Law & Policy

What happened in the crypto industry last week (July 22-28)?

1/ On July 23, 2024, spot Ethereum-ETFs officially launched on the stock market. Trading volume in the sector reached $112 million in the first 15 minutes. The leader among the ETFs is the Grayscale Ethereum Trust (ETHE), with a trading volume of $39.7 million. https://x.com/EricBalchunas/status/1815489137484722333 https://x.com/EricBalchunas/status/1815747485505052950

2/ The US House of Representatives supported the "Financial Technology Protection Act" (HR 2969) of 2023, aimed at developing measures to prevent the use of digital assets for illegal purposes, particularly for financing terrorism.

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3/ The UK's Financial Conduct Authority (FCA) fined a subsidiary of the crypto exchange Coinbase £3.5 million (approximately $4.5 million). The organization was accused of servicing high-risk clients. The sanctions affected CB Payments Limited, part of the Coinbase Group, which acts as a gateway to the platform.

3/ The UK's Financial Conduct Authority (FCA) fined a subsidiary of the crypto exchange Coinbase £3.5 million (approximately $4.5 million). The organization was accused of servicing high-risk clients. The sanctions affected CB Payments Limited, part of the Coinbase Group, which acts as a gateway to the platform. https://www.fca.org.uk/news/press-releases/fca-first-enforcement-action-against-firm-enabling-cryptoasset-trading

4/ Wyoming Senator Cynthia Lummis announced a proposal to purchase 1 million BTC for the US balance sheet, accounting for 5% of the total asset supply, at the Bitcoin 2024 conference.

4/ Wyoming Senator Cynthia Lummis announced a proposal to purchase 1 million BTC for the US balance sheet, accounting for 5% of the total asset supply, at the Bitcoin 2024 conference. https://www.lummis.senate.gov/press-releases/lummis-announces-revolutionary-proposal-to-supercharge-the-dollar-bolster-u-s-economy/

5/ The SEC approved the launch of the Bitcoin Mini Trust by Grayscale on the NYSE Arca platform. For the final listing, the SEC must approve Form S-1.

5/ The SEC approved the launch of the Bitcoin Mini Trust by Grayscale on the NYSE Arca platform. For the final listing, the SEC must approve Form S-1. https://www.sec.gov/files/rules/sro/nysearca/2024/34-100610.pdf https://www.coindesk.com/business/2024/03/12/grayscale-plans-low-fee-gbtc-spinoff-the-bitcoin-mini-trust/

6/ Coinbase filed a motion in court demanding that the SEC provide documents related to the regulator's lawsuit against the company, including SEC Chair Gary Gensler's personal correspondence since 2021. This is Coinbase's second attempt after the first was denied.

6/ Coinbase filed a motion in court demanding that the SEC provide documents related to the regulator's lawsuit against the company, including SEC Chair Gary Gensler's personal correspondence since 2021. This is Coinbase's second attempt after the first was denied. https://x.com/iampaulgrewal/status/1815855349779542333 https://www.theblock.co/post/304949/ny-judge-rejects-coinbases-efforts-to-subpoena-sec-chair-gary-gensler-says-she-is-surprised-not-in-a-good-way?utm_source=telegram1&utm_medium=social

7/ The Swiss Financial Market Supervisory Authority (FINMA) proposed new guidelines for stablecoin issuers, classifying them as financial intermediaries to mitigate increased risks related to money laundering, terrorism financing, and sanctions evasion.

7/ The Swiss Financial Market Supervisory Authority (FINMA) proposed new guidelines for stablecoin issuers, classifying them as financial intermediaries to mitigate increased risks related to money laundering, terrorism financing, and sanctions evasion. https://www.finma.ch/en/~/media/finma/dokumente/dokumentencenter/myfinma/4dokumentation/finma-aufsichtsmitteilungen/20240726-finma-aufsichtsmitteilung-06-2024.pdf?sc_lang=en&hash=03D675C1247EAFAE0C391363A2F18B9A

8/ The EU's police agency published the latest "Internet Organized Crime Threat Assessment (IOCTA)" report, noting that most illegal schemes involving cryptocurrencies are related to fraud and money laundering.

8/ The EU's police agency published the latest "Internet Organized Crime Threat Assessment (IOCTA)" report, noting that most illegal schemes involving cryptocurrencies are related to fraud and money laundering. https://www.europol.europa.eu/media-press/newsroom/news/fragmented-and-multiplied-cybercriminal-landscape-warns-new-europol-report

9/ BitfFlyer Holdings completed the purchase of 100% of the Japanese division of the FTX exchange and announced the firm's relaunch under a new name.

9/ BitfFlyer Holdings completed the purchase of 100% of the Japanese division of the FTX exchange and announced the firm's relaunch under a new name. https://x.com/bitFlyer/status/1816700763932152230

10/ Starting July 24, 2024, the Australian division of international bank HSBC will block transactions to cryptocurrency exchanges.

10/ Starting July 24, 2024, the Australian division of international bank HSBC will block transactions to cryptocurrency exchanges. https://x.com/CardanoShark/status/1816024234084192718

2/ The US House of Representatives supported the "Financial Technology Protection Act" (HR 2969) of 2023, aimed at developing measures to prevent the use of digital assets for illegal purposes, particularly for financing terrorism. https://financialservices.house.gov/news/documentsingle.aspx?DocumentID=409328