with the Securities and Exchange Commission over accusations of unregistered securities. The settlement focused on its Abra Earn product, which the agency said had amassed as much as ...

Policy

Aug. 26, 2024

SEC’s Case Against Kraken Will Proceed to Trial, California Judge Rules

A federal judge ruled that the Securities and Exchange Commission had brought plausible allegations against crypto exchange Kraken, meaning its lawsuit will proceed to trial. The SEC sued Kraken last year, alleging the exchange failed to regist...

Policy

Aug. 26, 2024

‘My Living Nightmare’: Detained Binance Exec’s Wife Begs for His Immediate Release

The wife of Tigran Gambaryan, the American Binance employee detained in Nigeria, released a new video statement on Monday pleading for his immediate release from prison. "It has been six months since I last saw my husband, since our children l...

Policy

Aug. 26, 2024

India's CBDC Has 5M Users, Can be Phased in Gradually: Central Bank Governor

India's retail CBDC pilot has over 5 million users with as many as 16 banks participating. The nation's central bank Governor hinted at the possibility of avoiding a full-scale implementation. India's central bank Governor Shaktikanta Das has...

Policy

Aug. 26, 2024

Hong Kong Regulator Finds 'Unsatisfactory Practices' at Some Crypto Entities Seeking Full License: Report

Hong Kong's regulator has found "unsatisfactory practices" at some crypto exchanges seeking full licenses in the region after conducting on-site inspections. If this results in the cancellation of some temporary licenses handed out to the 11 ap...

Policy

Aug. 23, 2024

Crypto Friendly RFK Jr. Drops White House Hunt, Will Lend Kennedy Name to Trump

Independent presidential candidate Robert F. Kennedy Jr. has suspended his presidential campaign and will pull his name from the ballots in 10 battleground states. Kennedy said he's joining the campaign and potential second administration of Tr...

Policy

Aug. 23, 2024

Australia's Securities Regulator Wins Case Against Kraken's Local Operator

An Australian court ruled in favor of the securities regulator that Kraken's local operator contravened a rule regarding its margin extension product. A Kraken spokesperson said "Overall, we’re disappointed by today’s ruling, but we’re prepared...

Policy

Aug. 22, 2024

CluCoin Founder Pleads Guilty to Stealing $1.1M of Investor Funds for Online Gambling

The founder of Miami-based crypto project CluCoin has pleaded guilty to stealing over $1 million from investors and spending the money at online casinos. According to court documents filed in a Florida court last week, CluCoin’s founder – 40-yea...

Policy

Aug. 22, 2024

Crypto Promoter and Failed Politician Michelle Bond Accused of Illegally Taking FTX Cash

A once-prominent crypto advocate, Michelle Bond, has been indicted for taking illegal money from her former FTX executive boyfriend, Ryan Salame, to back her congressional campaign in 2022. Bond, a former Securities and Exchange Commission lawy...

Policy

Aug. 22, 2024

Colombia's Regulator Notifies Worldcoin of Alleged Data Violation

The SIC's notification against Worldcoin consists of a first act of indictment that is initiated without formal accusation The accusation also includes Tools for Humanity, the company behind Worldcoin. The SIC could impose economic sanctions a...

Policy

Aug. 22, 2024

OmegaPro Co-Founder Arrested in Turkey on Suspicion of $4B Ponzi Scheme: Reports

Andreas Szakacs, a co-founder of OmegaPro, alleged to be a cryptocurrency-related scam, was arrested in Turkey in July, Turkish media reported. Turkish authorities seized cold wallets and computers and tracked $160 million of cryptocurrency mov...

Policy

Aug. 22, 2024

Former FTX Executive Ryan Salame Claims Government Backtracked on Plea Deal: Filing

Former FTX executive Ryan Salame is arguing in a court filing that the government is not keeping its part of a deal. The deal involved ceasing an investigation into possible campaign finance violations by Michelle Bond, Salame's domestic partne...

Policy

Aug. 21, 2024

Top Republican Retains Hope U.S. Crypto Legislation Can Get Done This Year

TETON VILLAGE, WY. — The window for crypto legislation in 2024 is narrowing, but there is still a path toward getting something passed this year, Sen. Cynthia Lummis (R-Wyo.) said Wednesday. While neither she nor Sen. Tim Scott (R-S.C.), who als...

Policy

Aug. 21, 2024

Nearly Half of All Corporate Election Spending in 2024 Cycle Comes from Crypto Companies, Study Finds

Nearly half of all corporate political contributions in the 2024 election cycle came from cryptocurrency companies, according to a Wednesday report from corporate influence watchdog Public Citizen. Public Citizen’s report, which was based on d...

Policy

Aug. 21, 2024

Kamala Harris Signals Interest in Friendlier Stance on Crypto: Bloomberg

Democratic presidential candidate Kamala Harris will support policy efforts to encourage the growth of the cryptocurrency industry, one of her top campaign officials said Wednesday. “She’s going to support policies that ensure that emerging tech...

Policy

Aug. 21, 2024

'Get Him Home': Binance CEO Urges Nigerian Government to Free Detained Exec

NEW YORK — Binance CEO Richard Teng urged the Nigerian government to release Tigran Gambaryan, an American employee of the world's largest crypto exchange who has been detained in Nigeria since February. "Tigran has been unjustly held for close ...

Policy

Aug. 21, 2024

New Binance CEO Sees No Need for IPO as He Plots 100-Year Strategy for Crypto Exchange

NEW YORK — Richard Teng ascended to the top of cryptocurrency behemoth Binance last year via less-than-ideal circumstances as his predecessor, Changpeng "CZ" Zhao, was forced to quit the exchange as part of a multi-billion-dollar settlement with ...

Policy

Aug. 21, 2024

Crypto Airdrops Ban U.S. Users, but Americans Are Claiming Tokens Anyway

Out of an abundance of legal caution, many cryptocurrency projects exclude U.S. residents from token airdrops. U.S. crypto users – even insiders at similarly cautious projects - regularly find ways to claim tokens anyway. This "hypocritical" b...

Policy

Aug. 21, 2024

Controversial Crypto Firm Prometheum to Treat Uniswap and Arbitrum's Tokens as Securities

Registered securities firm Prometheum intends to take custody of customers' UNI and ARB as securities when it gets rolling, adding them to its existing plans for Ethereum's ether. While the crypto industry fights the Securities and Exchange Com...

Policy

Aug. 21, 2024

German Regulator Seizes 13 Crypto ATMS

German regulator BaFin seized 13 crypto ATMs in a raid that spanned a total of 35 locations. The regulator requires crypto ATMS operators to have the appropriate licensing in the country. Germany's financial regulator BaFin seized 13 crypto A...

Policy

Aug. 21, 2024

Another Crypto 'Fraudster' Arrested in Montenegro, Where Do Kwon Awaits Extradition: Reports

Roman Ziemian was arrested after an international law enforcement operation involving Montenegrin authorities and the Interpol. Ziemian will be brought before an investigating judge to determine where he would be extradited, the police said. ...

Policy

Aug. 20, 2024

Crypto-backed Candidate Ansari Narrowly Wins Arizona Primary By 39 Votes

Democratic candidate Yassamin Ansari, a crypto advocate, secured a primary election victory in Arizona's race for the 3rd Congressional District. Ansari ultimately took the seat by only 39 votes from a candidate who had been backed by staunch c...

Policy

Aug. 20, 2024

Nigeria Plans to Introduce Crypto Licensing Process: Bloomberg

Nigeria's Securities and Exchange Commission plans to license issuers of virtual assets including cryptocurrencies this month. The West African nation also plans to introduce a bill by September enabling it to tax crypto . Nigeria's Securiti...

Policy

Aug. 20, 2024

Solana's Former Top Decentralized Crypto Exchange Faces SEC Securities Violations

Mango Markets, Solana's once-mighty decentralized crypto exchange that was gutted by convicted fraudster Avraham Eisenberg, is preparing to settle with the U.S. Securities and Exchange commission over allegations that it violated a litany of secu...

Policy

Aug. 19, 2024

NY Judge Rejects SEC’s Efforts to Stymie Tron’s Arguments in Ongoing Securities Suit

A federal judge pushed back against a Securities and Exchange Commission legal tactic in the agency's case against the Tron Foundation and founder Justin Sun. The two sides are still battling it out in U.S. District Court for the Southern Dis...

Policy

Aug. 19, 2024

Australian Securities Regulator Nabbed More Than 600 Crypto Investment Scams in a Year

The Australian Securities and Investments Commission (ASIC) said it closed down 615 cryptocurrency investment scams in the first year of a program to tackle fake investment websites. The closures comprise about 9% of the total 7,300 phishing an...

Policy

Aug. 19, 2024

Crypto's Bet on Election Betting Expands to Solana

Solana-based crypto trading platform Drift is adding prediction markets to its product lineup, placing a bet on Polymarket-style election betting, but with a few twists. The BET service will allow traders to bet on binary outcomes (Will Trump wi...

Policy

Aug. 19, 2024

Coin Center Wins Right to Sue U.S. Treasury, IRS Again Over Controversial Tax Reporting Rule

Crypto think tank Coin Center got the go-ahead from a U.S. court of appeals to re-try its lawsuit against the Treasury Department and the IRS. Coin Center sued them in 2022 over a controversial amendment to the U.S. tax code that would require ...

Policy

Aug. 19, 2024

Nigeria Planning to Present Law to Tax Crypto by September: Report

Nigeria's tax-collection authority, FIRS, told lawmakers it intends to introduce a bill to tax crypto to parliament by September. "We just have to plan to regulate" crypto "in such a way that it is not injurious to the economic development of N...

Policy

Aug. 19, 2024

What a Dubai Court Ordering a Company to Pay Its Employee in Crypto Means

A recent court order in Dubai appears to have legitimized salary payment using crypto, but some experts point to unanswered questions. It is unclear whether the ruling will be appealed. A Dubai court ordered a company to compensate a worker t...

Policy

Aug. 19, 2024

Shaquille O'Neal Will Have to Defend Some of the Allegations Against Him in the Astrals NFT Lawsuit

Shaquille O'Neal will have to defend himself against some of the allegations in a class action lawsuit against him concerning the promotions he did for the Astrals NFT project. The court did dismiss the allegation that O'Neal was a "control per...

Policy

Aug. 16, 2024

Nigeria Court Freezes $38M of Crypto Allegedly Sent to Support Protests in the Country: Reports

Nigerian authorities moved to freeze $38 million in crypto they say was sent to support protests against inflation in the country. Nigeria has cracked down on crypto and Binance, the world's largest exchange, for allegedly contributing to weake...

Policy

Aug. 16, 2024

South Korea's Pension Fund Snaps Up Nearly $34M MicroStrategy Shares

South Korea's pension fund bought 24,500 shares of the Michael Saylor-led firm, before the 10:1 stock split. The MicroStrategy purchase can be seen as indirect investment in bitcoin {{BTC}}. South Korean pension fund, National Pension Service...

Policy

Aug. 16, 2024

Donald Trump Holds Over $1M in Ether, Also Receives NFT Licensing Fees

Disclosures show Trump has between $1 million-$5 million in Ether, and made over $7 million in an NFT licensing deal. Trump recently said he plans to launch another NFT collection. Donald Trump holds between $1 million -$5 million in Ether {{...

Policy

Aug. 16, 2024

NYSE Scrubs Plan to List Bitcoin ETF Options

The NYSE has withdrawn a proposed rule change to trade options based on bitcoin ETFs. Other exchanges have also withdrawn similar applications, but have also refiled. The operator of the New York Stock Exchange has withdrawn its application t...

Policy

Aug. 15, 2024

Schumer Sets Stage for New Era of U.S. Crypto Politics

The big news from the Crypto4Harris town hall Wednesday night is that Senate Majority Leader Chuck Schumer is going to try to pass a crypto bill through the upper chamber by the end of the year. "Congress has a responsibility to provide comm...

Policy

Aug. 15, 2024

Stablecoin Regulations Could Pose Problems for Tether, JPMorgan Says

Stablecoin regulations pose a threat to Tether's dominance, the report said. Complying with MiCA means Tether may have to change its reserve management strategy. The bank said new regulations could intensify pressure on Tether to provide more ...

Policy

Aug. 15, 2024

Binance Completes Registration With India's Financial Intelligence Unit Months After Being Fined

The registration, Binance's 19th worldwide, means its website and app are fully available to users in India. Binance has been settling disputes with financial regulators in the world's largest economies. Binance, the world's largest cryptocur...

Policy

Aug. 15, 2024

U.S. Crypto Bill Can Happen This Year, Senate's Schumer Tells Crypto Backers of Harris

U.S. Senate Majority Leader Chuck Schumer came out guns-blazing during a Crypto4Harris event, saying what's been considered a longshot idea of getting some kind of crypto legislation out this year could really happen. Billionaire Mark Cuban sai...

Policy

Aug. 14, 2024

Trump Organization to Launch a Cryptocurrency Initiative, Eric Trump Says: Report

The Trump Organization, the holding company for former U.S. President Donald Trump’s business ventures, will soon unveil its new cryptocurrency initiative, according to a Wednesday report from the New York Post. Eric Trump, the son of former Pre...

Policy

Aug. 14, 2024

Binance to Pay $1.7M to Brazilian Securities Commission to End Probe Into Unauthorized Derivatives Offering

Binance offered derivatives trading services in Brazil without securing necessary licenses, the country's regulator concluded. Binance will pay 9.6 million reais ($1.76 million), well over the 2 million reais the company offered to pay a year a...

Policy

Aug. 14, 2024

Thailand's PM Removed, But Crypto Policies Likely to Remain 'Largely' Unaffected in Political Uncertainty

Thailand's PM Srettha Thavisin was removed by a court on Wednesday. A new PM and government is to come into place and that may impact implementation of crypto related policies. Thailand Prime Minister Srettha Thavisin's shock removal from off...

Policy

Aug. 14, 2024

Crypto is a 'Purple Issue': Circle's Jeremy Allaire

Allaire says he's seen bipartisan work being done on crypto, but the industry is looking for more Allaire views former President Trump's stance on crypto with caution, but says the GOP candidate's advisors have a deep understanding of it. Cir...

Policy

Aug. 14, 2024

Australia's Securities Regulator Sues ASX for Misleading Statements About Blockchain Project

Australia's securities regulator has sued the nation's largest exchange, ASX, for making misleading statement about its now-cancelled blockchain project. ASX’s statements were "deceptive" and "this was a collective failure by the ASX Board and ...

Policy

Aug. 13, 2024

Crypto Industry Committing $12M to Dethrone Sen. Brown in Ohio, PAC Says

The crypto industry's leading political action committee, Fairshake, announced three U.S. Senate races it intends to spend major amounts to influence in Ohio, Arizona and Michigan. The Ohio race pits a crypto ally, Bernie Moreno, against the ch...

Policy

Aug. 13, 2024

Three Arrows Capital Liquidators Now Sue Terraform Labs for $1.3B: Bloomberg

The liquidators for Three Arrows Capital (3AC) have sued Terraform Labs for $1.3 billion. They allege TerraForm induced 3AC to purchase Luna and TerraUSD by manipulating the market for these tokens. Defunct cryptocurrency hedge fund Three Arr...

Policy

Aug. 13, 2024

Bitcoin and Crypto Go Unmentioned During Trump-Musk X Space

An interview between Elon Musk and Republican presidential candidate Donald Trump attracted over 1 million listeners on X. Crypto was not mentioned during the two-hour long event. Former President Donald Trump did not mention bitcoin or crypt...

Policy

Aug. 12, 2024

SEC Files Fraud Charges Against Promoters of NovaTech, Alleged $650M Crypto Pyramid Scheme

The U.S. SEC has filed a lawsuit against a crypto pyramid scheme and its operators. The regulator says they stole $650 million from 200,000 investors around the world. NovaTech largely preyed on affinity groups, including Haitian-American churc...

Policy

Aug. 12, 2024

Binance Says Venezuela Platform Is Being Hit by Access Restrictions

Binance users in Venezuela says they're having difficulty accessing the crypto exchange. The restrictions follow a Thursday announcement that social-media platform X will be blocked for 10 days. According to one human-rights organization, the ...

Policy

Aug. 12, 2024

Gambaryan Family Says Binance Executive Is Being Denied Access to Lawyers, Health Is Deteriorating

Binance excutive Tigran Gambaryan is being denied adequate access to his lawyers, his family has alleged. Gambaryan's next court hearing is currently scheduled for October 11th. Tigran Gambaryan, the U.S. Binance employee held in Nigeria, is ...

Policy

Aug. 12, 2024

Tether to Fight Celsius' $3.3 Billion 'Shakedown' Litigation

Tether said it will fight Celsius' "baseless" lawsuit against it and in any scenario Tether token holders will not be impacted. Bankrupt crypto lender Celsius sued Tether for fraudulently securing itself as part of a loan agreement. Tether, t...

Policy

Aug. 09, 2024

IRS Shares New Crypto Tax Form, Invites Industry Input

The new U.S. tax form for crypto investors' brokerage accounts is out, and it's been narrowed in significant ways from an earlier version. Crypto's 1099 form will "bring more ease and clarity" for those paying U.S. crypto taxes, according to I...

Policy

Aug. 09, 2024

Coinbase Takes Aim at CFTC's Definition of 'Gaming' in Proposed Prediction Market Rules

Coinbase responded to the CFTC's proposed rules regarding prediction markets, taking aim at how the CFTC proposes to define 'gaming'. Coinbase would like the CFTC to regulate prediction markets on a contract-by-contract basis instead of using b...

Policy

Aug. 08, 2024

Crypto-Friendly Bank Ordered by Fed to Limit Risks From Digital Asset Clients

The U.S. Federal Reserve targeted Customers Bank with an enforcement action saying it wasn't properly handling the risks from its crypto customers. The Pennsylvania lender agreed to fix the compliance shortcomings flagged by Fed examiners. Cu...

Policy

Aug. 08, 2024

Do Kwon’s Extradition from Montenegro Postponed Yet Again

Do Kwon’s extradition from Montenegro has been delayed yet again. Just last week, the Balkan country’s appellate court issued what seemed to be a definitive decision to extradite Kwon to his native South Korea . But like past extradition decisi...

Policy

Aug. 08, 2024

Japan's Top Regulator Says Crypto-ETF Approvals Need 'Cautious Consideration:' Report

Japan's top financial regulator said the decision to approve crypto-based exchange-traded funds needs to be approached with caution. While Japan has yet to approve crypto ETFs, the U.S., Hong Kong and Australia have all recently given the go-ah...

Policy

Aug. 08, 2024

FTX, Alameda Ordered to Pay $12.7B to Creditors by U.S. Judge

FTX and trading firm Alameda Research will pay $12.7 billion to creditors after the approval of a consent order by a New York judge, ending a lawsuit from the Commodity Futures Trading Commission. The order bans FTX and Alameda from trading dig...

Policy

Aug. 08, 2024

Did Sanctioning Tornado Cash Work?

Sanctions are an effort to throw the weight of the U.S. dollar around to tamp down on activities the U.S. government thinks may be harmful – like money laundering to fund terror groups or rogue nations. The New York Federal Reserve thinks they ha...

Policy

Aug. 08, 2024

Brazil’s Securities and Exchange Commission Approves Solana-Based ETF

The Brazilian Securities and Exchange Commission (CVM) has approved a Solana-based exchange-traded fund (ETF), the agency disclosed in its central database on Wednesday. It is the first product of its kind in Brazil and among the first Solana-ba...

Policy

Aug. 07, 2024

Judge Fines Ripple $125M, Bans Future Securities Law Violations in Long-Running SEC Case

A federal judge imposed a $125 million fine on Ripple after finding last year that its institutional sales of XRP violated federal securities laws. The judge reiterated her view that Ripple's programmatic sales of XRP to retail clients through ...

Policy

Aug. 07, 2024

Brazilian Civil Police Dismantles Crypto Laundering Scheme Employed by Drug Gang

The Civil Police of São Paulo, Brazil, dismantled a money laundering scheme managed by the drug gang First Capital Command (PCC) that operated a company operating as a crypto exchange, the police said on X (formerly Twitter) on Tuesday. The comp...

Policy

Aug. 07, 2024

Crypto PAC Fairshake Claims Another Win Against Elizabeth Warren Ally With Bush Loss

The digital assets industry's Fairshake PAC is chalking up three victories in this week's congressional primaries. Crypto spending has helped defeat a number of Sen. Elizabeth Warren's congressional allies, including prominent progressive Rep. ...

Policy

Aug. 07, 2024

Ethereum Entities Largely Complied With Tornado Cash Sanctions, NY Fed Paper Says

A new report from the NY Fed said Ethereum block builders have largely cooperated with sanctions on Tornado Cash. Block validators that are immediately downstream of a transaction are likely to cooperate, the report said, noting that sanctions ...

Policy

Aug. 07, 2024

UK Regulator FCA Has Issued Over 1K Warnings to Crypto Firms Since October

The FCA has issued more than 1,000 warnings to crypto firms since rules on financial promotions for crypto companies took effect on Oct. 8 last year. FCA actions have resulted in the removal of 48 apps from U.K. app stores, Lucy Castledine, the...

Policy

Aug. 07, 2024

Coinbase’s Paul Grewal Says Crypto Should Remain Non-Partisan

Grewal is inspired by Asia’s quick embrace of crypto regulations, but remains optimistic about the U.S. If crypto policy is going to succeed in the U.S. it needs to be a bi-partisan issue, bringing together both sides of the aisle, he argued. ...

Policy

Aug. 06, 2024

Post WazirX Hack, India's CoinDCX Starts Investor Protection Fund With $6M

CoinDCX has established a crypto investors protection fund to compensate users in case of a security breach. The decision comes a few weeks after prominent Indian crypto exchange WazirX suffered a $230 million hack. Indian crypto exchange Coi...

Policy

Aug. 06, 2024

Crypto Industry Tries to Tally Final Wins As U.S. Congressional Primaries Wind Down

In the final stretch of several U.S. congressional primaries, crypto-backed campaign-finance efforts are trying to add to their lists of friendly members of Congress. The industry's political action committees supported candidates in Tuesday's ...

Policy

Aug. 06, 2024

Kamala Harris Taps Minnesota Governor Tim Walz as Running Mate

Vice President Kamala Harris, the Democratic nominee for U.S. President, has chosen Minnesota Governor Tim Walz as her running mate for the 2024 presidential election, reports say . Walz has been the governor of Minnesota for five years, after ...

Policy

Aug. 06, 2024

Binance Has Challenged India's $86M Tax Showcause Notice: Source

Binance, the world's largest cryptocurrency exchange, has "challenged" a nearly $86 million tax notice from India's Directorate General of Goods and Services Tax Intelligence (DGGI), a person directly involved with the matter told CoinDesk. DGGI...

Policy

Aug. 06, 2024

SEC Asks NY Court to Deny Coinbase’s ‘Breathtakingly Broad’ Subpoena Request

The U.S. Securities and Exchange Commission complained to a federal judge that Coinbase tried to dig too deep when it went after the records of agency Chair Gary Gensler. The SEC made the latest filing in the court case in which the regulator i...

Policy

Aug. 05, 2024

Crypto Candidate in Arizona Is Winning (So Far) Despite Sen. Warren's Headwinds

A deluge of crypto-industry money may have helped achieve a very narrow Arizona congressional primary win this week for Yassamin Ansari, a crypto-cheering Phoenix City Council member who faced a candidate backed by Sen. Elizabeth Warren (D-Ma...

Policy

Aug. 02, 2024

As Trump Suggests Crypto as a Fix to U.S. Debt, Harris Camp Highlights His Remarks

Former President Donald Trump argued the benefits of the U.S. government jumping onto the crypto boat on Friday (transcript below). Vice President Kamala Harris' campaign flagged Trump's comments on Bitcoin, specifically when he mentioned the t...

Policy

Aug. 02, 2024

France Opens for MiCA Applications, First Among Biggest EU Economies

The French markets regulator said it started accepting applications for crypto asset services provider licenses on July 1. MiCA is set to come into force by December, and companies will need to be licensed under the regime by July 2026 to conti...

Policy

Aug. 02, 2024

Crypto Exchange Bybit Withdraws From France in Response to Regulations

Crypto exchange Bybit said it will be withdrawing its services from France in response to regulations in the country. In May, Frances financial regulator Autorité des Marchés Financiers (AMF) issued a warning to remind citizens that the exchan...

Policy

Aug. 02, 2024

Kamala Harris Can't Cede Crypto to Trump, Could be Difference in Battleground States: Think Tank

Kamala Harris cannot afford to "cede crypto to Trump," according to OMFIF, an independent financial think tank. The organization said luring some crypto supporters' votes and donations from the Republican camp "could make a difference in key ba...

Policy

Aug. 02, 2024

Indian Survey Reveals Impact of Crypto Taxes and Anti-Money Laundering Rules on Investors

Latest findings from a survey by a tech policy think tank reiterate its suggestion that India should consider revising its taxes on crypto. The study also found that India's anti-money laundering rules were not sufficient to reverse the impact ...

Policy

Aug. 02, 2024

Bitcoin as a Strategic Reserve

Over the weekend, former U.S. President and current Republican nominee Donald Trump and a number of lawmakers spoke at the Bitcoin Nashville conference. The biggest piece of news everyone has been talking about was Trump and Sen. Cynthia Lummis' ...

Policy

Aug. 01, 2024

EU Regulator Details How It Classifies Unlawful Overseas Businesses Under MiCA

The European Securities and Markets Authority published an opinion report for firms dealing with overseas firms to prevent them breaking the Markets in Crypto Assets rules (MiCA). ESMA wants to prevent unauthorized companies from finding loop...

Policy

Aug. 01, 2024

Crypto Exec Pushing for Industry Support of Kamala Harris for President

A former chief executive of a crypto platform is trying to build a crypto following for Vice President Kamala Harris, hoping to raise money and secure industry endorsements for the Democratic presidential candidate. Former Uphold CEO J.P. Thie...

Policy

Aug. 01, 2024

Montenegro to Extradite Do Kwon to South Korea, Rejecting U.S. Request

Terraform Labs co-founder and fraudster Do Kwon is once again set to be extradited from Montenegro to his native South Korea, after a ruling from the Balkan nation’s court of appeals Thursday. The Appellate Court of Montenegro issued a ruling co...

Policy

Jul. 31, 2024

Does the SEC Really Have Jurisdiction Over NFT Art? Two Artists Sue SEC to Get an Answer

Two artists have filed a lawsuit against the U.S. SEC in a Louisiana court to get a declaratory judgement that would protect their forthcoming NFT projects from regulatory action from the SEC. They say the SEC has set a concerning precedent of ...

Policy

Jul. 31, 2024

Stablecoin Balance Sheets Can Be Supervised, BIS and UK Central Bank Project Claims

The Bank for International Settlements and Bank of England have found that the balance sheet of asset referenced stablecoins can be supervised. The technology could help nations respond more efficiently to risks from stablecoins, the report add...

Policy

Jul. 31, 2024

The Bahamas 'Dares' Again 1.5 Years After FTX Collapse, Brings in New Crypto Law

The Bahamas parliament has passed The Digital Assets and Registered Exchanges Act, 2024 or DARE 2024. The law is an effort by the island-nation to tighten its crypto laws after the Nov. 2022 collapse of The Bahamas headquartered FTX. The parl...

Policy

Jul. 31, 2024

Coinbase Concerned About 'Ongoing Regulation by Enforcement' in Australia

Coinbase's Asia-Pacific Managing Director said the exchange is concerned about "ongoing regulation through enforcement" ahead of expected draft legislation for the sector. Australia's Treasury is planning to introduce a draft legislation for th...

Policy

Jul. 30, 2024

U.S. Strategic Bitcoin Reserve to Be Funded Partly by Revaluing Fed's Gold, Draft Bill Shows

The purchase of bitcoin for a new strategic reserve would be financed partly by revaluing Federal Reserve's gold, according to draft legislation from U.S. Senator Cynthia Lummis's office. The plan proposes establishing a "Bitcoin Purchase Progr...

Policy

Jul. 30, 2024

Making Bitcoin a Strategic Reserve Asset Contradicts 'Freedom From Government' Narrative, Says WSJ

Former president Donald Trump's alleged plan to make bitcoin a strategic reserve asset doesn't align with crypto's values, the editorial board of the Wall Street Journal wrote. Trump said at the Bitcoin Conference in Nashville last week that bi...

Policy

Jul. 30, 2024

Russia Legalizes Crypto Mining and Brings an Experimental Regime

Russia has passed one law legalizing cryptocurrency mining from November 1, 2024. A second experimental law allowing the central bank to authorize selected companies to conduct cross-border settlements and exchange trading in digital currency w...

Policy

Jul. 30, 2024

WazirX Co-Founder Nischal Shetty Says All Options Are on the Table for Fund Recovery

WazirX co-founder Nischal Shetty told CoinDesk the exchange has asked other exchanges for help after it suffered a $230 million hack – worth nearly 45% of customer funds – earlier this month, without naming any entities. Shetty said he could no...

Policy

Jul. 30, 2024

BitClout Founder Charged With Wire Fraud, Civil Securities Charge

The U.S. Securities and Exchange Commission (SEC) and Department of Justice charged the founder of crypto social media platform BitClout with wire fraud and the sale of unregistered securities. According to court documents, Nader Al-Naji – ...

Policy

Jul. 30, 2024

Bank of England to Carry Out CBDC, Digital Ledger Experiments

The Bank of England said it plans to carry out a series of experiments on a wholesale central bank digital currency and distributed ledger technology. It will also experiment to ensure that the "singleness of money" is maintained with stablecoi...

Policy

Jul. 30, 2024

SEC Intends to Amend Complaint Against Third Party Tokens (Like SOL) in Binance Case

The SEC intends to amend its complaint against Binance, including with respect to the 'Third Party Crypto Asset Securities," it said in a court filing. This likely means that the Judge won't have to decide whether 10 tokens such as Solana and M...

Policy

Jul. 29, 2024

One Trading Secures Regulatory Approval From Dutch Regulator to Offer Crypto Derivatives Trading in Europe

Crypto firm One Trading exchange secured a regulatory approval from the Dutch Authority for the Financial Markets to operate as a regulated derivatives exchange. The license makes One Trading one of the first crypto companies to be in a positio...

Policy

Jul. 29, 2024

WazirX Surveys Users on Recovery Options After $230M Hack, Leaves Customers and Industry Players Fuming

WazirX has faced industry and customer heat about a "withdrawal management poll" after suffering the $230 million hack earlier this month. The exchange has now said the poll was not "not legally binding," it was a "preliminary step to understan...

Policy

Jul. 29, 2024

Slovenia Becomes First European Union Nation to Issue Sovereign Digital Bond

The Republic of Slovenia issued a sovereign digital bond on Thursday, the first EU state to do so. The 30 million-euro ($32.5 million), 3.65% bond sale was a part of the European Central Bank's money settlement experimentation program. Sloven...

Policy

Jul. 29, 2024

Venezuela's Election Body Says Nicolas Maduro Relected President, Opposition Claims Victory Too: Reports

Nicolas Maduro has been relected Venezuela's President, the election authority, controlled by Maduro loyalists has said. The opposition too has claimed victory in a nation where the dependence on crypto is fueled by multiple crises. Venezuela...

Policy

Jul. 27, 2024

In Donald Trump's Own Words – a Partial Transcript of His Bitcoin 2024 Speech

(The following excerpts from former President Donald Trump's speech – aided by AI transcription – focus on portions of his remarks in Nashville, Tenn., in which he addressed crypto and the industry directly.) Donald Trump: Our country is ble...

Policy

Jul. 27, 2024

U.S. Senator Lummis Proposes the U.S. Buy 1M Bitcoin to Reduce National Debt

NASHVILLE — U.S. Senator Cynthia Lummis plans to introduce legislation calling for a "strategic bitcoin reserve" that will reduce the national debt of the United States by buying 1 million bitcoin {{BTC}} over the course of five years. The bitco...

Policy

Jul. 27, 2024

Trump Says Democrats Winning Election Will Be Disaster for Crypto: 'Every One of You Will Be Bone'

NASHVILLE — Former U.S. President Donald Trump took the stage at the Bitcoin Conference Saturday, saying the U.S. must take a leadership position in crypto as the Republican candidate moved to tighten his grip on the increasingly powerful c...

Policy

Jul. 27, 2024

Democrats Pushing Harris Campaign for 'Reset' on Crypto Stance, House Rep Says

U.S. Vice President Kamala Harris “understands” crypto and may embrace it as an issue in her nascent campaign for the White House, Rep. Wiley Nickel (D-NC) said at the Bitcoin Nashville conference on Saturday. Twenty-eight officials, including a...

Policy

Jul. 27, 2024

Democratic Crypto Supporters Call for Crypto-Friendly Party Platform

Several Democrats want their party to match the pro-crypto stance already occupied by their Republican rivals by adding new language to the party platform. The letter calls for the replacement of Securities and Exchange Commission Chair Gary Ge...

Policy

Jul. 26, 2024

Key U.S. Senate Republican Tim Scott Makes Crypto-Fan Debut

The Senate Banking Committee has so far failed to move crypto legislation, despite this year's progress in the U.S. House, but ranking Republican Tim Scott has now joined those advocating for crypto-friendly regulation. He and other U.S. lawmak...

Policy

Jul. 26, 2024

Stablecoin Default Guarantees Pose Risks to the Issuing Banks, Swiss Regulator Says

Switzerlands' financial markets supervisor proposed new requirements to help mitigate the risks arising from banks providing a default guarantee to stablecoin holders. In the event of irregularities at the stablecoin issuer, the bank providing ...

Policy

Jul. 26, 2024

Crypto Use in Terror Financing Rises, but Is Still Relatively Small: Singapore

A Singapore terrorism threat assessment noted an increasing use of cryptocurrencies in terror financing, though cash and other means remained dominant. The report also said the threat level was elevated since the Israel-Palestine conflict escal...

Policy

Jul. 26, 2024

U.S. Presidential Candidate RFK Jr. Says He's 'Fully Committed' to Bitcoin

Robert F. Kennedy Jr. doubled down on his support for bitcoin during the BTC 2024 conference Crypto and its role in the economy has become a hot-button issue in the election. Independent presidential candidate Robert F. Kennedy Jr. doubled do...

Policy

Jul. 25, 2024

Jersey City to Invest in Bitcoin ETFs, the Latest Pension to Dive Into Crypto

The municipal pension plan of Jersey City, New Jersey, will soon invest in bitcoin via exchange-traded funds, according to a Thursday social media post from Mayor Steven Fulop. While it's not likely to be a gigantic sum, the decision is another ...

Policy

Jul. 25, 2024

Russian-Speaking Groups Responsible for Majority of Crypto Ransomware Attacks in 2023: TRM Labs

Russian-speaking ransomware groups were responsible for at least 69% of all crypto proceeds from ransomware in 2023. In 2023 Russian-language darknet markets comprised 95% of all crypto-denominated illicit drug sales that occurred on the dark w...

Policy

Jul. 25, 2024

Indian City of Raipur Puts Real Estate Records on Blockchain With AirChains

Indian city of Raipur is bringing building records on Blockchain with AirChains. The initiative could prevent forgery and reduce processing time from a month to three days. Raipur, the capital city of the Indian state of Chhattisgarh, has sta...

Policy

Jul. 25, 2024

India Has Seen 92 Drug Trafficking Cases in Four Years Involving Dark Net and Crypto

India has seen as many as 92 cases involving dark net and cryptocurrencies in drug trafficking in the past four years, the Home Ministry said. A special task force has been constituted to monitor such suspicious transactions. India has seen a...

Policy

Jul. 25, 2024

India to Release Its Crypto Policy Stance by September After Stakeholder Consultations: Report

India is planning to release a discussion paper outlining its policy stance on cryptocurrencies by September, according to Senior Finance Ministry Official Ajay Seth. In September 2023, Seth said India would analyse and decide its own position ...

Policy

Jul. 24, 2024

Hex Trust Receives In-Principle Approval from Singapore's MAS For Major Payment Institution License

Hex Trust says it has received in-principle approval from the Monetary Authority of Singapore for a Major Payment Institution License. This has been a multi-year process for the custodian, but will be well worth it as regulation is the future, ...

Policy

Jul. 23, 2024

Coinbase Narrows Demand for SEC Chair Gensler's Crypto Messages

Crypto exchange Coinbase filed a motion to compel the Securities and Exchange Commission to produce internal communications on its discussions about crypto, including the messages of Chair Gary Gensler. The company backed off from a more aggres...

Policy

Jul. 23, 2024

2 Promoters of Forcount Crypto Ponzi Scheme Plead Guilty to Wire Fraud Conspiracy

Two more promoters of the Forcount crypto Ponzi scheme – a Brazil-based scam that bilked Spanish-speaking investors out of $8.4 million between 2017 and 2021 – have pleaded guilty to their roles in the scheme. On July 22, Nestor Nunez , 66, and...

Policy

Jul. 23, 2024

Crypto Exchange Gate.io Exits Japan

Crypto exchange Gate.io has terminated its services in Japan. The exchange has suspended the opening of new accounts for customers residing in Japan as of July 22. Crypto exchange Gate.io has terminated its services in Japan, it announced...

Policy

Jul. 23, 2024

India Keeps Controversial Crypto Tax Rules Unchanged, Finance Minister's Budget Speech

India's Finance Minister Nirmala Sitharaman introduced an interim budget on Feb. 1, 2024, before the nation's elections between April and June. On Tuesday she revealed a full budget for 2024-2025. India's Finance Minister Nirmala Sitharaman k...

Policy

Jul. 23, 2024

BlockFi Administrator Submits Plan in Court to Make Customers Whole

Bankrupt crypto lender BlockFi's plan administrator has asked a U.S. court for an order for the final distribution to make customers and unsecured creditors whole. "This transaction marks a final chapter in the wind-down and is the best possibl...

Policy

Jul. 22, 2024

U.S. House Passes Crypto Illicit Finance Bill That's Likely to be Rebuffed in Senate

A narrow bill to create a U.S. working group to dig into crypto use in terrorism and money laundering passed the U.S. House of Representatives in a routine vote. The legislation isn't likely to get any further without a Senate counterpart, but...

Policy

Jul. 22, 2024

India Unlikely to See Crypto Tax Reduction in Tuesday's Budget

While some policy officials hold out hope for a reduction in the crypto tax, most experts don't expect any changes. The industry's primary desire is to see the 1% tax deducted at source reduced to 0.01%. India is unlikely to change its contro...

Policy

Jul. 21, 2024

President Biden Announces Decision to Not Seek Reelection (Copy of Letter)

The following is a copy of the announcement made today by President Biden that he will not seek reelection:

Policy

Jul. 21, 2024

With Biden Out, Polymarket Favors Harris for Democratic Presidential Nominee

U.S. President Joe Biden will end his campaign for a second term, he announced Sunday, sending meme coins tied to his campaign plummeting and slightly decreasing Republican nominee and former President Donald Trump's chances on the Polymarket p...

Policy

Jul. 19, 2024

WazirX Files Police Complaint After $230M Hack, Engages With India's Cyber Crimes Unit

WazirX has filed a police complaint and engaged with the Indian Computer Emergency Response Team. The company also said it was "collaborating with forensic experts and law enforcement agencies to identify and apprehend the perpetrators." Cryp...

Policy

Jul. 18, 2024

Standard Chartered, Animoca, and Three Others Join HKMA's Stablecoin Sandbox as Participants

The Hong Kong Monetary Authority has revealed the names of five entities who have won participation in its stablecoin issuer sandbox . Standard Chartered Bank (Hong Kong), Animoca Brands Ltd., JINGDONG Coinlink Technology Hong Kong Limited, RD...

Policy

Jul. 18, 2024

Visa's Data Partner Allium Labs Raises $16.5M as Their New Findings Show Stablecoin Activity is Back Up

Blockchain data provider Allium Labs has raised $16.5 million in a Series A round led by Theory Ventures. Allium Labs along with Visa also released its latest findings on stablecoin activity showing that demand for stablecoins has picked back u...

Policy

Jul. 18, 2024

BlockFi to Start Interim Crypto Distributions Through Coinbase This Month

BlockFi will start interim crypto distributions through Coinbase this month. BlockFi filed for Chapter 11 bankruptcy protection after the FTX collapse in November 2022. Bankrupt crypto lender BlockFi will commence first interim crypto distr...

Policy

Jul. 18, 2024

Biden Dropout Chances Rise to 68% After Covid Diagnosis

The chances of Biden pulling out of the U.S. presidential election are climbing, according to traders on Polymarket. A recent Covid diagnosis and a statement from Biden that he'd withdraw if he came down with a medical condition appear to be mo...

Policy

Jul. 17, 2024

Vitalik Buterin Argues Against Supporting Political Candidates Based Only On 'Pro-Crypto' Stances

Vitalik Buterin argues against supporting candidates just based on "pro-crypto" stances. He said by doing so "you are helping to create an incentive gradient where politicians come to understand that all they need to get your support is to supp...

Policy

Jul. 17, 2024

Blockchain Friendly Roberta Metsola Reelected as EU Parliament President

Roberta Metsola was reelected as the president of the European Parliament. She once called for crypto regulation to come when needed without stifling innovation and was president during the passage of the EU's crypto bill, MiCA. Roberta Metso...

Policy

Jul. 17, 2024

Democrats Have Made a 'Horrific Mistake' on Crypto, Says SkyBridge Capital’s Anthony Scaramucci

Democrats' failure to introduce crypto legislation is damaging the party's prospects in the coming presidential election, Scaramucci said. Although he supports Trump's stance on crypto, Scaramucci won't be voting for the former president in Nov...

Policy

Jul. 17, 2024

Hong Kong to Prepare Stablecoin Legislation as Public Consultation Ends

Hong Kong's regulators published the conclusions from their consultation on a stablecoin regime. The next step is to prepare a bill for the Legislative Council. Hong Kong's financial regulators said they plan to present a bill on fiat-refere...

Policy

Jul. 17, 2024

U.S. Senator Who Called Bitcoin 'Ideal Choice for Criminals,' Convicted of Bribery

One of New Jersey's Democratic Senators Bob Menendez was found guilty on Tuesday of accepting bribes as a foreign agent. The crypto community pointed to the irony of Menendez getting convicted for corruption given he had labelled bitcoin as "a...

Policy

Jul. 17, 2024

Steve Bannon Linked Chinese Businessman Found Guilty in Fraud Scheme

Guo Wengui, also known as Miles Guo, was convicted of a billion-dollar fraud by U.S. prosecutors in New York. Guo has been an associate of fromer Trump strategist Steve Bannon, who was arrested on Guo's yacht in 2020. Exiled Chinese businessm...

Policy

Jul. 16, 2024

Trump Says He’ll Release Fourth NFT Collection: 'The People Want Me to Do Another One'

Former president Donald Trump planning to release a fourth NFT collection, according to a Bloomberg interview. Trump has pivoted to embracing the crypto industry, saying "if we don’t do it, China is going to pick it up." Donald Trump plans to...

Policy

Jul. 16, 2024

After Court Order, Craig Wright Updates Website With Admission He Is Not Bitcoin Creator Satoshi

Australian computer scientist and one-time Satoshi Nakamoto claimant Craig Wright has been forced to update the homepage of his personal website with a legal notice declaring that he is not the inventor of Bitcoin. The notice – which must be...

Policy

Jul. 16, 2024

Bitcoin Miner Northern Data Moves to Dismiss Ex-Employees’ Whistleblower Suit

European bitcoin mining firm Northern Data is pushing back against a whistleblower suit filed by two former executives of the company who say they were wrongfully terminated after raising concerns about the company’s financial health and alleging...

Policy

Jul. 16, 2024

Detained Binance Exec Tigran Gambaryan Wheeled into Nigerian Court as Health Deteriorates

Detained American Binance executive Tigran Gambaryan had to be pushed into a Abuja, Nigeria courtroom today in a wheelchair after a herniated disc in his back left him in severe pain and “hardly able to walk,” according to a Monday report from hi...

Policy

Jul. 16, 2024

Cameron and Tyler Winklevoss Each Contributed $250,000 to New Trump-Aligned Super PAC

An elite group of venture capitalists, business moguls and tech executives including Gemini co-founders Tyler and Cameron Winklevoss have contributed a combined $8.75 million to a new super political action committee (PAC) backing Donald Trump’s ...

Policy

Jul. 16, 2024

Trump Campaign's Crypto Donations Amounted to $3M of $331M Raised Last Quarter: WSJ

Former U.S. President Donald Trump's campaign raised $3 million in crypto last quarter, much of it in bitcoin {{BTC}} and ether {{ETH}}, according to the Wall Street Journal . Newly released campaign finance data indicates the Republican nomi...

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Jul. 16, 2024

Craig Wright Referred to UK Prosecutors for Consideration of Perjury Charges

Craig Wright, who claimed to be Bitcoin inventor Satoshi Nakamoto, was referred to the Crown Prosecution Service (CPS) to be considered for perjury charges by Judge James Mellor, who is presiding over a case brought by the Crypto Open Patent Alli...

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Jul. 15, 2024

Plaintiffs File New, Slimmed Down Complaint in Class Action Lawsuit Against Tether

Plaintiffs in an ongoing class action lawsuit against Tether and Bitfinex have filed a new, slimmed-down complaint accusing the crypto companies of manipulating the crypto markets and violating antitrust laws. The second amended complaint, filed...

Policy

Jul. 15, 2024

Pro-Crypto Ohio Senator J.D. Vance Is Donald Trump's Vice President Pick

Former President Donald Trump, the presumptive Republican nominee for leader of the U.S., announced he chose crypto-friendly Sen. J.D. Vance (R-Ohio) as his vice presidential candidate. “After lengthy deliberation and thought, and considering th...

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Jul. 15, 2024

Cambodian Payments Firm Received $150K From North Korean Hackers Lazarus Wallet: Reuters

Phnom Penh-based Huione Pay received the crypto between June last year and February this year. Huione Pay is a payments company linked to Cambodia's ruling family. A Cambodian currency exchange and payments company received over $150,000 wort...

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Jul. 15, 2024

Tornado Cash Co-Founder Alexey Pertsev Denied Bail by Dutch Court

Alexey Pertsev was denied bail by a Dutch court on Friday, according to DLNews. Pertsev's lawyers were seeking bail to allow the Russian to prepare for his appeals process Alexey Pertsev, the co-founder and developer behind Tornado Cash, was ...

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Jul. 12, 2024

Conduct Versus Code May Be the Defining Question in Roman Storm Prosecution

The core question at the heart of the U.S. Department of Justice's case against Tornado Cash developer Roman Storm is whether he created software or controlled a service. Storm's attorneys sparred with prosecutors Friday during a three-hour-long...

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Jul. 12, 2024

SEC Drops Investigation of Bitcoin L2 Stacks Builder Hiro, Filing Says

The U.S. Securities and Exchange Commission dropped a three-year-old investigation into Hiro Systems, a blockchain software developer (formerly known as Blockstack) that raised $70 million in token sales from 2017 to 2019, according to a Fri...

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Jul. 11, 2024

Judge Sends Coinbase Back to the Drawing Board Over Efforts to Subpoena SEC’s Gary Gensler

A federal judge encouraged Coinbase to drop – or at least substantially modify – its efforts to subpoena U.S. Securities and Exchange Commission (SEC) Chairman Gary Gensler’s personal communications during a hearing Thursday. Judge Katherine Pol...

Policy

Jul. 11, 2024

SEC Commissioner Grilled on Bitcoin ETFs as Senators Weigh U.S. Regulator Nominees

Four nominees for regulatory positions across the Biden administration were questioned in a Senate Banking Committee confirmation hearing on Thursday. Crypto only came up a few times, including in the questioning of the Securities and Exchange ...

Policy

Jul. 11, 2024

U.S. House Fails to Override Biden's SEC Veto of Bill That Would End Controversial SEC Guidance

A U.S. House of Representatives vote on whether to override a veto from President Joe Biden failed on Wednesday, leaving the Securities and Exchange Commission's crypto accounting policy intact. Rep. Maxine Waters, one of the central Democratic...

Policy

Jul. 11, 2024

DAO-Specific Legislation Isn't Needed Yet, English Legal Body Says

Decentralized autonomous organizations (DAOs) don't currently need specific legislation because they look to be subject to existing laws, the Law Commission of England and Wales said. Given the diversity of DAO structures, a single legislative ...

Policy

Jul. 11, 2024

Jump Trading Drags FTX Estate to Court Over $264M Serum Token Loan

Jump Trading's Tai Mo Shan says the FTX estate owes it $264 million over a loan involving 800 million SRM that Alameda never delivered. Lawyers for the estate say this claim is invalid because the loan was never initiated. The FTX bankruptcy ...

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Jul. 10, 2024

Tump's Odds of Nashville Conference Appearance Rise After Speakers Told of 'Very Special Guest'

Organizers of the upcoming Bitcoin conference in Nashville, Tennessee, are warning speakers that “a very special guest” has shaken up the event schedule, leading many insiders to believe that Donald Trump will attend after all. The presumptive r...

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Jul. 10, 2024

Crypto Exchange BitMEX Pleads Guilty to Violating the Bank Secrecy Act From 2015 to 2020

BitMEX has pleaded guilty to violating the Bank Secrecy Act (BSA), according to a Wednesday announcement from the U.S. Department of Justice (DOJ). According to newly published court documents, the Seychelles-based crypto exchange willfully fa...

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Jul. 10, 2024

As DOE Preps for Take Two of Controversial Crypto Mining Survey, Industry Weighs in

After the U.S. Department of Energy’s (DOE) first attempt to survey crypto mining companies about their energy usage was kneecapped by a lawsuit, the department is getting ready to try again – but this time, it’s seeking input from crypto industr...

Policy

Jul. 10, 2024

As the U.S. Commodities Regulator Urges Fast Crypto Action, Senators Still Scrambling

The chairwoman of the Senate Agriculture Committee suggested she's got a legislative proposal for crypto oversight on the verge of delivery to her fellow panel members. The panel's senior Republican said his meetings with crypto industry leader...

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Jul. 10, 2024

Israel Decision on Digital Shekel Won't Occur Before the EU's Call on Digital Euro: Reuters

Israel won't decide on introducing a central bank digital currency (CBDC) before the European Union, a senior official of its central bank told Reuters. Neither Israel nor the EU has yet committed to issuing a CBDC. The Bank of Israel won't d...

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Jul. 10, 2024

Cambodia's Huione Guarantee Enables Global Scams Worth $11 Billion: Report

Huione Guarantee, a Cambodian online platform said to be linked to the nation's ruling family, allegedly enabled scams worth $11 billion and paid for in crypto, according to a research report. Services offered on the platform included "pig butc...

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Jul. 10, 2024

Tulip Siddiq Appointed as UK City Minister With Responsibity for Financial Services, Crypto

U.K. Prime Minister Keir Starmer named Tulip Siddiq as City Minister on Tuesday. Siddiq has previously called for mitigating the risks that crypto poses as well as harnessing the sector's potential. U.K. Prime Minister Keir Starmer named Tul...

Policy

Jul. 10, 2024

Trump's New Crypto Enthusiasm Could Help Him Win More Votes: Poll

Former President Donald Trump's recent embrace of cryptocurrency after his long-standing skepticism may win him some votes among reluctant Republicans as he seeks a return to the White House in November, according to an industry-sponsored poll ...

Policy

Jul. 09, 2024

What Still Needs to Happen Before Spot Ether ETFs Can Trade

There's a lot of excitement over the possibility that a spot ether exchange-traded fund (ETF) may be around the corner. Here's what still needs to happen before one may launch. You’re reading State of Crypto, a CoinDesk newsletter looking at th...

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Jul. 09, 2024

Former FTX Execs Nishad Singh, Gary Wang to Be Sentenced This Fall

Former FTX Director of Engineering Nishad Singh and former Chief Technology Officer Gary Wang are set to be sentenced this fall in the ongoing criminal case against what was once a global crypto exchange before it collapsed in historic fashion ne...

Policy

Jul. 08, 2024

Trump's Official Republican Platform Pledges to Halt Crypto 'Crackdown'

The Republican National Committee's new policy platform includes an initiative to champion crypto. Former President Donald Trump's party is also committed to opposing a central bank digital currency. Former President Donald Trump's Republican...

Policy

Jul. 08, 2024

France Votes for Hung Parliament as Major Parties Fall Short of Majority

The New Popular Front, a coalition of left-wing parties, won 188 seats in France's election on Sunday – the biggest winners, but not enough for a majority. President Emmanuel Macron's Ensemble won 161 seats, while Marine Le Pen's far-right Nati...

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Jul. 05, 2024

Sacked Northern Data Execs File Suit Against Tether-Backed Company, Alleging Fraud

Two former executives of Tether-backed German tech company Northern Data have filed suit against the firm, alleging that they were wrongfully terminated after raising concerns about the company’s financial health and alleging tax evasion. Nort...

Policy

Jul. 05, 2024

Multicoin Pledges up to $1M for Pro-Crypto Senate Candidates

Multicoin Capital, one of the largest U.S. investment firms focused on cryptocurrency, is pledging up to $1 million to support Senate candidates with favorable views of the industry. The investment manager plans to financially support four Repub...

Policy

Jul. 05, 2024

Labour Landslide Sets Up Starmer as UK Prime Minister With Unstated Crypto Plans

The U.K.'s Labour Party won a landslide victory in Thursday's general election. Crypto was not mentioned in the party's election manifesto, but Labour has previously commented on tokenization and the digital pound. The Labour Party won Thursd...

Policy

Jul. 03, 2024

Global Banking Standard Setter Approves Disclosure Framework for Crypto Exposures

The Basel Committee approved a disclosure framework for banks' exposure to crypto. The framework will be published later this month and will need to be implemented by 2026. The Basel Committee on Banking Supervision approved a disclosure fram...

Policy

Jul. 03, 2024

Ahead of the U.K. Election, Major Parties Remain Silent on Crypto Issues

The Labour Party is leading the polls, with 42% of voters expressing support, while the Conservatives have 19% according to a June Ipsos poll on voting intentions. Most leading parties have not mentioned crypto in their election manifestos....

Policy

Jul. 03, 2024

U.S. Judge Sets Stage for NFT Securities Trial as DraftKings Lawsuit Moves Forward

A U.S. judge in Massachusetts has denied a motion to dismiss a class action suit against DraftKings alleging its NFTs are securities. This sets the stage for a future trial about NFTs as securities. A U.S. Judge in Massachusetts has denied a ...

Policy

Jul. 02, 2024

DCG, Top Executives Renew Push to Get New York AG’s Civil Fraud Suit Dropped

Lawyers for Digital Currency Group, Barry Silbert and Michael Moro filed responses to New York Attorney General Letitia James' latest effort to support a lawsuit against the crypto company and executives. The NYAG's office sued DCG and the affi...

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Jul. 02, 2024

Binance Executive's Health Deteriorates in Jail as Nigeria Money-Laundering Trial Proceeds

The first Securities and Exchange Commission witness in Nigeria's trial against Binance and its executives has been cross-examined. The money-laundering trial reconvenes on July 5. Tigran Gambaryan's health is deteriorating in jail, his family...

Policy

Jul. 02, 2024

Paxos Gains Singapore Approval for Stablecoin Issuance With DBS Providing Custody

Digital asset company Paxos received Monetary Authority of Singapore approval to offer digital payment token services, enabling it to issue stablecoins. DBS will be the company's banking partner for cash management and the custody of its stable...

Policy

Jul. 01, 2024

U.S. SEC Sues Crypto-Friend Silvergate Bank, Alleging 'Misleading' Statements Around AML Program

The U.S. Securities and Exchange Commission (SEC) sued Silvergate Capital Corporation, the parent company to crypto-friendly Silvergate Bank, on Monday, alleging the bank did not meet Bank Secrecy Act/anti-money laundering regulations despite tel...

Policy

Jul. 01, 2024

Marine Le Pen's Far-Right National Rally Party Leads in First Round of French Election

National Rally, the far-right party associated with Marine Le Pen, won the first round of France's two-part election. The second, and final, round of votes will be held on July 7. Marine Le Pen's far-right National Rally (RN) party led voting...

Policy

Jun. 29, 2024

U.S. Judge Lets Most of SEC Case Against Binance Proceed, Dismisses Secondary Sales Charge

A federal judge dismissed part of the U.S. Securities and Exchange Commission's (SEC) lawsuit against crypto exchange Binance and founder Changpeng Zhao , but allowed other charges, including charges against the holding company for Binance.US...

Policy

Jun. 28, 2024

U.S. Treasury Issues Crypto Tax Regime For 2025, Delays Rules for Non-Custodians

The U.S. Department of the Treasury's Internal Revenue Service will require crypto brokers to file 1099 forms like their traditional investment-firm cousins, but decentralized finance (DeFi) operations and non-hosted wallet providers will have t...

Policy

Jun. 28, 2024

Ripple’s Big Court Win Nonetheless Muddied Waters on Whether XRP Is a Security Deserving Tougher Regulation

Ripple’s California victory muddies the waters on whether or not XRP can be considered a security. District court judges are not required to agree with rulings made by their peers in other cases. Lawyers say the lack of legal certainty for XRP...

Policy

Jun. 28, 2024

SEC Sues ConsenSys Over MetaMask Staking, Broker Allegations

The U.S. Securities and Exchange Commission sued Ethereum software provider ConsenSys over its MetaMask service Friday, alleging the wallet tool was an unregistered broker that "engaged in the offer and sale of securities." MetaMask also offered...

Policy

Jun. 28, 2024

Supreme Court Rules to Overturn the Chevron Doctrine, Curbing Federal Agencies’ Power

The U.S. Supreme Court has overturned a 40-year-old case that allowed federal regulators to enforce their interpretation of ambiguous laws. Without the so-called Chevron doctrine, the SEC could have a harder time pursuing an enforcement agenda ...

Policy

Jun. 28, 2024

Europe's MiCA Is Finally Here. How Will the U.S. Respond?

On Sunday, the first wave of the European Union's landmark, comprehensive law governing digital assets will take effect. With the Markets in Crypto-Asset Regulation framework, Europe has succeeded in doing what other jurisdictions, including the ...

Policy

Jun. 28, 2024

Kraken Co-Founder Jesse Powell Donates $1M, Mostly Ether, to Donald Trump

Kraken co-founder Jesse Powell donated $1 million to U.S. presidential candidate Donald Trump. Powell joins the Winklevoss twins, founders of the Gemini exchange, in helping fund his campaign. Jesse Powell, a co-founder of the crypto exchange...

Policy

Jun. 28, 2024

Crypto Unmentioned at First 2024 U.S. Presidential Debate

Crypto did not come up during the first general debate in the 2024 U.S. presidential election, despite industry participants' hopes . This first debate between current President Joe Biden and former President Donald Trump – each their parties' ...

Policy

Jun. 27, 2024

U.S. Supreme Court Says No More In-House Tribunals for the SEC, Other Federal Regulators

The U.S. Supreme Court ruled Thursday to strip the U.S. Securities and Exchange Commission (SEC) of one of its key enforcement processes, deciding in a 6-3 vote that the federal agency’s use of in-house judges is a violation of the constitution...

Policy

Jun. 27, 2024

Coinbase Accuses U.S. SEC, FDIC of Improperly Blocking Document Requests

Coinbase, through an intermediary, is again taking U.S. regulators to court to argue about Freedom of Information Act requests. The U.S. crypto exchange is going after documents at the Securities and Exchange Commission that may reveal how it f...

Policy

Jun. 27, 2024

EU's Restrictive Stablecoin Rules Take Effect Soon and Issuers Are Running Out of Time

The stablecoin rules from the European Union's Markets in Crypto Assets legislation will take effect on June 30. The rules ban stablecoins from having over 1 million daily transactions that pay for goods or services settled off- and on-chain. ...

Policy

Jun. 27, 2024

Rarimo's Worldcoin Alternative RariMe Goes Live

The RariMe app, launched Thursday, aims to provide an alternative to Worldcoin's verification process. The RariMe team had earlier launched an anonymous, blockchain-powered referendum on the legitimacy of Vladimir Putin’s victory in Russia’s ...

Policy

Jun. 26, 2024

Crypto Insiders Hope for Possible Mention in Biden-Trump Debate

This U.S. presidential election has been the first where cryptocurrencies have come up as a major policy issue, and the industry is lobbying (and bracing for) the possibility that President Joe Biden and former President Donald Trump may bring it...

Policy

Jun. 26, 2024

Abra Settles With 25 States for Operating Without Licenses, Will Return Up to $82M to U.S. Customers

Abra and its founder and CEO William "Bill" Barhydt have settled with 25 state financial regulators for operating without money transmitting licenses. Abra will return up to $82.1 million to U.S.-based customers in the 25 states. Crypto inves...

Policy

Jun. 26, 2024

Crypto Giants Notch Wins in Expensive Quest to Sway U.S. Politics – Without Mentioning Crypto

The crypto industry has been deploying a $169 million fund that's so far supported more than 20 congressional primary wins in the 2024 elections – including helping knock off an incumbent congressman in New York this week. The companies behind ...

Policy

Jun. 26, 2024

U.S. State Department Offers New $5M Reward for Missing ‘Cryptoqueen’

The U.S. government published an up-to-$5 million reward for information on OneCoin's Ruja Ignatova. Ignatova disappeared in Athens in 2017 after her Ponzi scheme fell apart. The U.S. State Department is offering a $5 million bounty for infor...

Policy

Jun. 26, 2024

Many EU Crypto Entities May Not Know the Correct Deadline for Sustinability Disclosures Under MiCA: Risk Analyst

Crypto entities may have misinterpreted MiCa's deadline to make sustainability disclosures, despite a clarification, according to Crypto Risk Metrics. Crypto's environmental impact, particularly through mining operations, has been a major conce...

Policy

Jun. 26, 2024

Hydrogen Technology Execs Jailed for HYDRO Price Manipulation

Hydrogen Technology executives Michael Kane and Shane Hampton were jailed for fraud and securities manipulation. For the first time, a jury in a federal criminal trial found that a cryptocurrency was a security and that manipulating cryptocurre...

Policy

Jun. 26, 2024

Ron Wyden on FISA Reform and Crypto

Sen. Ron Wyden (D-Ore.) has been a long-standing member of the U.S. Senate, and was a sponsor or co-sponsor of several key pieces of legislation enabling broad adoption of the internet. More recently, he voted in favor of a House Resolution overt...

Policy

Jun. 25, 2024

Julian Assange Reaches Plea Deal With U.S. DoJ

Wikileaks co-founder Julian Assange is now a free man after he struck a plea deal with the U.S. Department of Justice. Wikileaks and crypto have an intertwined history. Julian Assange is free. The Wikileaks co-founder, who spent five years i...

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Jun. 21, 2024

U.S. Lawmakers Visit Detained Binance Exec in Nigeria, Call for Release

Rep. French Hill and Rep. Chrissy Houlahan visited Tigran Gambaryan in Kuje prison. Hill asked the U.S. embassy to advocate for the humanitarian release of the Binance executive. Gambaryan has been detained in Nigeria since February. U.S. la...

Policy

Jun. 20, 2024

Winklevoss Twins Say They Each Gave $1 Million to Trump Presidential Campaign

Tyler and Cameron Winklevoss, the executives atop Gemini, gave $1 million each to the campaign of former President Donald Trump, the two announced on X. The two had already been major donors for 2024 U.S. campaigns, each previously giving about...

Policy

Jun. 20, 2024

California Judge Breaks With New York Counterpart, Sends Ripple Securities Lawsuit to Trial

A civil lawsuit on a securities claim against Ripple CEO Brad Garlinghouse will proceed to trial in California. A judge dismissed several other claims made in the lawsuit. A California judge has ruled that a civil securities lawsuit against...

Policy

Jun. 20, 2024

Mexican Cartels Using BTC, ETH, USDT, Other Tokens to Buy Fentanyl Ingredients: U.S.

The U.S. Treasury Department's Financial Crimes Enforcement Network issued an updated advisory to U.S. financial firms cautioning them on what to watch out for in illegal fentanyl trafficking, including the use of certain cryptocurrencies. Whi...

Policy

Jun. 20, 2024

UK Regulator FCA Arrests Two People Associated With 1B-Pound Illegal Crypto Business

Two people were arrested by the Financial Conduct Authority and the Metropolitan Police for allegedly operating a $1.3 billion illegal crypto business. The FCA said it will do everything in its power to stop crypto firms from operating illegall...

Policy

Jun. 20, 2024

Italy to Increase Surveillance of Crypto Market With Fines as High as 5M Euros: Reuters

Italy is beefing up surveillance over risks tied to the crypto asset market. The draft decree reviewed by Reuters said fines as high as 5 million euros ($5.4 million) could be imposed. Italy is set to adopt measures that will include high f...

Policy

Jun. 20, 2024

Swiss National Bank and SDX Delve Deeper Into CBDCs, Tokenized Securities

The SNB and Swiss Digital Exchange are extending their exploration of wholesale central bank digital currencies for two more years. The now-completed Project Helvetia III involved the issuance of seven digital bonds, totaling more than 750 mill...

Policy

Jun. 20, 2024

Binance Fined $2.2 Million by India’s Financial Intelligence Unit

India’s Financial Intelligence Unit imposes $2.2 million fine in Binance. The anti-money laundering unit approved Binance in May, conditional to penalty payment. Binance, the world's largest cryptocurrency exchange, has been fined approximate...

Policy

Jun. 19, 2024

Jump Crypto Adds $10M to Industry's U.S. Political War Chest, Raising PAC to $169M

Another $10 million donated by Jump Crypto to the industry's U.S. campaign super PAC has further amplified the spending potential in congressional races. With $109 million still on-hand, the fund is among the nation's largest for the 2024 elect...

Policy

Jun. 19, 2024

SEC Ends Probe Into Consensys, Won't Sue Over Ethereum

The SEC told Consensys' lawyers it wasn't recommending an enforcement action after ending an investigation into the company. The ether price rose after the news. The price of ether {{ETH}} rose after Consensys received letters from the U.S. S...

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Jun. 19, 2024

IMF Says CBDCs Could Boost Middle East's Financial Inclusion, Payment Efficiency

An IMF survey of the Middle East and Central Asian region has concluded that while CBDC's may not be essential they can advance financial inclusion and lower the cost of financial services. The uptake of CBDC's may only have marginal benefits i...

Policy

Jun. 19, 2024

Patrick McHenry Explains FIT21's Passage

Congressman Patrick McHenry (R-N.C.) chairs the powerful House Financial Services Committee, and has been the leading Republican on the panel for years. Last year, he spent a few weeks as the Speaker Pro Tempore of the House of Representatives, a...

Policy

Jun. 18, 2024

FTX Victims View Bankruptcy Process as 'Second Act of Theft,' File to Recover $8B in Forfeited Assets

FTX victims asked a New York court to rule that the crypto exchange's forfeited assets belong to its customers, not the bankruptcy estate. The filing said the bankruptcy code prioritizes certain creditors over others, such that holders of FTX’s...

Policy

Jun. 17, 2024

Crypto Trading Firm Cumberland Acquires New York's BitLicense

Cumberland DRW, a major digital asset trader and liquidity provider, said on Monday that the New York State Department of Financial Services (NYDFS) granted its New York-based entity a virtual currency license called BitLicense. "We are pleased ...

Policy

Jun. 17, 2024

Australian Securities Exchange Gives Its First Approval of a Spot Bitcoin Listing to VanEck

The Australian Securities Exchange has approved the listing of its first spot-bitcoin ETF. VanEck Australia's product will roll out on June 20 and will be the first of its kind to be listed on the exchange in the nation, the issuer said. The ...

Policy

Jun. 17, 2024

U.S. SEC's Crypto Enforcer David Hirsch Quits

David Hirsch, the chief of the crypto asset unit in the enforcement division of the SEC, has left the role. Hirsch announced the decision in a post on LinkedIn without stating what his next professional step would be. David Hirsch, a senior m...

Policy

Jun. 17, 2024

Financial Stability Board to Extend Its Work on Stablecoin Risks in Emerging and Developing Economies

The FSB will undertake more work on the risks posed by stablecoin arrangements in emerging and developing economies. It will also consider the challenges emerging from higher levels of stablecoin adoption in the crypto sector. The Financial S...

Policy

Jun. 14, 2024

South Africa Re-Elects Cyril Ramaphosa of the ANC as President

South African President Cyril Ramaphosa of the African National Congress (ANC) party was re-elected on Friday, and will lead the country's first multi-party coalition government. The ANC managed to secure only 159 seats in this the election, ...

Policy

Jun. 14, 2024

Two Men Charged With Running Darknet Marketplace Empire Market

Federal prosecutors in Illinois have charged two men with owning and operating Empire Market, a darknet marketplace, according to court documents filed Friday. Prosecutors say Thomas Pavey, 38, of Florida, and Raheim Hamilton, 28, of Virginia, o...

Policy

Jun. 14, 2024

Nigeria Drops Tax Charges Against Binance Executives: Family Spokesperson

The tax charges brought by the Federal Inland Revenue Service (FIRS) of Nigeria against Binance executives Tigran Gambaryan and Nadeem Anjarwalla have been dropped, a family spokesperson said in an emailed statement on Friday. The FIRS agreed to...

Policy

Jun. 14, 2024

More Central Banks Are Exploring a CBDC, BIS Survey Finds

The Bank for International Settlements found that 94% of the central banks in its most recent survey were exploring a central bank digital currency. The central banks said they would probably issue a wholesale CBDC for institutions before a ret...

Policy

Jun. 14, 2024

Taiwan Crypto Advocacy Body Becomes Formally Active With 24 Entities

As many as 24 cryptocurrency-related entities have come together to form the Taiwan Virtual Asset Service Provider Association. The building blocks of the industry association were put in place by nine members last year with government approval...

Policy

Jun. 13, 2024

Former Goldman Sachs Exec Joins Anchorage Digital’s Board of Directors

Crypto custody firm Anchorage Digital has added Connie Shoemaker, a former Goldman Sachs executive, to its board of directors. Shoemaker currently serves as the COO and CFO of Bridgewater Associates Holdings, the parent company of Bridgewater As...

Policy

Jun. 13, 2024

U.S. Judge Signs Off on $4.5B Terraform-Do Kwon Settlement With SEC

A U.S. judge has agreed to a settlement between the SEC, Do Kwon and Terraform Labs. The settlement involves a $4.5 billion penalty and a ban on trading "crypto asset securities." A U.S. District Court judge has agreed to a settlement between...

Policy

Jun. 13, 2024

EU Body Publishes Final Draft Technical Standards for Prudential Matters: MiCA

The European Banking Authority published the final version of draft technical standards on prudential matters for firms to comply. The technical standards are part of the European Union's Markets in Crypto Asset legislation. The European Bank...

Policy

Jun. 13, 2024

Ether ETFs Should be Fully Approved by September, Says SEC Chair Gensler

U.S. Securities and Exchange Commission Chair Gary Gensler said that the final approvals for exchange-traded funds (ETFs) trading Ethereum's ether {{ETH}} should be finished this summer, he told senators in a budget hearing on Thursday. Gensler ...

Policy

Jun. 13, 2024

Swiss Regulator Shutters Crypto-Linked FlowBank, Begins Bankruptcy Process

FlowBank, an online Swiss bank that offered customers exposure to crypto, has been shut down and put into bankruptcy by Switzerland’s financial regulator. The Swiss Financial Market Supervisory Authority (FINMA) announced its decision to shutter...

Policy

Jun. 13, 2024

White House Expected to Nominate CFTC Commissioners to FDIC, Treasury Roles: Reports

Commodity Futures Trading Commission, Commissioner Christy Goldsmith Romero is expected to get nominated to be the next Federal Deposit Insurance Corporation Chair. Kristin Johnson, another Democratic commissioner, will also be nominated for th...

Policy

Jun. 13, 2024

Australia's Treasury to Include Stablecoin Rules in Crypto Bill Draft, ASIC's Warning For Crypto Entities

Australia's regulators are looking to include stablecoin legislation into its legislative bill for the digital assets sector. A representative of the Australian Securities and Investments Commission said they had held meetings with regulators l...

Policy

Jun. 13, 2024

ERCOT CEO: Texas' Power Grid Needs Larger Increase Than Expected to Handle AI, Bitcoin Mining

Texas recently revised estimates of how much capacity its grid will need, citing demand from AI and bitcoin mining. The political climate towards these two industries is souring because of increased energy demands, while Trump is doubling down ...

Policy

Jun. 12, 2024

Terraform Labs, Do Kwon Agree to Pay SEC a Combined $4.5B in Civil Fraud Case

Terraform Labs and former CEO Do Kwon have agreed to pay the SEC $4.5 billion in disgorgement, prejudgment interest and civil penalties. The settlement must still be approved by the New York judge overseeing the case. The agreement would also ...

Policy

Jun. 12, 2024

Zimbabwe Is Seeking Comments on the Crypto Industry: Report

Zimbabwe seeks comments from the crypto industry to understand the sector more. The South African nation is following in the footsteps of other countries that have sought to clarify their approach to the space. Zimbabwe is seeking comments on...

Policy

Jun. 11, 2024

Crypto Mixers, Privacy Coins, Layer 2s Complicate Tracing for Law Enforcement, EU Innovation Hub Says

The European Union's Innovation Hub for Internal Security warned law-enforcement agencies that crypto platforms like mixers, privacy coins and layer-2 blockchains can complicate tracing. In a separate report, France's Autorité des Marchés Finan...

Policy

Jun. 11, 2024

Crypto Exchange Crypto.com Secures Spot on Ireland's Virtual Assets Service Provider Register

Crypto.com was registered as a virtual asset service provider in Ireland last week. Crypto companies are vying to win approval in EU nations to be ready for December, when the Markets in Crypto Assets (MiCA) legislation becomes fully operatio...

Policy

Jun. 10, 2024

EU Vote See Reelection of Some Officials With Key Roles in Bloc's Crypto Journey

The European Union election has seen the reelection of Stefan Berger, Ondrej Kovarik and Irene Tingali, who played key roles in shaping crypto legislation for the 27-nation trading bloc. A "slight shift to the right" is likely to lead to "great...

Policy

Jun. 10, 2024

Senate Bill Could Open Crypto to U.S. Sanctions, but Industry Trying to Head it Off

A provision in the recent spending package from the Senate's intelligence committee targets crypto ties to terrorism and caught many in the industry off-guard, criticizing it as a flawed approach to a worthy goal. The staff of the panel's chair...

Policy

Jun. 10, 2024

Macron Calls Surprise French Election That's Unlikely to Stir Crypto, Is Likely to Shake Up Government

French President Emmanuel Macron dissolved parliament on Sunday, calling a snap election. Macron called the election after his rival Rassemblement National party secured a victory in the European Parliament election. French President Emmanuel...

Policy

Jun. 07, 2024

COPA Seeks Payment of 85% Of Costs in Craig Wright Case

The Crypto Open Patent Alliance is demanding that Craig Wright pay 85% of its legal costs. COPA took Wright to court in February to find out if he was Satoshi Nakamoto, the creator of bitcoin. The presiding judge of the case, James Mellor, rul...

Policy

Jun. 07, 2024

New York AG Pushes Back Against DCG, Silbert’s Motion to Dismiss Fraud Case

New York Attorney General Letitia James is not backing down from her lawsuit against Digital Currency Group, its founder and CEO Barry Silbert, and Soichiro “Michael” Moro, the former CEO of DCG’s wholly-owned crypto trading arm, Genesis. On Tue...

Policy

Jun. 07, 2024

Former Federal Prosecutors, Agents Ask U.S. Sec. Blinken to ‘Step Up’ Efforts to Secure Detained Binance Exec’s Release

A group of 108 former federal prosecutors and agents have signed a public letter to U.S. Secretary of State Antony Blinken urging the State Department to “step up” its efforts to secure Binance compliance head Tigran Gambaryan’s release from a Ni...

Policy

Jun. 06, 2024

Saudi Arabia Joins BIS’ CBDC Project mBridge as a Full Participant

Saudi Arabia’s central bank has joined Project mBridge – a cross-border experiment with central bank digital currencies (CBDCs) for international trade – as a full participant, the Switzerland-based Bank for International Settlements (BIS) announ...

Policy

Jun. 06, 2024

U.S. Charges Three in Connection With Evolved Apes NFT Scam

The U.S. has charged three individuals in connection with the Evolved Apes NFT scam from 2021. The NFT project promised a video game, but its website vanished shortly after it finished its fundraise. The United States Attorney's Office for th...

Policy

Jun. 06, 2024

NYAG Sues 2 Crypto Pyramid Schemes, Promoters Targeting Haitian-Americans in $1B Scam

New York Attorney General Letitia James has filed suit against two purported crypto companies and their top promoters, a married couple, for allegedly operating two consecutive pyramid schemes that predominantly targeted Haitian immigrants to the...

Policy

Jun. 06, 2024

U.S. Crypto Regulations Are Moving Against a CBDC and Non-Compliant Stablecoins Like Tether: JPMorgan

Crypto regulatory initiatives have stepped up in the U.S. in recent months, JPMorgan said. The stablecoin bill is most likely to be approved before the presidential election, and is a threat to tether’s dominance if passed, according to the ban...

Policy

Jun. 06, 2024

Crypto Remains Sidelined as EU Election Kicks Off

Elections for the 700+ member of the European Parliament start today, with results due by June 9. The vote is taking place as the bloc's crypto rules, MiCA, are set to kick in. The new parliament isn't seen as demanding changes to MiCA in the ...

Policy

Jun. 05, 2024

Florida Man Pleads Guilty to Wire Fraud Conspiracy Tied to Forcount Crypto Ponzi

One of the top promoters in the Forcount crypto ponzi scheme – a Brazil-based scam that bilked Spanish-speaking investors around the world of a collective $8.4 million – has pleaded guilty to his role in the operation, federal prosecutors announc...

Policy

Jun. 05, 2024

Advocacy Group 'Stand With Crypto' Says It's Exceeded 1 Million Signups

Organizers of Stand With Crypto say the advocacy group is directing a wave of crypto-interested voters toward shifting digital assets policy in the U.S. In about 10 months since launching, the organization has gathered millions in donations and...

Policy

Jun. 05, 2024

Binance Asks UK Competition Tribunal to Throw Out Most of Collusion Case: Reuters

Binance lawyers asked the Competition Appeal Tribunal to remove claims BSV could have become a major cryptocurrency had it not been delisted. Holders of the token missed out on a potential $9 billion of gains, according to litigant BSV Claims. ...

Policy

Jun. 05, 2024

U.S. Lawmakers Push Biden to Bring Back Detained Binance Exec Tigran Gambaryan From Nigeria

The lawmakers say Gambaryan is being held hostage and they fear for his life. The Binance exec has been detained in Nigeria for nearly three months and may be suffering from Malaria. A group of U.S. lawmakers asked President Joe Biden to brin...

Policy

Jun. 04, 2024

SEC to Shutter Office Behind Failed DEBT Box Crypto Lawsuit

The Securities and Exchange Commission's Salt Lake City office – notorious in the crypto world for its failed fraud lawsuit against DEBT Box – will shut down after seeing "significant attrition" among its staff, some of whom were pushed out ove...

Policy

Jun. 04, 2024

India Springs Election Surprise, Sends Equity Market Crashing With Uncertain Implications for Crypto

India's election results are underwhelming for Prime Minister Narendra Modi's ruling party. If Modi is able to persuade his allies to stay, the government will continue, albeit with less power. Crypto was at best a negligible issue for voters...

Policy

Jun. 04, 2024

Australian Regulator Scolded Over 'Misleading' Release, Must Pay Costs as Block Earner Avoids Penalty

ASIC sued Block Earner over two of its products – Earner and Access. ASIC subsequently published a release entitled "Court finds Block Earner crypto product needs financial services licence." While the release acknowledged that ASIC had been u...

Policy

Jun. 04, 2024

Epoch Times CFO Charged With $67M Fraud Scheme Involving Crypto Platform

Epoch Times CFO Bill Guan was charged with participating in a scheme to launder $67 million in illicit funds to benefit himself and the company. The scheme involved using cryptocurrency to purchase crime proceeds at a discount and funneling the...

Policy

Jun. 04, 2024

Dapper Labs Agrees to $4M Settlement in Class Action Securities Suit

Dapper Labs has reached a tentative settlement agreement with a group of investors who sued the non-fungible token (NFT) company and its co-founder and CEO Roham Gharegozlou for allegedly violating federal securities laws. If approved by Distric...

Policy

Jun. 03, 2024

Former Binance CEO CZ Begins 4-Month Prison Sentence in California

Binance founder Changpeng “CZ” Zhao has reported to a federal prison in California where he will spend the next four months for failing to implement an adequate know-your-customer (KYC) program at the world's largest cryptocurrency exchange. Zha...

Policy

Jun. 03, 2024

MicroStrategy Founder Michael Saylor Agrees to $40M Settlement in D.C. Income Tax Case

The $40 million deal is D.C.'s biggest-ever income tax fraud recovery, officials said. The district sued Saylor in 2022 for allegedly not paying income taxes while living in the district. Saylor disputes the allegations and said he settled to ...

Policy

Jun. 03, 2024

Australia's First Spot Bitcoin ETF With Direct BTC Holdings to Go Live on Tuesday

The nation's first spot-bitcoin ETF to hold bitcoin directly launches in Australia on Tuesday. Monochrome Asset Management applied for approval in April. The swift approval reflects a push by the nation to keep up with global trends around cryp...

Policy

Jun. 03, 2024

Flood of Cash from Coinbase Gives Crypto One of the Biggest Campaign War Chests

The crypto industry has so far gathered about $161 million after Coinbase became the latest company to donate $25 million to its political action committees for this election, which potentially makes it among the most formidable campaign-finance...

Policy

Jun. 03, 2024

Mexico's Crypto Stance Unlikely to Change as Ruling Morena Party's Claudia Sheinbaum Elected President

Claudia Sheinbaum is the first woman to be elected the president of Mexico. Sheinbaum's party has not proposed a comprehensive policy for crypto, but has imposed a 20% tax on crypto gains and reflected a focus on regulating blockchain . ...

Policy

May. 31, 2024

U.S. President Biden Vetoes Resolution Overturning SEC Guidance

U.S President Joe Biden signed a veto of a House Joint Resolution that would have repealed the Securities and Exchange Commission's (SEC) Staff Accounting Bulletin 121, he announced Friday afternoon. SAB 121 is a controversial piece of SEC accou...

Policy

May. 31, 2024

Wall Street Asks Biden Not to Veto Congress' Rejection of SEC Crypto Policy

The groups that lobby for big-bank interests in Washington asked the White House to step back from its stated intention to kill Congress' effort to cancel a controversial Securities and Exchange Commission crypto policy. Two of the digital asse...

Policy

May. 31, 2024

U.S. Sen. Wyden: House 'Right' to Pursue Crypto Bill, Late in Session for More Progress

The chairman of the Senate Finance Committee told a Consensus 2024 audience that the House of Representatives was on the right track with the FIT21 bill. Wyden said he and others in the Senate decided to slam the brakes on the Securities and E...

Policy

May. 31, 2024

Meet Mike Novogratz, the Political Commentator

AUSTIN, Texas – You might think, given Mike Novogratz’s penchant for wrestling, that he’d pick a team when it comes to politics and take his opponents to the mat. After all, we’re talking about the guy who once got a tattoo of doomed-to-fail s...

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May. 30, 2024

RFK Jr. Says Guilty Verdict May Help Trump's Election Prospects

AUSTIN, TEXAS — Robert F. Kennedy Jr. said his presidential election opponent Donald Trump's guilty verdict Thursday may end up boosting Trump's prospects in November. "My belief is that it will end up helping President Trump among a large part ...

Policy

May. 30, 2024

Robert F. Kennedy Jr. on Trump's Guilty Verdict and Pro-Crypto Stance

Robert F. Kennedy Jr., the U.S. presidential candidate, spoke at a press conference Thursday at Consensus 2024 in Austin, Texas. Here are some of his comments: Donald Trump's guilty verdict "I'm going to talk about issues of broader concern. ...

Policy

May. 30, 2024

Sen. Warren Wants to Know How Drug Agencies Are Pursuing Crypto Ties to Fentanyl

U.S. Sen. Elizabeth Warren (D-Mass.) is demanding to know how the Biden administration is doing in throttling the use of cryptocurrencies in the trafficking of fentanyl, according to a letter she and another lawmaker sent to the White House O...

Policy

May. 30, 2024

Terraform, Do Kwon Agree in Principle to Settle Fraud Case With SEC: Court Filing

Terraform Labs and co-founder Do Kwon have reached a "settlement in principle" with the U.S. Securities and Exchange Commission (SEC) regarding a fraud case, according to a court filing Thursday. The development comes less than two months after ...

Policy

May. 30, 2024

A16z Boosts Crypto's Election Fund by Another $25M to Seek Friendly Congress

A16z and Ripple have now each plowed nearly $50 million into the industry's shared Fairshake PAC. The political action committee's has so far supported several crypto-friendly winners in congressional primaries, often flooding the local markets...

Policy

May. 30, 2024

NYDFS Issues New Crypto Firm Guidance for Consumer Complaints

The New York State Department of Financial Services now requires cryptocurrency service providers to implement complaint resolution mechanisms. The regulator will assess the application and efficacy of these policies around resolving customer s...

Policy

May. 29, 2024

U.S. Lawmaker at Center of Crypto Negotiation Predicts Digital Assets Law by Next Year

Patrick McHenry, the retiring chairman of the House Financial Services Committee, said he's confident that his crypto legacy will become permanent policy by 2025. The so-called FIT21 crypto bill is now a "consensus product" of the House and can...

Policy

May. 29, 2024

U.S. Treasury Isn’t Trying to Ban Crypto Mixers, Top Official Says

AUSTIN, Texas – The U.S. Department of the Treasury is not attempting to ban cryptocurrency mixing services, a top official said Wednesday. Speaking at CoinDesk’s annual Consensus conference in Austin, Brian Nelson – the Treasury’s Under Secreta...

Policy

May. 29, 2024

U.S. Treasury Describes NFTs as 'Highly Susceptible to Use in Fraud and Scams'

The risk assessment is the Treasury's first into NFTs as a means of carrying out fraud and other crimes. The Treasury determined that NFT platforms "lack appropriate controls" to combat money laundering and sanctions evasion. The U.S. Treasur...

Policy

May. 29, 2024

U.S. House's Emmer Says Best Hope For Crypto Legislation Is Year-End Session

One of the top members of the U.S. House of Representatives predicted that the best remaining chance for major crypto legislation this year is in a tight window at the end of the congressional session. Republican Emmer noted the major recent su...

Policy

May. 29, 2024

Gemini Announces Full Recovery of Earn Users' Digital Assets

The settlement with Genesis means users will get 100% of their funds returned Gemini co-founder Tyler Winklevoss calls Gemini "financial fraud" in a press release. Gemini announced Wednesday that its Gemini Earn users have received all their ...

Policy

May. 29, 2024

Israel to Start Digital Shekel Challenge to Develop Payment Use Cases

Israel will be starting a challenge to explore payment use cases of its digital shekel. Payment service providers would get access to the system to provide advanced payment options to the general public. Israel's central bank is launching a ...

Policy

May. 29, 2024

Ripple Donates Another $25M to Crypto Super PAC Fairshake

Ripple has added another $25 million to the coffers of Fairshake, a federal crypto super political action committee (PAC) that’s spending big this election year to support crypto-friendly Congressional candidates. Ripple also made a $25 million ...

Policy

May. 28, 2024

Leveraged Ether ETF to Start Trading June 4, Sponsor Volatility Shares Says

The Volatility Shares 2x Ether Strategy ETF (ETHU) will become the first leveraged ether {{ETH}} ETF available in the United States, with the company posting on its website that trading will begin on June 4.. The launch will come roughly one y...

Policy

May. 28, 2024

Binance Executive Jailed in Nigeria is Suspected of Having Malaria, Family Says

Binance executive Tigran Gambaryan is suspected of having Malaria, a family spokesperson told CoinDesk. The U.S. citizen has been in a Nigerian jail for over two months on charges of money laundering and tax evasion. Tigran Gambaryan, Binance...

Policy

May. 28, 2024

Former FTX Executive Ryan Salame Sentenced to 7.5 Years in Prison

A U.S. court sentenced former FTX executive Ryan Salame to 7.5 years in prison In addition, Salame was ordered to pay more than $6 million in the forfeiture and more than $5 million in restitution. Former FTX executive Ryan Salame has been se...

Policy

May. 28, 2024

Consensus 2024 Week: The House Passed a Market Structure Bill

The House of Representatives voting overwhelmingly in favor of a crypto market structure bill is an interesting prelude to CoinDesk's annual conference. We'll be talking about these things in Austin this week. You’re reading State of Crypto, a ...

Policy

May. 28, 2024

Hong Kong Will Inspect Offices of Crypto Platforms as Important Compliance Deadline Looms

Hong Kong's regulator will conduct on-site inspections of crypto platforms offering trading services which have applied for a license. By June 1, 2024, all crypto platforms in Hong Kong must be either licensed or “deemed-to-be-licensed." Hong...

Policy

May. 28, 2024

One-Third of U.S. Voters Say They'll Weigh Candidates' Crypto Views Before Voting: Poll

A Harris Poll look at U.S. voters concluded interest in crypto is on the rise, and 33% said digital assets will figure into their support of candidates. Just about everybody knows what a bitcoin is, now, and a lot of people reportedly think cry...

Policy

May. 26, 2024

Trump Pledges to Free Silk Road Creator Ross Ulbricht If Re-Elected

Donald J. Trump has pledged to commute Silk Road founder Ross Ulbricht’s life sentence to time served if he’s re-elected president. “If you vote for me, on Day 1, I will commute the sentence of Ross Ulbricht to a sentence of time served,” Trump ...

Policy

May. 25, 2024

Trump Posts 'Our Country Must be the Leader in the (Crypto) Field' Prior to Speech Before Libertarians

Donald J. Trump tightened his recent embrace of crypto today, posting on social media "I am very positive and open minded to cryptocurrency companies and all things related to this new and burgeoning industry" as both sides in the upcoming presid...

Policy

May. 24, 2024

BitGo’s $100M Suit Against Galaxy Digital Can Proceed, Delaware Supreme Court Rules

Cryptocurrency custodian BitGo will get a fresh chance to sue financial services firm Galaxy Digital over the two companies’ failed $1.2 billion merger agreement after Delaware’s Supreme Court reversed an earlier ruling to dismiss BitGo’s lawsuit...

Policy

May. 24, 2024

Coinbase Slugs It Out With U.S. SEC in Effort to Get Key Crypto Question Answered

Coinbase is trying to get a higher court to take a look at a question at the heart of its legal dispute with the Securities and Exchange Commission. The courts must accept the request for appeal before it can move forward, but the SEC has said...

Policy

May. 24, 2024

British-Chinese Money Launder Sentenced to 6 Years in Prison for Role in $6B Fraud: FT

Police in the U.K. seized over 1.7 billion pounds ($2.2 billion) worth of bitcoin related to the alleged fraud in a 2018 operation. Wen accused of laundering the proceeds of the fraud, converting the bitcoin into cash and purchasing property, j...

Policy

May. 24, 2024

Binance Money Laundering Trial in Nigeria Pushed to June 20 Due to Executive’s Illness

Thursday’s money laundering trial against Binance in Nigeria was postponed till June 20. Tigran Gambaryan, Binance’s compliance head, was seriously ill and needed medical attention. A Nigerian court on Thursday adjourned the money laundering ...

Policy

May. 23, 2024

U.S. House Passes Bill Banning Federal Reserve From Issuing a CBDC

The U.S. House of Representatives voted largely along party lines to prevent the Federal Reserve from issuing a central bank digital currency. The CBDC Anti-Surveillance State Act, introduced by Majority Whip Tom Emmer (R-Minn.), seeks to bloc...

Policy

May. 23, 2024

U.S. Supreme Court Loss for Coinbase Leaves Company with Mixed Record

Coinbase took a loss in its latest Supreme Court argument on a very narrow point about arbitration. Bad news for Coinbase doesn't translate directly to anything in the digital assets sector. The U.S. Supreme Court ruled against Coinbase I...

Policy

May. 23, 2024

Gensler Says 'Stay Tuned' on U.S. SEC's Decision on ETH ETF

WASHINGTON, D.C. — U.S. Securities and Exchange Commission Chair Gary Gensler declined on Thursday to preview his agency's decision on ether {{ETH}} exchange traded funds (ETFs), though he advised observers to "stay tuned." Though he'd reiterate...

Policy

May. 23, 2024

BlackRock, Grayscale, Bitwise File Updated 19B Forms in Rush for Ethereum ETF

BlackRock, Grayscale, and Bitwise filed amended 19b-4 forms with the SEC for their proposed spot ether ETFs, removing staking provisions. This change was likely made to avoid regulatory roadblocks. Staking is considered a form of passive income...

Policy

May. 23, 2024

FTX Fraudster Sam Bankman-Fried Being Transferred to New Prison: WSJ

Sam Bankman-Fried is being relocated to a new prison, likely in California, as he works on an appeal to overturn charges. The transfer process is expected to be slow, and the exact location of the new prison is undisclosed. Convicted crypto f...

Policy

May. 22, 2024

U.S. House Approves Crypto FIT21 Bill With Wave of Democratic Support

The U.S. House vote goes 279-136 to approve the Financial Innovation and Technology for the 21st Century Act with a very strong showing from House Democrats. The passage of the crypto market-structure bill marks the industry's most signific...

Policy

May. 22, 2024

SEC's Gensler Going Rogue in Solo Quest to Stop U.S. Crypto Legislation?

Securities and Exchange Commission Chair Gary Gensler is holding the line that he doesn't need legislation to police crypto, even as the White House and others say they're ready to hash out regulatory policies. A presidential policy statement o...

Policy

May. 22, 2024

U.S. House Set to Vote for First Standalone Crypto Market Structure Bill

The U.S. House of Representatives is poised to vote in favor of a crypto market structure bill for the first time, in a symbolic effort to radically reshape the country's digital asset regulatory landscape. The Financial Innovation and Technolog...

Policy

May. 22, 2024

UK Sets July 4 Date for Election Likely to Oust Conservative Party, Spelling Uncertainty for Crypto Hub Plans

Prime Minister Rishi Sunak set July 4 as the date for a U.K. general election that's likely to see his ruling Conservative Party lose power. Conservative policy was to promote the U.K. as a hub for the crypto industry, while the Labour Party ...

Policy

May. 22, 2024

Worldcoin Operations Violate Privacy and Should Cease, Hong Kong Regulator Says

Worldcoin violated Hong Kong's data-protection principles, the territory's privacy commissioner said. The regulator has been investigating Worldcoin since December and said it wants the company to cease operations. Worldcoin's iris scanning a...

Policy

May. 22, 2024

Biden Does Not Threaten Veto Against House Crypto Market Structure Bill, But 'Opposes Passage'

The White House is against the U.S. House of Representatives passing a crypto market structure bill, but the president isn't threatening to veto it, in a positive sign for the crypto industry. U.S President Joe Biden's White House published a s...

Policy

May. 22, 2024

Coinbase, Kraken, Others Form Coalition to Tackle 'Pig Butchering' Scams

The "Tech Against Scams" coalition will serve as a convening body through which its members collaborate to take action against fraudsters. "Pig butchering" involves scammers contacting their victims through dating apps or social media, gaining ...

Policy

May. 22, 2024

SEC's Gensler Says House Bill Would 'Undermine' Regulator's Crypto, Capital Markets Oversight

The Financial Innovation and Technology for the 21st Century Act would hurt investors and hamper the U.S. Securities and Exchange Commission's work, SEC Chair Gary Gensler said Wednesday. "The Financial Innovation and Technology for the 21st Cen...

Policy

May. 22, 2024

Policymakers Are Back at Consensus 2024

This week, the U.S. Securities and Exchange Commission might approve spot ether exchange-traded funds (ETFs), the House of Representatives may vote in favor of a crypto market structure bill, the company behind a decentralized exchange is arguing...

Policy

May. 21, 2024

Cboe Publishes Amended Spot Ether ETF Filings as Industry Renews Approval Hopes

Things appear to be moving ahead of the U.S. Securities and Exchange Commission’s (SEC) decision to potentially approve an important filing related to the launch of a spot ether {{ETH}} exchange-traded fund (ETF). Cboe, an exchange associated wi...

Policy

May. 21, 2024

Several U.S. House Democrats Petition Colleagues to Join Yes Side on Crypto Bill

Eight House Democrats signed onto a memo arguing in favor of a largely Republican-driven bill to establish U.S. regulations over the crypto markets. The U.S. House is set for a final vote on the first major crypto legislation, and approval wou...

Policy

May. 21, 2024

Uniswap Labs Urges SEC to Drop Pending Enforcement Action in Wells Response

Uniswap Labs moved Tuesday to quash a looming regulatory battle over Ethereum's dominant decentralized crypto exchange, imploring the Securities and Exchange Commission in legal filings that its planned lawsuit wasn't worth the fight. The compan...

Policy

May. 21, 2024

NYAG Takes Victory Lap as Court Approves Genesis Settlement

A New York court has approved a settlement between Genesis and the NYAG The settlement involves a $2 billion fine which wil go towards establishing a victims' fund. The office of the New York Attorney General announced today that a state co...

Policy

May. 21, 2024

Democrat House Leadership Says Crypto Bill Vote Won't Be Whipped

Senior Democrats "strongly oppose" H.R. 4763, the Financial Innovation and Technology for the 21st Century Act (FIT21), but are not whipping the vote. FIT21, supported by digital asset organizations like Coinbase, provides a regulatory framewor...

Policy

May. 20, 2024

Alleged Owner of Darknet Narcotics Bazaar ‘Incognito Market’ Arrested in New York

U.S. authorities have arrested and charged a Taiwanese national with operating darknet drug bazaar Incognito Market, which he allegedly used to facilitate over $100 million in crypto-denominated sales of illegal narcotics including fentanyl. Pro...

Policy

May. 20, 2024

Ether ETFs Filing Process Sees Abrupt Progress, Though Approval Not Guaranteed: Sources

The exchanges that want to list and trade shares of spot ether {{ETH}} exchange-traded funds are abruptly being asked by regulators to update key filings related to these products. Exchanges are being asked to update 19b-4 filings on an accelera...

Policy

May. 20, 2024

Craig Wright Lied to UK Court 'Extensively and Repeatedly,' Judge Writes

Craig Wright lied "extensively and repeatedly" in both his written and oral evidence in the Crypto Open Patent Alliance case regarding his claim to be Satoshi Nakamoto, Judge James Mellor said in his written judgement on Monday. Mellor in Marc...

Policy

May. 17, 2024

Crypto Industry Rallies Behind House Bill As it Heads Toward Final Vote

A wide swath of the crypto industry signed a letter to the top lawmakers in the U.S. House of Represenatives, explaining why they should get behind the Financial Innovation and Technology for the 21st Century Act. As House lawmakers are poised ...

Policy

May. 17, 2024

Binance Exec Tigran Gambaryan Denied Bail by Nigerian Court

Tigran Gambaryan’s bail was refused by a Nigerian court on Friday. Nigeria has taken Binance and its executives to court and is pursuing tax evasion and money laundering charges. Detained Binance executive Tigran Gambaryan’s bail application ...

Policy

May. 17, 2024

Turkey Tables Crypto Bill in Parliament, Aims to Bring Crypto Licensing to the Country

The bill increases the CMB’s supervision over crypto. The proposed law will also prohibit crypto intermediaries without a local origin. Türkiye has introduced a legislative proposal aimed at reducing the risks of parties transacting with cry...

Policy

May. 17, 2024

Hong Kong Expands Cross-Border Digital Yuan Trial, Allows Residents to Set Up E-CNY Wallets

The Hong Kong Monetary Authority and the Peoples Bank of China have expanded the digital yuan pilot to enable the use of e-CNY wallets in Hong Kong. China and Hong Kong have been conducting cross border digital yuan trials. The Hong Kong Mone...

Policy

May. 16, 2024

Biden Order to Halt China-Tied Bitcoin Mine Beside Nuke Base Came as U.S. Firm Just Bought it

CleanSpark had just finished hailing the benefits of its purchase of a Wyoming crypto-mining site when the White House declared that the current operation was a national security threat that must be halted. The company says it was unaware of ...

Policy

May. 16, 2024

U.S. Senate Votes to Kill SEC's Crypto Accounting Policy, Testing Biden's Veto Threat

The U.S. Senate joined the House of Representatives on Thursday in seeking to erase the controversial Securities and Exchange Commission (SEC) crypto policy known as Staff Accounting Bulletin No. 121, though President Joe Biden has vowed to veto ...

Policy

May. 16, 2024

French Securities Regulator Warns Investors Against Crypto Exchange Bybit

France's securities regulator has issued a renewed warning against crypto exchange Bybit, urging customers to “make arrangements for the eventuality that the platform [may] suddenly cease to provide services” to customers in France. In a Thursd...

Policy

May. 16, 2024

U.S. Treasury Says It Wants to Better Money Laundering Regulations Around Crypto, Other Illicit Finance

The U.S. Treasury Department wants to continue beefing up anti-money laundering and counter-terrorist financing efforts around digital assets, as part of its broader strategy to tamp down on illicit financing. The department published its 2024 "...

Policy

May. 16, 2024

Crypto Community Voices Outrage at Tornado Cash Developer Verdict

A developer of the anonymizing tool Tornado Cash, Alexey Pertsev, was sentenced to spend 64 months in prison. Many members of the crypto community say the decision is outlandish. 'S-HERTOGENBOSCH, Netherlands — As 31-year old Russian Alexey P...

Policy

May. 16, 2024

Leading Crypto-Policy Academic in Washington to Open Disclosure Firm Bluprynt

The founder of DC Fintech Week, Christopher Brummer, is putting his regulatory policy expertise to work as the CEO of a new company, Bluprynt. The firm will aide crypto customers in the emerging requirements for government disclosures. Georg...

Policy

May. 16, 2024

India's Market Regulator Suggests Shared Crypto Oversight Even as RBI Seeks Stablecoin Ban: Reuters

India's markets regulator has suggested that several regulators oversee trade in cryptocurrencies, Reuters reported. The suggestion was made to a government panel tasked with formulating policy for the Finance Ministry to consider. India's ma...

Policy

May. 16, 2024

Tornado Cash Developer Alexey Pertsev Appeals Guilty Verdict

Tornado Cash developer Alexey Pertsev filed an appeal with the Court of Appeal s-Hertogenbosch. Pertsev was found guilty of money laundering on Tuesday. Tornado Cash developer Alexey Pertsev filed an appeal with the s-Hertogenbosch court of a...

Policy

May. 16, 2024

Coinbase to Target Australia's Self-Managed Pension Funds: Bloomberg

Coinbase is planning to provide. service to target Australia’s self-managed pensions sector. The exchange’s Asia-Pacific Managing Director John O’Loghlen told Bloomberg, "We don’t see this as cannibalizing the ETF players." Coinbase is deve...

Policy

May. 15, 2024

Canada’s ‘Crypto King’ and Associate Arrested, Charged With Fraud in Alleged $30M Ponzi Scheme

Two Canadian men have been arrested and charged with fraud for allegedly swindling investors out of $40 million CAD – approximately $30 million USD –i n a crypto and foreign exchange investment scheme. Self-proclaimed “Crypto King” Aiden Pleters...

Policy

May. 15, 2024

U.S. House's McHenry Says Senate May Be Swayed if Many Democrats Back Crypto Bill

The result of next week's expected vote on U.S. legislation to regulate the cryptocurrency industry will strongly influence the odds the U.S. Senate gets on board, said Rep. Patrick McHenry (R-N.C.), the chairman of the House Financial Services C...

Policy

May. 15, 2024

Sweeping ‘Bitcoin Rights’ Bill Becomes Law in Oklahoma

The bill will protect Oklahomans’ right to self-custody digital assets. It also makes it legal for Oklahoma residents to mine crypto, both at home and on an industrial scale. Oklahoma Governor Kevin Stitt signed a sweeping ‘Bitcoin Rights’...

Policy

May. 15, 2024

Brothers Accused of $25M Ethereum Exploit as U.S. Reveals Fraud Charges

Two brothers have been arrested by the U.S. Department of Justice for attacking the Ethereum blockchain and stealing $25 million of cryptocurrency during a 12-second exploit, according to an indictment unsealed on Wednesday . The indictment cha...

Policy

May. 15, 2024

House Resolution to Overturn Controversial SEC Rule Likely to Pass in Senate: Sources

A House proposal to revoke the U.S. Securities and Exchange Commission's Staff Accounting Bulletin 121 is likely to pass through the Senate in a vote on Thursday, multiple people familiar with the situation told CoinDesk. A Senate source familia...

Policy

May. 15, 2024

Cahill Gordon & Reindel Beefs Up Crypto Practice, Adds 3 Crypto-Native Lawyers Including Lewis Cohen

International law firm Cahill Gordon & Reindel has added three crypto-native lawyers to its growing digital assets and emerging technology practice, in hopes it will become a one-stop shop for cryptocurrency companies looking for legal and re...

Policy

May. 15, 2024

Crypto's Election Season Is Kicking Off

The U.S. is holding its presidential election this fall. More than half a dozen other countries and bodies are likewise holding – or have held – elections this year. Some candidates and lawmakers have already addressed crypto, whether appealing t...

Policy

May. 15, 2024

Former FTX Exec Ryan Salame Asks for Lenient 18 Months in Prison

Attorneys for former FTX executive Ryan Salame are asking for 18 months in prison, citing his cooperation with authorities and remorse. They argue that Salame wasn’t involved in the core fraud perpetrated by Bankman-Fried’s inner circle. Atto...

Policy

May. 14, 2024

The Crypto Industry’s Influence on U.S. Elections is Bigger Than Ever, Industry Insiders Say

The crypto lobby is more powerful than ever this year, and has already shaped some key Congressional elections The crypto industry is hoping that a friendlier and more educated group of lawmakers could finally push through a regulatory framewor...

Policy

May. 14, 2024

'CryptoDad' Giancarlo Joins Paxos Board

Crypto advocate, lawyer and author of “CryptoDad: The Fight for the Future of Money” J. Christopher Giancarlo will help direct the stablecoin issuer Paxos. The former head of the Commodity Futures Trading Commission has been a longtime advocate...

Policy

May. 14, 2024

Tornado Cash Developer Alexey Pertsev Sentenced to 64 Months in Prison by Dutch Court

Tornado Cash developer Alexey Pertsev has been found guilty of money laundering by a Dutch judge ruled at s-Hertogenbosch court on Tuesday. Pertsev has been given 64 months of prison time by the court. An indictment shared ahead of the trial ...

Policy

May. 14, 2024

Industry Stakeholders Believe a UK Election Won't Derail Crypto Plans

The Labour Party is a favorite to win the U.K.'s upcoming general election. Regardless of who is elected, crypto policy should still continue developing as it has been, said Adam Jackson, director of policy at Innovate Finance. A U.K. electio...

Policy

May. 14, 2024

Philippines' Central Bank Gives Approval to Coins.ph to Pilot Stablecoin in Key Remittance Market

Philippines’ central bank, under a sandbox, has given its approval to Coins.ph to pilot a Philippine Peso-backed stablecoin. The pilot will assess the benefits of the stablecoin in “real-world applications.” Philippines’ central bank has gi...

Policy

May. 14, 2024

Indian Crypto Exchange CoinDCX’s DeFi Arm Okto to Launch Blockchain and OKTO Token

CoinDCX has expanded the Okto wallet into an Okto ecosystem to give users a single-click mobile experience in Web3. A points program has been launched and a blockchain and the $OKTO token to power that chain will come later this year. Indian ...

Policy

May. 13, 2024

U.S. Blocks China-Tied Crypto Miners as 'National Security Risk' Near Nuke Base

The White House says a Chinese crypto-mining operation set up shop within a mile of a U.S. nuclear missile base without getting proper clearance. The order to shut it down said it's using foreign-source technology that poses national-security ...

Policy

May. 13, 2024

FalconX Settles With CFTC for $1.8M Over Failure to Register as Futures Commission Merchant

FalconX will pay $1.8 million to settle newly-announced charges from the Commodity Futures Trading Commission (CFTC) that the crypto trading firm violated commodities laws by failing to register as a futures commission merchant (FCM), according t...

Policy

May. 13, 2024

U.S. Senators Question Justice Department's Pursuit of Crypto Mixers

Two U.S. senators sent a letter to the attorney general making an argument that his Department of Justice is making the wrong legal call as it prosecutes crypto mixing services. The letter argues that services such as Tornado Cash aren't money...

Policy

May. 13, 2024

China's Digital Yuan Isn't Taking Off Despite State Employee Salary Trial: Report

Many consumers prefer to use online payment tools such as Alipay and WeChat Pay. The digital yuan is fraught with privacy concerns as it incorporates elements of blockchain technology so transactions are all theoretically traceable. China's d...

Policy

May. 13, 2024

Chinese Police Bust $296M Illegal Crypto-Based Currency Operation: Report

Chinese police identified what they called an "underground bank" providing illegal currency conversion services. The operators exploited crypto's anonymity and ease of cross-border transfers to provide the service, China News Service reported. ...

Policy

May. 13, 2024

Custody Provider Liminal Wins Approval in Abu Dhabi as It Extends Expansion in Asia

Custody provider Liminal won Abu Dhabi's approval to operate as a regulated custodian within the Middle East. The Singapore-headquartered company is now functioning with regulators' blessings in the Middle East and India as well as its home bas...

Policy

May. 11, 2024

Trump’s Pro-Crypto Bluster at NFT Gala Lacked Policy Substance

PALM BEACH, FL. — During his first stint in the White House Donald Trump was no fan of cryptocurrencies; he once tweeted they were " based on thin air ." He later sold millions of dollars worth of NFTs. This week, he rebranded himself as crypto...

Policy

May. 10, 2024

SEC Rebuts Coinbase's Attempt to Get Appeals Court to Answer Key Crypto Question

U.S. regulators said an appeals court shouldn't heed Coinbase's request to review how – or if – conventional securities rules apply to cryptocurrencies. Coinbase, the largest U.S. crypto exchange, filed for permission to ask the Second Circuit...

Policy

May. 10, 2024

U.S. House's McHenry Says Bill on Crypto Market Structure Will Get Floor Vote

A bill to set out a regulatory regime for U.S. cryptocurrency markets will finally get a vote from the overall House of Representatives, said Rep. Patrick McHenry. The House Rules Committee approved the legislation for a vote next month, potent...

Policy

May. 10, 2024

DOJ Said to Snub Sullivan & Cromwell, Appoint Competitor to Coveted Binance Monitorship: Bloomberg

The Department of Justice (DOJ) has chosen a London-based consulting firm for a coveted three-year monitorship of Binance, according to a Friday repor t from Bloomberg citing anonymous sources. As part of Binance’s plea deal with the DOJ ...

Policy

May. 10, 2024

U.S. CFTC Proposes Ban on Political Event Contracts

The U.S. derivatives agency approved a proposal to ban popular prediction market trading, with three of the five commissioners approving the proposed rule. The public will have 60 days to weigh in with comments on the potential rule. The U.S...

Policy

May. 10, 2024

Binance, KuCoin Win Registration With India's Financial Intelligence Unit

The world's largest cryptocurrency exchange, Binance, and rival KuCoin have been registered with India's Financial Intelligence Unit, the most senior official of the unit, which falls under the nation's Finance Ministry, told CoinDesk. This is t...

Policy

May. 10, 2024

Stand With Crypto Sets Up Election War Chest, Backs Candidates Seeking Open Seats

Crypto advocacy group Stand With Crypto is opening its own Political Action Committee ahead of this year's elections. The group's own members will support the PAC, though they're limited to $5,000 contributions. The fast-growing organization ...

Policy

May. 10, 2024

Kraken Asks Court to Dismiss SEC Claims to Avoid 'Significant Reordering' of U.S. Financial Structure

Kraken's lawyers have asked a court to dismiss SEC's claims against to avoid a "significant reordering" of the U.S. financial regulatory structure. The matter appears to be boiling down to whether the SEC has jurisdiction over the cryptocurrenc...

Policy

May. 10, 2024

Exiled Russian Opposition Leader Launches Blockchain-Based Referendum on Vladimir Putin’s Election Win

Exiled Russian opposition leader Mark Feygin is launching an anonymous, blockchain-powered referendum on the legitimacy of Vladimir Putin’s victory in Russia’s election. The vote will be conducted on an app called Russia2024, built using Rarimo...

Policy

May. 09, 2024

Prometheum's Contentious Answer to Crypto Compliance Is Running Late

Prometheum has fallen several weeks behind the date it said the business would open for crypto custody, and its CEO said the company is trying to finish technology related to its wallet system before launching. The firm has said it'll begin hol...

Policy

May. 09, 2024

Binance Fined $4.3M by Canadian Financial Regulator for ‘Administrative Violations’

Financial Transactions and Reports Analysis Centre of Canada said the exchange had committed two “administrative violations” of financial regulations. The fine compares with the $4.3 billion the crypto exchange agreed to pay U.S. authorities. ...

Policy

May. 09, 2024

Crypto Wallet Provider Exodus’ NYSE American Stock Listing Postponed for SEC Review

Crypto wallet company Exodus Movement will not be listing on NYSE American, the New York Stock Exchange’s sibling market, on Thursday as planned, the company announced late Wednesday. NYSE American told Exodus on Wednesday that U.S. Securities a...

Policy

May. 08, 2024

House Poised to Vote on Erasing SEC Crypto Policy While President Biden Vows Veto

A House resolution would start a formal process to kill the Securities and Exchange Commission's controversial accounting policy on crypto custody, and a vote was expected Wednesday. President Joe Biden said he'll veto the resolution if it reac...

Policy

May. 08, 2024

UK Minister Says Government Only Has Time to Implement Stablecoin, Staking Legislation

U.K. Economic Secretary Bim Afolami said he is confident the government can only implement stablecoin and staking rules in the coming weeks. A general election is expected to occur in the second half of the year. The current U.K. government w...

Policy

May. 08, 2024

U.S. Financial Industry to Explore Sharing Ledger Technology for Multiasset Transactions

Major U.S. financial industry companies are teaming up to explore sharing ledger technology. The New York Innovation Center of the Federal Reserve Bank of New York will act as a technical observer. Citi, JPMorgan, Mastercard, Swift and Deloit...

Policy

May. 08, 2024

The Crypto Lawsuit State of Play

Last month, Ethereum incubator ConsenSys sued the U.S. Securities and Exchange Commission (SEC) for an injunction asking a federal court to block the regulator from investigating its MetaMask offering or from declaring Ether (ETH) a security. It'...

Policy

May. 08, 2024

Indonesia Regulator Forms Crypto Committee to Monitor Industry's Operation, Compliance

Bappebti, the Indonesian commodities regulator, formed a committee dedicated to monitoring the crypto industry. The committee will include regulator, government and industry representatitves. The Commodity Futures Trading Regulatory Agency, t...

Policy

May. 08, 2024

Nearly All FTX Creditors Will Get 118% of Their Funds Back in Cash, Estate Says in New Plan

Bankrupt cryptocurrency exchange FTX has proposed a new reorganization plan that would see a whopping 98% of its creditors get back 118% of their claims – in cash – within 60 days of court approval, according to new documents filed Tuesday evenin...

Policy

May. 07, 2024

Former NFL Star Rob Gronkowski to Pay $1.9M to Settle Crypto Investor Suit

Former New England Patriots and Tampa Bay Buccaneers tight end Rob Gronkowski will pay $1.9 million to settle claims brought against him by former customers of Voyager Digital, a cryptocurrency lender. The settlement , which is still subject to...

Policy

May. 07, 2024

Crypto Mixers Targeted in U.S. House Democrats' Effort to 'Clamp Down' on Money Laundering

A new bill from House Financial Services Committee Democrats is expected to target crypto mixing services this week. Legislation from the minority party is unlikely to move the needle in the waning months of the House's crypto negotiations, tho...

Policy

May. 07, 2024

U.S. DOJ Identifies and Charges LockBit Ransomware Gang Leader with Fraud, Extortion

U.S. authorities have identified Russian national Dmitry Khoroshev as the mastermind behind the notorious LockBit ransomware gang, and are offering a $10 million reward for information that leads to his arrest. In a sprawling 26-count criminal i...

Policy

May. 07, 2024

Robert F. Kennedy Jr., a Pro-Crypto Presidential Candidiate, to Appear at Consensus 2024

Robert F. Kennedy Jr., the independent U.S. presidential candidate who has promoted a pro-cryptocurrency stance during his campaign, will speak later this month at the Consensus 2024 crypto conference in Austin, Texas. "As an environmental lawye...

Policy

May. 07, 2024

Poll: Most People Cringe About Crypto, But Enough Care to Warrant Politicians' Attention

While one in five consider crypto a significant factor in their political thinking, only about 62% of those are supportive of digital assets, suggesting there may be animosity among the remainder of people who are most engaged on crypto issues. ...

Policy

May. 07, 2024

QCP Receives In-Principal Approval From Abu Dhabi Regulator

QCP, a digital assets trading firm based in Singapore, has received in-principal approval from Abu Dhabi’s financial regulator. QCP said in April it was expanding to the Middle East. Digital assets trading firm QCP Capital said it received In...

Policy

May. 07, 2024

Galaxis Raises $10M, Doubling Down on Belief That NFTs Will Provide Real Value Everywhere

Galaxis, a "post-hype NFT utility platform," has raised $10 million ahead of its token launch. Participants included Chainlink, Ethereum Name Services (ENS) and Rarestone Capital. As it gears up for its token launch, Galaxis, a Singapore-base...

Policy

May. 07, 2024

Binance CEO Teng Says Nigeria Must Release 'Beloved Colleague' Gambaryan

Binance CEO Richard Teng called on the Nigerian government to release Tigran Gambaryan, head of the crypto exchange's Financial Crime Compliance team, who flew to the country in February for talks on regulatory supervision. "As you may be aware,...

Policy

May. 07, 2024

Australia’s Tax Office Tells Crypto Exchanges to Hand Over Transaction Details of 1.2 Million Accounts: Reuters

Australia’s tax office will force cryptocurrency exchanges to provide personal and transaction details of 1.2 million traders. The regulator is attempting to crack down on people trying to avoid paying their tax liabilities. The Australian Ta...

Policy

May. 06, 2024

Robinhood Shares Fall After Its Crypto Arm Gets Wells Notice From SEC

Robinhood (HOOD), the popular trading platform, received a Wells Notice from the Securities and Exchange Commission (SEC) on March 4. The stock fell about 2.5% in premarket trading on Monday. "On May 4, 2024, RHC received a 'Wells Notice' from t...

Policy

May. 06, 2024

Australian Court Hands Win to Market Regulator in Case Against Qoin Blockchain, But There is a Catch

A court in Australia mostly ruled in favor of Australia’s markets regulator in its case against BPS Financial Pty Ltd (BPS) over its Qoin scheme. The court clarified that blockchain was not part of the financial product. An Australian Federal...

Policy

May. 06, 2024

Less Than 10% of Stablecoin Transaction Volume Coming from Real Users: Report

More than 90% of stablecoin transaction volumes aren’t coming from genuine users, analysis co-developed by Visa finds, according to a Bloomberg report. Out of about $2.2 trillion in total transactions in April, just $149 billion originated from...

Policy

May. 03, 2024

Former Cred Executives Indicted on Wire Fraud, Other Charges

Three former executives with bankrupt crypto lender Cred were indicted Thursday on charges of conspiracy to commit wire fraud, wire fraud and engaging in financial transactions for illicit purposes. Daniel Schatt, a Cred co-founder and former CE...

Policy

May. 03, 2024

BTC-e Operator Alexander Vinnik Pleads Guilty to Money Laundering Conspiracy Charge

Alexander Vinnik, one of the operators behind the former BTC-e crypto exchange, pleaded guilty to a charge of conspiring to commit money laundering on Friday, the U.S. Department of Justice announced . Vinnik was an operator of BTC-e between 2...

Policy

May. 03, 2024

UK Local Elections Show Swing to Labour With General Election Pending

With results in from about a third of the local councils holding votes, the Labour Party has gained 62 seats, while the governing Conservatives have lost 147. The local election results show how sentiment has changed in the run-up to a general ...

Policy

May. 02, 2024

Tether Enters Transaction Surveillance Partnership with Chainalysis as Regulatory Pressure Mounts

Tether, issuer of the largest stablecoin USDT, said Thursday it has teamed up with blockchain surveillance company Chainalysis to monitor transactions with its tokens on secondary markets. The surveillance system includes international sanctions...

Policy

May. 02, 2024

U.S. Senate's Warren Warns National Security Chiefs About Iranian Crypto Mining

Senators Elizabeth Warren and Angus King have asked the heads of the Department of Defense and the Department of the Treasury to explain what they're doing about Iran's crypto mining. A letter from the lawmaker argued that the nation is relying...

Policy

May. 02, 2024

Binance Nigeria Money Laundering Trial Delayed to May 17, Gambaryan Family Spokesperson

Binance and Nigeria's money laundering trial has been delayed to May 17, a family spokesperson of the detained executive told CoinDesk. Tigran Gambaryan is waiting in Kuje prison for a bail hearing set to also occur on May 17. Binance Nigeria...

Policy

May. 02, 2024

Rabotnik, Affiliate of Ransomware Group REvil, Sentenced to 13 Years in Jail

Rabotnik, an affiliate of the REvil ransomware group, has been sentenced to 13 years and seven months in jail. Previously, Rabotnik was extradited to the U.S. from Poland and then pleaded guilty to an 11-count indictment. Yaroslav Vasinskyi, ...

Policy

May. 01, 2024

Crypto Was One of the Biggest Money Laundering Risks in 2022-2023: UK Govt. Report

Crypto firms were amongst the sectors that posed the greatest money laundering risk, according to a U.K. government report. The country has been trying to tackle crypto crime lately, and the police have stationed crypto tactical advisors across...

Policy

Apr. 30, 2024

House's McHenry Accuses SEC Chief Gensler of Misleading Congress on Ethereum

U.S. Securities and Exchange Commission (SEC) Chair Gary Gensler has been accused of misleading Congress by Rep. Patrick McHenry, the chairman of the House Financial Services Committee, who said Gensler's agency already knew it considered Ethereu...

Policy

Apr. 30, 2024

Stablecoin Bill Unlikely to Get Pinned to FAA Reauthorization, Putting Effort On Hold Again

A Democratic aide familiar with the negotiation said House and Senate leaders are insisting on a clean FAA reauthorization that wouldn't allow the attachment of a stablecoin bill. The effort has drawn key support and may be tried again as the ...

Policy

Apr. 30, 2024

Roger Ver Indicted for Tax Fraud

Roger Ver, now a bitcoin cash {{BCH}} advocate, but an early bitcoin {{BTC}} investor, was indicted for tax fraud on Tuesday, a press release from the U.S. Department of Justice said. The release said Ver was arrested over the weekend in Spain...

Policy

Apr. 30, 2024

Distilling the Tornado Cash and Samourai Suits

There was a lot of news last week, but maybe the biggest news came Wednesday when the U.S. Department of Justice arrested two co-founders of Samourai Wallet, a bitcoin wallet that offered mixing services. The arrest ramps up the federal governmen...

Policy

Apr. 30, 2024

Binance Founder Changpeng Zhao to Appear in Court Today for Sentencing

SEATTLE — Binance founder and former CEO Changpeng "CZ" Zhao will learn how much time, if any, he'll spend in prison Tuesday. The former crypto executive pleaded guilty to one count of violating the Bank Secrecy Act last November, a charge which...

Policy

Apr. 30, 2024

Indonesia’s Election Results May Be Good for Crypto, Industry Watchers Say

The winners of Indonesia’s recent presidential election may ensure consistency for crypto policy in the country, industry watchers say. Winning vice-presidential candidate of the current ruling party, Gibran Rakabuming, promised to create block...

Policy

Apr. 30, 2024

Ahead of EU Elections, Crypto Industry Pushes Blockchain Merits as Policy Focus Shifts to AI

The European Union's election in June may see a new set of lawmakers taking over crypto issues. The architects behind the EU's landmark Markets in Crypto Assets legislation may return, but industry participants still hope for a more progressive...

Policy

Apr. 29, 2024

Samourai Wallet Co-Founder Keonne Rodriguez Pleads Not Guilty, Released on $1M Bond

NEW YORK — Samourai Wallet co-founder Keonne Rodriguez pleaded not guilty to two criminal charges tied to creating and marketing the privacy-focused bitcoin wallet application and mixing service in a Manhattan courtroom on Monday. Rodriguez, 35,...

Policy

Apr. 29, 2024

Why the DOJ May Have Recommended a Three-Year Sentence for CZ

While Binance founder Changpeng “CZ” Zhao’s plea agreement said he couldn’t appeal any sentence over 18 months, there were no clauses preventing U.S. prosecutors from recommending a greater sentence. Zhao is set to be sentenced on April 30, aft...

Policy

Apr. 29, 2024

CZ Sentencing Letters Paint Former Binance CEO as Devoted Family Man, Friend

Letters of support for Binance co-founder CZ have poured into a Washington court requesting leniency in his sentencing tomorrow. Zhao's lawyers have requested their client be sentenced to probation only, but prosecutors are asking the judge to ...

Policy

Apr. 29, 2024

Wasabi Wallet-Developer Blocks U.S. Citizens and Residents After Samourai Wallet Arrests

zkSNACKs has barred U.S. users from Wasabi Wallet indefinitely. The decision is likely due to the recent Samourai Wallet founders’ arrest and the prosecution of Tornado Cash's developers. The developer of privacy-focused Wasabi Wallet, zkSNAC...

Policy

Apr. 29, 2024

South Africa’s Election Won’t Interfere With Crypto Policy: Industry Watchers

South Africa recently put in place a licensing regime for crypto with plans to hand out 60 licenses in the coming weeks. Members of the crypto community don't think that politics will jeopardize the country's plans for the digital asset sector....

Policy

Apr. 29, 2024

Australian Securities Exchange Could Approve Spot-Bitcoin ETFs Before 2024-End: Bloomberg

Australian Securities Exchange (ASX) is expected to approve the first batch of spot bitcoin ETFs before the end of 2024, according to a Bloomberg report. At least two entities have applied with the ASX, and another is working towards it, the re...

Policy

Apr. 29, 2024

Mango Markets Exploiter Charged with Possession of Child Pornography

Mango markets exploiter Avraham Eisenberg has been charged with the possession of child pornography FBI agents first discovered the material during a search of his devices in January 2023 Avraham Eisenberg, who was recently found guilty of fr...

Policy

Apr. 29, 2024

Here’s How EU Nations Are Preparing to Enforce MiCA

European Union member states are gearing up to enforce MiCA, the landmark crypto law that requires national regulators to license and supervise service providers. MiCA is an EU-level regulation but nations can implement slightly different techn...

Policy

Apr. 28, 2024

Japan's Embrace of Web3 Uncertain as Ruling Party Under Threat

Japan's current government, led by Prime Minister Fumio Kishida, has championed Web3 development and regulation. Kishida faces party leadership elections in September as the ruling Liberal Democratic Party (LDP) grapples with record-low support...

Policy

Apr. 27, 2024

DOJ Disputes Roman Storm's Characterization of Tornado Cash Operations in New Filing

The U.S. Department of Justice pushed back against Tornado Cash developer Roman Storm's motion to dismiss a criminal indictment against him. Tornado Cash was a money transmitting business, and the DOJ said it expects its evidence to support the...

Policy

Apr. 26, 2024

Warren Rival for Senate Race John Deaton Argues for Coinbase in SEC Challenge

A Republican lawyer and crypto defender who hopes to be Sen. Elizabeth Warren's opponent in the Massachusetts Senate race has filed a supporting brief in a Coinbase clash against the Securities and Exchange Commission. Coinbase wants to get a h...

Policy

Apr. 26, 2024

Custodia Bank Appeals Court Loss in Fed Membership Lawsuit

Custodia, a Wyoming-based aspiring crypto bank, filed a notice of appeal against a court ruling that affirmed the Federal Reserve's rejection of its bid for a master account and membership. A federal judge ruled last month that the Kansas City F...

Policy

Apr. 26, 2024

Warren Flags Crypto Ties to Child Sexual Abuse in Letter to DOJ, Homeland Security

The bipartisan pair of U.S. senators underlined crypto's history as a mainstay of transactions to purchase illegal pornography featuring children. Their letter to U.S. Attorney General Merrick Garland and the secretary of the Department of Home...

Policy

Apr. 26, 2024

EU Parliament Adopts Anti-Money Laundering Rules Package, Also Policing Crypto

The European Parliament has approved a broad package of anti-money laundering laws targeting various financial services and entities, including crypto. In addition to enhanced due diligence, the measures will give journalists and other interest...

Policy

Apr. 26, 2024

Ex-Head of China's Digital Yuan Effort Facing Government Probe: Report

The former leader of China's digital yuan effort is reportedly under investigation for alleged law violations. He is now an official at China's Securities Regulatory Commission. Yao Qian, the architect of China's central bank digital currency...

Policy

Apr. 25, 2024

UK Law Enforcement Agencies Can Now Seize Crypto More Easily as New Rules Take Effect

New powers that will make it easier for law enforcement agencies to seize crypto come into effect on Friday. The U.K. passed a crime bill last year to aid crypto seizures, allowing law enforcement agencies to seize funds before making arrests. ...

Policy

Apr. 25, 2024

Consensys Sues SEC Over ‘Unlawful Seizure Of Authority’ Over Ethereum

Ethereum developer Consensys has filed a lawsuit against the U.S. Securities and Exchange Commission, striking back against what the company calls an “unlawful seizure of authority” over Ethereum by the federal regulator. The company wants a fed...

Policy

Apr. 25, 2024

Jebara Igbara, AKA 'Jay Mazini,' Sentenced to 7 Years in Prison for Crypto-Related Fraud

A U.S. district judge sentenced Jabara Igbara to seven years in prison. He purported to be a crypto millionaire and targeted Muslims through a company called Halal-Capital LLC. Jabara Igbara, also known as “Jay Mazini,” who claimed to be a cr...

Policy

Apr. 25, 2024

Stablecoin Bill Could be Ready for the U.S. House Soon Says Top Democrat Maxine Waters: Bloomberg

The top Democrat on the U.S. House Financial Services Committee has told Bloomberg that a stablecoin bill could be ready soon. The latest development strengthens hopes that the U.S. can get a new stablecoin law this year, before the elections, ...

Policy

Apr. 24, 2024

Samourai Wallet Founders Arrested and Charged With Money Laundering

Federal prosecutors charged Samurai Wallet founders Keonne Rodriguez and William Lonergan Hill with conspiracy to commit money laundering on Wednesday, as the U.S. government continues its approach to prosecuting crypto mixing tools that may be u...

Policy

Apr. 24, 2024

Binance Founder Changpeng Zhao Apologizes Ahead of Sentencing, 161 Others Send Letters of Support

Binance founder and former chief executive Changpeng "CZ” Zhao has apologized for his “poor decisions” and accepted “full responsibility” for his actions in a letter to the judge overseeing his case filed on Tuesday. Zhao is scheduled to be sent...

Policy

Apr. 24, 2024

Nigeria Directs Entities to Identify Those Dealing Crypto With Bybit, KuCoin, OKX and Binance

Nigeria’s Central Bank has directed institutions in the financial space to identify persons or entities transacting in or operating four unlicensed crypto exchanges – Binance, Bybit, KuCoin and OKX. The latest action comes after an ongoing saga...

Policy

Apr. 24, 2024

What’s at Stake for Crypto in India As the World’s Largest Democracy Is in the Midst of Its National Election?

India's multi-phased election kicked off earlier this month and the manifestos of the major political parties have not made any crypto-specific promises. However, promises related to the digitization of the nation have been made, even if crypto...

Policy

Apr. 24, 2024

In Mexico’s Biggest Election Yet, Crypto Remains on the Sidelines

In Mexico's coming election, cartel violence, corruption and migration push any chance of crypto becoming an election issue to the sidelines. Voting in Mexico will take place on June 2, with results expected between June 5 to June 8. Mexico i...

Policy

Apr. 24, 2024

Tether Will Freeze Wallets Evading Venezuelan Sanctions

A tether spokesperson said that it will freeze addresses linked to evading sanctions. Reuters reported earlier this week that Venezuelan oil company PDVSA was using USDT via intermediaries to bypass U.S. sanctions. Venezuela’s original crypto ...

Policy

Apr. 24, 2024

Binance Founder Changpeng Zhao Should Spend 3 Years in Prison, DOJ Says

Binance's founder and former chief executive, Changpeng "CZ" Zhao, should spend three years in prison for his role in enabling the crypto exchange to violate federal sanctions and money laundering laws, the U.S. Department of Justice said Tuesday...

Policy

Apr. 24, 2024

Indonesian President Joko Widodo Warns of Money Laundering via Crypto and NFTs

Indonesian President Joko Widodo warned the Financial Transaction Reports and Analysis Centre (PPATK) to monitor the use of crypto and non-fungible tokens (NFTs) for money laundering during a speech last Wednesday at the 22nd Anniversary of the...

Policy

Apr. 24, 2024

The Ever-Dwindling Chances for a Stablecoin Law

Last week, U.S. Senators Cynthia Lummis (R-Wyo.) and Kirsten Gillibrand (D-N.Y.) introduced a joint bill addressing how stablecoins could be regulated in the country. It's the latest effort to try and get something done in the U.S. legislative fr...

Policy

Apr. 23, 2024

Jailed Binance Exec’s Bail Hearing in Nigeria Postponed Until May 17

Tigran Gambaryan, Binance's head of financial crime compliance, will stay in Nigeria's Kuje prison until at least May 17. Gambaryan has been detained in Nigeria since Feb. 26 and has been charged with money laundering and tax evasion, which his...

Policy

Apr. 23, 2024

Do Kwon, Terraform Labs Should Get $5.3B Fine, SEC Tells Court

The SEC asked a New York judge to impose $5.3 billion in fines against Terraform Labs and Do Kwon to resolve the civil fraud case against them. The regulator says the fines are a “conservative” but “reasonable approximation” of Terraform and Kw...

Policy

Apr. 23, 2024

Crypto Lobbyists Sue SEC Over 'Dealer' Definition

A U.S. Securities and Exchange Commission rule expanding the definition of a "dealer" to capture digital assets activity has gone too far, a lawsuit by the Blockchain Association and Crypto Freedom Alliance of Texas alleged. The suit, filed in t...

Policy

Apr. 23, 2024

Crypto.com Postpones South Korea Launch After Reports of Money Laundering Probe

Crypto.com says it’s postponing a planned app launch in South Korea after reports of an on-site inspection of the exchange’s activities by local regulators. The inspection was over alleged failures to prevent money laundering, according to re...

Policy

Apr. 23, 2024

Ripple Says $10M Penalty Enough, Rejects SEC’s Ask of $1.95B Fine in Final Judgment

Ripple Labs has opposed the SEC’s proposal seeking a nearly $2 billion fine against the company. Ripple Labs said the Court should impose a civil penalty of no more than $10 million. Ripple Labs filed its opposition on Monday against the U.S....

Policy

Apr. 23, 2024

Venezuela Looks to Tether to Bypass Sanctions: Reuters

Venezuela is using USDT to bypass sanctions, Reuters reported. This is the country's second experiment with crypto as a means to bypass sanctions. Venezuela's state-owned oil company, PDVSA, is looking to Tether {{USDT}} as a means to bypas...

Policy

Apr. 22, 2024

Two SEC Lawyers Resign Following Debt Box Sanctions Fiasco: Bloomberg

Two lawyers for the U.S. Securities and Exchange Commission (SEC) were forced to resign after a federal judge sanctioned the agency last month for committing a “gross abuse of power” while attempting to secure a temporary restraining order agains...

Policy

Apr. 22, 2024

Sam Bankman-Fried Agrees to Help FTX Investors Go After Celeb Promoters

Sam Bankman-Fried has inked a settlement agreement with a group of FTX customers who have agreed to drop their class action lawsuit against him in exchange for his help going after celebrity promoters of the collapsed exchange. The agreement, ...

Policy

Apr. 22, 2024

Binance Exec Who Escaped From Nigeria Has Been Found in Kenya, Faces Extradition: Reports

Nigeria wants the Binance executive who custody and fled to Kenya to be extradited. Local media outlets have reported that Nigerian government officials are expecting Nadeem Anjarwalla to be returned to the country within the week. Nadeem Anj...

Policy

Apr. 22, 2024

Thailand to Block Access to 'Unauthorized' Crypto Platforms

Thai authorities have decided to block “unauthorized” crypto platforms. The authorities have not named the entities they see as unauthorized, but have asked users to quickly withdraw their assets. Authorities in Thailand have decided to block...

Policy

Apr. 19, 2024

Indian Man Pleads Guilty to Creating Spoofed Coinbase Website, Stealing $9.5M in Crypto

An Indian citizen pleaded guilty this week to U.S. charges that he created a fake version of Coinbase's website, letting him steal login credentials on the real thing and plunder more than $9.5 million of cryptocurrency from hundreds of victims. ...

Policy

Apr. 19, 2024

IRS Unveils Form Your Broker May Send Next Year to Report Your Crypto Moves

The U.S. Internal Revenue Service (IRS) has previewed what crypto investors' future tax form might look like when it finishes its much-debated rule on how cryptocurrency transactions should be reported to the federal government. The IRS offered ...

Policy

Apr. 18, 2024

Sen. Lummis: It'll Pay to 'Choose Circle Over Tether' Under U.S. Stablecoin Proposal

The U.S. company Circle would have an easier time than Tether choosing to comply with the stablecoin regulations proposed by U.S. Sens. Cynthia Lummis and Kirsten Gillibrand. Lummis argued U.S. customers will prefer U.S.-regulated stablecoin is...

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Apr. 18, 2024

Mango Markets Exploiter Avi Eisenberg Found Guilty of Fraud and Manipulation

NEW YORK – A Manhattan jury has found crypto trader Avi Eisenberg guilty of fraud and market manipulation for his $110 million heist from decentralized finance protocol Mango Markets in October 2022. Eisenberg was arrested in Puerto Rico in Dece...

Policy

Apr. 18, 2024

Protecting Crypto Users Is More Important Than Faster UK Registration: FCA Executive

The U.K.'s FCA says it will prioritize trust over speed when it comes to crypto registrations. The industry have said the FCA takes too long to approve crypto applications. The regulator has only approved 45 firms in four years. The U.K.'s Fi...

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Apr. 18, 2024

New Zealand Starts Digital Cash Consultation

New Zealand launched a consultation on its digital cash on Wednesday. The country's central bank believes digital cash could support innovation. The Reserve Bank of New Zealand started a consultation on digital cash on Wednesday. The consu...

Policy

Apr. 18, 2024

Binance Secures Full Virtual-Asset Services Provider License in Dubai

Binance has been awarded a full crypto services license in Dubai by VARA. This license upgrades its existing minimum viable product license awarded in mid-2023. Binance, the world's largest crypto exchange by trading volume, said it has been ...

Policy

Apr. 17, 2024

Jury Begins Deliberations in $110M Mango Markets Fraud Trial

NEW YORK — Crypto trader Avi Eisenberg’s fate now rests in the hands of 12 New York jurors, who have been tasked with deciding whether his October 2022 trades on Mango Markets – which netted him $110 million – were fair game or fraud. On Wednesd...

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Apr. 17, 2024

QCP Capital and Further Ventures Announce Partnership for Middle East Crypto Expansion

Singapore-based QCP Capital is expanding to Abu Dhabi in a partnership with Further Ventures. Abu Dhabi is making its mark on the map as an institutional crypto hub. Singapore-based cryptocurrency trading firm QCP Capital and Further Ventures...

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Apr. 17, 2024

Crypto PAC Spent Millions to Get Alabama Candidate on Path Toward Congress

Shomari Figures benefited from nearly $3 million in indirect support from a single crypto-focused political action committee on his way to winning the Democratic primary in an Alabama house race. The flood of outside advertising may have given ...

Policy

Apr. 17, 2024

UK Lawmakers Call for Govt to Develop Crypto, Blockchain Skills Pipeline

Members of the U.K. Parliament called for more investment in digital skills during a Tuesday debate. Lawmaker Lisa Cameron said that employers in the digital sector have struggled to find skilled workers. Members of the U.K. Parliament have m...

Policy

Apr. 17, 2024

U.S. Senators Lummis, Gillibrand Take on Stablecoin Legislation With New Bill

U.S. Senators Cynthia Lummis and Kirsten Gillibrand introduced a new stablecoin bill on Wednesday, hoping to create definitions for who can issue dollar-pegged digital assets and how. A stablecoin bill is the type of crypto-specific legislation...

Policy

Apr. 17, 2024

Looking at Sam Bankman-Fried's Appeals Process

This week on "Nik learns legal processes": Here's what to expect with Sam Bankman-Fried's appeal of his conviction last year. You’re reading State of Crypto, a CoinDesk newsletter looking at the intersection of cryptocurrency and government. ...

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Apr. 16, 2024

Crypto-Skeptic Sen. Sherrod Brown Is Open to Advancing Stablecoin Legislation, Bloomberg Reports

Sherrod Brown (D-Ohio), a crypto-skeptic who runs the influential Senate Banking Committee, is open to advancing long-sought legislation for stablecoins, Bloomberg reported Tuesday, citing an interview with him. Brown, according to Bloomberg, ...

Policy

Apr. 16, 2024

Binance.US Taps Former New York Fed Compliance Chief for Board Role

Binance.US added Martin Grant, a one-time Federal Reserve Bank of New York official who spent 17 years as its chief compliance and ethics officer, to its board of directors, the exchange announced Tuesday. Grant, the current global head of reg...

Policy

Apr. 16, 2024

Tether, Circle Diverge on How to Tackle Global Patchwork of Stablecoin Rules

The influx of traditional finance into crypto and the emergence of international variations in regulations is prompting contrasting responses from stablecoin issuers such as Tether and Circle. Circle admonishes what it sees as U.S. lawmakers’ i...

Policy

Apr. 15, 2024

Elizabeth Warren Demands U.S. CFTC Chair Explain His Chats With SBF

The head of the U.S. Commodity Futures Trading Commission (CFTC), Rostin Behnam, had a lot of contact with Sam Bankman-Friend, the disgraced former CEO of FTX, but lawmakers suggest he hasn't been fully forthcoming about those interactions. So, S...

Policy

Apr. 15, 2024

Crypto Exchange VALR Obtains South African License

South African crypto exchange VALR has received regulatory approval from the country's financial watchdog. VALR received a $240 million valuation in 2022 following a fundraiser led by Pantera Capital. South African crypto exchange VALR has ob...

Policy

Apr. 15, 2024

Norway Wants to Restrict Crypto Mining by Regulating Data Centers, Lawmakers Say: Report

Norway's government wants to restrict crypto mining in the country by regulating data centers, two lawmakers reportedly said. The country has been pushing for crypto bans over energy concerns for some years. Norway's government is introducing...

Policy

Apr. 15, 2024

UK to Issue New Crypto, Stablecoin Legislation by July, Minister Says

The U.K. will issue new legislation for stablecoins as well as crypto staking, exchange and custody by June or July this year, Economic Secretary Bim Afolami said. The Conservative-party-led government has said it wants to make the U.K. a globa...

Policy

Apr. 15, 2024

Germany's Largest Federal Bank LBBW to Offer Crypto Custody Services With Bitpanda

German state-backed lender LBBW is set to offer crypto custody services to clients through a partnership with exchange platform Bitpanda. A market launch is planned for the second half of 2024. Germany’s largest state-backed lender, Landesban...

Policy

Apr. 15, 2024

BTC, ETH Rise as Hong Kong Bitcoin ETF Applicants Say They've Been Approved

Bitcoin {{BTC}} has risen 2.8% over 24 hours, trading above $66,500, and ether {{ETH}} has advanced to $3,240, according to CoinDesk Indices data, as multiple issuers in Hong Kong said they'd been approved for spot crypto exchange-traded funds ...

Policy

Apr. 13, 2024

Coinbase Seeks to Take Core Question in U.S. SEC Case to Higher Court

Coinbase has filed a so-called interlocutory appeal in federal court to challenge just a single legal point at the heart of its dispute with the U.S. Securities and Exchange Commission. The appeal is asking a higher court to review whether a di...

Policy

Apr. 12, 2024

Hacker Sentenced to 3 Years in Prison for Stealing Over $12M From Crypto Exchanges

Shakeeb Ahmed, a security engineer who stole over $12 million from two different decentralized cryptocurrency exchanges (DEXs) built on Solana, was sentenced to three years in prison and three years of supervised release by a federal judge on Fri...

Policy

Apr. 12, 2024

Asset Tokenization Draws Focus From Global Securities Watchdogs

The International Organization of Securities Commissions is devoting new attention to tokenization, the body said in its 2024 strategy. Crypto continues to be a high priority for IOSCO, which published a series of recommendations for the sector...

Policy

Apr. 12, 2024

Hong Kong Could Approve Spot Bitcoin, Ether ETFs as Early as Monday: Bloomberg

Hong Kong could approve spot bitcoin (BTC) and ether (ETH) exchange-traded funds early as Monday, Bloomberg reported, citing two people familiar with the matter. If listing details are worked out in time with Hong Kong Exchanges & Clearing ...

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Apr. 12, 2024

Australian Court Hands Over $41 Million of Crypto Held by Blockchain Mining Group at Regulator's Request

Australia's market regulator opened civil proceedings against the NGS group of blockchain mining companies. About US$41 million in digital assets invested with the companies by more than 450 Australians has been handed to restructuring speciali...

Policy

Apr. 11, 2024

Top U.S. House Lawmakers Meet on Stablecoin Bill Strategy: Punchbowl

The U.S. congressional effort to establish regulations for stablecoins has become an increasing longshot for passage this year, but the lawmakers who've pushed legislation the farthest reportedly had a meeting with Senate Majority Leader Chuck Sc...

Policy

Apr. 11, 2024

Avi Eisenberg May Testify in $110M Crypto Fraud Trial, Defense Says

Crypto trader Avi Eisenberg may testify at his criminal commodities fraud and manipulation trial, his defense team said Thursday. They have yet to make a final decision on the matter as the government's case nears its conclusion. The 28-year o...

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Apr. 11, 2024

Craig Wright Drops Appeal Against Hodlonaut in Norway

Craig Wright has dropped his appeal against Hodlonaut in Norway. The decision to drop the case comes a month after a U.K. judge definitively ruled that Wright is not the inventor of Bitcoin. Craig Wright has dropped his appeal against Norwegi...

Policy

Apr. 11, 2024

FTX Founder Sam Bankman-Fried Appeals Fraud Conviction

FTX founder Sam Bankman-Fried filed to appeal his conviction and sentence for fraud and conspiracy charges on Thursday, hours before his deadline to do so. Bankman-Fried was convicted last November after a month-long trial on seven different c...

Policy

Apr. 11, 2024

Ether Spot ETFs Still Have No More Than 50% Chance of Approval in May: JPMorgan

JPM says the odds of a spot ether ETF approval in May are still no more than 50%. There will likely be litigation against the SEC if the regulator doesn’t approve the products in May, the report said. Spot ether ETFs will eventually be approve...

Policy

Apr. 11, 2024

Dubai Regulator Wants to Lower the Cost of Compliance for Small Crypto Firms

Dubai's Virtual Assets Regulatory Authority is investigating ways to lower the cost for firms to comply with its rules. Dubai unveiled a regulatory regime for crypto last year. The head of Dubai's virtual assets regulator said he wants to fin...

Policy

Apr. 11, 2024

Luno Among First Crypto Firms to Receive South Africa License

South Africa has started licensing crypto firms, with Luno among the first batch of companies to receive regulatory approval. Regulators in the country have said around 60 firms are set to receive approval by April. Crypto exchange Luno rece...

Policy

Apr. 10, 2024

Former Ethereum Adviser Intends to Sue U.S. Government for $9.6B Over Dropped Extortion Charges

Steven Nerayoff, a former adviser to the Ethereum network, is seeking $9.6 billion in damages from the U.S. government stemming from a 2019 case against him that was later dropped. Lawyers for Nerayoff allege their client was framed by the FBI ...

Policy

Apr. 10, 2024

DeFi Exchange Uniswap Receives Enforcement Notice from the SEC

Decentralized crypto exchange Uniswap received a notice from the U.S. Securities and Exchange Commission (SEC) that it intends to pursue an enforcement action, the company disclosed on Wednesday. Uniswap's native token, UNI, dropped 9.5% immedia...

Policy

Apr. 10, 2024

Binance 'Working Collaboratively' With Nigerian Government to Free Detained Executive, Compliance Chief Says

Binance is “working as collaboratively as we can” with the Nigerian government to secure the release of its jailed financial crimes investigations chief, Tigran Gambaryan, the exchange’s chief compliance officer Noah Perlman said Wednesday. Gamb...

Policy

Apr. 10, 2024

EU's MiCA Rules Have Had Little Influence on the European Crypto Market, Regulator Says

Although MiCA is set to start taking effect at year-end, it has yet to lead to an increase in crypto-euro transactions, the European Securities and Markets Authority said. The level of euro-denominated crypto transactions has held steady at abo...

Policy

Apr. 10, 2024

New Zealand Crypto Policy Should Support Industry, Minister for Commerce Says

New Zealand should regulate the crypto sector in a way that supports the growth of the industry, Minister of Commerce Andrew Bayly said. An inquiry by a lawmaker committee found the country's "wait and see" approach to regulating crypto means i...

Policy

Apr. 10, 2024

Hong Kong Likely to Approve Spot Bitcoin ETFs Next Week: Reuters

Hong Kong is likely to approve the first set of applications for spot-bitcoin exchange-traded funds this week, Reuters reported. A total of four entities have submitted applications to launch the spot bitcoin ETFs in Hong Kong, the report said....

Policy

Apr. 10, 2024

Is the Sam Bankman-Fried Story Over?

Last month, I attended Sam Bankman-Fried's sentencing hearing. Not that anyone asked, but I have some thoughts. You’re reading State of Crypto, a CoinDesk newsletter looking at the intersection of cryptocurrency and government. Click here ...

Policy

Apr. 09, 2024

Republican Sen. Tillis Calls for ‘Light’ Crypto Regulatory Framework Ahead of Presidential Election

Bipartisan senators called for a new regulatory framework for the crypto industry during a Senate Banking Committee meeting on Tuesday. Republican Senator Thom Tillis (R-N.C.) stressed that a "light" regulatory framework is needed to both preve...

Policy

Apr. 09, 2024

DeFi Trader Eisenberg 'Wasn't Borrowing, He Was Stealing,' Prosecutor Says in Opening Argument

NEW YORK – To federal prosecutors, Avi Eisenberg's $110 million crypto trade on Mango Markets put a digital twist on an old scam. But to the DeFi trader's defense team, it was a legitimate windfall from the risky world of crypto, where finance's ...

Policy

Apr. 09, 2024

Lummis: Crypto Will Erupt as Big Issue in Senate Races Including Banking Chair Brown's

Sen. Cynthia Lummis, a Republican, sees crypto as a likely topic coming up in Senate races that are vital to the future leadership of the Senate Banking Committee. She asked crypto enthusiasts to attend public forums in the elections and make s...

Policy

Apr. 09, 2024

Key Congressman McHenry Is Bullish U.S. Stablecoin Law Will Pass This Year

U.S. Rep. Patrick McHenry (R-N.C.) is sticking to his guns that Congress can produce a stablecoin regulation law before he retires at the end of the year, despite a volatile political climate and the failure of the full U.S. House to vote on a bi...

Policy

Apr. 09, 2024

Financial Stability Study Calls for Consistent Regulatory Response to Stablecoins

Countries around the world must ensure consistency in their approaches to regulating stablecoins, a new report by the Financial Stability Institute says. Differing approaches could pose challenges to an integrated financial system, the FSI adde...

Policy

Apr. 09, 2024

Crypto.com Obtains Full Dubai Operational License

Crypto.com has won full approval to operate in Dubai and will start with offering services to institutional investors. The firm said the development makes it a first for a global crypto firm to be operational with fiat in the UAE. Singapore-b...

Policy

Apr. 09, 2024

Filecoin Liquid Staking Platform STFIL Claims Team Members Under Investigation by Chinese Police

STFIL said that its core technical team is being investigated and that lawyers have been hired to provide assistance. Tokens on the platform were moved to an unknown address that now holds around $23 million in FIL. Filecoin liquid staking pl...

Policy

Apr. 09, 2024

South Korea’s April 10 Election: What’s at Stake for the Crypto Universe

South Koreans will vote on April 10 having considered crypto-related poll promises that the two main parties have made. The role of crypto may have become even more significant in this election than the previous one. In March 2022, former pro...

Policy

Apr. 08, 2024

Crypto Trader Eisenberg's $110M Fraud Trial to Put DeFi Under Microscope

NEW YORK – Crypto trader Avi Eisenberg's criminal fraud and manipulation trial will open Tuesday after a federal judge seated a 15-person jury that includes a seller of rare books, an elementary school music director and at least two finance prof...

Policy

Apr. 08, 2024

Detained Binance Exec Pleads Not Guilty to Money Laundering Charges in Nigeria: Reports

Binance's head of financial crime compliance Tigran Gambaryan reportedly pleaded not guilty to money laundering charges in a Nigerian high court on Monday before he was remanded pending trial. Despite Binance saying Gambaryan had no decision-ma...

Policy

Apr. 08, 2024

HashKey’s Crypto Exchange Goes Live After Winning License in Bermuda

The HashKey Group has launched an exchange after winning a license to operate in Bermuda. For now, the exchange will offer spot trading services for 21 digital assets, including BTC, ETH, USDT, and USDC. The HashKey Group, an Asian firm offer...

Policy

Apr. 05, 2024

New York Jury Finds Do Kwon, Terraform Labs Liable for Fraud in SEC Case

NEW YORK – A Manhattan jury has found Terraform Labs and its co-founder, Do Kwon, liable on civil fraud charges brought by the U.S. Securities and Exchange Commission (SEC) in connection with the $40 billion implosion of the Terra ecosyste...

Policy

Apr. 05, 2024

Jury Begins Deliberations in Civil Fraud Case Against Do Kwon, Terraform Labs

A New York jury has begun deliberations in the SEC’s civil fraud case against Terraform Labs and its co-founder Do Kwon The SEC has accused the defendants of misleading investors about the stability of its so-called “algorithmic stablecoin,” Te...

Policy

Apr. 05, 2024

Australian Asset Manager Monochrome Applies With Cboe Australia for a Spot Bitcoin ETF, Eyes Decision By Mid-Year

The asset manager has taken one step closer to giving Australia its first spot Bitcoin ETF to allow direct holding of bitcoin. Monochrome has listed its flagship product, a spot bitcoin ETF, with the global listing exchange, Cboe Australia, ins...

Policy

Apr. 05, 2024

EU Watchdog Says Reordering Blockchain Transactions Might Be Market Abuse. Industry Says It's Not

The European Securities and Markets Authority (ESMA) flagged a technique employed by some crypto miners as a potential form of market abuse in its latest regulatory proposals under MiCA. Crypto policy watchers want the regulator to clarify that...

Policy

Apr. 04, 2024

OneCoin Compliance Chief Sentenced to 4 Years in Prison for Role in $4B Ponzi Scheme

Bulgarian national Irina Dilkinska, the former head of legal and compliance for OneCoin, was sentenced to 4 years in prison for money laundering and wire fraud. Dilkinska helped executives launder hundreds of millions in fraud proceeds. She is...

Policy

Apr. 04, 2024

Coinbase Says Canadian License Makes It Country's Biggest Registered Crypto Exchange

Coinbase's expansion into Canada has cleared the hurdle of a "restricted dealer" registration , the company said on Thursday, making it the biggest registered crypto exchange in that jurisdiction. The U.S. exchange had been seeking this statu...

Policy

Apr. 04, 2024

Google Takes Legal Action Against Alleged Crypto Scammers for Uploading Fraudulent Apps

Google is suing a group of alleged scammers who are said to have uploaded fraudulent apps to Google Play. Victims were lured to download the apps with promises of high returns that the lawsuit described as "illusory." A Google spokesperson des...

Policy

Apr. 04, 2024

Nigeria Court Adjourns Hearings for Binance, Execs' Tax Evasion Cases: Reports

Nigeria has accused Binance and two of its executives detained in the country of evading taxes. The executives were due to be arraigned Thursday. A Federal High Court in Abuja, Nigeria's capital, has adjourned hearings for the local tax autho...

Policy

Apr. 04, 2024

Crypto Market Maker GSR Recieves Singapore Crypto License

The crypto market maker received in-principal approval from MAS in September. GSR recently appointed a former JP Morgan executive to be its head of trading Crypto market maker and liquidity provider GSR has been awarded a Major Payment Instit...

Policy

Apr. 03, 2024

U.S. SEC Calls for Comments on Spot ETH ETFs

The U.S. Securities and Exchange Commission has opened the window for comments on three ether spot exchange traded fund (ETF) proposals. The ETF efforts tied to Grayscale Investments , Fidelity and Bitwise will be subjected to a three...

Policy

Apr. 03, 2024

UK Regulators Publish Draft Guidance on Digital Securities Sandbox Open to DLT

The Bank of England and Financial Conduct Authority are looking for feedback on their draft guidance for using a planned digital securities sandbox. Participants will be able to use the sandbox to test products and services based on distributed...

Policy

Apr. 03, 2024

Central Bank Group Starts Tokenization Project to Enhance Monetary System

Project Agorá will investigate how tokenized commercial bank deposits can be integrated with tokenized wholesale central bank money and seek to build a usable solution. The project, announced by the Bank for International Settlements, brings to...

Policy

Apr. 03, 2024

Binance Says Compliance Chief Detained in Nigeria Has No Decision-Making Power at Firm

Binance has said its Compliance Chief Tigran Gambaryan, who remains in the custody of Nigerian authorities, should not be held responsible as discussions with government officials continue. In February, Nigerian authorities detained Gambaryan a...

Policy

Apr. 03, 2024

What a Judge Said About the SEC's Suit Against Coinbase

Between Coinbase, Custodia, Roman Storm and Sam Bankman-Fried, there was a lot of news last week. Let's get to it. You’re reading State of Crypto, a CoinDesk newsletter looking at the intersection of cryptocurrency and government. Click he...

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Apr. 02, 2024

TRON Foundation, Justin Sun Ask U.S. Court to Dismiss SEC Lawsuit

The TRON Foundation asked a New York court to dismiss an SEC lawsuit against it and others. The March 2023 case pertains to allegations of selling and airdropping unregistered securities, fraud and market manipulation. The TRON Foundation a...

Policy

Apr. 02, 2024

Singapore Enacts Licencing Requirements for Crypto Custody Services and Others

Singapore is now seeking licensing requirements for entities providing custodial and some other services. The changes were passed in parliament in 2021 but Singapore’s central bank made the changes live only on Tuesday. Singapore has expanded...

Policy

Apr. 02, 2024

Sam Bankman-Fried Now Feels Remorse for His Actions After Getting a 25-Year Prison Sentence

In an interview with ABC News, FTX founder and former CEO Sam Bankman-Fried said he is remorseful for his actions. Bankman-Fried was sentenced to 25 years in prison last Thursday for his conviction on seven different fraud and conspiracy charge...

Policy

Mar. 30, 2024

Tornado Cash Dev Roman Storm Moves to Dismiss Indictment Over Crypto-Laundering Allegations

Tornado Cash developer Roman Storm's legal team filed a motion Friday to dismiss a criminal indictment alleging he conspired to commit money laundering and violate sanctions. Storm was arrested last year over his work with Tornado Cash, which h...

Policy

Mar. 29, 2024

Custodia Bank Loses Lawsuit Challenging Fed Rejection of Master Account Application

A federal judge has rejected Wyoming-based Custodia Bank's argument that it is entitled to a Federal Reserve master account and membership with the Fed. Judge Scott Skavdahl, of District of Wyoming, denied Custodia's motion for judgement on Fr...

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Mar. 29, 2024

Binance Executives File Suit Against Nigeria: Local Media

Tigran Gambaryan and Nadeem Anjarwalla filed suit in the Federal High Court saying their human rights had been violated. They had been invited to the country to discuss issues related to Binance and were detained on arrival in February. Anjarw...

Policy

Mar. 29, 2024

Craig Wright Assets Frozen by UK Judge to Prevent Him Evading Court Costs

Judge James Mellor ordered a worldwide freeze on 6 million British pounds of Craig Wright's assets. In a court case brought by COPA, Mellor found earlier this month that Wright was not Satoshi Nakamoto, the inventor of Bitcoin. The judge ruled...

Policy

Mar. 29, 2024

SBF Is Going to Prison for 25 Years

Sam Bankman-Fried is going to prison. He won't be spending time in a maximum security facility, and he'll be placed as close to his family in the San Francisco Bay Area as possible, but he's going to prison nonetheless – and he'll be there for th...

Policy

Mar. 28, 2024

Statement of U.S. Attorney Damian Williams on the Sentencing of Sam Bankman-Fried

Damian Williams, U.S. Attorney for the Southern District of New York, released this statement on social media platform X (formerly twitter) after Sam Bankman-Fried was sentenced to 25 years in prison: Samuel Bankman-Fied orchestrated on...

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Mar. 28, 2024

LIVE: Sam Bankman-Fried Returns to New York Courthouse for Sentencing in FTX Fraud Case

Sam Bankman-Fried is in a Manhattan courthouse again on Thursday to face sentencing after his November conviction on seven different fraud and conspiracy charges tied to the operation and collapse of FTX. The former CEO faces decades behind bars...

Policy

Mar. 28, 2024

Recapping FTX Founder Sam Bankman-Fried's Trial

Thousands of people’s financial stability was taken 15 months ago when FTX founder and then CEO Sam Bankman-Fried’s lies were exposed and the former crypto exchange fell apart . Today, Bankman-Fried could be sentenced to up to 50 years in priso...

Policy

Mar. 28, 2024

Fewer Than 30% of Jurisdictions Globally Have Started Regulating Crypto: FATF Chief

A lack of regulation "creates significant loopholes for both criminals and terrorists to exploit" and is "a call to action that we need countries to take this problem seriously," Financial Action Task Force President T. Raja Kumar said in an i...

Policy

Mar. 28, 2024

Indonesia Will Require Crypto Products to Pass Through Regulatory Sandbox or Be Deemed Illegal

Indonesia's Financial Services Authority (OJK) takes over regulation of the crypto industry from the commodities agency Bappebti in January 2025. Crypto firms will have to pass an evaluation in a sandbox environment by the new regulator before ...

Policy

Mar. 28, 2024

Canadian Province Asks QuadrigaCX Co-Founder to Explain His Wealth in New Order

QuadrigaCX co-founder Michael Patryn is the target of an unexplained wealth order by the Canadian Province of British Columbia. This tool is relatively novel, and Patryn has contested the claim, with his counsel calling it unconstitutional Th...

Policy

Mar. 27, 2024

U.S., U.K. Issue Joint Sanctions of ‘Hamas-Aligned’ Gaza Now

Gaza Now and its founder have been sanctioned for facilitating financial donations for Hamas in the wake of the October 7 attack in Israel Elliptic found that Gaza Now received $21,000 in crypto-denominated donations in the weeks after the atta...

Policy

Mar. 27, 2024

Dutch Prosecutors Seek 64-Month Jail Sentence for Tornado Cash Dev Alexey Pertsev

Prosecutors seek to sentence Tornado Cash developer Alexey Pertsev to 64 months in jail, members of their team told CoinDesk. The consequences of the trial could have wider implications on how developers of open-source projects are treated. T...

Policy

Mar. 27, 2024

UK Ad Rules Apply to Influencers, Crypto Memes, Regulator Confirms in New Guidance

The Financial Conduct Authority brought the crypto sector into the scope of its financial promotions rules last year. While the regulator previously said the rules will apply to social media influencers, the final guidance published Tuesday set...

Policy

Mar. 27, 2024

Coinbase Loses Most of Motion to Dismiss SEC Lawsuit

A federal judge ruled that the U.S. Securities and Exchange Commission brought enough of a case arguing that Coinbase is operating an unregistered broker, exchange and clearinghouse that its suit against the cryptocurrency company should move for...

Policy

Mar. 27, 2024

Crypto Chip Company Katena Wins Lawsuit Filed by Bitcoin Miner Coinmint

Crypto technology firm Katena Computing didn't trick miner Coinmint into a $150 million purchase agreement, a panel of arbitrators ruled last month in the mining company's suit against Katena and a semiconductor company called DX Corr. Coinmint ...

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Mar. 27, 2024

Illicit Funds in Crypto Ecosystem Shrank 9% Last Year, Yet Criminals Still Handled Nearly $35B: TRM Labs

A new TRM Labs report has found that illicit funds in the crypto ecosystem shrunk by 9% from 2022 to 2023. Yet criminality through crypto has risen in some forms. For example, sales of illicit drugs on darknet marketplaces grew to $1.6 billion ...

Policy

Mar. 27, 2024

How Sam Bankman-Fried's Sentencing Hearing May Play Out

Sam Bankman-Fried will find out this week if he is potentially facing decades in prison. Judge Lewis Kaplan is set to sentence him for his conviction last year on two fraud charges and five conspiracy charges tied to the operation and collapse of...

Policy

Mar. 27, 2024

Hong Kong-Based Asset Manager VSFG and Value Partners Apply for Spot Bitcoin ETF

Asset manager VSFG and Value Partners have together applied for a spot bitcoin ETF in Hong Kong. SFC is likely to allow in-kind creations and redemptions for spot bitcoin ETFs, Bloomberg reported earlier this week. Asset manager VSFG , toget...

Policy

Mar. 27, 2024

HSBC’s Gold Token Goes Live for Retail Investors in Hong Kong

The tokenized gold product is available via HSBC Online Banking and HSBC HK Mobile App. The HSBC Gold Token is minted on the bank’s Orion digital assets platform. Financial powerhouse HSBC (HSBA) is tokenizing gold for everyday investors in H...

Policy

Mar. 27, 2024

Binance Is Having an Odd Time

Binance is having a weird moment, perhaps most clearly illustrated by the fact that a national government detained two of its executives for a month now – and one is only free because he seemingly escaped custody. You’re reading State of Crypto...

Policy

Mar. 26, 2024

House Republicans Demand SEC Explain What's Up With Crypto Platform Prometheum

Influential House Republicans are demanding answers from Gensler on how ETH could legally be treated as a security by Prometheum. A total of 48 members of Congress signed a letter to Gensler, expressing concerns about how listing ETH as a secur...

Policy

Mar. 26, 2024

UK Govt-Backed Report Urges Firms to Execute Tokenization Strategies

A U.K.-government-backed technology working group wants firms to run tokenization projects in collaboration with their peers. The group's second report on the topic says funds should be able to hold tokenized assets as well as settle transfers ...

Policy

Mar. 26, 2024

SEC Seeks $1.95B Fine in Final Judgment Against Ripple

The U.S. SEC has asked a New York judge to impose a fine of $1.95 billion on Ripple Labs. The SEC asked the Court to consider how easily actors, particularly in the crypto asset space, can today engage in the same sort of conduct as Ripple’s. ...

Policy

Mar. 25, 2024

Garlinghouse Says SEC to Press Judge for $2B in Fines and Penalties in Ripple Case

The U.S. Securities and Exchange Commission (SEC) is apparently asking a New York judge to levy a $2 billion judgment against Ripple Labs, according to social media posts from the crypto company’s CEO and chief legal officer on Monday. The SEC’s...

Policy

Mar. 25, 2024

FTX to Sell $884M of Anthropic Shares to Two Dozen Institutional Investors

The FTX bankruptcy estate has reached a deal to sell the majority of its shares in artificial intelligence startup Anthropic to two dozen institutional investors, raising $884 million. According to Friday court filings, the top buyer is ATIC Thi...

Policy

Mar. 25, 2024

Do Kwon Released From Montenegrin Prison on Bail; Terraform Labs' Civil Trial Begins in NYC

Do Kwon was released from prison in Montenegro on Saturday pending extradition to either the U.S. or South Korea Kwon has missed the start of a civil fraud trial against him and Terraform Labs that kicked off in Manhattan on Monday Terraform ...

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Mar. 25, 2024

Binance Blocked by Philippines Securities Watchdog

The Philippines Securities and Exchange Commission is blocking local access to the world's largest crypto exchange, Binance, the regulator said in a notice published Monday. The regulator filed a formal request with the national telecommunicat...

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Mar. 25, 2024

CommEX, Owner of Binance's Former Russian Ops, to Close Down

CommEX exchange said it plans to shut down its website by May 10. The company bought Binance's Russian exchange last year. Crypto exchange CommEX, the owner of Binance's former Russian operations, plans to completely shut down its website on ...

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Mar. 25, 2024

EU Markets Watchdog Steps Closer to Finalizing Rules Under MiCA

EU's markets watchdog ESMA on Monday published one of its final reports on measures under the bloc's Markets in Crypto Asset (MiCA) regulation. It also released its third set of measures for public comment. ESMA and the European Banking Author...

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Mar. 25, 2024

Nigeria Charges Binance, Detained Executives With Tax Evasion: Reports

Nigeria's tax authority charged Binance with tax evasion, local news outlets reported Monday. The charges come after a tense few weeks during which two senior executives of the crypto exchange were detained by authorities. Local media reported...

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Mar. 22, 2024

Bankers Are Lining Up Buyers for FTX’s 8% Stake in AI Startup Anthropic: Report

Buyers are lining up to buy FTX’s 8% stake in AI startup Anthropic, according to a new report from CNBC. The shares were purchased in 2021 for $500 million – but are worth $1 billion at today’s valuation. FTX’s slice of artificial intell...

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Mar. 22, 2024

SEC's Gensler Says Crypto Firms Skip Public Disclosures by Dodging Registration

U.S. Securities and Exchange Commission Chairman Gary Gensler used a speech on the "public good" of securities disclosures on Friday to point specifically at the crypto industry as a problem area. Gensler, whose tenure atop the agency has been m...

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Mar. 22, 2024

Do Kwon’s Extradition to South Korea Postponed by Montenegrin Supreme Court

The Montenegrin Supreme Court has stepped in to stop Do Kwon from being extradited to South Korea. The decision overturns earlier decisions from two lower courts to extradite Kwon to face charges in his home country, rather than in the U.S., wh...

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Mar. 22, 2024

U.S. SEC Asking for More Millions, Dozens of Lawyers to Beef Up Crypto Oversight

Gary Gensler wants 33 more people in the enforcement division of the U.S. Securities and Exchange Commission (SEC) to deal with "new and emerging issues," according to the regulator's annual budget pitch. Much of that office's recent, emerging wo...

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Mar. 22, 2024

U.S. Government's Legal Precedents Don't Support Lengthy Prison Term, Bankman-Fried's Defense Argues

Sam Bankman-Fried's defense team argued the U.S. Department of Justice was misapplying legal precedent in arguing for a lengthy prison term. The DOJ urged a sentence of 40 to 50 years, as opposed to the defense's request for roughly 6 years, fo...

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Mar. 21, 2024

Do Kwon’s South Korea Extradition Uncertain After Challenge from Top Prosecutor

Terra co-founder Do Kwon’s extradition to South Korea has been halted following a legal challenge from the top prosecutor of Montenegro. Kwon has been in Montenegrin custody since March 2023, when he was arrested and jailed for using fake Costa...

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Mar. 21, 2024

Crypto Exchange OKX to End Services in India

Crypto exchange OKX told clients it is no longer providing services in India. Customers need to close out their positions by the end of April, after which they will only be able to withdraw their funds. The exchange says it is responding to re...

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Mar. 21, 2024

North Korean Crypto Hackers Have Stolen $3B Since 2017, Says UN Security Council: Report

North Korea-linked cryptocurrency hacks totaled $3 billion between 2017 and 2023, South Korean news agency Yonhap reported on Thursday , citing a United Nations (UN) Security Council study. A UN Security Council panel is investigating 17 crypto...

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Mar. 20, 2024

FTX Was Down to Last 105 Bitcoins When Bankruptcy Rescue Crew Arrived: John Ray

Current FTX CEO John J. Ray III is pushing back against his disgraced predecessor Sam Bankman-Fried’s claims that customers lost “zero” money in the exchange’s 2022 collapse, calling them “categorically, callously, and demonstrably false.” In a ...

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Mar. 20, 2024

Key U.S. Lawmaker McHenry Says House Has 'Workable' Stablecoin Bill

Both Rep. Patrick McHenry and Sen. Cynthia Lummis said there's a potential path for a stablecoin bill on Congress this year, though they couldn't say when it could happen. The U.S. Senate has been trailing on the stablecoin issue, without any c...

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Mar. 20, 2024

Guilty Verdict for Woman Accused of Laundering Bitcoin Tied to Alleged $6B China Fraud: Bloomberg

Jian Wen was found guilty of money laundering by a London jury that couldn't reach a decision on two other charges. Jian, who denied the allegations, was previously acquitted of other money laundering charges at a separate trial. A U.K. citiz...

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Mar. 20, 2024

Do Kwon Appeal of South Korea Extradition Rejected by Montenegro Court

A Montenegro appeals court won't overturn a previous ruling approving Do Kwon's extradition to South Korea to face criminal charges over the collapse of his crypto enterprise Terra. The U.S. Department of Justice is also seeking Kwon's extradit...

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Mar. 20, 2024

Tornado Cash Dev Pertsev's $1.2B Money Laundering Allegations Detailed Ahead of Dutch Trial

Russian developer Alexey Pertsev is accused of laundering $1.2 billion worth of crypto through the anonymizing tool Tornado Cash, Dutch prosecutors detailed in an indictment shared ahead of his trial on March 26. The indictment, seen by CoinDesk...

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Mar. 20, 2024

3AC Co-Founder Kyle Davies Says He Won’t Apologize for Crypto Hedge Fund Going 'Bankrupt'

Kyle Davies refused to apologize for his role in his crypto hedge fund going bankrupt. Davies was speaking on the Unchained podcast and refused to reveal his current location. Kyle Davies, the co-founder of the now-defunct Three Arrows Capita...

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Mar. 20, 2024

Does Sam Bankman-Fried Deserve 50 Years in Prison?

The stage is set for a federal judge to determine how long Sam Bankman-Fried may spend in prison. The U.S. Department of Justice and defense attorneys have now both filed their arguments, as well as statements from FTX creditors (from the prosecu...

Policy

Mar. 20, 2024

Crypto Fan Won Ohio Senate Primary That Could Alter the Industry's U.S. Destiny

The Republican primary win of blockchain businessman Bernie Moreno in Ohio has set up the congressional race to watch for the crypto industry. Moreno will face off in the general election against crypto doubter Sen. Sherrod Brown, the chairman...

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Mar. 20, 2024

DOJ's Proposed 50-Year Sentence for Sam Bankman-Fried 'Disturbing,' FTX Founder's Lawyers Say

Sam Bankman-Fried's defense team pushed back against what it called the "disturbing" sentencing memorandum filed by the Department of Justice last week in a new letter, saying the DOJ was making the FTX founder out to be someone he was not. "Wit...

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Mar. 19, 2024

BlackRock Creates Tokenized Asset Fund, SEC Filing Shows

Investment management giant BlackRock (BLK) has created a tokenized asset fund, according to a document filed to the U.S. Securities and Exchange Commission (SEC). The BlackRock USD Institutional Digital Liquidity Fund was incorporated on the ...

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Mar. 19, 2024

Genesis to Pay SEC $21M Penalty to Settle Charges Over Gemini Earn Product

Genesis Global Capital will pay $21 million as a civil penalty in a settlement with the SEC that has now been formalized. The SEC will not receive any "portion of the penalty until after payment of all other allowed claims," the regulator said ...

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Mar. 19, 2024

Coinbase's Allies Join Crypto Firm's Case Against SEC

Several allies joined Coinbase Inc. (COIN) in its court fight against the U.S. Securities and Exchange Commission (SEC) to force the agency to rethink its refusal to write specific rules to govern the crypto industry, with Paradigm, the Crypto Co...

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Mar. 19, 2024

EU Lawmakers Vote for Three Major Texts in Anti-Money Laundering Package That Also Targets Crypto

EU lawmakers have adopted three key texts in a broad anti-money laundering legislative package that will also apply to crypto. In a joint meeting, the Committee on Civil Liberties, Justice and Home Affairs and the Committee on Economic and Mone...

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Mar. 19, 2024

UK Regulator FCA Plans to Deliver a Market Abuse Regime for Crypto This Year

The FCA plans to help deliver a market abuse regime for crypto this year. The regime would apply to anyone committing market abuse on a crypto asset that is trading on a U.K. exchange, regardless of where they are based. The U.K.’s Financial ...

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Mar. 19, 2024

Binance Asks Prime Brokers to Enhance KYC to Block U.S. Nationals: Bloomberg

Binance is now requiring prime brokers to enhance their KYC to block U.S. nationals, according to a Bloomberg report. In court documents unsealed in November, it was revealed that U.S. customers significantly fueled Binance’s rapid growth. Bi...

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Mar. 19, 2024

Grab’s Singapore Users Can Now Use Crypto to Make Payments

Singapore users can pay using five cryptocurrencies while using the super app Grab, The Straits Times reports. Grab’s latest move has been made possible after its tie-up with payments firm Triple-A. Grab is letting users make payments via cry...

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Mar. 19, 2024

Nigerian Court Orders Binance to Relinquish Data of All Nigerians Trading on its Platform: Report

Binance has to provide Nigeria’s anti-graft agency comprehensive data on all Nigerians using its platform, a Federal court has ordered. Nigeria’s detention of two senior executives from Binance after inviting them into the nation has entered ...

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Mar. 19, 2024

FTX Users Describe 'Emotional Toll' From Bankruptcy in Letters to Judge Ahead of Sam Bankman-Fried's Sentencing

The Department of Justice filed dozens of victim impact statements from FTX creditors on Monday. The statements are intended to support the DOJ’s sentencing memo for Sam Bankman-Fried. FTX’s creditors say the exchange’s 2022 collapse “robbed ...

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Mar. 18, 2024

SEC Committed 'Gross Abuse of Power' in Suit Against Crypto Company, Federal Judge Rules

A federal judge ruled that the U.S. Securities and Exchange Commission must pay legal costs for DEBT Box, a Utah-based crypto company the SEC brought a suit against, finding that the regulator had committed a "gross abuse of power" in its efforts...

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Mar. 18, 2024

FTX Claims Holder Attestor Takes Creditor to Court Over Alleged 'Seller’s Remorse'

London-based investment firm Attestor Capital, a top holder of FTX bankruptcy claims, has filed suit against a FTX creditor who allegedly promised to sell the firm two FTX accounts, only to back out of the deal once the value of its claims s...

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Mar. 18, 2024

Nigeria's SEC Proposes 400% Increase to Crypto Firm Registration Fees

Nigeria's Securities and Exchange Commission proposed dramatic hikes to supervision fees for crypto firms. Regulators and government officials have been cracking down on the crypto industry as the country's currency weakens to record lows. Ni...

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Mar. 15, 2024

Sam Bankman-Fried Should Spend 40-50 Years in Prison, DOJ Says

Prosecutors recommended that a federal judge sentence FTX founder and former CEO Sam Bankman-Fried to at least 40 and as many as 50 years in prison for his conviction on fraud and conspiracy charges tied to the collapse of what was once one of th...

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Mar. 15, 2024

What Happens Next in COPA vs Craig Wright Trial is Down to the Judge

Judge James Mellor said that Wright was not Satoshi Nakamoto the creator of Bitcoin. What happens next will depend on what Mellor states in his written judgment. The Crypto Open Patent Alliance (COPA) secured an initial victory on Thursday ...

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Mar. 15, 2024

Hong Kong Regulator Says Crypto Exchange MEXC Has Been Operating Without a License

The Hong Kong's Securities and Futures Commission warned the public that MEXC had been operating without a license. The country started accepting applications for crypto firms to get a license to operate in the county June last year. Hong Kon...

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Mar. 15, 2024

Democrats Ask SEC's Gensler to Block Approval of More Crypto ETPs

Senators Jack Reed and Laphonza Butler urge the SEC to block crypto ETPs, citing risks from poor disclosure and thin liquidity. Coinbase’s Paul Grewal counters, highlighting ether’s high trading volume and crypto’s role in financial modernizati...

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Mar. 15, 2024

El Salvador Has Thousands More Bitcoins Than Previously Known

El Salvador moved more than 5,000 BTC into a cold wallet this week. The disclosure by President Nayib Bukele nearly doubles the country's known stash of the digital asset. Bitcoin-forward Central American nation El Salvador this week moved $4...

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Mar. 14, 2024

A $300M Ponzi Scheme That Targeted Latinos Falsely Claimed to Buy Crypto, SEC Says

The U.S. Securities and Exchange Commission sued 17 individuals tied to an alleged Ponzi scheme that took in $300 million from over 40,000 victims. The defendants, who targeted the Latino community in 10 U.S. states and two other countries, conv...

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Mar. 14, 2024

Trump is Clear Favorite Among Crypto-Owning Voters in U.S. Presidential Race: Poll

A new poll shows crypto holders are favoring Donald Trump at 48% against Joe Biden at 39% in the presidential election. The poll sought opinions from 1,000 voters online, and 7% of them said they own more than $1,000 worth of cryptocurrencies. ...

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Mar. 14, 2024

Justice James Mellor's Ruling on Craig Wright, COPA Trial, in His Own Words

The U.K. Judicial Office shared this extract from the transcript of the COPA v Wright trial on March 14, 2024, after Justice James Mellor ruled that Craig Wright is not Bitcoin creator Satoshi Nakamoto. March 14, 2024: I thank all the parti...

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Mar. 14, 2024

Craig Wright Is Not Satoshi, Didn't Author Bitcoin Whitepaper, Judge Rules

Craig Wright is not Satoshi Nakamoto or the author of the Bitcoin whitepaper, U.K. Judge James Mellor said after closing arguments in the Crypto Open Patent Alliance trial on Thursday. After finding that the evidence was "overwhelming," the judg...

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Mar. 14, 2024

Hong Kong's Markets Regulator Issues Warning Against Crypto Exchange Bybit

Hong Kong’s markets regulator warned the public about the crypto exchange ByBit and several of the products it offers to investors. The SFC said investors risk losing their entire investment and that it will not hesitate to take enforcement act...

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Mar. 14, 2024

Hong Kong Starts New Phase of CBDC Testing

The Hong Kong Monetary Authority (HKMA) has kicked off the second phase of its central bank digital currency (CBDC) pilot, the e-HKD, the regulator said Thursday. The central bank will continue testing from the first phase and explore new appl...

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Mar. 14, 2024

DeFi Borrower Behavior Key to Gauging Tokenization Risks: BIS Study

The behaviour of borrowers in decentralized finance (DeFi) is important in considering the design of collateralized borrowing platforms with emerging tokenized assets, a BIS study has found. The study's authors claim to be the first to document...

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Mar. 14, 2024

Crypto.com Fined $3.1M by Dutch Regulator for Operating Without Registration

Crypto.com faced a $3.1 million fine from the Dutch central bank for operating in the country without registration. The regulator said it hit the platform with an increased fine for multiple reasons, including serving a "significant number" o...

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Mar. 14, 2024

Australian Court Dismisses Lawsuit by Market Regulator Against Finder in 'Landmark' Ruling for Crypto Industry

An Australian court has dismissed a case brought by the nation’s market regulator against Finder Wallet for offering a product as a debenture. The court found that the regulator did "not establish that the Finder Earn product is a debenture” an...

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Mar. 14, 2024

FinCEN Is Analyzing $165M in Transactions That May Tie Crypto and Hamas, Senior Official Says

Financial institutions have reported $165 million in potential crypto transactions that may be tied to Hamas, according to the bureau of the U.S. Treasury department that combats terrorism financing. The Financial Crimes Enforcement Network anal...

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Mar. 13, 2024

Detained Binance Executives to Remain in Nigerian Custody Until Hearing: WSJ

Two Binance executives, Tigran Gambaryan and Nadeem Anjarwalla, will remain in Nigerian custody at least until a hearing on March 20. The men were arrested on Feb. 26 after flying to Abuja to meet with the Nigerian government at the government'...

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Mar. 13, 2024

U.S. Attorney’s Office Files Civil Forfeiture Action to Return $2.3M in Crypto Tied to 37 Scam Victims

The U.S. Attorney's Office in Massachusetts filed an action on Wednesday to return $2.3 million in cryptocurrency to victims of online scams. The cryptocurrency was seized from two Binance accounts in Jan. 2024. Investigators began tracing the...

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Mar. 13, 2024

Judge Rules Against Gemini, Genesis Motion to Dismiss SEC Case Against Earn Product

A New York judge ruled that the U.S. Securities and Exchange Commission’s complaint against Gemini and Genesis “plausibly alleges” that the two firms violated securities laws. The Wednesday motion tosses out the two firms’ motions to dismiss fi...

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Mar. 13, 2024

Craig Wright's Counsel Hits Back at COPA's Fraud Allegations in Closing Argument

Craig Wright's legal team denied the Crypto Open Patent Alliance's arguments in its closing argument Wednesday. COPA took Wright to court last month to try and prove he is not Satoshi Nakamoto, the creator of Bitcoin. Craig Wright's team sta...

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Mar. 13, 2024

El Salvador Axes Income Tax for Investments From Abroad

El Salvador, the nation led by bitcoin-friendly President Nayib Bukele, has eliminated income tax on money coming into the country from abroad. "Congress has reformed our income tax law, for international investments and money transfers, dro...

Policy

Mar. 13, 2024

South Africa Is Poised to License 60 Crypto Firms by Month End: Bloomberg

South Africa's financial regulator is set to award licenses to 60 crypto firms, Bloomberg reported on Wednesday. The regulator received applications from 300 firms since its new framework commenced last year . “We are processing those licens...

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Mar. 13, 2024

Indonesia’s Finance Regulator Issues New Crypto Regulation to Strengthen Industry

The regulation doesn’t dive into the details but sets the stage for managing crypto advancements in finance. Earlier this month, the OJK collaborated with Malaysia, Singapore, and Dubai to develop a framework for crypto policy. Indonesia’s fi...

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Mar. 13, 2024

EU Regulators Publish Batch of Draft Rules for Stablecoins Under MiCA

The European Union's banking and markets regulators have issued a set of draft technical standards for stablecoins that reference multiple currencies or assets. The standards are one of several batches the watchdogs are expected to formulate an...

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Mar. 13, 2024

Thailand Greenlights Income Tax Exemption for Investment Token Earnings: Report

Thailand’s cabinet on Tuesday approved a tax exemption for crypto earnings to encourage fundraising via investment tokens, multiple local news outlets reported. Under the exemption, holders of investment tokens that have had the 15% capital gai...

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Mar. 13, 2024

Terraform Labs Allowed to Hire Law Firm Dentons in Bankruptcy Case by U.S. Court: Reuters

Terraform Labs has been allowed to hire law firm Dentons by a U.S. court, Reuters reported on Wednesday. Terraform's creditors, the SEC, and the U.S. Justice Department objected to Terraform hiring Dentons in February. A U.S. court has allowe...

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Mar. 13, 2024

Instant Settlement Needed to Compete With Crypto, India's Markets Regulator Says

The head of India's markets regulator says instant settlements are required to compete with crypto. Investors are likely to move to crypto if traditional markets "cannot offer tokenization and instantaneous settlement," SEBI's Madhabi Puri Buch...

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Mar. 13, 2024

Binance-Nigeria Brawl Continues As Country Asks Exchange to Submit List of Top 100 Users

Nigeria wants Binance to give information regarding its top 100 users in the country and all transaction history spanning the past six months. Neither Gambaryan nor Anjarwalla have been charged with an offense but were being held “simply as hos...

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Mar. 13, 2024

U.S. Govt. Study Concludes No NFT-Specific Legislation Needed Yet, Current Copyright Laws Adequate

Current laws around intellectual property are enough to deal with concerns around NFTs, a government study has found. The study was requested by Former Democratic Senator from Vermont, Patrick Joseph Leahy and Democratic Senator from North Caro...

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Mar. 13, 2024

How an Appeals Court Ruled on an Aspiring Class-Action Lawsuit Against Binance

A federal appeals court ruled last week that Binance needs to face a putative class-action lawsuit from a group of U.S.-based crypto investors who allege the exchange allowed them to buy and trade unregistered securities in the form of certain cr...

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Mar. 12, 2024

Bitcoin Fog Founder Convicted of Money Laundering

Roman Sterlingov, a dual Russian-Swiss citizen, was found guilty on Tuesday of four charges related to money laundering for his role in setting up the bitcoin mixing service Bitcoin Fog. The most serious charge carries a maximum sentence of 20 ...

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Mar. 12, 2024

NFT Providers May Need Registration to Comply With UK Money Laundering Rules

NFT providers may need to be registered with the Financial Conduct Authority, the Treasury said in a consultation on money laundering regulations. NFTs are unlikely to be covered by the rules for financial services, which will have a separate a...

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Mar. 12, 2024

Craig Wright ‘Committed Perjury’ in U.K. Trial Over Satoshi Claims, COPA Says

Closing statements in the U.K. trial probing Craig Wright’s claims of having invented Bitcoin kicked off Tuesday. In its closing arguments, the Crypto Open Patent Alliance (COPA) accused Wright of committing perjury in addition to committing fo...

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Mar. 12, 2024

U.S. CFTC's Behnam Says Agency Writing New Policy on Prediction Markets

The chairman of the U.S. Commodity Futures Trading Commission told a crowd in Florida that his agency is coming up with a new rule for the prediction markets. The CFTC has been waging a legal battle with the platforms that allow users to buy si...

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Mar. 12, 2024

Sweden’s Central Bank Chief Wants 'as Little Bitcoin as Possible' in Country's Financial System: Bloomberg

The governor of Sweden's central bank said he wants nothing to do with bitcoin. "Right now there's a surge, but we have seen the value collapsing not long ago," Riksbank Governor Erik Thedeen said. Sweden's central bank governor wants as litt...

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Mar. 12, 2024

EU Parliament Approves New Sanctions Laws That Also Apply to Crypto

The European Parliament on Tuesday voted to approve a new set of sanctions rules to harmonize enforcement across its 27 member states. EU sanctions law applies to crypto service providers and can involve freezing assets, including crypto. Th...

Policy

Mar. 12, 2024

Hong Kong's Central Bank Starts Regulatory Sandbox for Stablecoin Issuers

Hong Kong's central bank is inviting businesses interested in issuing fiat-backed stablecoins to join a regulatory sandbox. The regulator plans to use the sandbox to shape its plans to regulate crypto pegged to real currencies. The Hong Kong ...

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Mar. 12, 2024

Thailand’s SEC Greenlights Investment From Institutional and Wealthy Individuals in Crypto ETFs

Thailand’s Securities and Exchange Commission (SEC) has made an exception, allowing institutional investors and very high-net-worth individuals to invest in crypto exchange-traded funds (ETFs). The SEC will now allow asset managers to invest in ...

Policy

Mar. 12, 2024

Nigeria Invited, Then Detained Binance’s Compliance Head and Africa Manager for Two Weeks: Reports

Binance’s Tigran Gambaryan and Nadeem Anjarwalla have been held against their will for the past two weeks by Nigerian authorities. The Nigerian government had invited the executives to discuss the current dispute with Binance, and the duo had l...

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Mar. 12, 2024

COPA vs Wright: What's at Stake as the Trial to Determine Satoshi's Identity Wraps Up

The Crypto Open Patent Alliance and Craig Wright will present their closing statements in the trial to find out if Wright is Satoshi. Justice James Mellor has not yet said when his decision will be out. The results of the identity case against...

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Mar. 11, 2024

Coinbase Accuses U.S. SEC of Breaking the Law in Rejecting Crypto Rulemaking

U.S. crypto exchange Coinbase has filed an action against the Securities and Exchange Commission, accusing the agency of behaving arbitrarily and capriciously in its refusal to tailor rules to clarify oversight of the industry. This case is a r...

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Mar. 11, 2024

U.S. President Again Proposes Crypto Mining Tax, 'Wash Sale Rule' for Digital Assets in New Budget

U.S. President Joe Biden unveiled his proposed fiscal year 2025 budget proposal, which included a crypto mining excise tax and addressing crypto in wash-sale rules. These are similar taxes to those proposed last year, which ultimately weren't t...

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Mar. 11, 2024

UK’s FCA Opens the Door for Institutional Investors to Build Crypto-Backed ETN Market

The regulator won’t object to the creation of a crypto asset-backed ETN market for professional investors. The crypto-backed products are ill-suited to retail investors who remain banned from trading these products, FCA said. The London Stock ...

Policy

Mar. 08, 2024

Wyoming Grants DAOs New Legal Structure

Wyoming has extended its legal framework for DAOs even further, setting up a new nonprofit status. A16z says it'll encourage the DAOs it's associated with to establish themselves in that state. Wyoming has established a new legal framework...

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Mar. 08, 2024

Appeals Court Revives Aspiring Class Action Lawsuit Against Binance

An appeals court ruled that a district judge improperly dismissed an aspiring class action lawsuit against Binance. The ruling doesn't make any statement about whether certain crypto tokens are securities but will let a group of investors make ...

Policy

Mar. 08, 2024

Crypto Investment Scam Losses in U.S. Grew 53% to $3.94B in 2023: FBI

Losses from crypto investment scams in the U.S. totaled $3.94 billion in 2023, an increase of 53% compared to $2.57 billion in 2022, a new report by the Federal Bureau of Investigation (FBI) has said. The overall investment frauds grew by 38% to...

Policy

Mar. 08, 2024

U.S. Will Appeal Do Kwon's Extradition to South Korea: Report

U.S. authorities will continue to seek the extradition of Do Kwon despite a Montenegro court ruling in favor of an extradition to South Korea, Bloomberg has reported. The extradition saga has seen several appeals of decisions, and at the moment...

Policy

Mar. 07, 2024

U.S. Fed Chair Powell Says 'Nowhere Near' Pursuing CBDC, Won't Spy on Americans

Federal Reserve Chair Jerome Powell tried to offer assurances in a Senate hearing that a CBDC wouldn't be built in the U.S. in a way that gave the government an ability to spy on people. Powell said the Fed isn't close to any digital dollar rec...

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Mar. 07, 2024

Do Kwon Can Be Extradited to South Korea, Montenegrin Court Rules: Reports

Terra founder Do Kwon can be extradited to South Korea to face criminal charges over the collapse of his crypto enterprise, a Montenegrin court ruled. Kwon was arrested last year while attempting to travel with falsified documents The U.S. and...

Policy

Mar. 07, 2024

Nigeria's Central Bank Enlists Gluwa Nigeria to Boost eNaira Systems, Adoption

The Central Bank of Nigeria wants to connect the eNaira to Gluwa's Credal blockchain API technology. The arrangement will ensure easier loan origination, tracking, settlement and scoring for local fintech lenders. The Central Bank of Nigeria ...

Policy

Mar. 07, 2024

Nigeria's SEC Updates Guidelines for Crypto Firms in Bid to Stop Criminal Activity: Report

Nigeria has updated its guidelines for crypto service providers in a bid to stop criminality. The development comes after Nigeria's government took steps to block local access to several crypto platforms. Nigeria's securities watchdog is upda...

Policy

Mar. 07, 2024

Hong Kong’s Central Bank Announces New Wholesale CBDC to Support Tokenization Market

Hong Kong's central bank announced the start of a wholesale central bank digital currency (wCBDC) project to support the development of the tokenization market. Project Ensemble will "seek to explore innovative financial market infrastructure ...

Policy

Mar. 06, 2024

BlockFi Settles With FTX, Alameda Estates for $874.5M

BlockFi has settled with the estates of FTX and Alameda Research for nearly $1 billion dollars. The three companies had a long and complicated relationship, but this settlement brings BlockFi closer to full recovery for customers. Bankrupt cr...

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Mar. 06, 2024

How the SEC's Recent Win May Play in Its Coinbase, Binance Cases

A federal judge ruled that secondary-market transactions for certain cryptocurrencies violated securities law. The catch: This was a default judgment. The defendant never showed up, and no one filed amicus briefs to oppose the Securities and Exch...

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Mar. 06, 2024

Crypto Dollars Helped Lift U.S. Politicians to Victory in Congressional Primaries

Crypto political action committees contributed to congressional candidates who won their primaries on Tuesday, including in Texas, North Carolina and Alabama. The bulk of their giving went to tank U.S. Rep. Katie Porter in her bid for a Califor...

Policy

Mar. 06, 2024

'Congress Needs to Act' on Crypto Regulations, CFTC Chair Behnam Tells Lawmakers

CFTC Chair Rostin Behnam said if Congress passes the FIT Act, he was "confident" that his agency could build a regulatory framework within 12 months. "This notion of crypto going away, I think, is just a false narrative," Behnam said. Commod...

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Mar. 06, 2024

UK Launches Consultation on Implementing OECD Crypto Reporting Framework

The U.K. launched a consultation on its plans to implement the Organization for Economic Co-operation and Development's (OECD) crypto reporting framework on Wednesday following its spring budget speech . The Treasury, the government's finance a...

Policy

Mar. 06, 2024

European Crypto Exchange Bitstamp Receives In-Principle Approval in Singapore

European cryptocurrency exchange Bitstamp has earned in-principle regulatory approval from the Monetary Authority of Singapore (MAS). The Major Payment Institution (MPI) license will soon be enable Bitstamp to offer digital payment token service...

Policy

Mar. 06, 2024

Binance.US Slashed Two-Thirds of Its Workforce as Revenue Plunged After SEC Lawsuit: Court Transcript

After the SEC’s action, Binance.US saw a $1 billion asset exodus, a 75% revenue drop, and 200 layoffs. The exchange struggles with legal costs, auditor expenses, and lost banking relationships, impacting operations. The Securities and Excha...

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Mar. 06, 2024

ShapeShift Settles SEC Charges It Sold Crypto Securities

The Securities and Exchange Commission filed a cease-and-desist against crypto exchange ShapeShift, barring it from operating as an unregistered dealer in the U.S. that listed crypto securities. ShapeShift offered to settle the charges, which t...

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Mar. 06, 2024

SEC Pushes Back Decision on BlackRock, Fidelity's Ether ETF Applications

The SEC delayed making any decisions on spot ether ETF applications from BlackRock and Fidelity. While May 23 is the final deadline for some applications, if applicants start updating their filings by April, it may be a sign for optimism, a Blo...

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Mar. 05, 2024

Crypto Seeks to Make Mark on U.S. Elections During 'Super Tuesday'

Super Tuesday's array of congressional primary results could have some implications for who will be minding the store in Washington, and crypto insiders are trying to have their say. Coinbase CEO Brian Armstrong argued that politicians need to...

Policy

Mar. 05, 2024

Binance.US Not Being Totally Forthcoming, SEC Complains in New Filing

The SEC alleged Binance.US was not abiding by the terms of a consent order in its case against the U.S.-based crypto exchange and its global parent. Binance.US did not prove to the SEC's satisfaction that Binance global employees did not have a...

Policy

Mar. 05, 2024

Crypto Lender Nexo Secures First Regulatory Victory in Dubai

Nexo has won initial approval to operate as a licensed entity in Dubai. Nexo’s regional entity is seeking to win full approval for Lending & Borrowing, Management & Investment, and Broker-Dealer activities. Nexo, a company offering di...

Policy

Mar. 05, 2024

Terra's Do Kwon Wins Extradition Appeal in Montenegro

Do Kwon, the founder of Terraform Labs, may not be extradited to the U.S. after a Montenegro court overturned a previous extradition ruling. Kwon had appealed against his extradition request to the U.S., where he faces fraud charges related to...

Policy

Mar. 05, 2024

Binance Will Discontinue Its Nigerian Naira Services After Government Scrutiny

Binance is not authorized to operate in Nigeria and has recently faced allegations of operating illegally there and fixing the country’s exchange rate. Binance’s CEO was summoned by the House of Representatives' Committee on Financial Crimes as...

Policy

Mar. 05, 2024

BRICS Will Create Payment System Based on Digital Currencies and Blockchain: Report

The BRICS grouping will create a payment system based on blockchain. The effort is part of a specific task for this year to increase the role of BRICS in the international monetary system. The five-nation BRICS group comprising Brazil, Russia...

Policy

Mar. 04, 2024

Prometheum Taps Morgan Stanley Exec as CFO Just Before Opening Doors

Controversial crypto platform Prometheum continues to signal its seriousness about moving forward as the industry's sole U.S. special-purpose crypto broker-dealer, having now hired a chief financial officer with a Wall Street pedigree from the li...

Policy

Mar. 04, 2024

Nigerian Parliamentary Committee Summons Binance CEO Teng: Report

The House of Representatives' Committee on Financial Crimes summoned Binance CEO Richard Teng to appear before it by March 4, the Punch reported. Chairman Ginger Onwusibe said the committee will take appropriate measures if he doesn't appear, a...

Policy

Mar. 04, 2024

Hong Kong's Markets Regulator Issues Warning Against Crypto Exchange BitForex

Hong Kong’s regulator for securities and futures markets has warned the public about cryptocurrency exchange BitForex for suspected fraud after it went dark in February. Hong Kong has been softening its chance on crypto, attempting to become th...

Policy

Mar. 04, 2024

U.S. Judge Enters Default Ruling Against Ex-Coinbase Insider, Says Secondary Market Sales are Securities Transactions

Trading of certain crypto assets on a secondary market, such as Coinbase, are securities transactions, a U.S. court ruled on Friday. The court took this critical position in a default judgment against Sameer Ramani, one of three accused in the ...

Policy

Mar. 01, 2024

Wall Street Journal Accused of Defamation Over 2023 Tether-Bitfinex Article

Christopher Harborne and AML Global Ltd. have sued The Wall Street Journal for defamation, alleging false accusations of fraud, money laundering and financing terrorism in a March 2023 article. The article, largely about Tether and Bitfinex's a...

Policy

Mar. 01, 2024

U.S. Department of Energy Will Start Comment Period on Miner Survey Proposal

The Energy Information Administration, a division within the Department of Energy, said it would solicit feedback on its crypto miner survey after coming to an agreement with the Texas Blockchain Council and Riot Platforms (RIOT). According to t...

Policy

Mar. 01, 2024

UK Law Enforcement Will Soon Have More Power to Seize Crypto Assets

U.K. law enforcement agencies' enhanced ability to seize cryptocurrency assets in crime cases, including terrorism, looks poised to take effect on April 26, after provisions in a 2023 law got closer to reality on Thursday. The secondary legis...

Policy

Mar. 01, 2024

Indonesia’s Crypto Watchdog Pushes for Friendlier Taxes as Regulatory Overhaul Looms

Indonesia’s crypto regulator wants the government to reconsider taxes on the sector. The country currently taxes crypto as commodities, but that classification may change next year when oversight falls under the financial services authority OJK...

Policy

Mar. 01, 2024

Craig Wright Accuses Critics of Bugging His House, Spoofing Emails to Bring Him Back to Court

Craig Wright denied forging emails between him and his former lawyers on Friday during his last cross-examination in the COPA trial. The trial will resume on March 12 for closing statements. Craig Wright accused critics of bugging his home an...

Policy

Mar. 01, 2024

Nigeria Government Demands $10B From Crypto Exchange Binance: BBC

Binance set an unofficial exchange rate and contributed to economic disruption in Nigeria, a presidential spokesperson said. The presidential spokesperson denied an amount had been set, People's Gazette reported later. The news of a potential ...

Policy

Mar. 01, 2024

SEC Overstepped Bounds in Kraken Lawsuit, State AGs Charge

A group of state attorneys general are arguing that the U.S. Securities and Exchange Commission exceeded its authority in suing the crypto exchange Kraken. State law enforcement officials from Montana, Arkansas, Iowa, Mississippi, Nebraska, Ohio...

Policy

Mar. 01, 2024

SEC in ‘Enforcement-Only Mode’ for Crypto, Commissioner Peirce Says at ETHDenver

DENVER – U.S. Securities and Exchange (SEC) Commissioner Hester Peirce said the top U.S. investment watchdog is in an “enforcement-only mode” when it comes to crypto, underscoring the uphill battle the industry faces against a litigious SEC. Spe...

Policy

Feb. 29, 2024

U.S. House Panel Votes to Disapprove of Controversial SEC Custody Guidance

A majority of the U.S. House Financial Services Committee voted to approve of a resolution seeking to eliminate the Securities and Exchange Commission's Staff Accounting Bulletin 121 – commonly referred to as SAB 121 – a controversial piece of gu...

Policy

Feb. 29, 2024

Nigeria Detains Binance Executives as It Investigates the Crypto Exchange: Reports

Two Binance executives were intercepted by Nigerian officials and their passports seized when they landed in the country. The crypto exchange did not have permission to operate in the country, the securities regulator said last year. Nigeria ...

Policy

Feb. 29, 2024

SEC Objects to Terraform’s $166M Retainer of Law Firm Dentons: Reuters

The U.S. SEC has objected to Terraform’s $166 million retainer of Law Firm Dentons. The SEC alleges that the money was “siphoned” off into an “opaque slush fund for its lawyers,” which could have gone to investors and creditors. The U.S. Secu...

Policy

Feb. 28, 2024

Sam Bankman-Fried Doesn't Want to Go to Prison for 100 Years

Sam Bankman-Fried's new legal team filed his sentencing memo, alongside 29 different character references and other supporting documents, arguing he shouldn't face a lengthy prison term after his conviction last November on two fraud and five con...

Policy

Feb. 28, 2024

Winklevoss Twins' Gemini Promises to Return $1.1B to Earn Customers

Gemini agreed to pay $1.1 billion to its Earn customers when Genesis Global Capital, its former partner on Earn, wraps up its bankruptcy case. Genesis filed for bankruptcy in January 2023. Gemini has promised to return $1.1 billion to custome...

Policy

Feb. 28, 2024

Coinbase Made an Arbitration Case to the U.S. Supreme Court – Again

Coinbase has again asked the U.S. Supreme Court to reinforce its position in a dispute over arbitration – marking a second time the crypto exchange has appeared before the high court to argue how customer disputes should be handled. Wednesday's...

Policy

Feb. 28, 2024

Craig Wright to Face New Allegations of Forgery in COPA Trial Over Ontier Emails

Craig Wright may face cross-examination again on Friday in the ongoing trial scrutinizing his claims of having invented bitcoin. He is set to defend new allegations that emails intended to be shared in court were doctored. All witnesses in a ...

Policy

Feb. 28, 2024

Crypto Political Operation Targets California's Katie Porter by Undermining Her Base

Fairshake is trying to throttle the Senate campaign of a California progressive, Rep. Katie Porter, before she can make it to the general election there. The super PAC is seeking to convince the young, crypto-owning voters in her base to go a ...

Policy

Feb. 28, 2024

Binance Nigeria Moved $26B Worth of Untraceable Funds in 2023, Central Bank Chief Says: Reports

In 2023, billions of dollars worth of crypto from sources that can’t be “adequately” identified flowed through Binance in Nigeria, the Governor of the Central Bank of Nigeria (CBN) has said. The West African country faces a foreign exchange cri...

Policy

Feb. 28, 2024

Senator Warren Hits Out at Crypto Again, Says Industry Needs to Follow the Same Rules as TradFi

Warren said that crypto would need to fall in line with the rest of the U.S. financial sector. The senator’s anti-money-laundering bill, which would bring the Bank Secrecy Act to crypto, is awaiting approval. U.S. Sen. Elizabeth Warren (D–Mas...

Policy

Feb. 28, 2024

Sam Bankman-Fried Asks Court to Cut Prison Time to 63-78 Months

Former FTX boss Sam Bankman-Fried (SBF), found guilty of fraud last year and due to be sentenced next month, has asked the court for a ‘just' sentence of 63 to 78 months, according to a court filing submitted Tuesday . Bankman-Fried’s lawyers o...

Policy

Feb. 27, 2024

Man Who Laundered Billions in Bitcoins Says Bitcoin Fog Was a Help: Bloomberg

Ilya Lichtenstein has gone from high-profile defendant to government witness, testifying against a mixing service that he used to hide laundered assets from the Bitfinex hack. He told a jury that Bitcoin Fog – a darknet favorite – wasn't as go...

Policy

Feb. 27, 2024

Republican Lawmakers Introduce Legislation to Ban a CBDC in the U.S. ... Again

Republican senators have introduced legislation aimed at blocking a CBDC in the U.S. The lawmakers say the "Biden administration salivates at the thought of infringing on our freedom and intruding on the privacy of citizens to surveil their per...

Policy

Feb. 27, 2024

HTX Withdraws Hong Kong Crypto Exchange Application

The Hong Kong-based subsidiary of HTX, formerly known as Huobi, has withdrawn its application for a virtual asset trading license, according to a notice on the Securities and Futures Commission website . The SFC's website shows that HTX withd...

Policy

Feb. 26, 2024

Craig Wright's Former Lawyers Say Emails Shared by Wife Are Fake as COPA Trial Heats Up

Craig Wright's former legal representatives at Ontier say emails purportedly showing their correspondence have been doctored as the fourth week of a U.K. trial probing his claims of having invented bitcoin started Monday. The emails were shared...

Policy

Feb. 26, 2024

Crypto, Tokenization, AI Are Priorities for Monitoring, FSB Says Ahead of G20 Meeting

The FSB said it will continue spearheading crypto policy efforts in 2024. The body plans to release reports on crypto, tokenization and AI, and ensure its global regulatory framework for crypto is implemented. Crypto assets, tokenization and ...

Policy

Feb. 23, 2024

Looking at Kraken's Motion to Dismiss an SEC Lawsuit

Crypto exchange Kraken filed a motion to dismiss the lawsuit it faces by the U.S. Securities and Exchange Commission. You’re reading State of Crypto, a CoinDesk newsletter looking at the intersection of cryptocurrency and government. Click h...

Policy

Feb. 23, 2024

Judge Signs Off on Binance's $4.3B Plea Deal With U.S. Prosecutors

A federal judge has signed off on crypto exchange Binance's $4.3 billion plea deal with the U.S. Department of Justice. During a sentencing hearing Friday, Judge Richard Jones of the U.S. District Court for the Western District of Washington app...

Policy

Feb. 23, 2024

Craig Wright Admits to Editing Bitcoin White Paper Presented in COPA Trial

The bitcoin developers' lawyer, Alexander Gunning, presented evidence that Craig Wright had made new edits to his whitepaper, which Wright acknowledged. The Crypto Open Patent Alliance wants to prove that Wright's claim to be the founder of bit...

Policy

Feb. 23, 2024

Trump: Bitcoin Has Taken on 'a Life of its Own,' Will Probably Need Some Regulation

Former U.S. president and Republican front-runner Donald Trump said bitcoin {{BTC}} has "taken a life of its own" and will probably need some regulation. Trump was speaking to Fox News during a town hall event in South Carolina on Tuesday ahea...

Policy

Feb. 23, 2024

Texas Blockchain Council, Riot Platforms Sue Dept. of Energy, OMB Over 'Emergency' Survey

The Texas Blockchain Council (TBC) and Riot Platforms sued the U.S. Department of Energy for demanding information without giving respondents sufficient notice. If the court does not intervene, the companies will be "immediately and irreparably...

Policy

Feb. 23, 2024

FTX Estate Can Sell Near 8% Stake in AI StartUp Anthropic, Court Rules

FTX's request to sell its stake in Anthropic has been granted by a court. FTX and sister investment firm Alameda invested $500 million in Anthropic in 2021. The FTX bankruptcy estate has been granted approval to sell its stake in artificial i...

Policy

Feb. 23, 2024

Crypto Exchange Kraken Files to Dismiss SEC Lawsuit Against It

Crypto exchange Kraken filed to dismiss a lawsuit by the U.S. Securities and Exchange Commission (SEC) on Thursday. The SEC sued Kraken last November on allegations it's operating as an unregistered exchange, broker and clearinghouse. The U.S...

Policy

Feb. 22, 2024

Frankfurt to Host New EU Money Laundering Watchdog Tasked With Monitoring Crypto

The European Union is setting up a new Anti-Money Laundering Authority to oversee potential crypto and other financial issues, with representatives from all 27 member nations. The new authority will be based in Frankfurt, Germany. The Europea...

Policy

Feb. 22, 2024

Coinbase Pushes Back on Reports It's Blocked in Nigeria

Exchange platform Coinbase remains accessible in Nigeria despite reports to the contrary, as renewed calls for a crypto ban in the country have intensified, a spokesperson for the exchange confirmed to CoinDesk on Thursday. Multiple local outle...

Policy

Feb. 22, 2024

The European Central Bank's Blog Post on Bitcoin ETFs

Bitcoin has failed on the promise to be a global decentralised digital currency and is still hardly used for legitimate transfers. The latest approval of an ETF doesn’t change the fact that Bitcoin is not suitable as means of payment or as an in...

Policy

Feb. 22, 2024

Bitcoin ETF Approval Comparable to 'Naked Emperor’s New Clothes,’ ECB Officials Say

The approval of spot bitcoin ETFs and the resulting price rally are not proof that the cryptocurrency is a good investment, two officials at the European Central Bank said in a blog post. Bitcoin’s price may rise in the short term, but there is...

Policy

Feb. 22, 2024

England's Law Commission Seeks Views on Draft Legislation to Label Crypto as Property

The Law Commission, which reviews and recommends changes to laws in England and Wales, published a consultation on draft legislation to label crypto as property. The independent statutory body's report on digital assets last year showed that c...

Policy

Feb. 22, 2024

South Korea’s Most Populated Province Traces and Collects $4.6M From Crypto Tax Evaders

South Korea’s most populated province, Gyeonggi, has implemented a digital tracking system for the first time in the country that has helped it collect arrears from crypto tax evaders. The $4.6 million collected has been from the 2,390 violator...

Policy

Feb. 22, 2024

South Africa to Start Work on Stablecoin Regime, Will Start by Considering Use Cases

South Africa's Intergovernmental Fintech Working Group will look into the use cases of stablecoins as well as their regulatory implications. The group is also exploring the effect of tokenization on markets and will publish a discussion paper b...

Policy

Feb. 21, 2024

DCG Calls Out Genesis' Settlement With New York as 'Subversive'

Digital Currency Group objected to subsidiary Genesis' proposed settlement with the New York attorney general's office. NYAG sued DCG and Genesis – as well as another company – on fraud charges. Digital Currency Group (DCG) is objecting to th...

Policy

Feb. 21, 2024

Crypto Action in Senate Remains on Back Burner: Sources

A rush of legislative proposals among Senate Banking Committee members, including from one of the chamber's biggest crypto critics, Sen. Elizabeth Warren, aren't poised for immediate action, according to people familiar with the panel's planning...

Policy

Feb. 21, 2024

Sam Bankman-Fried Replaces Lawyers Ahead of Sentencing

Sam Bankman-Fried entered court in his first appearance since his conviction last fall on fraud and conspiracy charges, to confirm he was okay with his new attorneys. Mark Mukasey, his new lead counsel, also represents former Celsius CEO Alex Ma...

Policy

Feb. 21, 2024

Hong Kong Doubles Down on Stablecoin, OTC Rules Promise

Hong Kong's government is looking to usher in bills for stablecoin issuers and virtual asset over-the-counter services. In the past few months, the Financial Services and the Treasury Bureau has initiated two consultations related to the sector...

Policy

Feb. 21, 2024

Turkey’s Upcoming Crypto Rules Will Protect Users While Fostering Innovation, Lawmaker Says

Turkey is preparing a regulatory package for the crypto industry. The goal of the package is to protect consumers while fostering innovation in the sector, a member of the parliament told CoinDesk Turkey. Turkey’s planned rules for the crypto...

Policy

Feb. 21, 2024

Crypto Super PAC Fairshake Raises $4.9M From Winklevoss Twins: Report

Fairshake, a Super political action committee (PAC) that is backing crypto-friendly candidates, has now received funding of a total of $4.9 million from billionaire twins Cameron Winklevoss and Tyler Winklevoss, Bloomberg reported , citing the l...

Policy

Feb. 20, 2024

U.S. Bans Crypto Addresses Tied to LockBit Ransomware Group From Financial System

The Office of Foreign Asset Control named two Russian nationals and identified 10 bitcoin and ether addresses after an international operation gained control of the organization's website. Law enforcement agencies said they will distribute decr...

Policy

Feb. 20, 2024

Hong Kong's Central Bank Issues Guidance for Firms Offering Crypto Custodial Services

Hong Kong's central bank issued guidance for firms interested in offering custodial services for digital assets. Among the requirements, the HKMA wants firms to hold clients' digital assets in client accounts segregated from the firm's own asse...

Policy

Feb. 20, 2024

South Korea’s Ruling and Opposition Parties Make Crypto-Related Poll Promises Ahead of Elections

South Korea’s ruling People Power Party has made several promises around the crypto sector, including one to look into allowing spot bitcoin exchange-traded funds (ETFs). The opposing Democratic Party has also promised to allow investors to pur...

Policy

Feb. 20, 2024

Australians More Likely to Invest in Spot Bitcoin ETFs After U.S. Approval: Study

25% of Australians view bitcoin more favorably after the spot bitcoin ETF approval in January. The annual report is based on a panel of only 2,100 adult respondents in a country of more than 26 million. The approval of U.S.-listed spot bitcoi...

Policy

Feb. 20, 2024

UK Minister Expects Stablecoin and Staking Legislation Within Six Months: Bloomberg

The U.K. government expects to see stablecoin and staking services legislation for the crypto sector within six months, according to Economic Secretary to the Treasury Bim Afolami. In October 2023, The Bank of England and the Financial Conduct ...

Policy

Feb. 19, 2024

Craig Wright Witness Defends Saying Headed for ‘Train Wreck’ With COPA Trial

Three witnesses for Craig Wright took the stand on Monday as the third week of a trial that could decide if he's Bitcoin inventor Satoshi Nakamoto kicked off in a U.K. high court. A key witness, Stefan Matthews, had to defend a damning statemen...

Policy

Feb. 19, 2024

Virginia Proposes a Mere $17,192 a Year for New Blockchain and Cryptocurrency Commission

Virginia's Subcommittee on General Government has allocated $17,192 a year to the Blockchain and Cryptocurrency Commission and the money will help run the committee and cover travel expenses. The Blockchain and Cryptocurrency Commission was rec...

Policy

Feb. 19, 2024

Japan Moves Closer to Allowing Venture Capital Firms to Hold Crypto Assets

Japan's government approved a bill that allows venture capital firms and investment funds to hold crypto assets. If passed by parliament, the bill could boost investment in Web3 startups. Japan's cabinet approved a bill that adds crypto to th...

Policy

Feb. 16, 2024

Craig Wright Trial Includes Ninja Anecdote Cited as Proof He's Bitcoin Creator Satoshi

The trial to see whether Craig Wright is the creator of bitcoin completed its second week. Wright's sister took to the stand on Friday along with two other witnesses representing him. Wright left the stand on Wednesday after being accused of l...

Policy

Feb. 16, 2024

Sam Bankman-Fried's Sentence Might Be Lighter Than You'd Expect

Sam Bankman-Fried, found guilty of fraud last year, is due to be sentenced next month. The FTX bankruptcy looks likely to make its creditors whole as a result of the jump in crypto markets matters. Restitution paid to victims is a factor when ...

Policy

Feb. 16, 2024

U.S. Regulators Do Have Some Control Over Stablecoin Tether: JPMorgan

The U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) can exert some control over the stablecoin issuer’s offshore usage. Tether’s association with crypto-mixer Tornado Cash is one such example. International cooperation could...

Policy

Feb. 15, 2024

Did Elizabeth Warren Just Endorse Bitcoin? Not So Fast

No, U.S. Senator Elizabeth Warren, the Massachusetts Democrat who typically antagonizes the blockchain industry, has not had a sudden change of heart on Bitcoin. Warren has fashioned herself as one of blockchain's fiercest critics in the Senate,...

Policy

Feb. 15, 2024

U.S. Federal Reserve Gov. Waller Says DeFi Could Boost Dollar's Global Strength

Fed Gov. Christopher Waller, one of seven on the central bank's board, says the crypto industry's effect on the dollar seems to actually be a help, so far. As long as stablecoins are tied to the dollar – as 99% of those tokens are now – they're...

Policy

Feb. 15, 2024

Craig Wright Witnesses Face Questions About Their Memories in COPA Trial

Craig Wright witnesses Ignatius Pang, Robert Jenkins and Shoaib Yousef took to the stand on Thursday. Lawyers for the Crypto Open Patent Alliance questioned the soundness of the three witnesses' memories. The trial on whether or not Wright is ...

Policy

Feb. 14, 2024

U.S. Treasury Backs Down Narrative That Hamas Relied on Crypto to Fund Terrorism

U.S. Treasury Undersecretary for Terrorism and Financial Intelligence Brian Nelson testified on Wednesday that terrorist group Hamas has received very little support in digital assets – countering earlier reports that it got tens of millions i...

Policy

Feb. 14, 2024

Upcoming High-Level EU Financial Policy Talks Could Steer Crypto Oversight: Source

An informal document shared between EU officials indicate its Financial Services Committee will discuss digital finance – including crypto – at an upcoming April meeting. These talks could influence future policy and rules for crypto and a pote...

Policy

Feb. 14, 2024

Craig Wright Cross Examination Ends as COPA Trial Closes for Day

Craig Wright's cross examination came to a close on Wednesday after a weeks worth of questioning. The Crypto Open Patent Alliance as well as the developers counsel who are up against Wright have asserted Wrights claims are lies numerous times. ...

Policy

Feb. 14, 2024

Indonesia Picks Crypto-Friendly Team in Presidential Election

Indonesia picked former defense minister Prabowo Subianto and his pro-crypto running mate, Gibran Rakabuming Raka, as the country’s next president and vice president. The two won nearly 60% of votes across Indonesia and will be inaugurated in ...

Policy

Feb. 14, 2024

Fed Chair Powell Told House Democrats U.S. Needs Stablecoin Bill: Politico

Federal Reserve Chair Jerome Powell told House Democrats that the U.S. needs a legislative framework for stablecoins , Politico reported. In his closed-door meeting on Tuesday with Democrats from the House Financial Services Committee, he's rep...

Policy

Feb. 14, 2024

UK Financial Watchdog Issued 450 Alerts on Illegal Crypto Promotions in Last Three Months of 2023

The Financial Conduct Authority issued 450 consumer alerts on firms illegally promoting crypto between Oct. 8 and Dec. 31 last year. The regulator warned it will continue to take robust action. The U.K. financial regulator said it issued 450 ...

Policy

Feb. 13, 2024

Bitcoin Favored in Human Trafficking, Child Exploitation: FinCEN Report

A few years ago, bitcoin {{BTC}} became a popular means to conduct illegal transactions to support a booming global business in the smuggling and exploitation of people, according to an analysis released Tuesday by the U.S. Department of the ...

Policy

Feb. 13, 2024

The SEC Takes on Dealer Definitions

The U.S. Securities and Exchange Commission published a new definition for securities dealers, capturing crypto. You’re reading State of Crypto, a CoinDesk newsletter looking at the intersection of cryptocurrency and government. Click here ...

Policy

Feb. 13, 2024

Crypto Political Group Fairshake Targets California Senate Candidate Katie Porter

U.S. Rep. Katie Porter, a prominent Democrat progressive from California, has a crypto target on her back as one of the industry's leading campaign-finance organizations opposes her with ads. Porter's campaign said that billionaires and corpora...

Policy

Feb. 13, 2024

Craig Wright Blasts 'Experts' Who 'Cannot Verify Their Work' at Trial Over Satoshi Claims

Craig Wright's cross-examination in the trial that could decide if his claims of having invented Bitcoin hold true continued Tuesday. Wright insisted that the possession of private keys doesn't prove he's Satoshi, but his knowledge and work do,...

Policy

Feb. 13, 2024

Ripple to Buy New York Crypto Trust Company to Expand U.S. Options

Ripple's acquisition plan to grab a company with a New York trust charter will expand the business it's allowed to conduct in the U.S., potentially letting it move beyond its well-known role as a payments network. The deal – Ripple's second ...

Policy

Feb. 13, 2024

Banxa, Payments Partner for Binance and OKX, Lands on UK Crypto Register

BNXA UK VASP entered the U.K. Financial Conduct Authority's crypto register on Friday. Landing on the FCA crypto register means the firm can now serve U.K. clients. The U.K. affiliate of payments infrastructure provider Banxa (BNXA) on Friday...

Policy

Feb. 12, 2024

Craig Wright Told by UK Court to Stop Making ‘Irrelevant Allegations’ as COPA Trial Continues

The second week of a highly anticipated U.K. trial that could decide if Australian computer scientist Craig Wright invented Bitcoin kicked off Monday. During his cross-examination, Wright continued to place blame on a number of individuals and ...

Policy

Feb. 12, 2024

Philippines Rules Out Blockchain for Wholesale CBDC Seen Likely by 2026: Report

The Philippines is likely to issue a wholesale central bank digital currency within two years, the Inquirer reported. The country does not plan on issuing a retail CBDC on concerns this is more likely to cause bank runs. The Philippines is li...

Policy

Feb. 12, 2024

Australian Judge Hands Split Decision in Market’s Regulator vs Block Earner

Fintech company Block Earner engaged in unlicensed services by offering its crypto-backed Earner product, ruled an Australian Federal Court. The court though, handed Block Earner a part victory against Australia’s markets regulator by adjudicat...

Policy

Feb. 09, 2024

New York Expands Fraud Case Against Digital Currency Group to $3 Billion

New York Attorney General Letitia James has amplified its fraud case against Digital Currency Group (DCG), now saying the company is responsible for $3 billion in investor losses tied to the Gemini Earn product and to direct investments with Gene...

Policy

Feb. 09, 2024

UK’s Planned Stablecoin Rules Need Reworking, Crypto Advocates Say

The Bank of England and the Financial Conduct Authority need to reconsider certain proposals to regulate stablecoins, multiple industry groups say. Lobbying groups argue the proposals treat stablecoin issuers unfairly and harm their ability to ...

Policy

Feb. 08, 2024

U.S. Senators Berate SEC's Gensler for Agency's 'Unethical' Handling of Crypto Case

The U.S. Securities and Exchange Commission is being targeted with criticism from Republicans on the Senate Banking Committee that oversees the regulator. The agency has said it's trying to get a handle on its enforcement practices that led to ...

Policy

Feb. 08, 2024

Do Kwon Wins Second Chance to Appeal Extradition From Montenegro

The Montenegrin High Court decided for a second time in December that extradition requests for Do Kwon held up. Kwon's told CoinDesk last month that his client would be appealing the High Court's decision. Former CFO at Terraform Han Chang-Joo...

Policy

Feb. 08, 2024

Thai SEC Files Charges Against Former Zipmex Thailand CEO

Thailand's Securities and Exchange Commission has filed charges against former Zipmex Thailand CEO Akarlap Yimwilai. The SEC accused the exchange of misleading customers and presenting false information. Thailand's Securities and Exchange Com...

Policy

Feb. 07, 2024

Prometheum, the Only U.S.-Registered Crypto Platform, Picks Ether as Its First Product

Prometheum is seeking to blaze a new trail as an SEC-compliant crypto firm, beginning with a custody operation that intends to start its business by holding customers' ETH. The company's executives say the firm will follow with a number of othe...

Policy

Feb. 07, 2024

Crypto Crime Could Mean Jail for Life in South Korea

Crypto criminals will face life imprisonment in South Korea when new consumer protection rules take effect this July, the country's financial regulator said Wednesday. In December, the Financial Services Commission (FSC) proposed a consumer p...

Policy

Feb. 06, 2024

Craig Wright Denies Forging Evidence He’s Satoshi on Day 2 of COPA Trial

“If I had forged that document, then it would be perfect.” So spoke Australian computer scientist Craig Wright Tuesday, minutes into his first day of cross-examination in a U.K. trial that could lay waste to his controversial claim that he is th...

Policy

Feb. 06, 2024

U.S. SEC Clears 'Dealer' Rule Expansion That Could Rope in DeFi

The U.S. Securities and Exchange Commission (SEC) widened its definition of a dealer today to pull many more financial operations into its jurisdiction – including, as it warned in a footnote of its original proposal – those dealing in crypto...

Policy

Feb. 06, 2024

Treasury Secretary Yellen Says U.S. Needs Better Stablecoin Regulation

U.S. Treasury Secretary Janet Yellen told lawmakers on Tuesday that the government's financial risk watchdogs want there to be a minimum level of federal oversight of stablecoin issuers – a system that sets universal compliance standards beyond w...

Policy

Feb. 06, 2024

A Quick Look at Last Month's U.S. Crypto Crime Log

While our attention was focused on exchange-traded funds earlier this month, federal regulators in the U.S. announced charges or sentences for various crypto parties. You’re reading State of Crypto, a CoinDesk newsletter looking at the intersec...

Policy

Feb. 06, 2024

Haru Invest Execs Arrested in South Korea for Allegedly Stealing $828M Worth of Crypto: Report

South Korean authorities have arrested three executives at yield platform Haru Invest for allegedly stealing 1.1 trillion won ($828 million) worth of crypto from around 16,000 customers, Yonhap News reported on Tuesday. The company’s CEO is re...

Policy

Feb. 06, 2024

Ripple Must Share Financial Statements Requested by SEC, Court Rules

A New York judge has ordered Ripple Labs to produce certain financial statements and information on the institutional sale of XRP tokens at the request of the U.S. Securities and Exchange Commission (SEC), court filings from Monday show. The SE...

Policy

Feb. 06, 2024

British Columbia Court Backs Ban on Crypto Mining in Canadian Province

British Columbia’s provincial power utility, B.C Hydro’s, moratorium on crypto mining projects was ruled as reasonable by a provincial supreme court judge, according to a ruling posted on Monday. The moratorium was being challenged by Conife...

Policy

Feb. 05, 2024

Treasury Secretary Janet Yellen Warns of Crypto Risks

U.S. Treasury Secretary Janet Yellen is set to tell Congress that the crypto industry poses several potential hazards to the financial system, including the dangers of stablecoins, runs on crypto platforms and volatile prices, according to a br...

Policy

Feb. 05, 2024

Craig Wright Accused of ‘Industrial Scale’ Forgeries in First Day of COPA Trial

A trial to sort out Craig Wright's claims to be Bitcoin creator Satoshi Nakamoto has begun in a U.K. court. The opening day saw accusations that Wright forged his proof and retorts that his challengers can't prove he's not who he says he is. ...

Policy

Feb. 05, 2024

FTX Seeks to Sell 8% Stake in Anthropic for Sake of 'Shareholders'

The estate for bankrupt crypto exchange FTX wants to sell its shares of artificial intelligence (AI) startup Anthropic, court filings from Friday show. A motion seeking a court order approving proposed sale procedures for the stake says Sam Bank...

Policy

Feb. 05, 2024

Former Terraform Labs CFO Han Chang-joon Extradited to South Korea by Montenegro

Han Chang-joon, the former CFO of Terraform Labs, has been extradited to South Korea by Montenegrin authorities, an official notice from Monday shows. Han was arrested with Terra co-founder Do Kwon in March 2023 while trying to travel with f...

Policy

Feb. 05, 2024

South Korean Regulator to Discuss Spot Bitcoin ETF With U.S. SEC: Report

Lee Bok-hyun, the head of South Korea's Financial Supervisory Service (FSS), said he is planning on maintaining talks with the U.S. Securities and Exchange Commission (SEC), and an area of focus will be spot bitcoin exchange-traded funds (ETFs) ...

Policy

Feb. 05, 2024

Donald Trump Calls CBDCs and Artificial Intelligence 'Dangerous'

Former president and Republican front-runner Donald Trump called artificial intelligence (AI) "dangerous and scary" in an interview with Fox Business’ Maria Bartiromo, highlighting the power of deepfakes to do anything from create false product e...

Policy

Feb. 05, 2024

El Salvador's Bitcoin-Friendly President Nayib Bukele Wins Re-Election

El Salvador's bitcoin-friendly president Nayib Bukele is on his way to another five-year term, according to exit polls which show him with an overwhelming lead shortly after voting ended on Sunday evening. The result was widely expected as Buk...

Policy

Feb. 02, 2024

Hong Kong to Consult on Regulation for OTC Crypto Venues 'Very Soon'

Hong Kong said it plans to consult on a framework for over-the-counter (OTC) crypto venues and will start the process "very soon." The consultation will cover virtual-asset (VA) outlets such as shops and online platforms, the Financial Services ...

Policy

Feb. 02, 2024

Thai Regulator Orders Zipmex to Suspend Digital Asset Trading and Brokerage Services

Thailand’s Securities and Exchange Commission (SEC) has ordered crypto exchange Zipmex to suspend its digital asset trading and brokerage services. The regulator had ordered the troubled crypto exchange to amend its liquid capital maintenance an...

Policy

Feb. 02, 2024

India CBDC Insider Reveals Current Stance of Country's Central Bank

The Reserve Bank of India is exploring technology as a means to address privacy risks in the use of a potential digital rupee, a senior official said. The central bank likely wouldn't object if the government backs away from its crypto taxation...

Policy

Feb. 01, 2024

Prediction Markets Can Hedge Crypto Startups' Regulatory Risk, Paradigm Says

Paradigm, the venture capital firm led by Coinbase co-founder Fred Ehrsam, filed a legal brief supporting prediction market platform Kalshi in its suit against the Commodity Futures Trading Commission (CFTC). In the case, filed in November , ...

Policy

Feb. 01, 2024

FTX Hack Mystery Possibly Solved: U.S. Charges Trio With Theft, Including Infamous Attack on Crypto Exchange

The U.S. federal government on Wednesday charged three people with a yearslong phone hacking conspiracy that culminated in the infamous theft of $400 million from FTX as Sam Bankman-Fried's crypto exchange was collapsing. In an 18-page indictmen...

Policy

Feb. 01, 2024

U.S. Lawmakers Seek to Overturn SEC's Crypto Accounting Policy

Members of Congress are trying to delete the controversial U.S. Securities and Exchange Commission accounting bulletin that implies restrictions on companies that want to hold their customer's crypto assets. Sen. Cynthia Lummis (R-Wyo.) and Reps...

Policy

Feb. 01, 2024

Man Behind Defunct BTC-e Exchange Once Popular with Criminals Faces U.S. Charges

Aliaksandr Klimenka was arrested in Latvia and has appeared in a San Francisco court to face U.S. money-laundering charges. He and others are accused of laundering more than $4 billion tied to criminal activity until 2017. One of the men behi...

Policy

Feb. 01, 2024

U.S. Drilling Down on Crypto Miners' Energy Use Draws Ire From Community

The U.S. Energy Information Administration (EIA) is starting a provisional survey of electricity consumption data from cryptocurrency mining companies, drawing criticism from the community. Starting next week, the survey will require "identified...

Policy

Feb. 01, 2024

Binance Is Facing Regulatory Headwinds as It Tries to Re-Enter UK Market: Bloomberg

Binance, the world’s largest crypto exchange, is facing challenges as it attempts to re-enter the U.K. market after it suspended services in the country in October, people familiar with the matter told Bloomberg. The U.K.’s Financial Conduct...

Policy

Feb. 01, 2024