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Gemini Cofounder Reveals How Much David Sacks Will Lose In Crypto Gains In Four Years
Controversy has trailed the announcement of a Crypto Strategic Reserve with critics taking swipes at crypto czar David Sacks over allegations of unjust enrichment. Gemini cofounder Cameron Winklevoss has waded in to defend Sacks, noting that the crypto czar is losing a fortune in gains by preventing a conflict of interest. Gemini Founder Says Sacks Could Lose Up To $1 Billion In Crypto Gains Amid swirling speculations of unjust enrichment, Sacks confirmed the sale of all his cryptocurrency holdings to avoid a conflict of interest. Gemini Founder Cameron Winklevoss remarked that Sacks’ decision to sell off all cryptocurrencies would cost him gains running into a billion dollars. “David Sacks is going to easily lose out on $1 billion in crypto gains over the next 4 years,” said Winklevoss. “He sold all of his crypto holdings (including $85 million of his personal holdings) prior to becoming AI and crypto czar.” Sacks has previously confirmed the sale of his digital asset holdings while denying Multicoin exposure after divesting his stake. According to Sacks, he cumulatively sold $200 million worth of cryptocurrencies while disposing of $85 million worth of personal assets. He confirmed that he liquidated his holdings in crypto funds, including Bitwise and Blockchain Capital, before assuming office. Cameron says Sacks is at the helm of a policy shift for cryptocurrencies in the US but will not reap any benefits from the windfall of changes. “He is doing tremendous work and will not be sharing in any of the economic upsides to avoid even the slightest appearance of a conflict,” said the Gemini cofounder. Sacks Leads The Charge For New Crypto Policy Without Pecuniary Benefits David Sacks has hit the ground running since his appointment as crypto and AI czar, playing a key role in setting up the White House Crypto Summit . His efforts led to the establishment of a Strategic Bitcoin Reserve and the US Digital Asset Stockpile. Sacks disclosed that the US has lost over $17 billion from the previous sale of confiscated Bitcoins . The concerted efforts of Sacks are expected to trigger new institutional interest in the ecosystem, sending prices to new all-time highs by the end of Trump’s first tenure. The post Gemini Cofounder Reveals How Much David Sacks Will Lose In Crypto Gains In Four Years appeared first on CoinGape .

CoinGape 2025-03-09 04:22
US Regulator Eases Crypto Rules—1,200 Banks Cleared to Engage
1,200 U.S. banks can now embrace crypto, with new regulations allowing broader involvement in digital assets while lifting prior restrictions on the industry. Regulator Just Supercharged Crypto Banking—Banks Can Now Embrace Crypto Fully The Office of the Comptroller of the Currency (OCC) announced on March 7 that national banks and federal savings associations are authorized

Bitcoin.com 2025-03-09 01:35
Crypto Regulation: Mike Novogratz Shares Big Take on OCC Turnaround
Crypto investor Mike Novogratz has shared his opinion on the latest regulation changes and developments in the United States, calling them historical for the industry. The latest trends include the Office of the Comptroller of the Currency (OCC) opening doors for banks, the SEC changing its enforcement tactics, and stablecoins regulation gaining government support. Novogratz believes these recent changes will have a lasting impact on Bitcoin and the broader crypto market. Mike Novogratz on Key Crypto Regulation Trends According to his X post, Mike asserted that having a national BTC reserve sends a strong message to other countries. He believes this is a significant step toward Bitcoin’s global adoption and a turning point for the financial system. Second, Novogratz stressed the importance of allowing banks to participate in crypto. He argued that banks can now provide crypto custody and transaction services with the OCC easing restrictions . He believes this will encourage more institutional adoption than the reserve announcement itself. Crypto musings… 1. The announcements yesterday were huge. Historical. That we have a $BTC reserve will send a message to every country. This is a very big deal. 2. Allowing Banks to participate will greatly increase institutional adoption. This might be more important… — Mike Novogratz (@novogratz) March 8, 2025 Similarly, he reacted to the U.S. Treasury Secretary’s recent comments about stablecoins. Acknowledging their role in maintaining the dollar’s dominance, the government now sees stablecoins as a key financial tool. Mike Novogratz considers this crypto regulation shift extremely bullish, suggesting that policymakers finally understand the value of digital assets. Meanwhile, he addressed why crypto prices have been struggling in 2025. He explained that the market hit a frenzy in late 2024, peaking with the high-profile Crypto Ball event during the U.S. inauguration. Since then, institutions have taken a cautious approach, Chinese investors have favored stocks over crypto, and meme coin speculation has collapsed. Additionally, U.S. stock market shifts have affected crypto’s momentum, while the industry still lacks a new Web3 breakthrough to drive excitement. The SEC and CFTC Shift on Crypto Regulation In other news, the crypto regulatory environment is changing in the US. One important sign is the SEC’s withdrawal from crypto lawsuits. Likewise, the CFTC is also easing crackdowns on crypto firms. These moves complement the OCC, which makes it easier for banks to engage with crypto. Banks and other financial institutions will now be privileged to participate in custodial services and DeFi staking. This has been one of the positive developments for the crypto community since President Trump’s emergency in the US. President. Importantly, these changes might see more regular and institutional investors acquire and invest more in the digital asset economy. Crypto Exchanges and IPO Pursuit It is also important to note that major crypto exchanges like Kraken and Gemini are preparing for IPOs as the regulatory outlook improves. Like many other market experts who have shared their opinions, Mike Novogratz believes public listings will boost investor confidence and push the industry further into mainstream finance. However, he noted that the crypto market needs fresh retail interest and a new narrative to regain momentum. Still, the industry leader remains bullish on crypto in the medium to long term. However, in the short term, he warns of counterbalancing forces and the need for Bitcoin to break $91,000 for a full market recovery. The post Crypto Regulation: Mike Novogratz Shares Big Take on OCC Turnaround appeared first on CoinGape .

CoinGape 2025-03-08 21:52
LATAM crypto update: Colombia plans crypto regulations, Nexo and Sphere to reduce cross-border payment times
LATAM’s cryptocurrency landscape continues to grow. This week, a key development was Colombia’s new initiative to regulate crypto activities in response to increasing risks and challenges. Meanwhile, Nexo and Sphere partnered to significantly reduce cross-border payment settlement times in Latin America, cutting them from days to just hours. Colombia’s new regulatory framework for crypto activities Colombia announced a project to regulate the digital assets activities in the country. This initiative was led by one of the few advocates of blockchain technology, Senator Gustavo Moreno. Cointelegraph reported that the plan aims to promote innovation in blockchain projects while protecting users. It emphasizes the importance of regulation in emerging financial technologies. Since more than 5 million Colombians carried out operations with cryptocurrencies and close to 50 trillion Colombian pesos (about $13.3 billion) were traded in the last year, concerns about scams and illegal activities are growing. Moreno stressed that the lack of a good legal framework means that many Colombians are exposed to fraud. This is where the proposed legislation comes in, he said. The goal is to promote blockchain technology, regulate the industry, and establish a framework that prioritises transparency and user protection. These initiatives are crucial for boosting consumer and investor confidence in Colombia’s crypto market and advancing blockchain technology across many industries. Nexo and Sphere partner to transform cross-border payments in LATAM To advance the cross-border payment landscape in Latin America, Nexo, a digital asset platform, announced its strategic partnership with Sphere, a provider of scalable blockchain-based solutions. The partnership is designed to offer a fast, low-cost, and regulation-compliant settlement. According to Cointelegraph, the collaboration aims to help make it more convenient to conduct international commercial payments. At the center of this partnership is the concept of “almost instant settlement,” since Sphere’s infrastructure decreases the payment settlement time from days to hours. Nexo and Sphere are accelerating payment processes for businesses dealing with the growing pain of cross-border transactions by offering a more cost-effective and convenient solution. According to both Nexo and Sphere, this partnership is crucial in a rapidly changing fintech landscape, particularly in regions affected by economic uncertainty. This partnership connects legacy and digital assets for faster transaction speeds whilst remaining compliant, said Savina Boncheva, COO of Nexo, MERGE Buenos Aires: blockchain and Web3 convention set for 2025 Organizers of the event told Cointelegraph that the gathering “will present the most relevant innovations of blockchain and Web3 technology in Argentina.” The goal is to establish Buenos Aires as the hub for one of today’s most disruptive sectors. MERGE Buenos Aires aims to unify tech culture and business, inspired by the success of its last edition in Madrid, where it brought over 2,500 attendees and 250 international experts together. This planned event will enrich cooperation between stakeholders. MERGE Buenos Aires will unite the leaders of the largest technology and financial corporations, the most promising startups, legacy institutions, and government figures from around the world for three days. Participants will discuss technology transformation policies aimed at integrating traditional finance and cryptocurrency to meet global financial needs. The post LATAM crypto update: Colombia plans crypto regulations, Nexo and Sphere to reduce cross-border payment times appeared first on Invezz

Invezz 2025-03-08 17:40
Powell Urges Patience Amid Economic Uncertainty in Key Speech
Federal Reserve Maintains Cautious Tone Federal Reserve Chairman Jerome Powell addressed the U.S. Monetary Policy Forum in New York City, reaffirming the central bank’s cautious tone in the face of lingering economic uncertainties. Powell reaffirmed the Fed’s openness to leaving interest rates unchanged, stating, “We do not have to be in a hurry, and are well placed to wait for more clarity.” He added that the Fed will continue to monitor economic data before it makes any adjustment to policy. Labor Market Resilience Powell pointed to the strength of the U.S. labor market, with employers adding 151,000 jobs in February and an average of 191,000 a month since September. The unemployment rate edged up to 4.1% but remained in a range of 3.9% to 4.2% over the past year. He also noted that wages growth has slowed, balancing demand and supply for labor and mitigating inflationary pressures. “With wages growth slowing, the labor market is not a big source of inflationary pressure,” said Powell. Inflation Trends and Monetary Policy Powell acknowledged the decline in inflation from above 7% in mid-2022 to 2.5% in January. But he also warned that recent data remains somewhat above the Fed’s 2% target. “The path to sustainably getting inflation back to our objective has been uneven, and we expect that will be the case,” he said, reiterating the Fed’s strategy of not overreacting to short-term volatility. Trade Policies and Economic Outlook The Federal Reserve Chairman also addressed recent trade policies, namely import tariffs affecting trade relations with Mexico, Canada, and China. He noted that the changes have contributed to market volatility and complicated economic projections. Powell reiterated that the Fed would keep its primary interest rate steady in the coming months. The central bank had already lowered the benchmark rate by 100 basis points in late 2024, keeping it in the 4.25% to 4.5% range. Crypto Market Reaction The crypto market reacted with cautious optimism to Powell’s remarks. Investors appeared to be comforted by the Fed’s patience, even as they feared potential stagflation and the repercussions of former President Trump’s crypto summit. Powell’s remarks underscore the Fed’s commitment to stability, balancing inflation control with economic growth, as financial markets grapple for certainty.

BTC Pulse 2025-03-08 17:02
Coinbase Blames FDIC for Refusal to Cooperate in Operation Choke Point 2.0
Crypto exchange Coinbase has stated that the Federal Deposit Insurance Cooperation (FDIC) has refused to cooperate in Operation Choke Point 2.0 investigation while denying transparency on their part. While other agencies like the U.S. Office of the Comptroller of the Currency (OCC) rolled back in 2020 guidance, agencies like the FDIC have been reluctant on this matter. Coinbase CLO Blames FDIC for Refusal on Transparency In a message on the X platform, Coinbase CLO Paul Grewal lashed out at the FDIC for its refusal to cooperate and resist basic transparency efforts towards unwinding of the Operation Choke Point 2.0. This operation major led to the debanking of crypto companies with the goal of leaving them dry of liquidity. Speaking on it, Grewal wrote: “They haven’t gotten the message. Despite a huge week for crypto across the rest of the federal government, on this late Friday night over at FDIC staff still continue to resist basic transparency into Operation Chokepoint 2.0”. The crypto exchange asked the regulatory agency on how they conducted the “due diligence” to ensure no documentation related to the event was destroyed. However, according to Grewal, the agency has “repeatedly refused” to provide this information. He also stated that FDIC has been withholding key information related to its Freedom of Information Act (FOIA) practices, and has only provided “snippets from a few documents” that appear unrelated to the specific FOIA policies or practices challenged in the amended complaint filed by History Associates. “What exactly are they hiding?” Grewal questioned FDIC , highlighting concerns over the agency’s transparency in handling FOIA requests. Developments in Operation Choke Point 2.0 Elimination Fox Business journalist Eleanor Terret stated that the recent White House Crypto Summit highlights major regulatory changes that would be coming to the crypto industry. During his remarks at the event, President Donald Trump referenced the rollback of Biden-era banking regulations, which critics say facilitated “Operation Chokepoint 2.0”. While the FDIC is not cooperating on the matter, the Office of the Comptroller of the Currency (OCC) is reversing 2020 guidance that restricted banks from engaging with and providing custody services for cryptocurrencies. “This rollback is a major signal the industry and banks have been waiting for,” Terret stated. She added that it could pave the way for financial institutions to begin actively participating in the digital assets space. The post Coinbase Blames FDIC for Refusal to Cooperate in Operation Choke Point 2.0 appeared first on CoinGape .

CoinGape 2025-03-08 15:46
Darknet Marketplace Wallet With $400M in BTC Awakens After 9 Years
Nucleus Wallet Wakes Up With $400M in Bitcoin A Bitcoin wallet belonging to the now-defunct darknet marketplace Nucleus has awakened after almost a decade of dormancy, Arkham Intelligence reports. On March 7, the wallet’s holder transferred $77.5 million worth of BTC to three fresh addresses, with about $365 million remaining in the primary wallet. The wallet was inactive since April 2016, when Nucleus crashed with 5,000 BTC in vendor and customer deposits. The money was worth approximately $2.1 million then—far less than they’re worth today. Nucleus Marketplace and Its Checkered Past Nucleus was one of many darknet markets that thrived in the early days of Bitcoin. It facilitated the sale of illicit goods, including drugs and guns. The stated reason for its shutdown was a hack, but speculation was that something else was at play. Some believed the administrators pulled an exit scam, while others believed law enforcement activity was responsible for its downfall. As with most darknet platforms, Nucleus was largely based on Bitcoin for its anonymity, making it harder to track activity. Blockchain forensics have since advanced, however, and tracing historic flows of BTC is now more feasible. A Shift in the Crypto Landscape The sudden spike in Nucleus’ wallet occurs at a major political moment: U.S. President Donald Trump has signed an executive order to create a strategic Bitcoin reserve. The reserves’ first BTC will be sourced from assets seized through forfeitures, with provisions for further “budget-neutral” purchases. While there is no direct link between the two incidents, the coincidence has left people suspicious. Some wonder whether law enforcement agencies may have obtained the wallet or whether its rightful owners are moving funds to prevent them from falling into government hands. Dormant Wallets Waking Up During Bitcoin’s Price Rally The Nucleus wallet is not the only deep-sleeping Bitcoin stash to stir. Bitcoin’s price has increased from less than $17,000 at the start of 2023 to an all-time high of around $108,000. This price boost has stirred up activity in most dormant wallets: July 2023: An 11-year-old wallet moved 1,037 BTC. May 2024: Three Satoshi-era wallets stirred, one of which moved 687 BTC and two of which moved 1,000 BTC. June 2024: A whale moved 8,000 BTC from an idle wallet that hadn’t been accessed in five years. September 2024: Five Satoshi-era miner wallets roared back to life after 15 years. These revivals raise questions regarding security risks, inheritance transfers, or even quantum breakthroughs corrupting early wallets. Tether CEO Paolo Ardoino has recently warned that quantum leaps can make it possible for hackers to crack old cryptography keys , exposing wallets long presumed lost. What’s Next for Nucleus’ BTC? For now, the fate of the other $365 million in Bitcoin is unknown. Whether this is a sign of an individual buying back old positions, a law enforcement move, or something nefarious, it is another installment in the saga of dormant crypto wallets coming to life in the aftermath of Bitcoin’s meteoric price rise.

BTC Pulse 2025-03-08 13:52
OCC Loosens Crypto Banking Rules Following Trump’s Pledge to End Crackdown
The U.S. Office of the Comptroller of the Currency (OCC) has relaxed its restrictions on banks engaging with crypto, just hours after former President Donald Trump pledged to end regulatory barriers hindering the industry. In a March 7 statement , the OCC clarified that national banks and federal savings associations can now engage in crypto custody, stablecoin-related activities, and participate in distributed ledger networks. This marks a significant shift in regulatory oversight, reversing some of the previous hurdles that had limited banks’ involvement with digital assets. OCC’s Interpretive Letter 1183 Removes Crypto Banking Restrictions The decision was outlined in Interpretive Letter 1183 , which removes the requirement for OCC-supervised banks to seek “supervisory nonobjection” before engaging in crypto-related activities. Acting Comptroller of the Currency Rodney E. Hood emphasized that the move aims to “reduce the burden on banks” and ensure consistent regulatory treatment of crypto-related banking activities. The OCC explained that its staff now has a stronger understanding of the crypto sector, enabling the agency to adjust its previous stringent policies. The change is intended to foster responsible innovation while improving transparency within the banking industry. While the crypto sector has welcomed the OCC’s announcement, Custodia Bank CEO Caitlin Long cautioned that the broader regulatory crackdown is not fully over. In a March 7 post on X, Long argued that Operation Chokepoint 2.0 remains in effect until the Federal Reserve and the Federal Deposit Insurance Corporation (FDIC) also withdraw their “anti-crypto guidance.” The timing of the OCC’s decision aligns with Trump’s statements at the White House Crypto Summit, where he addressed industry leaders and vowed to bring an end to the crackdown. AMID ALL THE JUBILATION ABOUT the OCC news, #OperationChokePoint2 .0 isn't over until: 1. Fed & FDIC also rescind their anti- #crypto guidance, which is still in effect (Fed & FDIC were far more detrimental to crypto banking than OCC) & 2. @custodiabank has its Fed master account. https://t.co/KjhxLk54aw — Caitlin Long (@CaitlinLong_) March 7, 2025 “Some people really suffered, it was ridiculous what they were doing,” Trump said, referring to the regulatory pressure on crypto firms. “In the end, they came around, but they came around for the wrong reasons—only because they wanted votes.” Operation Chokepoint 2.0, an initiative that limited crypto firms’ access to banking services, has been a major point of contention within the industry, particularly during the 2024 U.S. election. Trump criticized regulators for pressuring banks to cut ties with crypto businesses and blocking money transfers to and from exchanges. “They weaponized the government against the entire industry,” he claimed. “But I know that feeling also, maybe better than you do; all that will soon be over.” Crypto Firms Rely on Stablecoins Amid Banking Restrictions Many crypto firms turned to stablecoins to fund operations after traditional banks severed their business accounts. Meanwhile, on Jan. 16, Wyoming Senator Cynthia Lummis accused the FDIC of attempting to cover up its involvement in Operation Chokepoint 2.0. In a letter, she alleged that whistleblowers informed her of document destruction related to the program. “If it is uncovered that you or your staff have knowingly destroyed materials or sought to obstruct the oversight functions of the Senate, I will make swift criminal referrals to the U.S. Department of Justice,” Lummis warned. The post OCC Loosens Crypto Banking Rules Following Trump’s Pledge to End Crackdown appeared first on Cryptonews .

cryptonews 2025-03-08 11:40
Crypto Money Laundering in China: Thousands Arrested in Government Crackdown
The post Crypto Money Laundering in China: Thousands Arrested in Government Crackdown appeared first on Coinpedia Fintech News At a time when the UN is discussing possibilities to counter the threat of crypto money laundering , a work report, presented by Ying Yong, the Procurator-General of the Supreme People’s Procuratorate, at the Third Session of the 14th National People’s Congress, reveals that nearly 3,032 people were prosecuted for crypto money laundering crimes in 2024. Let’s dive in to learn the details! China’s Crackdown on Crypto Money Laundering As per Yong’s work report , no fewer than 3,032 people were booked in connection with crypto money laundering crimes in 2024. How does crypto money laundering work? Criminals hide dirty money by turning it into anonymous cryptos. They mix these cryptos with others, making them impossible to trace. Then, they swiftly move the money through many crypto addresses. Finally, they cash it out, pretending it came from legal crypto trading or investments or use it to purchase high-value products. China’s Action against Financial Fraud and Crimes The same report states that around 25,000 people were arrested in China for financial fraud and crimes in 2024. This showcases that the Chinese government is keen to weed out the threat of financial fraud and crimes from its financial ecosystem. The report also notes that in the same year, no fewer than 825 people were prosecuted for securities crimes, such as financial fraud and insider trading. It also adds that around 42 people in the Evergrande Group case and 49 people in the Zhongzhi Group case were booked in the same year. Reports say that the China Securities Regulatory Commission is working with the procuratorate to clean up the private equity sector. .article-inside-link { margin-left: 0 !important; border: 1px solid #0052CC4D; border-left: 0; border-right: 0; padding: 10px 0; text-align: left; } .entry ul.article-inside-link li { font-size: 14px; line-height: 21px; font-weight: 600; list-style-type: none; margin-bottom: 0; display: inline-block; } .entry ul.article-inside-link li:last-child { display: none; } Also Read : U.S. Releases Seized Chinese Crypto Mining Equipment Amid Trade War , Chinese Crypto Regulation Landscape: An Overview China’s approach to cryptos is characterised by prohibitions rather than regulation . There is not a single crypto regulator in the country; instead, several Chinese government entities enforce the country’s crypto restrictions. The People’s Bank of China is a primary force behind China’s cryptocurrency crackdown. Various other agencies, including those responsible for financial stability, cybersecurity, and law enforcement, also contribute to the enforcement of cryptocurrency restrictions. In conclusion, China’s strict legal action against financial crimes shows its commitment to controlling illegal crypto transactions and financial fraud. 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coinpedia 2025-03-08 08:30
Ripple vs. SEC Lawsuit Could End with $125M Judgment Still in Place, Says Lawyer
The ongoing Ripple vs. SEC lawsuit may conclude without any changes to the $125 million judgment against Ripple, according to attorney Fred Rispoli. The legal expert suggested that the Securities and Exchange Commission (SEC) might be waiting for new leadership before making a final decision. This has led to discussions about whether Ripple could negotiate a reduced penalty or alternative settlement. Ripple vs. SEC Lawsuit Could End with $125M Judgment The US SEC, currently led by a 2-1 pro-crypto commission under acting Chair Mark Uyeda, has not dropped its case against Ripple, despite withdrawing other cryptocurrency-related lawsuits. Legal analysts Fred Rispoli in an X post believes the agency is waiting for new SEC Chair candidate Paul Atkins to take office before making further decisions on the case. Fred Rispoli has argued that dropping the appeal while keeping the $125 million fine would save the SEC from further legal battles. “The best satisfaction of this, if true, is that it nullifies the thousands of hours of work put in by SEC staff to get the $125M judgment,” Rispoli stated in a post on X. The Ripple vs. SEC lawsuit remains one of the most complex legal battles in the cryptocurrency industry. While the SEC recently closed cases against Kraken, Coinbase, and ConsenSys, it has yet to take similar action against Ripple. Some legal experts believe the injunction on Ripple’s institutional sales of XRP may be a key factor in the delay. Speculation Over XRP Payments and Strategic Reserves There has been speculation that Ripple could settle the $125 million fine by transferring XRP instead of cash. Vincent Van Code, a market analyst, suggested that Ripple might be negotiating to pay the fine in XRP, which could then be allocated to a government-controlled cryptocurrency reserve. According to Van Code, “Some are speculating that Ripple, rather than pay $125 million in dollars, provides the equivalent in XRP to the new crypto strategic reserve.” However, attorney Rispoli doubts that such an arrangement is likely, given the slow progress in legal proceedings. Meanwhile, Ripple’s escrow holdings, which contain approximately 37.1 billion XRP, have been at the center of discussions regarding potential government acquisitions. Over the weekend, U.S. President Donald Trump confirmed that XRP would be part of the country’s digital asset reserve, fueling speculation that Ripple’s escrow could be involved in the legal negotiations. XRP Sales Restrictions Remain a Key Issue The Ripple vs. SEC lawsuit has focused on whether XRP should be classified as a security. In 2023, Judge Analisa Torres ruled that Ripple’s institutional sales of XRP were securities transactions, leading to the $125 million fine. Ripple has since been working to challenge the injunction that restricts certain sales of XRP to banks and payment processors. According to legal experts, Ripple’s efforts to overturn the injunction could be a reason why the SEC has not yet dropped its case. Attorney Jeremy Hogan has suggested that Ripple may be engaging with the Second Circuit Court of Appeals to contest the ruling. Meanwhile, Ripple Chief Technology Officer (CTO) David Schwartz has dismissed concerns about XRP inflation. Schwartz reaffirmed that XRP’s total supply cannot be increased under the XRP Ledger’s code. “There is literally no function to create any more XRP. The code to do such a thing does not exist,” he stated. As for the Ripple vs. SEC lawsuit, it is currently under review at the Second Circuit Court of Appeals. The SEC submitted its arguments to the court on January 15, 2025, and Ripple has until April 16 to file its response. The post Ripple vs. SEC Lawsuit Could End with $125M Judgment Still in Place, Says Lawyer appeared first on CoinGape .

CoinGape 2025-03-08 07:05
US Senators Take on Debanking as Top Priority With New Legislation
U.S. senators are pushing to end politically motivated debanking, arguing regulators have misused their authority. The FIRM Act aims to ensure fair financial access. US Senators Demand Action on Debanking—Is This the End of Political Banking? The U.S. Senate Committee on Banking, Housing, and Urban Affairs announced on March 6 that Chairman Tim Scott (R-S.C.)

Bitcoin.com 2025-03-08 06:30
OCC Eases Crypto Regulations, Allowing Banks to Engage Without Prior Approval
The post OCC Eases Crypto Regulations, Allowing Banks to Engage Without Prior Approval appeared first on Coinpedia Fintech News The U.S. regulator overseeing national banks provided clarification on Friday that federally regulated banks can now engage in various cryptocurrency activities without needing prior approval. In its new interpretive letter, the OCC clarified that national banks and federal savings associations are allowed to offer crypto custody services, handle certain stablecoin activities, and operate nodes. “The OCC expects banks to have the same strong risk management controls in place to support novel bank activities as they do for traditional ones,” said Acting Comptroller of the Currency Rodney E. Hood. It remarked that this decision will ease the pressure on banks involved in crypto activities and ensures that these activities are treated consistently by the OCC, regardless of the technology used. On Friday, the OCC withdrew guidance issued during President Joe Biden’s administration, which had imposed extra requirements on banks wanting to engage in certain crypto activities. The previous letters told banks to brief their supervisors on crypto activities beforehand, explain how they would manage risks, and get approval before proceeding with crypto activities. The OCC also removed joint statements from U.S. regulators that had warned banks against engaging with crypto. A 2023 statement didn’t ban crypto business but cautioned that the sector is highly volatile and that any crypto-related activities by banks would face close scrutiny. The announcement came on the same day the White House held a crypto summit, just hours after President Donald Trump signed an executive order creating a strategic reserve for bitcoin and other cryptocurrencies.

coinpedia 2025-03-08 05:28

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