REGULATION
California Proposes Crypto ATM Regulations Amid Rising Fraud
California lawmakers propose regulations on cryptocurrency ATMs to combat escalating fraudulent activities. The bill, dubbed "Digital Financial Asset Transaction Kiosks," recommends a daily withdrawal limit of $1,000 and a cap on operators' fees, with implementation eyed for January 1, 2024. While some victims of ATM scams applaud the measure, crypto ATM operators express concerns over the potential adverse impact on small operators.
Ripple Executives Cleared of SEC Charges in Landmark Decision
In a major development, Ripple CEO Brad Garlinghouse and Executive Chairman Chris Larsen were cleared of all charges by the U.S. Securities and Exchange Commission (SEC). This is the third legal victory for the executives and Ripple, leaving the crypto industry questioning the SEC's approach.
California Governor Signs Digital Financial Assets Bill, Tightening Crypto Regulations from July 2025
California Governor Gavin Newsom signed the Digital Financial Assets Law on October 13, 2023, initiating a robust regulatory framework for cryptocurrency activities in the state from July 1, 2025. The law necessitates licensure from the Department of Financial Protection and Innovation for individuals and businesses dealing in digital assets. This regulatory shift, contrasting Newsom’s earlier stance in 2022, aligns with broader national trends towards formalizing digital asset transactions to curb fraud and enhance consumer protection.
Cyprus Tightens Crypto Regulations with Hefty Penalties for Non-Compliance
Cyprus is tightening its cryptocurrency regulations by introducing hefty penalties for non-compliance. The government aims to align with international AML/CFT standards and has submitted a legislative amendment for review. All crypto service providers must register with CySEC, facing fines or imprisonment for non-compliance.
Coinbase CLO Responds to SEC's Opposition
Coinbase's Chief Legal Officer, Paul Grewal, responded to the SEC's opposition to the company's motion to dismiss the case against it. Grewal criticized the SEC for making unsupported legal claims and emphasized that the assets listed on Coinbase are not securities. He also called for regulation that listens to the crypto community and mentioned that Coinbase will file its reply on October 24, 2023.
Binance and CEO Changpeng Zhao Face Class-Action Lawsuit Over Alleged Market Manipulation Targeting FTX
Binance and its CEO, Changpeng Zhao, are facing a class-action lawsuit filed by plaintiff Nir Lahav, accusing them of unfair competition and SEC law violations. The lawsuit alleges that Binance manipulated the cryptocurrency market to harm competitor FTX, leading to a significant decline in FTX's utility token, FTT. The case brings into focus the broader implications of regulatory efforts in the crypto industry.
Coinbase Secures Major Payment Institution License from Singapore's Monetary Authority
Coinbase has obtained a Major Payment Institution (MPI) license from the Monetary Authority of Singapore (MAS), marking a significant milestone in its expansion into the Asian market. The license will enable Coinbase to offer digital payment token services to both individual and institutional clients in Singapore. This move aligns with the company's strategy to tap into Singapore's growing crypto and Web3 ecosystem.
How Bitcoin will react to US Government Shutdown
The impending US government shutdown threatens to delay the SEC's approval for a spot Bitcoin ETF, amongst other financial repercussions. The scenario also underscores the growing frequency of federal shutdowns and the persistent concerns of credit rating agencies over the US's fiscal policymaking, all of which could have broader implications for both traditional and crypto financial markets.
Binance CEO Clarifies Details on CommEx Integration
Binance CEO, CZ, sheds light on Binance's association with CommEX through a tweet. Cryptocurrency transfers are ongoing, with potential ex-Binance team members joining CommEX. Amid regulatory challenges, Binance sells its Russian operations to CommEX but remains optimistic about global prospects.
Enabling Innovation in Asset Management: SFC's Approach
Christina Choi of the SFC spoke at the Bloomberg Buy-Side Forum Hong Kong 2023, emphasizing the importance of balancing innovation with regulation in the asset management industry. She highlighted the SFC's ongoing work on guidelines for tokenization of investment products.