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US regulators, particularly the FDIC, have advised banks to pause new crypto ventures without imposing a full ban on serving crypto firms. Recent supervisory letters reveal a cautious approach to direct crypto involvement, highlighting evolving risks while Coinbase calls for congressional investigation into these regulatory measures. As a potential policy shift looms with a new administration, regulators continue to balance financial stability against the backdrop of crypto volatility and scams.
US cryptocurrency leaders are optimistic about a regulatory shift under President-elect Donald Trump, anticipating a more favorable environment for growth and mainstream adoption by 2025. With Trump's pro-crypto stance and key nominations, industry figures hope for clarity and reduced regulatory friction, despite concerns over potential systemic risks. The sector is preparing for a transformative era, balancing innovation with investor protection as it moves toward broader institutional acceptance.
The US crypto industry anticipates pro-crypto executive orders from President-elect Donald Trump on his first day in office, aiming to establish a Bitcoin Strategic Reserve, improve banking access for crypto firms, and create a regulatory council. Industry leaders believe these measures would signal a shift towards innovation and leadership in the sector, contrasting sharply with the current administration's stance. Trump's recent nominations for economic and digital asset councils further underscore his commitment to fostering a favorable environment for cryptocurrency.
President-elect Donald Trump has nominated Paul Atkins as the new SEC Chair, sparking optimism among crypto and finance leaders for a balanced regulatory approach. Atkins, a former SEC commissioner known for advocating fair regulation, is expected to foster innovation in blockchain technology, particularly in casino gaming and other industries. His appointment signals a potential shift towards a more supportive environment for digital assets, contrasting sharply with the previous administration's stringent regulations.
Operation Choke Point 2.0 is an alleged initiative by the Biden administration aimed at restricting crypto firms' access to banking services, drawing parallels to a previous program under Obama. Critics argue that regulatory actions from agencies like the SEC and FDIC have pressured banks to sever ties with the crypto industry, despite official denials of the program's existence. Trump has pledged to dismantle this initiative if re-elected, echoing his previous efforts to end the original Operation Choke Point.
BVNK has raised $50 million in a Series B funding round to expand its stablecoin operations into the US, targeting San Francisco and New York City. Meanwhile, Coinbase faces a $1 billion lawsuit from BiT Global over its delisting of Wrapped Bitcoin, which BiT alleges is an anticompetitive move. Additionally, Deutsche Bank is developing a layer-2 blockchain on Ethereum to enhance compliance in regulated finance, while Tether's USDT continues to be traded across European exchanges despite Coinbase's delisting.
Over the past three years, around 120 crypto hedge funds, representing 75% of those surveyed, have faced significant banking challenges, including relationship terminations and vague explanations from banks. This situation has fueled discussions about "Operation Chokepoint 2.0," an alleged initiative by the Biden administration to restrict banking access for the crypto industry. While affected funds eventually found banking partners, they often turned to smaller, regional institutions.
A federal judge in California has denied BiT Global's request to halt Coinbase's delisting of wrapped Bitcoin (wBTC), citing insufficient evidence of imminent harm. The ruling allows Coinbase to proceed with the delisting, which it justified due to concerns over ties to Justin Sun, who faces fraud charges from the SEC. Coinbase now has 30 days to respond to broader claims in BiT Global's lawsuit, which includes allegations of attempted monopolization.
[SEC]
Coinbase is contesting BiT Global's legal effort to block the delisting of wrapped Bitcoin (WBTC), citing concerns over Justin Sun's involvement and the lack of transparency regarding WBTC's reserves. Coinbase's chief legal officer described BiT's lawsuit as meritless, emphasizing the need to protect platform integrity and customer trust. BiT claims the delisting will harm its reputation and violate California's Unfair Competition Law, but Coinbase argues that WBTC transactions on its platform are minimal and users have alternative trading options. A hearing on BiT's request for a temporary restraining order is set for December 18.
Paul Grewal
People
The information provided herein is generated by experimental artificial intelligence and is for informational purposes only.
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