This week in global news: JPMorgan Chase works on blockchain in India, U.K. reps want faster crypto regs and more. 

The Securities and Exchange Commission sued the two largest cryptocurrency exchanges this week over allegations of operating as unregistered securities exchanges, rattling the industry but potentially lighting the way to more regulatory certainty.

The regulator alleges that Coinbase for years evaded its rules by letting users trade numerous crypto tokens that were actually unregistered securities.

The regulator alleges the crypto firm flouted investor protection rules by operating unregistered exchanges, misrepresenting trading controls and selling unregistered securities, among other violations. 

Citi research strategists say crypto markets were not immune to fears of the U.S. defaulting on its debt.

Republicans on the House Financial Services Committee and the House Agriculture Committee released a discussion draft of a bill that could classify many cryptocurrencies as commodities rather than securities.

Americans are going to invest in crypto no matter what politicians and regulators think. So, it would be better to keep crypto exchanges in the U.S., and under SEC supervision, than to drive them overseas.

The Federal Reserve Board and California Department of Financial Protection and Innovation want to ensure the shuttered bank makes good on its commitment to self-liquidate and make depositors whole. It also wants full cooperation on an investigation into FTX ties.

Wyoming had sought to intervene in the contentious lawsuit over master account access, citing concerns about its special purpose depository charter. The judge said it had no standing.

Rep. Maxine Waters, D-Calif., posted the Democratic version of a stablecoin bill that has some differences with the Republican version led by Rep. Patrick McHenry, R-N.C. But those differences aren't insurmountable.