Regulation

The government of Palau is set to begin a pilot project for a United States dollar-backed stablecoin on July 26. The new coin will be issued on XRP Ledger. The country will release the first Palau Stablecoins (PSCs) in the pilot project to government employees. This comes after several days of testing using volunteers to

The Abu Dhabi Global Market Financial Services Regulatory Authority has granted its Financial Services Permission for cryptocurrency firm Rain to offer brokerage and custody services to residents.  In a July 25 announcement, Rain said the regulatory approval will allow certain United Arab Emirates-based institutional and retail users to “buy, sell, trade, and store virtual assets”

Wyoming is beginning its work on the state’s stablecoin, or, as it’s called officially, the “stable token” project, by opening a job position for a head of the stable token commission. The potential executive will lead a team, responsible for making a proper legislative framework for the project.  The position was opened on the federal

Last week was marked by two new legislative initiatives for the crypto industry in the United States. Senator Jack Reed sponsored a bipartisan bill that would tighten Know Your Customer (KYC) and Anti-Money Laundering (AML) regulations and sanctions requirements for decentralized finance (DeFi). The bill would subject DeFi operations to the same requirements as “other

Coinbase CEO Brian Armstrong has reportedly said United States lawmakers have a renewed focus on regulatory clarity in the crypto space following talks with key officials. According to a July 24 Axios report, Armstrong met with U.S. lawmakers on July 20 ahead of discussions and votes on pieces of legislation aimed at providing regulatory clarity

The Chairman of the House Financial Services Committee (FSC), Patrick McHenry, announced a markup of a few legislations, three aimed at providing regulatory clarity for the digital asset ecosystem — cryptocurrencies, blockchain development and stablecoin payments. The Committee on Financial Services will meet on July 26 to markup H.R. 4763, the Financial Innovation and Technology

San Francisco’s Federal Reserve Bank is seeking a crypto architect for a central bank digital currency (CBDC) project, reveals an Indeed job posting. According to the role description, the employee will work on CBDC research and development. The position is full-time and hybrid, with an annual salary starting at $134,900, requiring candidates to have “knowledge of

Terraform Labs faces a “big hill to climb” as the progress of its various projects in development are constantly being impeded by frequent accusations, according to Terra’s new interim CEO Chris Amani. During a July 20 Twitter Spaces, titled A Terra Community Talk, Amani joined several Terra employees to discuss the challenges ahead for Terra

Amidst speculations that a potential appeal by the US SEC could negatively impact the crypto market, Pro-XRP lawyer, Attorney John Deaton has made it clear that even in the event of an appeal by the agency, it would not significantly affect XRP holders. After the judge’s ruling stating that the programmatic sale of XRP tokens

Top Stories This Week Chair Gensler says SEC reaction to Ripple decision is mixed, still under consideration U.S. Securities and Exchange Commission Chair Gary Gensler has commented publicly about the recent ruling on the agency’s suit against Ripple, saying the SEC is “still looking at it and assessing that opinion.” Gensler declined to comment further

Bankrupted crypto lender Celsius Network reached two settlements that allows it to return assets to customers and end its bankruptcy proceedings, according to court filings on July 20.  The settlements will be analyzed by Judge Martin Glenn at a hearing on August 10 and address $78.2 billion in unsecured claims. Any responses and objections should

The U.S. Securities and Exchange Commission has suggested that it may appeal a recent ruling on the Ripple Labs lawsuit, which deemed XRP to not be a security when sold to retail investors. The SEC argues that the ruling goes against “fundamental securities laws principles” such as the Howey Test, which determines what falls under

Gabriel Bankman-Fried, the brother of former FTX CEO Sam Bankman-Fried, had a plan to survive a global catastrophe using funds from the now-defunct cryptocurrency exchange. According to a July 20 filing with the United States Bankruptcy Court for the District of Delaware, Gabriel planned to purchase the island nation of Nauru in the Pacific using

The husband and wife alleged to have laundered billions of dollars worth of Bitcoin connected to the 2016 Bitfinex hack have reached a plea agreement with authorities in the United States. According to records filed with U.S. District Court in the District of Columbia on July 21, Ilya Lichtenstein and Heather Morgan are scheduled to

The Vermont Department of Financial Regulation (DFR), a United States state agency, warned citizens against rising crypto investment frauds perpetrated over popular social media sites. On June 25, 74-year-old Naum Lantsman lost his life savings — $340,000 — to a crypto scam orchestrated over Instagram and Telegram. The DFR referenced the incident as it stressed

A bill to create a regulatory framework for digital assets has been introduced by Republican members of the Agriculture and Financial Services Committees of the United States House, the result of several months of joint effort by the two committees. The 212-page bill — called the Financial Innovation and Technology for the 21st Century Act

The United Kingdom’s Financial Conduct Authority (FCA) has announced the launch of a Digital Sandbox aimed at supporting tech firms in the early stages of product development. In a July 20 announcement, the FCA said the Digital Sandbox will become available on a permanent basis starting on Aug. 1. The financial watchdog conducted two pilot

The state of Kuwait is the latest jurisdiction to ban virtually all operations involving cryptocurrencies like Bitcoin (BTC). On July 18, Kuwait’s main financial regulator, the Capital Markets Authority (CMA), issued a circular on supervision and issuance of virtual assets in the country. In the circular, the CMA confirmed the commitment to “absolute prohibition” on

United States Securities and Exchange Commission (SEC) Chair Gary Gensler has called for “new tools, expertise, and resources” aimed at addressing misconduct in the crypto space in the regulator’s 2024 budget request. In prepared testimony for a July 19 hearing of the Subcommittee on Financial Services and General Government with the U.S. Senate Appropriations Committee,

In the latest episode of The Market Report, Cointelegraph analyst and writer Marcel Pechman discusses Ripple’s partial victory against the Securities and Exchange Commission and its impact on the crypto market. Although people traded based on emotion after headlines popped out, the next day, as investors could process what happened, the altcoins gave away half