Greater Scrutiny in the U.S.
– The Federal Reserve has introduced the Novel Activities Supervision program to oversee cryptocurrency operations in banking institutions and enhance the security of stablecoins.
– The SEC deferred its decision on the Bitcoin ETF proposal by Ark Invest and 21Shares, seeking insights from the public.
– Bitstamp plans to cease trading seven altcoins in the U.S. due to concerns raised by the SEC about their unregistered securities status.
– Bittrex and its former CEO have agreed to pay a $24 million settlement to the SEC for violating securities laws.
SEC to Appeal Ripple’s Victory
– The SEC has filed an appeal against Ripple’s legal victory, seeking to contest the classification of XRP as a non-security.
– Ripple plans to present its response to the appeal.
Senator Cynthia Lummis Supports Coinbase
– Senator Cynthia Lummis has submitted an amicus brief in support of Coinbase’s lawsuit against the SEC, claiming that the agency’s actions impinge upon the separation of powers.
France Aligns Rules with MiCA
– The Autorité des marchés financiers (AMF) has updated directives for digital asset service providers (DASPs) to align with the forthcoming MiCA regulations.
– The updated rules include stricter prerequisites for registration, cybersecurity protocols, and internal monitoring mechanisms.
PayPal Launches Stablecoin
– PayPal has launched its stablecoin, PayPal USD (PYUSD), in partnership with Paxos on the Ethereum blockchain.
– Huobi plans to introduce a trading pair with PayPal’s stablecoin and USDT, inviting PayPal to explore integration with the TRON network.
Commendations and Condemnations
– North Carolina Representative Patrick McHenry endorses PayPal’s stablecoin as a crucial foundation of modern payment systems, emphasizing the need for a clear regulatory framework.
– Democratic Representative Maxine Waters expresses concerns over the launch of PayPal’s stablecoin without a firmly established federal regulatory framework.
Binance Secures Licenses in El Salvador
– Binance has obtained dual licenses in El Salvador, allowing it to offer Bitcoin services and digital asset services.
– Binance now has authorizations and registrations in 18 markets worldwide.
Binance Seeks to Satisfy Regulatory Provisions
– Binance Japan partners with KYC provider Liquid to ensure streamlined identity verifications that comply with local Japanese KYC regulations.
– Binance emphasizes the implementation of thorough safety measures and regulatory compliance in re-entering the Japanese market.
Hot Take:
The U.S. regulatory landscape continues to evolve, with the SEC appealing Ripple’s victory and greater scrutiny on exchanges like Bitstamp and Bittrex. However, there are also signs of support, with Senator Lummis backing Coinbase. International developments, such as Binance securing licenses in El Salvador and France aligning its rules with MiCA, show that regulatory challenges are being navigated globally. The launch of PayPal’s stablecoin and the endorsement of Representative McHenry highlight the increasing prominence of stablecoins in the financial sector. Overall, regulatory clarity and collaboration will be crucial for the sustainable growth of the crypto industry.
By
By
By
By
By
By