Category: crypto

A federal court has invalidated the SEC’s dealer rule in the crypto sector, ruling that it exceeds statutory authority and creates uncertainty. The decision came after a legal challenge by the Blockchain Association and CFAT, who argued the rule stifles innovation. Industry leaders hope the ruling will lead to clearer regulations.

FTX and its affiliated debtors are on track to implement their Chapter 11 Plan of Reorganization by Jan. 2025, distributing proceeds to creditors and customers. The $16.5 billion recovery plan was approved by US Bankruptcy Judge John Dorsey. Customers must establish approved accounts with distribution agents to qualify for reimbursements.

A recent ruling by the Shanghai Songjiang People’s Court clarified that owning cryptocurrencies is not illegal in China, as they have “property attributes” under Chinese law. However, their use is limited to personal ownership and as commodities, not as legal tender or investment tools. The crypto community sees this as a potential softening of China’s…

Sandeep Nailwal, co-founder of Polygon, warned about the rise of memecoin scams attracting regulatory scrutiny in the crypto industry. He highlighted the QUANT controversy, where a 13-year-old created and profited from a memecoin on Pump.fun. Nailwal emphasized the need for stricter regulations to prevent such incidents from tarnishing the industry’s reputation.

The Consumer Financial Protection Bureau has finalized a rule expanding oversight to fintech payment apps while excluding self-hosted crypto wallets. This decision has been praised by blockchain advocates as a win for DeFi. The rule targets large nonbank payment platforms to protect consumer data and prevent fraud, but will not regulate self-hosted wallets or stablecoins.…

SEC Chairman Gary Gensler will step down on Jan. 20, 2025, the same day as President-elect Donald Trump takes office. Gensler praised the SEC staff and agency’s mission. XRP saw gains after the news. Gensler led enforcement actions against crypto firms and approved Bitcoin and Ethereum ETFs. Potential successors include Brian Brooks and Hester Peirce.

President-elect Donald Trump is planning to establish a “Crypto Advisory Council” to create a “Strategic Bitcoin Reserve.” Industry insiders, including major US-based companies like Coinbase and Ripple, are seeking a seat on the council. The council will advise on crypto policy, potentially housed under the White House’s National Economic Council. Critics warn of potential conflicts…

Former CFTC Chair Chris Giancarlo, known as “Crypto Dad,” is a leading candidate for the first White House “crypto czar” position. The role aims to guide US crypto policy and foster growth in the market. Giancarlo has advocated for innovation in financial technology and is open to the position, which would involve crafting regulatory frameworks…

Cardano founder Charles Hoskinson has suggested Coinbase CEO Brian Armstrong as a top candidate for a proposed crypto policy role in Donald Trump’s second administration. Hoskinson outlined key qualifications for a “Crypto-Czar,” emphasizing neutrality and collaboration across protocols. He criticized the current administration’s regulatory missteps and highlighted Armstrong’s leadership at Coinbase. Hoskinson also detailed plans…

Sui blockchain network experiences outage due to bug in transaction scheduling logic. Team working on fix. Price of SUI drops by 7% amid outage. Sui’s DeFi ecosystem growing rapidly with high trading activity and total value locked. Analysts remain optimistic about Sui’s future despite setback. Comparisons to Solana’s history of disruptions.