Category: crypto

New York Attorney General Letitia James urged congressional leaders to pass federal legislation for regulating crypto, citing risks of fraud and market instability. She highlighted the prevalence of crypto scams and called for oversight on stablecoins, platforms, and retirement accounts. James emphasized the need for uniform standards to protect investors and prevent fraudulent practices.

The SEC and Ripple Labs have filed a motion to pause their appeals in order to finalize a settlement agreement in their long-standing case. The proposed settlement includes Ripple paying a $50 million penalty and withdrawing its cross-appeal. The parties are awaiting formal approval from the SEC and may seek a ruling from the US…

House of Doge, the corporate arm of the Dogecoin Foundation, has partnered with 21Shares to launch Dogecoin exchange-traded products (ETPs) endorsed by the Foundation. 21Shares filed a registration statement with the SEC to create a Dogecoin ETF in the US, marking a milestone in Dogecoin’s evolution into a legitimate financial asset.

Block Inc., the company behind Cash App, led by Jack Dorsey, has been fined $40 million by NYDFS for AML and compliance system lapses. Block must pay within 10 days, have an independent monitor for 12 months, and improve AML controls. NYDFS found issues with monitoring Bitcoin transactions and engaging with high-risk wallets and mixers.

Twitter founder Jack Dorsey publicly supports integrating Bitcoin into Signal Messenger for direct peer-to-peer payments. He believes Signal’s privacy-focused architecture makes it an ideal platform for Bitcoin transactions. This move could strengthen Bitcoin’s use case and position it as a real-world tool for everyday digital interactions. Signal currently supports crypto payments with MobileCoin.

OpenAI has filed a countersuit against Elon Musk, claiming he led a deliberate campaign to undermine the organization after the success of ChatGPT. Musk allegedly made fake takeover bids, launched a rival AI firm, and spread negative claims to damage OpenAI’s reputation. OpenAI has requested the court to prevent Musk from taking further action.

Short sellers in the crypto market faced significant losses on April 9, following an unexpected rally in Bitcoin after President Trump announced a tariff pause. Bitcoin surged more than 5%, leading to losses of $589.41 million for short sellers. Lawmakers are calling for an investigation into potential insider trading linked to the tariff announcement.

Major South Korean banks are seeking to change the country’s crypto policy to allow partnerships with multiple exchanges. The current one-bank-per-exchange rule restricts customer choice and hinders competition in the banking sector. Banks argue that this setup increases operational risk and limits user access, calling for a more resilient and user-friendly environment.

Geopolitical tensions and US tariffs are prompting nations to reduce reliance on the US financial system. VanEck’s report shows interest in neutral payment systems, with Bitcoin being used by China and Russia for energy trades. This shift was catalyzed by the US freezing Russian reserves in 2022, accelerating the move towards alternative currencies like Bitcoin.

The US Senate confirmed Paul Atkins as Chair of the SEC in a 52-44 vote, marking a shift from previous enforcement-focused regulation. Atkins, a former SEC Commissioner and Wall Street consultant, aims to recalibrate the agency’s approach to digital assets. His confirmation signals a move towards a principles-based regulatory framework.