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Paxos Trust Bank License: A Pivotal Step for US Crypto Regulation
BitcoinWorld Paxos Trust Bank License: A Pivotal Step for US Crypto Regulation The cryptocurrency world is buzzing with a significant development that could reshape how digital assets integrate with traditional finance. Stablecoin issuer Paxos is reportedly making a bold move, planning to apply for a Paxos trust bank license through its U.S. office. This news, initially shared by Unfolded on X, highlights a strategic push by Paxos to further formalize its operations within the highly regulated American financial system. It signals a crucial step forward for stablecoin regulation and the broader legitimization of crypto assets in the United States. What Does a Trust Bank License Entail for Digital Assets? You might wonder, what exactly is a trust bank license, and why is it so important for the digital asset space? Unlike commercial banks that handle deposits and loans, a trust bank focuses on fiduciary services. This means they manage assets on behalf of clients, acting as a custodian or trustee. For crypto companies, obtaining such a license provides a robust framework for managing digital assets, offering enhanced security and regulatory oversight. It helps bridge the gap between traditional finance and the innovative world of blockchain innovation , fostering greater confidence among institutional investors and everyday users alike. Why is Paxos Pursuing a US Crypto License? Paxos is not new to the regulatory landscape. The company already operates as a regulated stablecoin issuer, responsible for stablecoins like USDP and previously BUSD. However, seeking a full US crypto license in the form of a trust bank license takes their commitment to compliance to the next level. This strategic move aims to strengthen Paxos’s position as a trusted provider of blockchain infrastructure and regulated digital asset services. It allows them to expand their offerings, including custody, tokenization, and other institutional-grade solutions, attracting a wider range of clients seeking secure and compliant crypto operations. The Impact on Stablecoin Regulation and Beyond The current landscape for stablecoin regulation is often described as fragmented and uncertain. Paxos’s pursuit of a trust bank license could set a significant precedent. By voluntarily subjecting itself to rigorous oversight, Paxos demonstrates a path for other stablecoin issuers to achieve regulatory clarity. This move can lead to: Increased Institutional Adoption: More clarity encourages large financial institutions to engage with stablecoins. Enhanced Consumer Protection: Stricter rules mean better safeguards for users’ assets. Reduced Systemic Risk: Regulated entities are better equipped to handle market fluctuations. However, the process is stringent and can be lengthy, requiring significant resources and adherence to complex requirements. Fostering Digital Asset Trust in a Regulated Environment A major barrier to mainstream cryptocurrency adoption has always been the lack of digital asset trust . Many potential users and institutions remain hesitant due to concerns about security, fraud, and regulatory ambiguity. When a prominent player like Paxos actively seeks and potentially obtains a trust bank license, it sends a powerful message. It signifies a commitment to accountability and compliance, crucial elements for building widespread confidence in digital assets. This effort by Paxos could pave the way for a more robust, secure, and widely accepted digital economy, fostering continued blockchain innovation within a regulated framework. A Glimpse into the Future of Crypto Paxos’s application for a Paxos trust bank license marks a pivotal moment for the cryptocurrency industry. It underscores the growing maturity of the digital asset space and its inevitable convergence with traditional finance. This move, if successful, will not only solidify Paxos’s standing but also provide a clearer, more regulated path for the entire stablecoin and digital asset ecosystem. It promises a future where innovation and regulation can coexist, fostering greater trust and opening new avenues for growth in the digital economy. Frequently Asked Questions (FAQs) Q1: What is a trust bank license? A trust bank license permits a financial institution to act as a fiduciary, managing assets on behalf of clients, including custody and administration services, rather than traditional banking activities like lending. Q2: Why is Paxos seeking this license now? Paxos is seeking this license to strengthen its position as a regulated entity, expand its digital asset services, and build greater institutional trust, particularly in the evolving landscape of stablecoin regulation. Q3: How will a Paxos trust bank license impact stablecoins? A successful Paxos trust bank license could set a precedent for other stablecoin issuers, potentially leading to more standardized and regulated stablecoin operations, enhancing their credibility and adoption. Q4: What are the benefits of this move for the broader crypto industry? This move can foster greater digital asset trust, encourage more institutional investment, and provide regulatory clarity, which is essential for the long-term growth and stability of the cryptocurrency market. Q5: Are there any challenges Paxos might face in obtaining the license? Yes, obtaining a trust bank license involves a rigorous application process, stringent regulatory requirements, and extensive compliance audits, which can be time-consuming and resource-intensive. Did you find this article insightful? Share it with your network on social media to spread awareness about the evolving landscape of crypto regulation and how companies like Paxos are leading the way! To learn more about the latest crypto market trends, explore our article on key developments shaping digital asset trust and institutional adoption . This post Paxos Trust Bank License: A Pivotal Step for US Crypto Regulation first appeared on BitcoinWorld and is written by Editorial Team

Bitcoin World 2025-08-11 18:30
Crypto miners use 50 MWh of power intended for other consumers in Kazakhstan
Financial and law enforcement authorities in Kazakhstan have unraveled a scheme to mine cryptocurrencies using illegally sourced electrical power. Losses caused by the perpetrators amount to more than $16 million, officials said, noting the energy sold to mining farms in the eastern part of the country could have satisfied the needs of a small city. Crypto miners in Kazakhstan burn 50 MWh of household electricity The regional departments of Kazakhstan’s Financial Monitoring Agency (AFM) and National Security Committee (KNB) in the East Kazakhstan Oblast have put an end to a large-scale sale of electricity to mining firms in the area, local media reported. The two government agencies established that, over the past two years, employees of local utilities illegally sold mining companies’ electrical energy originally intended for the population, social facilities, and enterprises of strategic importance. The miners used more than 50 megawatt-hours (MWh) to mint digital coins during the period, comparable to the energy consumption of a city with around 50 – 70,000 residents, the financial watchdog noted in a press release and a Telegram post on Monday. In accordance with Kazakhstan’s current law, mining farms are only allowed to buy electricity directly from a state-run platform operated by the Ministry of Energy, and in amounts of 1 MWh or less, the AFM highlighted. Within the ongoing investigation, the regulatory body estimated that the power illegally supplied to the crypto mining farms costs over 9 billion Kazakhstani tenge (approx. $16.5 million). It also revealed: “The organizers used the criminal proceeds to purchase two apartments in the capital and four vehicles, which were seized with a court order for potential confiscation.” Kazakhstan is yet to solve its crypto mining problems Kazakhstan became a magnet for cryptocurrency miners following China’s decision to enforce a ban on Bitcoin mining a few years ago. Initially welcomed by the Central Asian nation, mining companies were eventually blamed for the country’s growing power deficits and grid breakdowns. The government has since taken steps to regulate the sector, including its power consumption and taxation. In May, Deputy Minister for Digital Development Kanysh Tuleushin announced the state had collected nearly $35 million in mining tax in just three years. Authorities in Astana have also tried to make sure miners sell their minted crypto on domestic platforms. Earlier this year, financial regulators proposed legislative amendments to legalize cryptocurrency trading by adopting a licensing regime for local exchanges. In June, the National Bank of Kazakhstan supported the initiative of a group of lawmakers to create a state-controlled reserve for digital assets. The monetary authority also greenlighted a project to issue payment cards linked to crypto wallets. Officials in Astana also said they want to test payments with digital currencies in a special “pilot zone” called “CryptoCity.” The plan was unveiled by Kazakhstan’s President Kassym-Jomart Tokayev during an international forum in the capital city this past spring. Kazakhstan is not the only country in the post-Soviet space facing challenges when it comes to dealing with the energy needs of crypto mining. Russia, which legalized the industry in 2024, has been forced to temporarily restrict or permanently ban the activity in over a dozen regions, citing increasing energy shortages as the main reason. In July, the Ministry of Energy in Moscow was tasked to finalize regulations for entities engaged with mining. The draft rules include harsher punishments for illegal connection to power distribution networks and electricity theft, as well as for violations of mining restrictions. Under the updated regulatory framework, crypto mining facilities will be added to a new category of electricity consumers of lesser importance, which will allow Russian authorities to remotely disconnect Bitcoin farms from the grid during peak hours. Your crypto news deserves attention - KEY Difference Wire puts you on 250+ top sites

Cryptopolitan 2025-08-11 17:38
Where to Incorporate Your Crypto Business in 2025
Law and Ledger is a news segment focusing on crypto legal news and brought to you by Kelman Law – A law firm focused on digital asset commerce. The following opinion editorial was written by Alex Forehand and Michael Handelsman for Kelman.Law. Navigating Crypto Regulations: Where to Incorporate in 2025 Incorporating a crypto business in

Bitcoin.com 2025-08-11 14:30
ASX-Listed DigitalX Denies Policy Breach Over Director’s Share Buys, Ties to Major Shareholder
ASX-listed digital asset investment manager DigitalX Limited has pushed back against suggestions it breached internal trading rules after the exchange queried director Ieva Guoga’s recent share purchases and her dealings with major shareholder Antanas “Tony G” Guoga, her father. Key Takeaways: The ASX queried DigitalX over director Ieva Guoga’s 3 million share purchase ahead of a Solana acquisition. DigitalX said she sought trading approval but couldn’t log in due to system updates. The company deemed the announcement non-price-sensitive. According to The Australian Financial Review , the ASX sought clarification over Ieva’s acquisition of 3 million DigitalX shares shortly before a May 29 announcement on an $11.6 million Solana token purchase . The exchange questioned whether the timing complied with DigitalX’s securities trading policy and also asked about transactions involving Antanas, a former Lithuanian MEP and ex-professional poker player. DigitalX Appoints Ieva Guoga to Board Amid Leadership Reshuffle Ieva, 26, joined the board in mid-May alongside new chairman Leigh Travers, replacing outgoing chair Toby Hicks and non-executive director Davide Bosio. In a letter dated July 28, the ASX asked whether her trades met policy requirements. DigitalX responded that she had sought permission from both the chair and company secretary but was unable to log the trades through its internal platform due to system updates following the closure of the CHESS clearing system. While admitting she “did not comply strictly” with all provisions of the trading policy, the company said no laws or listing rules had been breached. It argued the May 29 announcement was not price-sensitive, describing it as confirmation of an already disclosed Solana acquisition strategy. The stock moved only marginally that day, closing at $0.068 after a brief 3% rise, and ended last week at $0.073. DigitalX Launches the 21 Hundred Strategy. DigitalX is proud to unveil our 21 Hundred strategy, formalising our Bitcoin-first approach and reinforcing our commitment to Bitcoin as a long-term store of value. From approximately 500 BTC today, we are targeting 2,100 BTC by the… pic.twitter.com/sNX6INdnu1 — DigitalX Ltd (@DigitalXLtd) August 11, 2025 A company spokesman told the ASX her request “did not match word-for-word” the policy’s requirements but stressed that DigitalX remains committed to enforcing its rules, using the episode as an opportunity to improve processes. ASX Probes DigitalX Dealings With Major Shareholder Antanas Guoga The ASX also examined the company’s dealings with Antanas Guoga, who signed a strategic advisory agreement with DigitalX in December 2024, before Ieva’s appointment. He was granted 25 million options exercisable in two years and began buying shares in January, now holding roughly 15% of the Perth-based firm. He is also chairman and major shareholder of Canadian-listed SOL Strategies, which in May secured a 12-month exclusive Solana staking agreement with DigitalX. DigitalX defended the partnership, saying SOL Strategies offered better performance, higher staking rewards, and lower fees than competitors. “The non-conflicted directors of the company are comfortable that the transaction undertaken was in the interests of DigitalX shareholders,” the spokesman said, adding that Antanas has invested significant capital but holds no operational role in the company. In July, DigitalX secured AU$20.7 million ($13.5 million) in strategic investment from global crypto players to expand its Bitcoin treasury. The strategic investment saw major participants including Animoca Brands, UTXO Management and ParaFi Capital. The post ASX-Listed DigitalX Denies Policy Breach Over Director’s Share Buys, Ties to Major Shareholder appeared first on Cryptonews .

cryptonews 2025-08-11 13:11
South Korea Stablecoin: Why a Crucial Bond Absence Hinders Progress
BitcoinWorld South Korea Stablecoin: Why a Crucial Bond Absence Hinders Progress South Korea stands at a pivotal moment in its digital currency journey. While the nation shows strong interest in blockchain innovation, a significant hurdle currently impacts its progress in the South Korea stablecoin race: the critical absence of short-term government bonds. This issue, highlighted by a senior research fellow, raises important questions about the foundational elements needed for a stable and secure digital won. Why Are Short-Term Bonds Crucial for Stablecoin Reserves ? For any stablecoin to truly live up to its name, it must maintain its value against a pegged asset, like the Korean Won. This stability relies heavily on the quality and liquidity of its underlying reserve assets. Kim Pil-kyu, a senior research fellow at the Korea Capital Market Institute (KCMI), recently emphasized this point at a Korea Financial Investment Association (KOFIA) conference. He explained that short-term Korean government bonds would serve as essential reserve assets for issuing a reliable won-denominated stablecoin . Think of it this way: Stability: Government bonds are generally considered low-risk investments, providing a solid foundation for the stablecoin’s value. Liquidity: Bonds maturing in under a year can be easily converted to cash, ensuring that stablecoin issuers can meet redemption requests quickly and efficiently. This liquidity is vital for smooth payments and maintaining user trust. The U.S. market offers a clear precedent; most dollar stablecoin issuers primarily hold their reserves in short-term government debt. This model proves effective for both security and operational fluidity, making short-term bonds a cornerstone for robust stablecoin reserves . What Challenges Does Korean Crypto Regulation Face? The current landscape of Korean crypto regulation presents a significant challenge for stablecoin issuance. Kim Pil-kyu’s insights underscore that before a won-denominated stablecoin can truly take off, the regulatory framework must adapt. The Korea Economic Daily reported on Kim’s remarks, which highlighted the urgent need for reforms. Without appropriate legal and market structures, the path for issuing such a digital asset remains unclear. Regulators need to consider: Defining stablecoin as a distinct financial instrument. Establishing clear guidelines for reserve management and auditing. Creating a robust legal framework that supports the issuance and circulation of a won-denominated stablecoin. These regulatory adjustments are not just about compliance; they are about fostering an environment where innovation can thrive safely, supporting the broader goals of digital won development . They are essential steps to ensure market integrity and investor protection. Paving the Way for Digital Won Development : Next Steps The journey towards a fully functional digital won development ecosystem requires a concerted effort from policymakers, financial institutions, and the blockchain community. Addressing the bond market’s limitations is a critical first step. To overcome the current hurdles for a South Korea stablecoin , several actions are necessary: Policy Innovation: Policymakers must explore mechanisms to introduce or facilitate access to appropriate short-term government bond instruments suitable for stablecoin reserves. Regulatory Clarity: Clear and comprehensive regulations are essential to provide certainty for issuers and protect consumers. Market Collaboration: Collaboration between traditional finance and crypto innovators can help bridge the gap and build the necessary infrastructure. Successfully navigating these challenges will not only pave the way for a robust won-denominated stablecoin but also solidify South Korea’s position as a leader in the global digital finance landscape. This proactive approach ensures stability and fosters innovation in the burgeoning digital economy. Summary: The Path Forward for South Korea’s Stablecoin Future The insights from KCMI’s Kim Pil-kyu clearly indicate that the absence of suitable short-term government bonds is a major obstacle for South Korea stablecoin initiatives. These bonds are vital for stablecoin reserves, providing both stability and liquidity. Addressing this gap through regulatory reforms and innovative policy solutions is crucial for advancing digital won development and ensuring South Korea remains competitive in the global stablecoin race. A clear, well-regulated framework will unlock the full potential of a secure and efficient won-denominated stablecoin, benefiting both the economy and its citizens. Frequently Asked Questions (FAQs) Q1: What is a won-denominated stablecoin? A won-denominated stablecoin is a type of cryptocurrency designed to maintain a stable value, pegged to the Korean Won. Its value is typically backed by reserve assets, often fiat currency or highly liquid securities, ensuring its stability for transactions. Q2: Why are short-term government bonds important for stablecoin reserves? Short-term government bonds are crucial because they offer a combination of high stability and liquidity. They are considered low-risk assets and can be easily converted into cash, allowing stablecoin issuers to meet redemption requests promptly and maintain the stablecoin’s peg. Q3: Who is Kim Pil-kyu and what is KCMI? Kim Pil-kyu is a senior research fellow at the Korea Capital Market Institute (KCMI). KCMI is a leading research institution in South Korea focused on capital markets, providing expert analysis and policy recommendations. Q4: What regulatory changes are needed in South Korea for stablecoins? Regulatory changes are needed to define stablecoins legally, establish clear guidelines for reserve management, implement robust auditing requirements, and create a comprehensive legal framework that supports the issuance and circulation of a won-denominated stablecoin. This is key for advancing Korean crypto regulation . Q5: How does South Korea’s situation compare to the U.S. stablecoin market? In the U.S., most dollar stablecoin issuers widely utilize short-term government debt as their primary reserve asset due to its stability and liquidity. South Korea currently lacks sufficient short-term government bonds that can serve this purpose, creating a significant hurdle for its own digital won development compared to the U.S. model. Did you find this article insightful? Share it with your network and help spread awareness about the challenges and opportunities in the global stablecoin landscape! To learn more about the latest crypto market trends, explore our article on key developments shaping digital currency institutional adoption. This post South Korea Stablecoin: Why a Crucial Bond Absence Hinders Progress first appeared on BitcoinWorld and is written by Editorial Team

Bitcoin World 2025-08-11 11:40
Executive Order Opens Crypto for 401(k) Investors
On August 7, 2025, the White House issued a long-awaited executive order titled “Democratizing Access to Alternative Assets for 401(k) Investors.” For the first time, U.S. retirement savers will be permitted to allocate a portion of their 401(k) accounts to certain alternative investments—including private equity, real estate, and digital assets such as cryptocurrencies. The following

Bitcoin.com 2025-08-11 08:30
Unsettling: Ethereum Developer Detention Raises Crypto Legal Concerns
BitcoinWorld Unsettling: Ethereum Developer Detention Raises Crypto Legal Concerns The cryptocurrency world is abuzz with unsettling news: an Ethereum developer detention in Turkey. This incident casts a significant shadow over the digital asset space, raising critical questions about legal boundaries and the risks faced by those building the decentralized future. “Fede’s Intern,” a known Ethereum developer, was recently detained in Izmir, Turkey, facing allegations of aiding others in misusing the Ethereum network. While specific details remain scarce, this development sends a clear message about the increasing scrutiny on blockchain activities globally. What Led to the Ethereum Developer Detention in Turkey? According to reports from BeInCrypto, Turkish authorities apprehended the developer, accusing them of enabling illicit activities on the Ethereum network. The developer himself confirmed the allegations in a post on X, indicating that the authorities believe he facilitated misuse. This situation underscores the complex legal landscape surrounding blockchain technology, where the lines between facilitating innovation and enabling misuse can become blurred. Allegations: Helping others misuse the Ethereum network. Location: Izmir, Turkey. Source: BeInCrypto, developer’s X post. Echoes of Past Crypto Legal Issues: A Troubling Trend? This incident eerily mirrors the case of Binance executive Tigran Gambaryan, who was detained in Nigeria for nearly eight months on money laundering charges. Both cases highlight a growing trend where individuals associated with prominent blockchain platforms face severe legal challenges in various jurisdictions. The detention of an Ethereum developer like “Fede’s Intern” suggests that regulatory bodies are intensifying their efforts to control and investigate digital asset activities, regardless of the individual’s direct involvement in illicit transactions. The parallels are striking: High-profile individuals in the crypto space. Detention by national authorities. Allegations related to financial misconduct or network misuse. Unclear or evolving legal frameworks. These events contribute to a climate of uncertainty, particularly concerning crypto legal issues Turkey and other nations are grappling with as they navigate the complexities of blockchain technology. Navigating the Challenges of Ethereum Network Misuse The core accusation against the developer revolves around Ethereum network misuse . This term can encompass a wide range of activities, from facilitating scams and illicit financing to enabling unauthorized transactions. Developers, while building open-source protocols, often find themselves in a precarious position. They create tools that can be used for good, but also for nefarious purposes by bad actors. The challenge lies in defining the extent of a developer’s responsibility for how their creations are ultimately used by others. As the Ethereum network continues to grow and decentralize, the responsibility for monitoring and preventing misuse becomes increasingly distributed and complex. This incident could prompt deeper discussions within the Ethereum community about: Enhanced security measures for users. Better educational resources on responsible network use. Collaborative efforts with law enforcement, where appropriate. What Does This Mean for Global Blockchain Regulation? The detention of an Ethereum developer in Turkey underscores the urgent need for clearer, more harmonized blockchain regulation worldwide. Currently, many countries are still developing their legal frameworks for digital assets, leading to a patchwork of rules that can create significant compliance challenges for individuals and companies operating across borders. This lack of clarity can inadvertently expose even well-intentioned participants to legal risks. For the broader crypto ecosystem, such incidents could: Deter developers from contributing to open-source projects. Increase legal and operational costs for crypto businesses. Push innovation into less regulated, potentially riskier, jurisdictions. It highlights the critical importance of robust legal counsel and proactive engagement with regulatory bodies to understand and comply with evolving laws regarding digital assets. Digital Asset Legal Challenges: A Call for Clarity The “Fede’s Intern” case is a stark reminder of the significant digital asset legal challenges facing the cryptocurrency industry. As blockchain technology becomes more integrated into global finance and daily life, governments are keen to assert control and prevent its exploitation for illegal activities. However, the methods and scope of this control are still being defined, often resulting in ambiguous interpretations and potentially harsh consequences for individuals. It is imperative for the crypto community, policymakers, and legal experts to collaborate on developing sensible and clear regulations that: Protect users from fraud and illicit activities. Foster innovation and technological advancement. Provide legal certainty for developers and businesses. Without such clarity, incidents like the Ethereum developer detention will likely become more frequent, creating a chilling effect on an industry striving for decentralization and transparency. Conclusion: Navigating a Shifting Landscape The detention of the Ethereum developer in Turkey serves as a potent reminder of the escalating legal and regulatory pressures within the global cryptocurrency space. While the specifics of “Fede’s Intern’s” case remain to be fully disclosed, it undeniably highlights the increasing risks for individuals operating in the decentralized ecosystem. As governments worldwide grapple with defining the boundaries of digital assets, proactive engagement, robust legal understanding, and a commitment to responsible innovation become paramount. The future of blockchain depends on finding a balance between fostering technological progress and ensuring legal compliance. Frequently Asked Questions (FAQs) 1. Who is “Fede’s Intern” and why was he detained? “Fede’s Intern” is an Ethereum developer who was detained in Izmir, Turkey. Authorities allege he helped others misuse the Ethereum network, though specific details of the alleged misuse are currently unclear. 2. How does this case compare to Tigran Gambaryan’s detention? Both cases involve individuals associated with major crypto platforms being detained by national authorities on allegations of financial misconduct or network misuse. They highlight a global trend of increased scrutiny on crypto activities and the legal challenges faced by industry participants. 3. What does “misuse of the Ethereum network” typically refer to? “Misuse” can refer to a range of activities, including facilitating scams, money laundering, unauthorized transactions, or other illegal financial operations through the blockchain. The specific definition often depends on the jurisdiction’s laws. 4. What are the broader implications of this detention for the Ethereum community? This incident could lead to increased caution among developers, raise questions about their liability for network use, and emphasize the need for clearer global blockchain regulation. It also highlights the importance of understanding local laws when operating in the crypto space. 5. What can crypto developers do to protect themselves from similar issues? Developers should prioritize understanding the legal frameworks in jurisdictions where they operate or where their tools are used. Seeking legal counsel, ensuring transparency in their projects, and adhering to best practices for compliance can help mitigate risks. The legal landscape for cryptocurrencies is constantly evolving. What are your thoughts on this significant development? Share this article with your network on social media to spark a wider conversation about developer liabilities and the future of blockchain regulation! To learn more about the latest Ethereum trends, explore our article on key developments shaping Ethereum blockchain regulation. This post Unsettling: Ethereum Developer Detention Raises Crypto Legal Concerns first appeared on BitcoinWorld and is written by Editorial Team

Bitcoin World 2025-08-11 03:10
Pivotal Shift: Bo Hines Steps Down from Trump Crypto Council Leadership
BitcoinWorld Pivotal Shift: Bo Hines Steps Down from Trump Crypto Council Leadership A significant development has recently emerged from the political landscape impacting the world of digital assets . Bo Hines , a key figure in former U.S. President Donald Trump’s Council of Advisers on Digital Assets, has announced his departure. This move marks a notable shift for the Trump crypto council , signaling potential new directions in how a future administration might approach cryptocurrency and blockchain technology. What Led to Bo Hines’ Departure from the Trump Crypto Council? Bo Hines officially announced his decision on August 10, shared via a post on X. He stated his intention to step down from his leadership role within the Trump crypto council to re-enter the private sector. This transition comes at a pivotal time for the crypto industry, which is increasingly seeking clearer regulatory frameworks. Hines has been an influential voice, particularly known for his support of the GENIUS Act. This crucial legislation, signed by Trump, aimed to establish a robust regulatory framework specifically for stablecoins pegged to the U.S. dollar. His work underscored a proactive approach to integrating digital assets into the existing financial system, highlighting the growing need for thoughtful crypto regulation . Who Will Guide US Crypto Policy Next? The question of succession is always important when a prominent figure departs. Crypto In America host Eleanor Terrett reported on X that Patrick Witt is expected to succeed Bo Hines . Witt currently serves as the acting director of the Defense Department’s Office of Strategic Capital. Witt’s background in defense and strategic capital suggests a potentially different perspective on US crypto policy and the future direction of the Trump crypto council . His appointment could indicate an emphasis on the national security implications or strategic economic importance of digital assets , adding another layer to the ongoing discussions around cryptocurrency adoption and oversight. What are the Broader Implications for Digital Assets and Crypto Regulation? The departure of Bo Hines and the anticipated arrival of Patrick Witt have broader implications for the crypto space. Leadership changes within such influential advisory bodies often precede shifts in strategic focus or policy priorities. For investors, innovators, and policymakers alike, understanding these transitions is key. The ongoing dialogue about crypto regulation remains a top concern. As the political landscape evolves, so too will the approaches to governing cryptocurrencies. The work of the Trump crypto council , regardless of who leads it, plays a significant role in shaping the narrative and potential legislative actions should Trump return to office. This ongoing evolution underscores the dynamic nature of US crypto policy . Furthermore, the move by Bo Hines to the private sector might also highlight the increasing demand for crypto expertise outside of government. It suggests a growing recognition of digital assets as a legitimate and expanding economic sector, drawing talent from various fields. In conclusion, the transition of leadership within the Trump crypto council is more than just a personnel change. It represents an evolving approach to digital assets and crypto regulation within a potential future administration. This shift warrants close observation from anyone interested in the future of cryptocurrency in America. Frequently Asked Questions (FAQs) Why did Bo Hines step down from Trump’s crypto council? Bo Hines announced his departure to return to the private sector, as stated in his Aug. 10 post on X. What was Bo Hines’ key contribution to crypto policy? He notably supported the GENIUS Act, which was signed by Trump to establish a regulatory framework for U.S. dollar-pegged stablecoins. Who is expected to replace Bo Hines? Patrick Witt, currently the acting director of the Defense Department’s Office of Strategic Capital, is expected to succeed him. How might this leadership change affect US crypto policy? A new leader could bring a different perspective, potentially influencing the Trump crypto council’s focus on digital assets, possibly emphasizing national security or strategic economic aspects of cryptocurrency. What is the Trump crypto council? It is a Council of Advisers on Digital Assets established by former U.S. President Donald Trump to guide his administration’s stance and policies on cryptocurrencies and blockchain technology. Did you find this update on the Trump crypto council insightful? Share this article with your network on social media to keep others informed about these crucial developments in US crypto policy and the future of digital assets ! To learn more about the latest digital assets trends, explore our article on key developments shaping digital assets institutional adoption . This post Pivotal Shift: Bo Hines Steps Down from Trump Crypto Council Leadership first appeared on BitcoinWorld and is written by Editorial Team

Bitcoin World 2025-08-11 02:55
Embargo Ransomware Group Moved $34M in Crypto Since April, TRM Labs Reports
Embargo Ransomware Moves $34M in Crypto Since April A relatively new ransomware group known as Embargo has emerged as a significant threat in the cybercrime landscape, moving over $34 million in ransom-linked cryptocurrency since April 2024, according to blockchain intelligence firm TRM Labs. Operating under a ransomware-as-a-service (RaaS) model, Embargo has attacked critical infrastructure across the United States, including hospitals and pharmaceutical networks. Hospitals and Pharmaceutical Networks Among Victims Confirmed victims include American Associated Pharmacies , Georgia-based Memorial Hospital and Manor , and Weiser Memorial Hospital in Idaho. Ransom demands have reached as high as $1.3 million per incident. TRM Labs suggests Embargo could be a rebranded version of the notorious BlackCat (ALPHV) group, which vanished earlier this year following a suspected exit scam. Technical overlaps include the use of the Rust programming language, similar data leak platforms, and shared onchain wallet infrastructure. Dormant Crypto Funds and Laundering Tactics Around $18.8 million of Embargo’s proceeds remain untouched in unaffiliated wallets, a move experts believe may delay detection or await better laundering opportunities. The group reportedly relies on a network of intermediary wallets, high-risk exchanges, and sanctioned platforms such as Cryptex.net. Between May and August, TRM traced at least $13.5 million through various service providers, with over $1 million routed via Cryptex. Double Extortion and US-Focused Attacks While less publicly aggressive than groups like LockBit, Embargo employs double extortion, encrypting systems and threatening to leak sensitive data if payment is not made. In some cases, individuals have been named or data published to pressure victims. Embargo’s targeting strategy favors sectors where downtime is costly, such as healthcare, business services, and manufacturing, with a preference for US-based victims due to their higher payment capacity. UK Plans Ransomware Payment Ban for Public Sector In related developments, the UK government plans to ban ransomware payments for public sector entities and critical national infrastructure operators. The proposal includes mandatory reporting, requiring victims to file an initial report within 72 hours of an attack and a detailed account within 28 days. Decline in Ransomware Revenues According to Chainalysis, ransomware activity dropped by 35% last year, marking the first revenue decline in the sector since 2022.

BTC Pulse 2025-08-10 21:47
Crypto Debanking Persists Despite Trump’s Push to End ‘Chokepoint’ Policies
Banks maintain restrictions despite political promises Crypto companies in the United States are still facing account closures and banking service denials despite President Donald Trump’s pro-crypto stance and campaign promises to dismantle restrictive “Operation Chokepoint” policies. Unicoin CEO Alex Konanykhin that several US banks, including Citibank, Chase, Wells Fargo, City National Bank of Florida and TD Bank, have closed accounts for Unicoin and its subsidiaries without explanation. He claims four banks cut ties with the company in 2025 alone, calling it evidence of a “large-scale nationwide operation” against crypto firms. Industry leaders raise alarm over ‘Operation Chokepoint 3.0’ Andreessen Horowitz partner Alex Rampell recently warned that major banks are making it harder for fintech and crypto apps to operate, labeling the practice “Operation Chokepoint 3.0.” This includes higher fees for account data access and fund transfers to platforms like Coinbase and Robinhood. Konanykhin said the campaign is “highly disruptive and damaging” to the American crypto sector, cutting off basic financial services and undermining the country’s position in the global digital asset market. Trump plans executive order to stop debanking Bloomberg reports that Trump will soon sign an executive order instructing federal regulators to identify and penalize banks engaged in debanking. The order is expected to require reviews of complaint data and mandate that SBA-regulated banks reinstate unlawfully denied clients. Konanykhin believes the move could mark a turning point. “Ending the War on Crypto will boost the American crypto industry,” he said, comparing its potential global influence to Hollywood and Silicon Valley. Legal experts caution change may be slow Elizabeth Blickley, a partner at Fox Rothschild, noted that while Trump has called for integrating crypto into mainstream finance, real progress depends on the final wording of upcoming regulations. She cited the newly signed Genius Act, which gives the Federal Reserve’s Stablecoin Certification Review Committee 180 days to propose a framework. Blickley warned that most congressional bills fail to advance and that new laws may still face legal challenges. Until regulatory clarity emerges, she expects banks to remain risk-averse toward crypto. “It’s all about making risk-averse entities and people feel like crypto is less of a risk,” she said.

BTC Pulse 2025-08-10 20:41
White House Digital Assets Adviser Bo Hines Steps Down, Returns to Private Sector
Bo Hines, executive director of President Donald Trump’s White House Crypto Council, has announced his departure to return to the private sector. Key Takeaways: Bo Hines is stepping down as executive director of the White House Crypto Council. During his tenure, the council advanced US crypto policy but fell short on its strategic Bitcoin reserve plans. Hines proposed revaluing US gold holdings to fund Bitcoin purchases without increasing public spending. Hines, appointed in December 2024, confirmed the move on Saturday , expressing gratitude to the crypto community and crediting his collaboration with AI & Crypto Czar David Sacks for helping “position America as the crypto capital of the world.” A successor has yet to be officially named, though independent reporter Eleanor Terrett suggested deputy director Patrick Witt is the leading candidate. Hines-Led Council Shaped US Crypto Policy With July Regulatory Plan Under Hines’ tenure, the council played a key role in shaping US crypto policy, including a July report outlining a regulatory action plan for digital assets. However, the group faced criticism for falling short on its strategic Bitcoin reserve initiative. In January, President Trump signed an executive order establishing both a national crypto stockpile and a strategic Bitcoin reserve. The order prevents the government from selling its BTC holdings and requires “budget-neutral” methods to acquire more, meaning no additional public spending. New BTC can only be obtained through asset seizures or other non-budgetary avenues. Hines proposed one such method in March, suggesting the US revalue its gold holdings, currently on government books at $42.22 per troy ounce, closer to the spot market price of around $3,400. He argued that a portion of the revaluation gains could be converted into Bitcoin, expanding the reserve without increasing public expenditure. “As I return to the private sector, I look forward to continuing my support for the crypto ecosystem as it thrives here in the United States,” Hines wrote. Serving in President Trump’s administration and working alongside our brilliant AI & Crypto Czar @DavidSacks as Executive Director of the White House Crypto Council has been the honor of a lifetime. Together, we have positioned America as the crypto capital of the world. I’m… — Bo Hines (@BoHines) August 9, 2025 Trump Administration Pushes Pro-Crypto Agenda The Trump administration advanced its pro-crypto agenda this week with a series of policy and regulatory moves. President Trump signed an executive order urging regulators to remove barriers that prevent 401(k) plans from including alternative assets such as cryptocurrencies. If implemented, the reforms could allow millions of Americans to allocate retirement funds to Bitcoin and other digital assets through regulated channels. Trump also nominated economist Stephen Miran , a digital asset advocate, to the Federal Reserve Board of Governors, signaling continuity in his administration’s pro-crypto stance. The announcement coincided with Bitcoin climbing back above $117,000, highlighting the link between policy developments and market sentiment. In a separate executive order, Trump moved to end “debanking” practices that target lawful crypto firms. The Blockchain Association praised the measures as a “historic shift” that would expand consumer choice, empower wealth-building, and reduce operational barriers for blockchain businesses. The SEC added to the positive momentum by clarifying that certain liquid staking models, such as those involving receipt tokens like stETH, are not securities. SEC Chair Paul Atkins reinforced his commitment to keeping crypto innovation in the U.S., pledging a proactive approach to regulation and a shift away from enforcement-led policymaking. The post White House Digital Assets Adviser Bo Hines Steps Down, Returns to Private Sector appeared first on Cryptonews .

cryptonews 2025-08-10 13:50
New Investment Bank Law in El Salvador Opens Doors to Bitcoin Products
The new Investment Bank Law will allow so-called “sophisticated investors” to take advantage of innovative opportunities, which may include bitcoin or crypto-based products issued to seek funding, thereby opening the doors to a more dynamic crypto ecosystem in El Salvador. Investment Bank Law Puts Bitcoin Front and Center in El Salvador The newly approved Investment

Bitcoin.com 2025-08-10 11:30

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