Polygon Labs, the operator of an eponymous protocol used by developers to make Ethereum transactions quicker and cheaper, has cut 20% of its workforce, or around 100 employees, as part of a consolidation of business units.

As some banks build their own systems to custody crypto, others have invested in startups.

Federal Home Loan Bank of Chicago has a new CFO, while Visa's CFO plans for retirement. These stories and more in banking news this week.

The Securities and Exchange Commission has proposed an expansion of its "qualified custodian" requirements to cover a range of assets, including virtual currencies. The planned changes to those long-standing rules might hit the crypto industry particularly hard.

More blockchain projects are attempting to sell hard assets including U.S. Treasuries, currencies and even private equity.

The Federal Deposit Insurance Corp. told a group of cryptocurrency platforms to stop making false claims that their crypto assets are insured.

Senate Banking panel ranking member Sen. Tim Scott, R-S.C., called on Securities and Exchange Commission Chairman Gary Gensler to appear before the committee.

More regulated institutions serving crypto-related businesses would lead to more safety and soundness overall, many experts argue.

PayPal is pausing work on the project as regulators increase scrutiny of cryptocurrencies and a key partner faces a probe by the New York State Department of Financial Services.

Coinbase shares fell the most in more than six months after rival Kraken was forced to stop providing an investment service also offered by the largest U.S. cryptocurrency exchange.