Two Securities and Exchange Commission lawyers stepped down this month after a federal judge sanctioned and sharply rebuked the Wall Street regulator for "gross abuse" of power in a crypto case.

Despite its game-changing potential, crypto adoption has remained relatively low, hampered by an unsavory reputation and lack of regulations. Advancements and clarity in regulations and oversight are needed.

The Securities and Exchange Commission has asked a judge to impose a penalty on Ripple that roughly matches the amount of profit the agency estimates Ripple and its leaders made from sales of XRP, which the SEC says are unregistered securities.

Many assumed the advent of cryptocurrencies heralded a revolution in finance. The truth may be that crypto's overall impact on the financial services industry is more evolutionary than revolutionary.

Once a prominent figure spurring financial institutions to engage in cryptocurrency, Bankman-Fried's downslide began with the collapse of the digital asset exchange FTX in late 2022 and hit rock bottom with his sentencing to 25 years in prison.

A federal judge in New York ruled that the Securities and Exchange Commission can proceed with its lawsuit against the cryptocurrency-trading platform Coinbase, claiming the company failed to register as a securities business.

A month after the collapse of FTX, federal prosecutors filed eight charges against crypto mogul Sam Bankman-Fried. Four of them involved wire fraud.

Rep. Tom Emmer, R-Minn., majority whip of the U.S. House, says Financial Services Committee Chairman Patrick McHenry's digital market structure bill could be ready for a vote in the full chamber.

Federal Deposit Insurance Corp. Vice Chair Travis Hill Monday criticized his agency's lack of clarity on digital assets, warning that the current approach risks hindering U.S. influence in the global rollout of blockchain at banks.

PayPal expands Tap to Pay for iPhone payments; BNY Mellon's securities services leader exits; FleetCor rebrands as Corpay; and more in this week's banking news roundup.