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US Senators Cynthia Lummis (R-WY) and Kirsten Gillibrand (D-NY) have introduced the Lummis-Gillibrand Payment Stablecoin Act, proposing comprehensive regulation for stablecoins in the US. The bill mandates operational and reserve requirements for payment stablecoin issuers, aiming to strengthen the US dollar’s dominance. However, it has faced criticism, particularly regarding its ban on algorithmic stablecoins. @gillibrandny and I are introducing the most comprehensive stablecoin bill to date. Crypto assets are revolutionizing the world and as the undisputed leader in financial innovation, the U.S. must embrace crypto assets, but it cannot be done without clear rules for stablecoins. pic.twitter.com/vwRUEBUdsl — Senator Cynthia Lummis (@SenLummis) April 17, 2024 Overview of the bill The Lummis-Gillibrand Payment Stablecoin Act defines payment stablecoin s as dollar-pegged digital assets used for payments or settlements. Key provisions of the bill include operational...

The HyperVerse crypto Ponzi scheme that cost investors $1.7 billion was reportedly passed between Australian regulators and police for two years before any action was taken, according to The Guardian. It was reported this week that HyperVerse, which promised lucrative returns but relied on funds taken from investors, was first referred by the Australian Securities and Investments Commission (ASIC) to the country’s Victoria police in 2020 for “possible fraud offences.” However, it wasn’t until two years later in January 2022, that Victoria Police referred it back to ASIC. A police spokesperson told the Guardian it took until 2021 to assess the case and that it was eventually decided that ASIC was “ best placed to look at it further .” HyperVerse police verdict took “some time” When asked why it took so long to process the case, police said it needed to be assessed if any crime had been committed and if the police should handle it. “Depending on circumstan...

The U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) has implemented a fifth set of sanctions on Hamas since the October 7 terrorist attack on Israel. In a press release on Jan. 22, the U.S. Treasury Department said it imposed additional sanctions on Hamas in response to the terrorist attack on Israel that occurred in October 2023. The latest sanctions target networks of Hamas-affiliated exchange s in Gaza, their owners, associates, and financial facilitators involved in funds transfers, including crypto transfers, from the Islamic Revolutionary Guard Corps-Qods Force to Hamas and Palestinian Islamic Jihad in Gaza. According to the Treasury, Hamas utilized various methods, including crypto, to transfer funds from Gaza to the West Bank. Herzallah Exchange and General Trading Company LLC (known as Herzallah Exchange), owned by Muhammad Fallah Kamil Hirzallah, Na’im Kamil Raghib Hirzallah, and Salah Kamil Raghib Hirzallah, have been identified as facilitati...

The HM Treasury today published a policy update to the country’s crypto regulation. In it, the UK government has outlined the FCA’s regime in stablecoin regulation. The Bank of England (BoE) and the Payment Systems Regulator (PSR) will also have a role. The UK government has published a policy update outlining a phased regulation of fiat-backed stablecoins in the country. In terms of regulating activities around Stablecoin s, the HM Treasury will focus on two areas – their use in payment chains and issuance and custody “in or from the UK .” The latter will be irrespective of a fiat-backed Stablecoin ’s uses, that’s whether for payments, as a settlement asset, or as a store of value. FCA, BoE role in stablecoin regulation In the publication, which was made public on Monday, the HM Treasury explains the expected regulatory regimes of the Financial Conduct Authority (FCA), the Bank of England (BoE) and the Payment Syst...

Thailand's second-largest lender by assets, Kasikornbank, is moving into crypto by acquiring a majority stake in the local crypto business Satang. Thailand’s Kasikornbank, one of the largest banks in the country, is moving into the crypto currency industry by acquiring a majority stake in the local crypto business Satang. Kasikornbank, also known as KBank, acquired 97% of shares in the operator of Thailand’s Satang crypto exchange, according to an announcement published on Oct. 30 on the website of the Stock Exchange of Thailand (SET). According to Kasikornbank, the acquisition is valued at 3.7 billion Thai baht, or around $103 million. The transaction is being made through K-Bank's new subsidiary called Unita Capital, which is focused on investment in the digital asset industry, the statement notes. Following the acquisition, Satang Corporation is set to change its name to Orbix Trade Company Limited. Kasikornbank’s crypto business will have three divisions, including th...

Ripple community and Cardano founder have clashed over the definition of corruption in the context of the ETHgate scandal. Ripple chief technology officer David Schwartz has countered Cardano founder’s comments about possible motives behind the United States regulators’ determination that Ether (ETH) is not a security. Cardano founder Charles Hoskinson addressed the much-debated ETHgate theory in an AMA session on Oct. 8, arguing that the government’s actions were not about corruption. ETHgate is a conspiracy theory alleging that Ethereum received a free pass from U.S. regulators, particularly the U.S. Securities and Exchange Commission (SEC), which has been reiterating its stance that ETH isn’t a security for years. Despite SEC director William Hinman defining Ether as not a security in 2018, U.S. regulators have been struggling to establish the status of other coins, including XRP (XRP), which has created significant impediments to their adoption. According to Hoskinson, Hinman'...

Nansen analysts observed “unusual transactions between FTX and Alameda” in the days leading up to FTX’s bankruptcy. Blockchain data analysts from Nansen revisit the days leading up to the collapse of FTX, including the transfer of $4.1 billion worth of FTT token s between the exchange and Alameda Research. A Nansen report shared with Cointelegraph reveals unique observations from the blockchain analytics firm, which highlights the close relationship between the two companies founded by Sam Bankman-Fried. The former FTX CEO appears in court for the first time to face a litany of charges relating to the collapse of the FTX group. The collapse of FTX is widely reported to have been sparked by initial reports that flagged the significant, 40 percent share of Alameda’s $14.6 billion in assets held in FTT tokens in Sept. 2022. Nansen analysts revealed that they had observed dubious on-chain interactions between FTX and Alameda before these reports came to light. Between Sept. 28 and Nov. 1...

The company’s co-founder and president, Justin Young, told Cointelegraph in an email that plans to launch at a later date were “TBD.” Volatility Shares, a financial firm offering a range of exchange-traded fund (ETF) products, has cancelled its plans to launch an Ethereum future s ETF on Oct. 2, citing changes in the market.  In an email with Cointelegraph, the company’s co-founder and president, Justin Young, confirmed the cancellation: “You are correct, we did not launch today. We didn't see the opportunity at this point in time.” However, in a follow-up email, when asked if the company still planned to launch an ETH future s ETF at a later date Young responded “of course” adding that “plans are TBD.” An Etheruem futures ETF is an exchange-traded fund that tracks the prices of Ethereum futures contracts — agreements to trade ETH at a specific time and price in the future. Essentially, it allows investors to be involved in ETH trading without having to actually hold any Ethereu...

Chase U.K. will block all crypto payments over fraud and scam allegations. Chase U.K., a U.K. entity of the global bank, warned its customers that starting Oct. 16, it will block all crypto-related payments in an email to the customers. The email specified that customers are still free to interact with their cryptocurrency service providers through a different bank of their choosing. “If we think you’re making a payment related to crypto assets, we’ll decline it,” the email reads. The email further explained that Chase came to the decision to ban crypto payment s since “ fraud sters are increasingly using crypto assets to steal large sums of money from people,” according to CoinDesk. This statement follows a report released by the bank in late June claiming that “ crypto currency scams are on the rise.” You might also like: UK parliament to pass crypto bill against financial crimes This development follows the UK’s ...

Factors considered to calculate a country’s readiness were the number of crypto ATMs proportional to the population and geographical size and the number of blockchain startups per 100,00 people. While public acceptance remains key to crypto’s existence, the road to mainstream crypto adoption requires governments to set up a supporting infrastructure that complements the requirements of the technology and the people.  Factors such as crypto ATM installations, pro-crypto regulations, startup culture and a fair tax regime signal a country’s readiness to adopt cryptocurrencies. Considering these factors, a Forex Suggest study revealed Hong Kong’s position as the best-prepared country for widespread cryptocurrency adoption, with a crypto-readiness score of 8.6. Despite having a bigger crypto infrastructure than the island nation, the United States and Switzerland made it to the top three with lower crypto-readiness scores of 7.7 and 7.5, respectively, as shown below. The biggest factors co...

This week, government agencies intensified their enforcement actions against fraudulent crypto activities, responding to a rise in hacking incidents, scams, and fraud.  One notable case involved the hacking of CoinsPaid. Alongside these developments, regulatory initiatives remained in focus, with the passage of a pro-crypto bill in the US Congress garnering attention. Crypto institutional adoption continued to show steady momentum. However, the launch of Worldcoin prompted discussions around privacy. Crypto hacks, scams, and fraudulent schemes Blockchain security firm PeckShield reported on July 24 that the launch of Worldcoin, the cryptocurrency backed by OpenAI’s CEO, was affected by the deployment of fake tokens on Ethereum. Two fake Worldcoin tokens were detected, and one displayed a suspicious 100% price drop, raising concerns about a potential rug pull scam. You might also like: zkSync Era’s Kannagi Finance rug pulls and steal $2.13m Additionally, after Twitt...

Canadian regulator revealed it is considering amendments to its capital and liquidity approach concerning crypto assets. The proposed rules aim to streamline how institutions handle potential risks associated with crypto currencies, outlining four distinct categories of digital assets and their respective capital treatment. In a July 26 news release from Ottawa, Canada, the Office of the Superintendent of Financial Institutions (OSFI) has proposed revisions to its capital and liquidity approach for crypto-assets. It aims to align with the evolving risk landscape and international developments. The OSFI unveiled two draft guidelines. One is for federally regulated deposit-taking institutions. Another is for insurers, outlining the regulatory capital treatment of crypto-asset exposures. In line with @BIS_org’s new banking standards for # crypto -asset exposures, we’ve drafted guidance tailored for Canada. Share your feedback on proposed changes to our capital and liquidity approa...

During a panel at the Australian Blockchain Week, executives from Australia’s major banks explained why they added restrictions on payments to local crypto exchanges. Australia’s cryptocurrency industry banking woes will likely continue, with the government and major banks signaling no intention to back down against scams that “touch” crypto. During a panel at the Australian Blockchain Week on June 26, Sophie Gilder, managing director of blockchain and digital assets at Commonwealth Bank (CBA) shed light on the bank's restrictions on crypto exchange payments, noting it was put in place after seeing an alarming rate of scams that ended up involving cryptocurrency. “One in three of the dollars that are scammed from Australians touch crypto, one in three. So it's the single largest lever that we have to reduce this impact on our customers,” she said. Commonwealth Bank's Sophie Gilder speaking in a panel during Australian Blockchain Week. Source: Cointelegraph Nigel Dobson, ba...

Digital bank Revolut has partnered with Koinly to integrate cryptocurrency tax report services for users. As Cryptocurrencies increasingly fall under the purview of global tax authorities, digital bank Revolut has integrated an automated tax report ing service for its users. The digital financial services provider has partnered with cryptocurrency tax solution Koinly to allow users to generate cryptocurrency tax reports to work out gains and losses. Revolut users will be able to synchronize their cryptocurrency transaction history with Koinly to expedite tax calculations. A discount on the service is being offered to new Koinly customers, with the onboarding process facilitated through the Revolut mobile app. Revolut serves over 18 million users across a number of different jurisdictions around the world following the acquisition of a banking license in Lithuania in late 2018. The digital bank has been offering cryptocurrency custody services since Dec. 2017. The fintech firm has sin...

On this week’s episode of The Market Report, Cointelegraph’s resident expert discusses if Bitcoin is retracing and if it can go back to the previous $28,000 level. In today’s Market Report episode, analyst and writer Marcel Pechman covers the regulatory environment that has been limiting Bitcoin’s (BTC) upside and the odds of a dump at $28,000. The show airs every Tuesday on the Cointelegraph Markets & Research YouTube channel. The first news article discussed is crypto exchange Bittrex and its founder being charged by the SEC. More importantly, United States Securities and Exchange Commission Enforcement Division Director Gurbir Grewal said that such “action should also send a message to other non-compliant crypto market intermediaries.” In Pechman’s opinion, that’s an explicit reference to Binance, Bybit and OKX, which have notoriously taken U.S. clients through VPN and other evasive strategies. Marcel does not believe that the SEC has a case besides a multimillion-dollar fine a...

Australia’s prudential regulator has reportedly told banks to improve reporting on crypto assets and provide daily updates. Australia’s prudential regulator has reportedly asked local banks to report on cryptocurrency transactions amid the ongoing contagion of Silicon Valley Bank’s (SVB) collapse. The Australian Prudential Regulation Authority (APRA) has started requesting banks to declare their exposures to startups and crypto-related companies, the Australian Financial Review reported on March 21. The regulator has ordered Banks to improve their report ing on crypto assets and provide daily updates to the APRA, the report notes, citing three people familiar with the matter. The agency is aiming to obtain more information and insight into banking exposures into crypto as well as associated risks, the sources said. The new measures are reported ly part of the APRA’s increased supervision of the banking sector in the aftermath of recent massive collapses in the global banking system...

As it stands today, BUSD's market cap has fallen by nearly $14 billion since its all-time high of $23.49 billion on Nov. 15, 2022. Binance USD (BUSD) market cap has fallen below $10 billion for the first time in almost two years amid a United States regulatory crackdown on its token issuer and a planned delisting from a major crypto exchange. BUSD’s marketcap has been on a steep downward trajectory since its all-time high (ATH) market cap of $23.49 billion on Nov. 15, just a few days after the shock collapse of FTX. As of today, the stablecoin’s marketcap has fallen to $9.66 billion — levels not seen since Jun. 29, 2021. Market cap of Binance USD (BUSD) over the last 12 months. Source: CoinGecko. Most recently, BUSD has been the subject of a potential lawsuit against Paxos by the United States Securities Exchange Commission (SEC) on Feb. 12 over a possible violation of investor protection laws. Since then SEC, $6.65 billion has been shaved off BUSD’s market cap. Paxos was also or...

The decision comes after a Jan. 8 filing by FTX’s lawyers who argued that public disclosure could create an undue risk of identity theft or unlawful injury to FTX creditors. The names of up to nine million FTX customers are set to remain confidential for at least three more months following the latest ruling in FTX bankruptcy proceedings.  The decision was reportedly made by Judge John Dorsey in the Delaware-based Bankruptcy Court on Jan. 11 in response to a 168-page filing by FTX on Jan. 8 which requested the Court to withhold confidential customer information. Judge Dorsey said that he remains “reluctant at this point” to disclose the confidential information, as it may put creditors “at risk,” despite increased pressure from several media outlets: "We're talking about individuals here who are not present – individuals who may be at risk if their name and information is disclosed.” Days earlier, FTX lawyers argued “that disclosure of the information would create an undue r...

The United States and Vietnam score the best on "crypto maturity" in 2022, a new report determines. Bitcoin (BTC) and crypto are only used by 13.7% of Americans, but they generate more exchange volume than anyone else. The latest data compiled by exchange Huobi confirms that in 2022, the United States is the most “mature” crypto market. U.S., Vietnam lead the way on crypto Despite the heavy drawdowns in price for Bitcoin and altcoins this year, interest throughout the world remains “extremely active,” and the leaders may come as a surprise. In its latest annual report, Huobi Research, an affiliate of Huobi Global, revealed that the U.S. accounts for 9.2% of global centralized exchange (CEX) volume. When it comes to DeFi, the figure is even higher — 31.8% of global volumes. At the same time, the percentage of the population using crypto is not as high as in some other jurisdictions. 13.7% of Americans use crypto, the report said, compared to 20.3% Vietnam, the leader out of t...

The Russian central bank supports the idea of legalizing the crypto mining business, but only if miners sell their coins to non-residents of Russia. The Russian central bank continues to maintain an extremely negative stance on cryptocurrencies, proposing to ban local miners from selling coins to local people. The Bank of Russia has supported the idea of legalizing cryptocurrency mining in Russia as part of a draft bill introduced in mid-November 2022. However, the Russian central bank wants to allow miners to sell their crypto only on foreign exchanges and to non-residents of Russia, the local news agency Interfax reported on Dec. 7. “We believe that cryptocurrency obtained as a result of mining can be sold exclusively using foreign infrastructure and only to non-residents,” the Bank of Russia’s press office reportedly said, adding: “In general, we adhere to the position on the inadmissibility of the circulation of digital currency on the territory of the Russian Federation.” The new...