FinCEN Withdraws Crypto Rules Targeting Mixers And Unhosted Wallets
TL;DR FinCEN has withdrawn two proposed digital-asset rules covering unhosted-wallet transactions and convertible virtual currency mixing. Both proposals had remained unfinished for years and would have added new recordkeeping or reporting obligations for financial institutions. The withdrawals do not remove the AML and KYC rules that already apply to regulated crypto businesses. Two long-running U.S.…
CFTC Opens Rulemaking Push For Retail Leveraged Crypto Markets
TL;DR The CFTC has opened an advanced rulemaking process around retail commodity transactions involving crypto assets. The agency is asking for public input as it considers a more comprehensive federal framework for leveraged and margined retail crypto markets. This is an early-stage rulemaking step, not a final licensing regime that takes effect immediately. The Commodity…
Hyperscale Data Says Bitcoin And Cash Reserves Reach $56.4M
TL;DR Hyperscale Data says it held about $56.4 million in Bitcoin, cash and restricted cash as of October 4. That total included 219.9586 BTC valued at roughly $19 million and approximately $37.4 million of cash and restricted cash. The $56.4 million figure is not the value of the company’s Bitcoin alone. Hyperscale Data has given…
Genius Group Restarts Bitcoin Buying With 10 BTC Purchase
TL;DR Genius Group has restarted Bitcoin purchases, buying 10 BTC for approximately $854,000. The company paid an average of $85,364 per Bitcoin across purchases made between October 2 and October 5. The renewed buying follows the removal of a court injunction that had previously restricted the company’s ability to raise funds and purchase Bitcoin. Genius…
Bringin Opens Euro Business Accounts Built Around Self-Custody Bitcoin
TL;DR Bringin has opened an invite-only beta of euro business accounts for companies using Bitcoin and stablecoins. Businesses get a named euro vIBAN and SEPA access while retaining control of their Bitcoin through self-custody infrastructure. The beta is already being used by 15 businesses and is available to companies across 30 European countries. European businesses…
Solana Foundation Launches Atomic DvP Settlement Tool With JPMorgan Input
TL;DR The Solana Foundation has launched Solana DvP, an open-source delivery-versus-payment settlement program for financial institutions. The MIT-licensed tool is designed to settle the asset and cash legs of a transaction atomically through isolated escrow. JPMorgan provided input on institutional settlement practices, but the program is a Solana Foundation release rather than a JPMorgan product.…
Startale Opens Japan Digital Bond Paying Interest And Principal In JPYSC
TL;DR Startale Japan has opened subscriptions for a one-year digital corporate bond that pays interest and principal in JPYSC. The offering totals ¥99.9 million, carries a fixed 5% annual pre-tax rate and is available from ¥100,000 per unit. JPYSC is a yen-denominated trust-type stablecoin issued by SBI Shinsei Trust Bank. A Japanese corporate bond is…
Crypto ‘Godfather’ Gets 78 Months For $37M Meta Fraud Scheme
TL;DR Adam Iza, who called himself “The Godfather,” has been sentenced to 78 months in federal prison. Prosecutors said he stole more than $37 million from Meta through fraud involving access to business-manager accounts and credit lines. The court also ordered more than $23.4 million in restitution; Meta was a victim of the scheme, not…
CFTC Lets Exchanges Convert Index Futures Into True Perpetual Contracts
TL;DR CFTC staff has issued temporary no-action relief allowing designated contract markets to convert certain broad-based security index futures into true perpetual contracts. Exchanges can remove expiration dates if they meet customer-protection, notice and filing conditions. The relief is narrow, applies to existing qualifying contracts and expires on October 20. The U.S. derivatives market is…
Fairshake Backs 32 House Candidates As Crypto Election Spending Ramps Up
TL;DR Fairshake has named 32 U.S. House candidates it plans to support ahead of the November midterms. Six races are receiving $1 million in outside spending each, for an initial disclosed commitment of $6 million. The slate is bipartisan, with 19 Republicans and 13 Democrats, and the money is spent independently rather than handed directly…