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Policy
Republican Leader at FDIC Advocates for Streamlined Crypto Regulations
As the Federal Deposit Insurance Corp. prepares for a change in leadership, Vice Chairman Travis Hill has expressed his vision for a more crypto-friendly approach. With the current chairman set to step down, Hill is poised to take over as acting chairman and has outlined his plans to revamp the agency's digital assets policy. He argues that the current case-by-case approach has hindered innovatio…
Jan. 13, 2025, 6:06 p.m.
Policy
Singapore Restricts Access to Polymarket, Following Suit with Taiwan and France
Singapore has become the latest jurisdiction to take action against Polymarket. The country's Gambling Regulatory Authority recently directed local internet service providers to restrict access to the prediction market platform, as reported by users within the city-state. According to a message displayed to users, 'You have attempted to access an illegal gambling site hosted by an unlicensed gamb…
Jan. 13, 2025, 8:16 a.m.
Policy
Head of CFTC Crypto Enforcement to Depart Ahead of Trump's Inauguration
Ian McGinley, Director of Enforcement at the Commodity Futures Trading Commission, will be departing the agency in a week, marking the end of a relatively brief tenure that included several notable cryptocurrency cases. McGinley joined the CFTC in February 2023, shortly before the agency filed a lawsuit against Binance and its then-CEO Changpeng Zhao for allegedly violating US commodities laws. D…
Jan. 10, 2025, 9:41 p.m.
Policy
US Consumer Watchdog Proposes Stablecoin Regulation Ahead of Administration Change
As the US prepares for a new presidential administration, the Consumer Financial Protection Bureau has put forth a proposal to regulate stablecoins and virtual wallets under the Electronic Fund Transfer Act. This move could significantly affect the operations of US-based stablecoin firms and crypto wallet providers. However, the proposal's fate remains uncertain, given the upcoming change in admi…
Jan. 10, 2025, 9:22 p.m.
Policy
Kenya Takes Steps to Legitimize Cryptocurrencies with New Legislation
According to recent statements by Treasury Cabinet Secretary John Mbadi, Kenya is drafting legislation aimed at legalizing cryptocurrencies. This move marks a notable shift from the government's prior warnings regarding the crypto sector. Mbadi highlighted the rapid growth and emergence of virtual assets and service providers, leading to financial system innovations with both opportunities and ch…
Jan. 10, 2025, 5:53 p.m.
Policy
US Charges Three Russians with Money Laundering Over Crypto Mixing Services
A federal grand jury in Georgia has indicted three Russian nationals for allegedly running the cryptocurrency mixing services Blender.io and Sinbad.io, which were used by North Korean hackers, according to the US Department of Justice. The indictment, announced on Friday, charges Roman Vitalyevich Ostapenko, Alexander Evgenievich Oleynik, and Anton Vyachlavovich Tarasov with money laundering. Ost…
Jan. 10, 2025, 5:25 p.m.
Policy
Bybit to Pause Cryptocurrency Trading in India Due to Regulatory Requirements
In response to India's regulatory landscape, Bybit has announced a temporary suspension of its services for users in the country. The move, set to take effect on Sunday, will restrict Indian customers from opening new trades or accessing certain products on the platform, although withdrawals will still be permitted. This halt is expected to be brief, as Bybit is in the process of finalizing its r…
Jan. 10, 2025, 4:21 p.m.
Policy
CFTC Subpoenas Coinbase for Polymarket Customer Information
According to a source, Coinbase has informed its customers that the US Commodity Futures Trading Commission is requesting information about their interactions with Polymarket, a prediction market site. The exchange has sent notifications to affected customers, stating that it may be required to share their data. Copies of these emails have been shared on social media, confirming the CFTC's reques…
Jan. 9, 2025, 11:30 p.m.
Policy
Do Kwon's 2026 Trial Date Set Amidst Vast Evidence Collection
A tentative trial date has been set for January 2026 in the US criminal fraud case against Do Kwon, co-founder and former CEO of Terraform Labs, allowing both the prosecution and defense sufficient time to review the extensive six-terabyte evidence trove. During a Manhattan hearing, lead prosecutor Jared Lenow mentioned that the government faces delays due to encrypted data and the need to unlock…
Jan. 8, 2025, 7 p.m.
Policy
Outgoing CFTC Chief Urges Protection of Crypto Investors
As his tenure comes to a close, U.S. Commodity Futures Trading Commission Chairman Rostin Behnam expressed his concerns about the lack of federal regulation in the cryptocurrency market, stressing the importance of safeguarding investors. Despite not achieving his goal of increased oversight during his time in office, Behnam believes the derivatives agency will eventually play a more significant …
Jan. 8, 2025, 5:39 p.m.