Industry
Distributed ledger tech could save TradFi $100B a year - lobby group
A new report from the Global Financial Markets Association (GFMA) claims that around $100 billion or more could be saved annually if distributed ledger technology (DLT) was used in traditional markets.Wayne IngramInstitutional withdrawals catalyze crypto bank runs in 2022
The 2022 crypto bank run caused by the collapse of multiple ecosystem giants — had a lasting impact on the crypto industry.Hallie GillSignature Bank Fails to Understand Crypto-Related Risks - FDIC Chairman
Investigations into Signature Bank's collapse point to illliquid conditions and mismanagement. However, Martin Gruenberg, chairman of the Federal Deposit Insurance Corporation (FDIC),Jerry McNeillApple's New Headphones Could Rocket Under Metaverse Tokens
Apple plans to release its highly anticipated mixed reality headset in the coming weeks, a development that some believe could breathe new life into the metaverse industry.Sherry CantwellRipple Wins in Court as Judge Denies SEC Motion to Seal Hinman Files
The US securities regulator's motion to seal the records of its internal deliberations following former director William Hinman's speech has been denied a move seen as a victory for Ripple and the crypto community.James DeanFollowing MiCA, Blockchain Tech Platform Bakkt Sets Sights on Europe
The international regulatory environment for cryptocurrencies is improving, according to Bakkt chief product officer Dan O'Prey, who is eyeing retail expansion on the African continent. Overall, O'Prey sees positive long-term trends.Barry StidhamBitcoin cleans the environment and helps catch criminals: US Senator Cynthia Loomis
Republican US Senator Cynthia Lummis from Wyoming had a fireside chat with Perianne Boring, founder and CEO of the Chamber of Digital Commerce, during the Bitcoin 2023 event in Miami on May 19.Craig GreenTexas Reserve Certification Bill Passes Senate
Legislation that could require exchanges to maintain reserves “sufficient to meet all obligations to customers” brings it one step closer to becoming law in Texas. The bill passed the state Senate on May 15 and now only awaits the governor's signature.Christopher SmithCryptocurrencies should be a regular part of TradFi in 5-10 years
The CEO of cryptocurrency exchange Bittrex Global said cryptocurrencies need to establish themselves as a "new" part of traditional finance, rather than trying to squeeze themselves into existing financial products.Cornell RachelStablecoin issuers have spent over $1.3 million lobbying Congress since 2022
According to recent data, stablecoin issuers including Tether, Circle and others have spent more than $1 million lobbying lawmakers on Capitol Hill since the start of 2022.Martha GrizzardBlockchain arms race at risk of being won by 'hostile nations' - US crypto lobby
A blockchain lobby group backed by firms including Goldman Sachs, Citigroup, Circle and Fidelity is urging the US Congress to pass a legal framework for digital assets or risk falling behind other countries.Wayne IngramCoin Cafe Ordered to Repay $4.3M in Fees That 'Wiped' Investors' Bitcoin Accounts
Cryptocurrency trading platform Coin Cafe has been ordered to repay its users $4.3 million for allegedly charging “exorbitant and undisclosed fees” for storing bitcoin on the platform — causing some accounts to be completely drained of funds.Hallie GillFTX Recovers $244M From 'Overinflated' Embed Acquisition
FTX's leadership hopes to recover more than $240 million from insiders and executives who benefited from FTX's “crazy inflation” acquisition of stock clearing platform Embed in September.Jerry McNeillBitcoin Miami Group Rejects 'Battle' Talk Against Regulators
During the Bitcoin 2023 event in Miami on May 18, three speakers at an industry day discussed government regulation and how the cryptocurrency industry should fight back against the “anti-crypto army.”Sherry CantwellUS House Stablecoin Hearing Focuses on Competition Regulation Bill
State vs. federal regulation was a key issue at the May 18 US House of Representatives hearing on stablecoins.James DeanItaly sets aside millions for workers at risk of AI replacement
Italy has gone back and forth on the emergence of artificial intelligence (AI) after the country's lawmakers announced funding for those at risk of losing their jobs to automation.Barry StidhamWells Fargo pays $1 billion in shareholder lawsuit settlement
Financial services company Wells Fargo has settled a class action lawsuit, agreeing to pay $1 billion to shareholders. The suit charges the bank misled shareholders about its efforts to resolve a 2016 fake-accounts scandal.Craig GreenGrayscale and Bitwise distance themselves from ether futures ETF plans
Two prominent crypto asset managers Grayscale Investments and Bitwise Asset Management have halted their Ether, Futures exchange-traded fund (ETF) schemes have come under increasing scrutiny from US regulators.Christopher SmithSEC Hinman documents may be public by June 6, lawyer says
Defense attorney and former US Attorney James K. Filan expects documents of the infamous Hinman speech to be publicly released by June 6, citing a previous court order.Christopher SmithAfter gruesome murder, South Korean lawmakers rallied in support of crypto rules in May
South Korean lawmakers are pushing for stricter regulation of digital assets following a gruesome murder involving digital assets.Cornell Rachel
