The FDIC shakes up crypto banking rules, scrapping a key approval requirement and giving financial institutions more freedom to engage with digital assets—so long as they can handle the risks.

Prior FDIC Notification Rule Rescinded

The Federal Deposit Insurance Corporation announced Friday it is withdrawing a specific directive issued just two years ago. That rule, known formally as Financial Institution Letter FIL-16-2022, had required banks supervised by the FDIC to formally notify the agency and wait for its non-objection before initiating any crypto-related activities.

This prior notification system served as a distinct checkpoint for banks venturing into the digital asset space. Its removal signals a procedural change in how the agency oversees these activities.

Permitted Crypto Activities Allowed Without Pre-Approval

In updated guidance replacing the rescinded letter, the FDIC clarified the path forward for banks. The agency affirmed that institutions under its watch “may engage in permissible crypto-related activities without receiving prior FDIC approval.”

The key condition is that the activities must be legally permissible for banks to undertake in the first place. This shift brings the process for engaging in approved crypto activities more in line with how banks typically approach other new business lines, removing a crypto-specific hurdle.

FDIC Acting Chairman Travis Hill characterized the update as a significant policy shift. “With today’s action, the FDIC is turning the page on the flawed approach of the past three years,” Hill stated. “I expect this to be one of several steps the FDIC will take to lay out a new approach for how banks can engage in crypto- and blockchain-related activities in accordance with safety and soundness standards.”

Market Reaction: A Step Towards Crypto Mainstreaming?

The policy shift drew comment from figures within the technology and investment community. Via the social media platform X, crypto czar David Sacks remarked on the change, stating, “The FDIC has made it easier for banks to engage in crypto-related activities. This is one of the best ways to mainstream crypto further.” 

He also expressed appreciation to the agency and its Acting Chairman, Travis Hill. Such reactions suggest the move is seen by some observers as potentially facilitating broader integration of digital assets within traditional finance.

Risk Management Remains Central to FDIC Oversight

While eliminating the pre-approval step, the FDIC strongly emphasized that banks are not absolved of responsibility. The agency stated it “expects that FDIC-supervised institutions conduct all activities in a safe and sound manner and consistent with all applicable laws and regulations.”

Banks must continue to rigorously evaluate and manage the unique dangers associated with digital assets. The FDIC specifically highlighted the need to consider “market and liquidity risk; operational and cybersecurity risks; consumer protection requirements; and anti-money laundering requirements.” Institutions should also maintain communication with their FDIC supervisory teams regarding these activities as appropriate.

Ongoing Regulatory Scrutiny and Future Guidance Expected

This policy adjustment does not signify a wholesale deregulation of bank involvement in crypto. The FDIC confirmed its continued participation in the President’s Working Group on Digital Asset Markets and stated it “expects to issue further guidance in the future to provide additional clarity regarding banks’ engagement in particular crypto-related activities.”

Moreover, the FDIC intends to collaborate with other federal banking agencies, such as the Federal Reserve and the Office of the Comptroller of the Currency. The goal is to replace joint agency statements on crypto-asset risks issued in early 2023 with potentially updated guidance or regulations, suggesting a continuing effort to refine the overall framework governing digital assets in the U.S. banking system.

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South Korea throws up digital roadblocks, compelling Google to block 17 foreign crypto exchange apps from its domestic Play Store, even as a surprising silver tide floods the local market – millions of older investors are pouring into digital assets, driving unprecedented growth and creating a stark regulatory paradox for Seoul.

Google Blocks Unregistered Crypto Exchange Apps in South Korea

The crackdown targets platforms operating without proper registration within South Korea. Since late March, Google, acting on a government directive, prevents users in the country from installing or updating apps for exchanges including prominent names like KuCoin, MEXC, Poloniex, and BitMart.

Other affected platforms are Phemex, XT, Biture, CoinW, CoinEX, ZoomEX, BTCC, DigiFinex, Pionex, Blofin, Apex Pro, CoinCatch, and WEEX. This move significantly curtails access for South Koreans seeking to use these specific international trading venues via mobile applications.

South Korea Crypto Investor Numbers Explode Past 9.6 Million

This regulatory tightening unfolds against a backdrop of explosive growth in domestic crypto participation. A recent study reveals a staggering surge, with the number of South Koreans holding accounts on the five major registered domestic exchanges (Upbit, Bithumb, Coinone, Korbit, Gopax) soaring past 9.6 million by the end of last year.

This represents a remarkable 52.6% jump compared to the previous year. Furthermore, the total value of virtual currencies held by these investors now exceeds 100 trillion won (approximately $68 billion), highlighting the significant capital flowing into the digital asset market.

Older Generations Fuel Korean Crypto Ownership Boom

Perhaps the most striking trend revealed by the data, compiled by Democratic Party of Korea member Ahn Do-jae, is the dramatic influx of older investors. The number of investors in their 50s climbed 56.4% year-on-year, reaching 1.75 million.

Similarly, participation among those aged 60 and over leaped 52.6%, growing from roughly 371,800 to over 636,700. This demographic shift means roughly one in every four crypto investors in South Korea is now over 50, challenging the perception of crypto as solely a young person’s game.

Majority of South Korean Crypto Whales Now Over 50

This trend is even more pronounced among high-value investors. The study identifies 9,135 individuals holding over 1 billion won (approx. $680,000) across the five major exchanges. Remarkably, over half (55.1%) of these “crypto whales” are over the age of 50.

Breaking it down further, 35.2% of these large holders are in their 50s, and 19.9% are 60 or older. The average holding for these significant investors over 50 stands at a substantial 2.15 billion won (approx. $1.46 million), indicating serious investment from this demographic.

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Sparked by concerns over potential conflicts of interest and market manipulation, a bill, MEME Act, set to be introduced in Congress on Thursday seeks to ban U.S. officials and their families from promoting meme coins. However, the legislation’s path to passage remains highly questionable, given the current partisan divisions.

The MEME Act

The proposed legislation, dubbed the Modern Emoluments and Malfeasance Enforcement (MEME) Act, is being spearheaded by Representative Sam Liccardo, a freshman Democrat from California. Liccardo, a former federal and local prosecutor, argues that the promotion of highly speculative assets like meme coins by public officials creates an unacceptable risk of ethical breaches and financial impropriety.

“Let’s make corruption criminal again,” Liccardo said. “Our public offices belong to the public, not the officeholders, nor should they leverage their political authority for financial gain. The Trumps’ issuance of meme coins financially exploits the public for personal gain, and raises the specter of insider trading and foreign influence over the Executive Branch.”

The MEME Act would specifically prohibit the president, vice president, members of Congress, senior executive branch officials, and their spouses and dependent children from issuing, sponsoring, or endorsing a security, future, commodity, or digital asset. This broad prohibition is intended to encompass not only meme coins but also other potentially problematic financial instruments.

The Genesis of the MEME Act: The $TRUMP Meme Coin

The impetus for the legislation, according to Liccardo and supporting documents, stems largely from the launch and subsequent performance of the $TRUMP meme coin, a cryptocurrency associated with U.S. President Donald Trump. The coin, which launched shortly before Trump’s hypothetical inauguration, experienced a period of rapid price appreciation followed by a significant decline, leaving many late investors with substantial losses.

Critics allege that the timing of the coin’s launch and its association with the former president created an environment ripe for market manipulation. While there is no direct evidence proving intentional wrongdoing by Trump or his associates, the circumstances surrounding the $TRUMP meme coin have fueled concerns about the potential for similar situations to arise in the future.

MEME Act: Provisions and Penalties: A Retroactive Reach?

Beyond the core prohibition, the MEME Act includes several notable provisions. It outlines both criminal and civil penalties for violations, seeking to deter officials from engaging in the prohibited activities. Perhaps most controversially, the bill includes a retroactive element, potentially allowing for the disgorgement of profits made from assets issued before the bill’s enactment, if it were to become law. 

Furthermore, the legislation would grant a private right of action, allowing individual investors who suffered losses due to an official’s promotion of a meme coin to sue for damages. This provision, Liccardo argues, is crucial for ensuring accountability, particularly given what he perceives as potential limitations in the Justice Department’s willingness to pursue such cases.

Political Hurdles and Industry Response

The MEME Act faces a steep climb in the current, Republican-controlled Congress. With the GOP holding majorities in both the House and the Senate, the bill is unlikely to advance without significant bipartisan support, which currently appears improbable. 

Republican lawmakers have not yet publicly commented on the proposed legislation. However, the party’s generally pro-cryptocurrency stance and historical support for Trump suggest a challenging path forward.

The response of the industry, and general public has been mixed.

The cryptocurrency industry’s reaction has been mixed. While some industry leaders have acknowledged the need for ethical guidelines and greater transparency, others have expressed concerns about the potential for overly broad regulations that could stifle innovation, particularly in the meme coin sector.

“More importantly, how about banning them from trading on inside information,” Nigel Eccles, Co-founder and CEO of playBetHog, and Co-founder of betdexlabs and fanduel said.

Political junkie Richard Angwin commented: “The MEME Act protects the public from officials exploiting memecoins for personal gain. It’s a smart step to curb conflicts of interest and maintain trust in government, especially with tokens like $TRUMP blurring ethical lines.”

The debate over the MEME Act is likely to intensify as the bill moves through the legislative process, highlighting the ongoing tension between the desire for regulation and the desire to foster growth in the rapidly evolving digital asset space. The bill is scheduled for introduction on Thursday, and many questions will be answered, if it is introduced, and how it will fare.

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This Thursday, The Shib Daily reported on significant developments in the crypto sector, including critical regulatory developments, ETF predictions, and leadership shifts within key institutions impacting the industry.

Retail Clients Misclassified? ASIC Takes Legal Action Against Binance

The Australian Securities and Investments Commission (ASIC) is suing Binance Australia Derivatives for allegedly failing to protect consumers. The regulator claims Binance wrongly classified 505 retail investors as wholesale clients from July 2022 to April 2023. The exchange offered derivatives like futures contracts for Bitcoin, Ether, and BNB. ASIC Deputy Chair Sarah Court noted that many clients experienced substantial losses, leading to approximately $13 million in compensation payments from Binance in 2023.

Eric Balchunas Predicts 2025 Launch for Bitcoin and Ethereum ETFs in U.S.

Bloomberg ETF analyst Eric Balchunas predicts that Bitcoin and Ethereum ETFs will be the first U.S. crypto funds launching in 2025. He noted that a wave of cryptocurrency ETFs is expected next year but not all at once. Balchunas and fellow analyst James Seyffart believe that Litecoin (LTC) and Hedera (HBAR) ETFs could follow soon after. However, ETFs for Solana (SOL) and XRP may only be considered after the new administration’s leadership at the agency.

David Sacks for Crypto Czar Role Backed by Michael Saylor

Michael Saylor has shown his strong backing for David Sacks as the U.S. “Crypto Czar.” Saylor echoed the sentiments of Senator Cynthia Lummis, who lauded Sacks’ appointment. This gesture received significant backing from users on X. Lummis believes Sacks will help the administration become the most supportive of digital assets ever.

Read more

• MicroStrategy to Pause Bitcoin Buying in January?
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The post The Shib News Recap: Thursday first appeared on The Shib Daily.

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Today’s crypto news cycle is filled with critical regulatory updates, the implications of such for the crypto ecosystem, and Michael Saylor’s reaction to an anti-crypto rhetoric.

Crypto Regulation News

The Financial Accounting Standards Board (FASB) has launched new Fair Value accounting rules for Bitcoin and similar cryptocurrencies. Companies will now need to report their crypto assets at fair value in their financial statements. This adjustment aims to provide a clearer view of profits and losses due to the volatility of cryptocurrency prices. However, the rules exclude certain digital assets like NFTs and wrapped tokens.

In other regulatory news, the Australian Federal Court has fined Bit Trade, a subsidiary of Kraken, $5.1 million AUD for offering an unapproved margin lending product. Bit Trade Pty Ltd introduced a “margin extension” product in October 2021 but failed to obtain the necessary target market determination. More than 1,100 customers incurred over $7 million USD in fees, with total trading losses of more than $5 million USD. This is the first penalty against a cryptocurrency exchange for lacking a TMD.

Vanguard’s Dismissal vs MicroStrategy’s Defense

Vanguard, a major investment firm, remains opposed to Bitcoin and cryptocurrencies, viewing them as speculative and lacking real value. They stated that Bitcoin has no place in long-term investment portfolios due to its speculative risks. Duncan Burns, Vanguard Asia-Pacific’s CIO, described the digital asset sector as weak, noting that while some speculators profit, many others incur losses. Michael Saylor, co-founder of MicroStrategy, criticized Vanguard’s stance, arguing against their dismissal of cryptocurrencies in investment strategies.

World Liberty Financial $250K ONDO Purchase

World Liberty Financial has purchased $250,000 worth of ONDO tokens. They acquired 134,216 Ondo Finance tokens at an average price of $1.83 through Cow Protocol. The project has also invested in $30 million in Ether and $10 million in Coinbase Wrapped BTC. Following this acquisition, the ONDO token increased by over 14% in 24 hours and surged by 28.5% in the past week.

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SEC Commissioner Hester Peirce is pushing for a major shift in cryptocurrency regulation, urging an end to what she calls “Operation Chokepoint 2.0.” Speaking on Fox Business, Peirce outlined a plan to provide clarity for the crypto industry and foster innovation, a move that could reshape the digital asset landscape in the United States.

Peirce Blasts Chokepoint 2.0, Lays Out Three-Step Crypto Plan

Peirce criticized government efforts to limit the crypto industry’s access to banking services, particularly custody. “Stop the chokepoint aspect of government regulation,” she told Fox Business host Liz Claman. 

She argued that clear access to such services is crucial for the industry’s growth. The term “Operation Chokepoint 2.0” refers to what many in the crypto industry perceive as a coordinated effort by U.S. regulators to discourage banks from providing services to cryptocurrency companies. 

This alleged effort mirrors “Operation Chokepoint,” a controversial Department of Justice initiative under the Obama administration that aimed to curb fraud by targeting payment processors and banks dealing with certain “high-risk” businesses. Critics of both initiatives argue they unfairly targeted legitimate businesses and limited their access to essential financial services.

Peirce proposed a three-pronged approach for cryptocurrency regulation in the U.S.:

• End the Chokepoint: Allow crypto businesses to work with regulated financial institutions for secure storage and transfer of digital assets.
• Clarify SEC Jurisdiction: Define clear guidelines on which crypto activities fall under securities regulations, giving the industry much-needed certainty.
• Collaborate with Industry: Engage in an open, transparent process with stakeholders to determine how existing regulations apply to digital assets and where adjustments are needed.

Operation Chokepoint 2.0: Crypto Industry Feels the Squeeze

The impact of Operation Chokepoint 2.0 has been felt acutely within the crypto industry. Gabor Gurbacs, founder of PointsVille and strategy advisor at Tether, described the devastating effects: “Many entrepreneurs were debanked in operation chokepoint 2.0. without warning, explanation or ability to appeal. Excommunicado.” 

He alleged strong-arm tactics by government agencies, stating, “Government mafiosi from the Treasury and OCC called and threatened banks to debank specific people and companies.” Caitlin Long, founder of Custodia Bank, echoed these concerns, asserting that such actions are not uncommon. “Bank regulators do this kind of stuff that’s not legal all the time, and they hide behind confidential supervisory information,” she said.

"Bank regulators do this kind of stuff that's not legal all the time, and they hide behind confidential supervisory information."@CaitlinLong_ on Operation Chokepoint 2.0. pic.twitter.com/FQ8QxvucXX

— TFTC (@TFTC21) November 27, 2024

Crypto Community Divided: Skepticism and Cautious Optimism

Reactions within the crypto community varied. Data analyst Dakota Sidwell expressed doubt, tweeting, “Hester will do nothing to assist the broader public.” However, David Barrera, co-founder and CEO of Enumma, offered a more nuanced take. 

While acknowledging Peirce’s intentions, he cautioned, “Something tells me she won’t be generous to crypto in trying to set the perimeter outside of which the SEC doesn’t have jurisdiction.” Barrera believes Peirce may still favor classifying many tokens as securities, posing challenges for initial coin offerings (ICOs) seeking to avoid SEC oversight.

Will the SEC Embrace Change?

The debate over how to regulate cryptocurrencies in the U.S. continues. Many believe a clear framework is essential for the sector’s legitimacy and growth. 

Gemini co-founder Tyler Winklevoss, in a stark warning, stated, “As long as these political hits on industries are allowed, America’s economy will continue to be crippled. It’s called Operation Choke Point 2.0 for a reason — there was a 1.0 during the Obama Administration. Let’s make sure there can never be a 3.0.”

Peirce’s call for collaboration could mark a turning point. However, the SEC’s willingness to embrace these reforms remains uncertain. 

Read More

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Robinhood CEO Vlad Tenev has criticized the UK government’s cryptocurrency policies, comparing them unfavorably to the country’s regulations on gambling. 

In an interview with The Times, Tenev argued that people should have the freedom to make their own trading decisions despite concerns over crypto addiction. He also questioned why crypto trading faces stricter scrutiny while gambling remains less regulated.

“I think people should be allowed to do what they want,” Tenev said. “But on a policy level, it’s just strange to me that, like: ‘the gambling will continue, but suddenly, with crypto and margin trading, we would have a problem with that.’ That just seems backwards to me.”

Tenev’s comments were in response to remarks by NHS chief Amanda Pritchard, who highlighted the rising number of young men seeking treatment for Bitcoin trading addiction. Pritchard called for stricter regulations on crypto platforms to mitigate potential harm.

Robinhood Seeks UK Expansion

In the same interview, Tenev expressed his ambition to expand Robinhood’s services in the UK, viewing it as a key market. The company launched its stock trading platform in the UK last year and, more recently, introduced margin trading. This feature allows users to borrow funds from Robinhood to amplify their investment potential.

When asked if concerns over UK crypto regulations might impact Robinhood’s growth, Tenev stated he was not concerned. He emphasized that the UK’s approach to crypto seemed “backward.” 

The British government is reportedly taking steps to address the growing influence of the crypto industry, which has aligned itself with some of the policies from Donald Trump’s US administration. New regulatory measures are expected to be unveiled this month, focusing on areas such as stablecoins and crypto staking, with the aim of tightening oversight in the sector.

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Michaela has no crypto positions and does not hold any crypto assets. This article is provided for informational purposes only and should not be construed as financial advice. The Shib Magazine and The Shib Daily are the official media and publications of the Shiba Inu cryptocurrency project. Readers are encouraged to conduct their own research and consult with a qualified financial adviser before making any investment decisions.

The post Robinhood CEO Slams UK’s ‘Backward’ Crypto Approach, Calls for Better Regulation first appeared on The Shib Daily.

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The California Department of Financial Protection and Innovation (DFPI) announced on Thursday that it has revoked the lending license of crypto lender BlockFi Lending LLC due to multiple regulatory violations.

BlockFi agreed to the revocation of its California Financing Law (CFL) license and to cease unsafe practices as part of a settlement with the DFPI. The action follows an examination by the regulator and a prior license suspension in November 2022.

BlockFi Violations

The DFPI found that BlockFi violated the CFL by failing to assess borrowers’ ability to repay loans, charging interest before loan proceeds were disbursed, and not providing consumers with credit counseling. It also reportedly neglected to report payment performance to credit bureaus, and inaccurately disclosed annual percentage rates (APRs) in loan documents.

“While we encourage innovation in our financial marketplace, companies must comply with laws and protect consumers in accordance with those laws to continue doing business in California,” DFPI Commissioner Clothilde V. Hewlett said in a statement.

Bankruptcy Filing

BlockFi filed for bankruptcy in 2022, shortly after the collapse of cryptocurrency exchange FTX Trading Co. The company’s bankruptcy plan administrator recently announced that it has recovered sufficient assets to make all customers whole.

Under the settlement agreement, the DFPI imposed a $175,000 fine on BlockFi for its violations but waived the payment to prioritize consumer recovery, given that the company is in bankruptcy and no longer operating.

In February 2022, the DFPI had entered into a consent order with BlockFi to resolve allegations that the company offered and sold unqualified, non-exempt securities.

The DFPI emphasized that all financial services providers operating in California are expected to comply with state financial laws. Consumers can submit complaints to the DFPI online at or call toll-free at (866) 275-2677 for assistance.

The announcement comes amid increased regulatory scrutiny of cryptocurrency lenders and follows a series of enforcement actions against other firms in the sector.

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Vanessa has no crypto positions and does not hold any crypto assets. This article is provided for informational purposes only and should not be construed as financial advice. The Shib Daily is an official media and publication of the Shiba Inu cryptocurrency project. Readers are encouraged to conduct their own research and consult with a qualified financial adviser before making any investment decisions.

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Banning Private Cryptos? India Explores Safer Alternatives with CBDCs

The Indian government is considering banning private cryptocurrencies, including Bitcoin and Ether. Key experts argue that the risks of these assets far exceed their benefits. They argue that Central Bank Digital Currencies (CBDCs) can provide similar functionalities with reduced risks. Officials are also optimistic about using blockchain technology for positive social applications like tokenizing government securities. They see great potential for CBDCs in both domestic and international transactions.

The government plans to expand CBDC use after studying data from pilot projects. The final stance on private cryptocurrencies will be decided after extensive discussions with stakeholders.

France’s Red Card Scandal Exposes €28 Million Crypto and Diamond Fraud

A French conference center will host a trial with over 20 defendants accused of defrauding 1,300 victims of €28 million (about $30.52 million). Dubbed the Red Card Scandal, the fraud involved fake cryptocurrency investments and diamond savings schemes. The defendants have reportedly scammed people for more than two decades, including football clubs. Many investors suffered major losses, with some even taking out loans to invest based on false promises of high returns. Twelve accused face charges of “criminal conspiracy,” while others are charged with gang fraud, which includes creating fake websites and selling counterfeit diamonds.

A Chainalysis report highlights that France is a leader in the growth of decentralized finance (DeFi) transaction volumes, especially during volatile market conditions.

Russia’s Rosfinmonitoring Launches Stricter Crypto Regulations

In Russia, Rosfinmonitoring has launched an initiative to improve financial intelligence. All trading platforms must register, obtain licenses, and collect client data, retaining transaction records for five years. They need to share this information with the government as well.

Lawyers are analyzing the probable effects of these regulations on the market. Dmitry Kirillov points out that this is consistent with a global trend to tighten control over cryptocurrencies, in line with FATF guidelines. Yuri Brisov warns that excessive regulation could split the market into legal and illegal parts. Kristina Mkrtchyan stresses the importance of balancing security with user data privacy.

Tether’s CEO Sounds Alarm: US Falling Behind in Crypto Regulation

At the DC Fintech Week conference, Tether CEO Paul Ardoino criticized the U.S. for its slow progress in cryptocurrency regulations. He expressed worry about the current regulatory framework, saying that the U.S. has always been a technology leader. However, he feels the country is “dropping the ball” on crypto policies for the first time ever. Some industry experts argue that unclear rules are pushing crypto firms out of the U.S. Ardoino also emphasized Tether’s dedication to transparency, stating the company will intensify its efforts because of past regulatory challenges.

Shibarium’s Resurgence: From Low Activity to 1.7 Million Transactions in Days

Meanwhile, in Shib news and updates, Shibarium has seen a significant increase in transactions, nearly hitting two million. On Tuesday, a sharp increase was noted following a period of low activity. Data from Shibariumscan showed that after negligible transactions from late September to mid-October, numbers jumped abruptly on Monday to about 400,000. This climbing trend continued, reaching a peak of 1.766 million transactions on Tuesday.

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‘Operation Endgame’ Targets Russian Cybercrime Syndicate Amid Declining Crypto Loss Rates

The U.S. has launched “Operation Endgame” to target a major Russian cybercrime syndicate involved in laundering billions through illegal activities like ransomware and credit card fraud. Key figures include Sergey Sergeevich Ivanov, who runs PM2BTC, a cryptocurrency exchange designated as a major money laundering threat. The Department of Justice has charged Ivanov and Timur Shakhmametov with conspiracy to commit bank fraud and money laundering. Ivanov processed payments for the illegal carding site Rescator and funneled money from the marketplace Joker’s Stash. TRM Labs estimates Ivanov’s network facilitated over $1.15 billion in suspicious cryptocurrency exchanges. This operation marks a significant effort against Russian cybercrime funding.

Speaking of global efforts for investor protection, in Q3 2024, crypto losses due to hacks and fraud fell by 40% compared to the same period last year despite total thefts reaching a significant $1.33 billion for the year. This quarter saw only 3.9% in losses compared to the previous quarter, attributed to improved security protocols and increased user vigilance. A dramatic 54% drop in successful attacks, from 75 in Q3 2023 to 34 in Q3 2024, indicates that these measures are effectively protecting assets. However, experts warn that the market still grapples with evolving threats, especially in the decentralized finance space.

BNY Mellon’s SAB 121 Exemption: Expanding Crypto Custody Services for Institutions

The Bank of New York Mellon (BNY Mellon) has received an exemption from the SEC’s Staff Accounting Bulletin (SAB) 121. This allows the major U.S. custodian bank to offer crypto custody services for institutional clients. Chris Land, general counsel for U.S. Senator Cynthia Lummis, highlighted this during a public hearing in Wyoming. The move shows BNY Mellon’s aim to increase its footprint in the growing crypto custody market while staying under Federal Reserve and New York’s Department of Financial Services oversight. This exemption is significant for the crypto industry, as it may drive more institutional participation and suggests a shift in the regulatory environment.

Aligning Hong Kong’s OTC Derivatives Reporting with Global Standards

Hong Kong’s financial regulators, the Hong Kong Monetary Authority (HKMA) and Securities and Futures Commission (SFC), plan to align their OTC derivatives reporting framework, including crypto derivatives, with global standards. The SFC has sought industry feedback on a proposed licensing regime for cryptocurrency OTC services. These changes aim to synchronize Hong Kong’s reporting requirements with those of the European Securities and Markets Authority (ESMA). The HKMA and SFC will implement key international reporting standards like Unique Transaction Identifiers (UTI), Unique Product Identifiers (UPI), and Critical Data Elements (CDE). They will also accommodate the Digital Token Identifier (DTI) in their reporting. The regulators stressed the importance of aligning with global mandates to keep Hong Kong in sync with major jurisdictions.

Strengthening Crypto Ad Policies in Dubai: Emphasizing Risk Awareness and Fair Practices

Dubai has tightened its regulations for cryptocurrency marketing. The Virtual Asset Regulatory Authority (VARA) has set new guidelines requiring all digital asset advertisements to include a clear disclaimer about financial risks. Marketers must follow legal requirements and secure necessary permits. VARA also emphasizes that marketing must be fair and identifiable, prohibiting misleading claims and “fear of missing out” (FOMO) tactics. Promotions should target suitable audiences, and companies are required to maintain records for eight years. Third-party marketers must adhere to these regulations as well.  

Shiba Inu’s End-of-September Momentum: Bullish Patterns and Community Confidence

At the close of September, Shiba Inu has gained 37.5% in the past month. Analyst Javon Marks predicted the altcoin may rise further, potentially by 360%. He analyzed a falling wedge pattern that indicates a bullish reversal. This pattern shows that selling pressure is easing as prices consolidate. The recent breakout signals a potential upward trend. Based on this analysis, Marks targets a price of $0.000081, which would mean a major increase from its current value.

As for observations over the week, latest CoinMarketCap data revealed Shiba Inu’s resilience. It showed a 31.40% increase despite a downturn in the broader cryptocurrency market. It now boasts a market cap of over $10 billion, ranking among the top 15 cryptocurrencies. A positive community sentiment shines through, with 87% of 10,897 voters being optimistic about its future.

Since September 16, Shiba Inu’s price has climbed steadily, experiencing small dips that buyers quickly absorb. Trading volume has surged, indicating active participation and validating the rally with genuine interest. So far, these last few days of the month has seen Shiba Inu’s price skyrocket, breaking previous records and leading to increased investor confidence.

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This raises a critical question: did the SEC fabricate a term to tighten its grip on digital assets or is there a substantive legal framework that supports this classification? As regulators seek to impose structure on a sector that requires more regulation, the implications of such terminology could have far-reaching consequences for the future of digital assets.

Rep. Ritchie Torres: “The SEC invented the term out of thin air.”

An unvarnished comment by Rep. Ritchie Torres (D-N.Y.) during a recent congressional hearing, aptly titled “Dazed and Confused: Breaking Down the SEC’s Politicized Approach to Digital Assets,” marked a crucial milepost in this scrutiny. He said the term digital asset security does not appear anywhere, challenging the SEC to explain where it came from. He categorically asked, “If it appears nowhere, neither in rule nor statute, did the SEC invent the term out of thin air?”

In a post on X, the Democratic Congressman went all out and doubled down on the issue at hand.

The term ‘digital asset security’ does not appear anywhere in any law enacted by Congress or in any rule promulgated by the SEC or in any decision rendered by the Supreme Court. It appears nowhere in the 2 million pages of the Federal Register. If it comes from neither statute… pic.twitter.com/ucSaCzEvOU

— Rep. Ritchie Torres (@RepRitchie) September 19, 2024

Cato Institute’s Jennifer Schulp: Inefficient “enforce first, make rules never” Strategy

Jennifer Schulp, Director of Financial Regulation Studies at the Cato Institute’s Center for Monetary and Financial Alternatives, did not mince words either during her testimony regarding the SEC’s misguided strategy for regulating cryptocurrency. She discussed how the SEC’s registration requirements do not align well with digital assets. She said the same applies to the regulations being enforced on exchanges. Furthermore, she strongly asserted that enforcing existing rules can be effective when they provide clear guidance. Yet the SEC’s current strategy leaves much uncertainty around digital assets. This lack of clarity essentially results in a ban on crypto activity in the United States.

“This strategy simultaneously exceeds the agency’s authority and abdicates the agency’s role in overseeing the securities markets,” Schulp added.

Yesterday, I testified about the SEC's flawed approach to crypto regulation in front of the @FinancialCmte.

Catch up on my testimony here: https://t.co/NbIIgtqIcp https://t.co/jKfRd4LMh4

— Jennifer J. Schulp (@jenniferjschulp) September 19, 2024

Robinhood’s Daniel Gallagher: Contending with “innovation-killing federal regulatory uncertainty”

Daniel M. Gallagher, former SEC commissioner and incumbent chief legal officer at Robinhood, pointed out the ongoing federal regulatory uncertainty in U.S. digital asset markets. This has hindered innovation and affected millions of Americans wanting to engage. He testified that the SEC’s stance on which digital assets qualify as investment contracts remains unclear. In contrast, instead of clear rules, the SEC continues to impose regulations through enforcement.

“… millions of Americans who wish to participate in them have had to contend with innovation-killing federal regulatory uncertainty,” Gallagher said. He characterized the agency’s strategy as a “scorched earth” approach. He said this is detrimental to innovation in the blockchain and digital asset industries.

Michael Liftik: “No other statutory authority besides assets transacted in investment contracts”

According to Michael Liftik of Quinn Emanuel Urquhart & Sullivan LLP, the SEC’s authority over digital assets is limited to transactions involving “investment contracts.” The agency lacks other legal grounds for control over such assets. The Howey test, a key precedent, is an old approach that focuses on varied circumstances.

“The only reason the SEC arguably has authority over digital assets is when they are transacted in ‘investment contracts.’ There is no other statutory authority the SEC can point to over digital assets,” he testified.

Bitwise’s Teddy Fusaro: “Americans deserve the freedom to make investment decisions for themselves”

In his testimony, Teddy Fusaro, president of Bitwise Asset Management, Inc., explained that many investors who have registered on cryptocurrency exchanges lack the consumer protections provided by federal securities laws. He emphasized the need for sensible regulations and guidance for these platforms. He said clear oversight and approvals should fit within existing regulatory frameworks, highlighting that this will help guide investors who are seeking to engage with these markets, such as through ETFs.

“Americans deserve the freedom to make investment decisions for themselves, and should have the right to choose which services they use to buy all different types of products and services,” Fusaro stated.

Excited to see progress on this – options on bitcoin ETFs r something that the market wants, needs, and should have.

However, there are more steps that need to take place before they can begin trading, including green light from both the OCC and CFTC which may take some time. https://t.co/UIG6Jedfj2

— Teddy Fusaro (@teddyfuse) September 20, 2024

Duke University’s Lee Reiners: “There remains a gap in crypto spot market regulation”

In a slightly more favorable tone, Lee Reiner, a professor at Duke University, recognized the SEC’s efforts in applying the Howey test to safeguard crypto investors. However, he also asserted that there is still a gap that only Congress can close for the protection of investors. While he supports Gensler’s view that most cryptocurrencies are securities, he believes some are commodities. The Commodity Futures Trading Commission (CFTC) regulates commodity derivatives but not spot markets, leading to unregulated U.S. crypto exchanges. Reiner believes that this issue requires immediate attention from Congress.

“In my written testimony before this Subcommittee last March, I noted that the best way to close the gap in cryptocurrency spot market regulation is to have Congress carve out cryptocurrency from the definition of a commodity in the Commodity Exchange Act and recognize cryptocurrencies as securities under a special definition to the securities laws,” he explained.

In light of these testimonies, the SEC faces a critical inquiry into the legal validity of the term “digital asset security.” At the same time, it raises important considerations regarding how platforms can enhance investor experiences in the cryptocurrency market without impeding innovation.

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The PDRM carried out two separate raids on two luxurious residential properties. It arrested 21 individuals, belonging to the age group 22-37. Sixteen Chinese men, a Chinese woman, a Laotian woman, two others from Hong Kong and Myanmar, and a local Malaysian man were apprehended.

The director of the Bukit Aman Commercial Crime Investigation Department (CCID), Datuk Seri Ramli Mohamed Yoosuf, mentioned the likelihood of foreign suspects working as customer service representatives at the call center. He added that the local suspect was the caretaker of the call center. 

“According to our investigation, the call centre had been operating for only a month. The syndicate used luxury bungalows, surrounded by two layers of high fences and situated far from the main road, to conceal their activities from authorities,” he explained at a press conference at Menara KPJ on Wednesday.

He added that the arrested individuals were involved in seeking victims through social media platforms, like Tinder and Monsters. They were then lured into making investments via Bitbank and CoinCheck. 

Ramli said the members of the syndicate entered Malaysia on social visit passes and received commissions as salaries. The police also seized 17 computer sets, 55 mobiles, a router, a set of keys, and two alarm units. 

“The detained local man was released on police bail on Aug 25, after his remand period ended. Meanwhile, the other 20 individuals are in remand detention, under the Immigration Act 1959/63,” he added. 

Ramli noted that any kind of investment opportunities happening through social media is mostly fraudulent. He concluded by saying that those who are looking to invest should only explore investments recognized by official investment bodies, such as the Securities Commission Malaysia and Bank Negara Malaysia. 

As a nation, Malaysia is progressively refining its stance on cryptocurrencies. Bank Negara has already been regulating digital assets, with a focus on anti-money laundering. Currently, most cryptocurrency exchanges in the country are required to register with the Securities Commission Malaysia.

However, even though Malaysia is seeing a growing interest in cryptocurrencies from investors, it has also been attracting several fraudulent activities.

The nation is, however, exploring and implementing virtual asset regulatory policies through statutory bodies such as the Securities Commission Malaysia, which is the primary authority overseeing digital asset service providers in Malaysia. 

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This stance reflects a cautious approach, focusing on strict tax laws and anti-money laundering measures rather than direct regulation of Virtual Digital Assets (VDAs).

Responding to a Parliament enquiry, the Finance Ministry of India revealed that currently there isn’t any proposal to bring legislation for regulating the sales and purchase of virtual digital assets in the country.

The enquiry was raised by a member of Parliament seeking details about the status of VDAs, the number of corporations and platforms engaging with VDAs in the last five years, and what plans the government is making for regulatory oversight. 

Pankaj Chaudhary, Minister of State in the Ministry of Finance in India, revealed that VDAs are unregulated in India and the government does not collect data concerning these assets. 

“However, for specific oversight purposes such as Anti-Money Laundering (AML) and Countering the Financing of Terrorism (CFT), the Financial Intelligence Unit India (FIU-IND) has been authorized to designate Virtual Digital Asset Service Providers (VDSAPs) as Reporting Entities (RE) under the Prevention of Money Laundering Act, 2002 (PMLA). Additionally, Law Enforcement Agencies (LEAs) have the mandate to address illicit activities under existing legal provisions,” he said.

Reactions From the Community 

The Indian Web3 community has responded positively to this development. Bharat Web3 Association welcomed the recent comments by the Finance Ministry on the upcoming discussion paper on VDA policy. 

Dilip Chenoy, Chairman of Bharat Web3 Association, exclusively told The Shib Daily that the association looks forward to studying the paper in detail when released for public consultation and offering its policy inputs.  

“We urge the government and regulators to take the lead in formulating a comprehensive regulatory regime for Web3/VDAs in India. BWA continues to work with FIU-IND on strengthening the AML/CFT framework for VDA Service Providers introduced last year and with the Ministry of Finance on rationalising the tax regime for VDAs introduced in 2022,” Chenoy said.

India’s position has also been influenced by its role in the G20. The Group of Twenty (G20) is an international forum consisting of 19 countries and the European Union, which plays a prominent role in addressing international financial issues and providing global economic cooperation.

Last year, India played a key role in adopting the International Monetary Fund (IMF) and Financial Stability Board (FSB) Synthesis Paper. The paper highlights a coordinated global policy and regulatory framework for crypto assets. 

The Bharat Web3 Association has also been enthusiastic regarding India’s leadership in building consensus on crypto assets during the G20 presidency. 

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The second bill aims to legalize cryptocurrency mining within Russia. The Lower House has sent the bill to the Upper House and President. If this is enacted, then this legislation will be marked as a significant policy shift in Russia’s stance with regard to digital assets.

Historical Context of Russia’s Crypto Policy

Russia has always maintained a stringent position regarding cryptocurrencies, viewing them as a potential threat. However, in 2017, a shift started when the government recognized blockchain technology, albeit with restrictions.

Then, in 2020, Russia officially recognized cryptocurrencies by signing the Digital Financial Assets (DFA) law. This law allows buying and selling crypto but prevents people from using it as a means of payment for goods and services. 

Russia is currently planning to introduce the digital ruble by July 2025, according to Russian Central Bank Governor Elvira Nabiullina in a report by Russian news agency TASS. While addressing the Federation Council (Upper House), she revealed that if everything went according to plan and pilots were implemented successfully, users can expect to move from trial runs to the broad rollout of the digital ruble.

“We will be able to shift from tests to massively introducing the digital ruble from July 2025. We target those dates, though it will be a gradual process, a gradual process of using digital rubles,” she said.

Implications and Social Media Reactions

The recent legislative developments in Russia have mostly fetched positive reactions on social media. Crypto analysts like Michaël van de Poppe called it “big news.”

Bitcoin Archive (@BTC_Archive) called this move huge.

Crypto influencer Budhil Vyas (@BudhilVyas) praised the Russian government’s decision to embrace crypto, suggesting that adoption is set to accelerate, while clarifying to commenters on his post that this move is good news. 

In a nutshell, Russia’s evolving stance on cryptocurrency from skepticism to potential bans and then to having a regulated approach indicates a transformative scenario for the global crypto market. It is likely that this development could have a huge impact on the industry, resulting in mass adoption of digital assets. 

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While the exact details are still under cabinet review, the draft outlines a two-pronged approach: enhanced surveillance and stricter penalties for market manipulation. Italy’s central bank and financial watchdog, Consob, will be tasked with overseeing cryptocurrency activities, aiming to safeguard financial stability and ensure the “orderly functioning of markets.” This could involve stricter reporting requirements for crypto exchanges operating within the country, allowing authorities to monitor trading activity and identify potential irregularities.

The focus on market manipulation reflects a growing concern among regulators worldwide. Cryptocurrencies, with their inherent volatility and susceptibility to hype, are seen as vulnerable to pump-and-dump schemes and insider trading. The hefty fines outlined in the draft – ranging from €5,000 to a staggering €5 million – serve as a strong deterrent for those seeking to exploit the market.

This regulatory push by Italy comes amid a broader European effort to harmonize cryptocurrency regulations. The European Union’s Markets in Crypto Assets (MiCA) framework, adopted in 2023, aims to establish a unified approach to overseeing digital assets across the bloc. Italy’s draft decree appears to be aligning itself with this framework, suggesting a collaborative effort within the EU to create a more stable and secure crypto environment.

However, the increased oversight also raises concerns about stifling innovation. The cryptocurrency market thrives on its decentralized nature and rapid evolution. Overly stringent regulations could potentially impede the development of new technologies and discourage legitimate businesses from entering the space.

Italian regulators seem to be aware of this potential pitfall. The draft reportedly avoids imposing blanket bans or restrictions on cryptocurrency trading itself. Instead, it focuses on creating a more transparent and accountable market, potentially allowing responsible innovation to flourish within a controlled framework.

The Italian approach could serve as a model for other countries grappling with how to regulate the cryptocurrency market. Striking a balance between protecting consumers and fostering innovation is key.

Beyond Italy, other major economies like the United States are also actively considering stricter crypto regulations. The recent collapse of several high-profile crypto exchanges and the ongoing investigation into alleged Tether manipulation have further fueled calls for regulatory action. However, unlike Italy, the U.S. regulatory landscape remains fragmented, with different agencies vying for oversight.

The international community is also playing a role. The Financial Stability Board (FSB), a global body coordinating financial regulation, has issued guidelines for effective crypto oversight. These guidelines emphasize the need for a risk-based approach, focusing on the risks associated with different crypto assets and activities.

The success of this approach will likely be closely watched by other nations grappling with navigating the ever-evolving world of digital assets.

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Lummis’ remarks were triggered by the DOJ’s recent reply brief regarding the indictment against Roman Storm, the developer of Tornado Cash, whose lawyers moved to dismiss the charges against him.

“I am deeply troubled by the Department of Justice’s hyper-aggressive argument that non-custodial software can constitute a money transmission service,” Senator Lummis expressed on the social media platform X (formerly Twitter).

She further elaborated that this position goes against existing Treasury guidance, common sense, and the rule of law.

Highlighting the broader implications, Lummis emphasized that arguments against self-custody software threaten fundamental property rights inherent to American values. “I will do everything I can to fight for your rights to hold your own keys and run your own node,” she affirmed.

Senator Lummis’ stance underscores the escalating tensions between cryptocurrency advocates and policymakers, particularly as the Biden administration intensifies its scrutiny of digital assets. This scrutiny has seen bipartisan engagement, with U.S. Senators Elizabeth Warren and Bill Cassidy also weighing in, expressing concerns over illicit activities facilitated by cryptocurrencies.

Their concerns have prompted federal agencies to ramp up efforts to combat criminal exploitation of digital currencies. The DOJ has taken decisive action against platforms like KuCoin and Binance, citing charges related to operating unlicensed money-transmitting businesses and processing suspicious transactions.

At the core of this debate lies the clash between privacy and regulatory imperatives. Privacy-focused cryptocurrencies and mixing services have increasingly drawn scrutiny for allegedly facilitating money laundering, particularly linked to crimes like Child Sexual Abuse Material (CSAM).

With calls for tighter regulation and enhanced oversight gaining momentum, federal agencies are stepping up efforts to bolster their capabilities for detecting and prosecuting illicit cryptocurrency transactions. Senator Lummis’ vocal criticism signals a widening rift over the regulatory landscape for digital assets, setting the stage for continued debate and legislative action in cryptocurrency policy.

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As we navigate through 2024, notable developments in major economies shed light on the evolving nature of crypto regulation.

United Kingdom: In the UK, all companies intending to engage in cryptoasset activities are mandated to register with the Financial Conduct Authority (FCA) to secure a portion of the 4A permit. Moreover, under the Economic Crime and Corporate Transparency Act 2023, the UK government has empowered law enforcement with unprecedented authority to freeze and seize crypto assets sans conviction.

El Salvador: Renowned for pioneering the adoption of Bitcoin as legal tender in 2021, El Salvador continues to refine its regulatory framework to accommodate the intricacies of a crypto-integrated financial system. Its distinctive approach sets a precedent for other nations exploring digital currency legislation.

India: India’s cryptocurrency landscape remains characterized by regulatory ambiguity. While crypto isn’t legalized, it also isn’t explicitly banned. The recent imposition of a 30% tax rate on crypto assets and a 1% tax deducted at source (TDS) on transactions by the central government reflects a nuanced stance toward blockchain’s potential.

Nigeria: Nigeria recently updated its guidelines for crypto service providers, aiming to curb criminal activities. The Securities and Exchange Commission (SEC) introduced regulations governing cryptocurrency exchanges, signaling efforts to bring order to the Nigerian crypto market.

Europe: The European Union has taken a landmark step with the passage of the Markets in Crypto-Assets (MiCA) regulation, constituting the world’s first comprehensive set of rules aimed at regulating the cryptocurrency industry. MiCA imposes stringent requirements on crypto platforms, token issuers, and traders, emphasizing transparency and supervision.

China: China maintains its strict ban on cryptocurrency transactions and exchanges, reflecting its cautious approach towards decentralized digital assets. Despite this prohibition, the country remains keen on exploring blockchain technology independently of cryptocurrencies.

South Korea: South Korea, a significant contributor to the global cryptocurrency market, is preparing to roll out new guidelines for token listings on centralized exchanges. These guidelines, driven by the Financial Services Commission (FSC), aim to enforce stricter regulations and bolster investor protection. Key changes include the prohibition of listing cryptocurrencies that have been subject to hacking incidents on local exchanges and the mandate for foreign projects to create market-specific whitepapers.

The year 2024 proves important for crypto regulation globally, as governments grapple with the challenges and opportunities presented by digital currencies.

While some nations like the UK and El Salvador embrace innovative approaches, others like China opt for stringent restrictions. Amid this regulatory mosaic, the evolution of cryptocurrency regulations remains inexorably linked to the maturation of the digital economy.

As stakeholders navigate this evolving landscape, the imperative lies in fostering regulatory frameworks that balance innovation with consumer protection and financial stability.

The post Global Crypto Regulation Landscape: An Overview first appeared on The Shib Daily.

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