Ripple CEO Brad Garlinghouse has announced a significant milestone for the company: the New York State Department of Financial Services (NYDFS) has officially granted the green light for Ripple USD (RLUSD), its very own stablecoin. The announcement, made on December 11 via social media, signals Ripple’s readiness to enter an increasingly saturated market once the
Regulation
In a noteworthy development for the cryptocurrency sector, Tether’s USDT stablecoin has been granted the status of an Accepted Virtual Asset (AVA) by the Abu Dhabi Global Market (ADGM). This decision, made public on December 10, signals a pivotal shift in regulatory attitudes toward digital currencies in the region. The approval from the Financial Services
On December 11, 2023, the U.S. Senate Banking Committee’s decision to either renominate Caroline Crenshaw, a Democrat member of the Securities and Exchange Commission (SEC), is poised to impact the cryptocurrency landscape significantly. Crenshaw, who took office in August 2020 and has positioned herself as a vocal opponent of cryptocurrencies, is now at the center
The landscape of digital asset taxation in Europe is undergoing significant change, with the Czech Republic taking a noteworthy step by approving an amendment designed to exempt certain income derived from cryptoasset transfers from personal taxation. This legislation, passed on December 6, 2023, is poised to come into effect on January 1, 2025, and promises
Recent reports indicate that the U.S. Securities and Exchange Commission (SEC) is poised to reject applications for two spot Solana (SOL) exchange-traded funds (ETFs). This revelation comes from Bloomberg’s senior ETF analyst, Eric Balchunas, who implied that these decisions represent a significant moment for the cryptocurrency sector as current SEC Chair Gary Gensler prepares for
Recently, Pump.Fun, a platform facilitating the swift launch of solana-based memecoins, restricted access to users in the United Kingdom in response to a warning from the Financial Conduct Authority (FCA). This regulatory caution stemmed from concerns that Pump.Fun may have been offering unauthorized financial products. As a result of this warning, which was issued on
In recent discussions surrounding the future of cryptocurrency, a significant development has emerged from the shoulders of regulatory bodies like the Federal Deposit Insurance Corporation (FDIC). In 2022, the FDIC communicated with multiple banks through letters that have been described as “pause letters.” These communications served as a warning to halt or curtail activities related
In recent years, the proliferation of cryptocurrency ATMs has transformed the landscape of digital currency transactions. Yet, this rapid expansion has not come without challenges—particularly in Australia, where the Australian Transaction Reports and Analysis Centre (AUSTRAC) has identified these machines as potential conduits for money laundering and other illegal activities. As of December 6, AUSTRAC’s
In its 2024 annual report, the Financial Stability Oversight Council (FSOC) has brought to light pressing concerns regarding stablecoins and their potential impact on financial stability. As the digital currency market continues to gain traction, the need for a robust regulatory framework is becoming increasingly urgent. The FSOC’s findings emphasize the significant systemic risks associated
On December 6, Hong Kong took a significant leap in the world of digital finance by publishing a formal bill aimed at regulating stablecoins. As the cryptocurrency landscape evolves, stablecoins have emerged as crucial instruments for facilitating cross-border transactions. According to a report by Standard Chartered, stablecoins have the potential to revolutionize the crypto industry,
