Congress must act to ban nonbanks from issuing stablecoins. The products are virtually equivalent to bank deposits, and should be regulated as such.

There is an urgent need for a new class of security solutions that will allow people to retain control of their decentralized financial lives with confidence and safety.

The Federal Reserve issued fresh policy guidance around stablecoin issuance, distributed ledger technology and fintech partnerships. Legal and policy analysts anticipate a further chilling effect on bank engagement with so-called novel activities.

The Federal Reserve has outlined the process state member banks must follow before issuing, redeeming or holding stablecoins. The agency also says it will create an examination process to monitor novel activities.

The payment giant's entry into the stablecoin market is expected to renew the debate over the appropriate regulatory oversight for digital tokens. It could also have ripple effects in areas such as the debate over instant payments.

When Bitfinex was hacked, Bitcoin was trading under $1,000. It had skyrocketed to $44,000 by the time the couple was arrested in early 2022, pushing up the value of the stolen assets to $4.5 billion, of which $3.6 billion was recovered by authorities.

British banking app Revolut Ltd. will stop offering crypto trading services to US-based customers from September, citing market uncertainty and changes to the local regulatory landscape.

Coinbase Global, the largest U.S. cryptocurrency exchange, said its second-quarter loss narrowed and revenue exceeded estimates.

Regulators remain skeptical toward digital assets in the wake of major crypto-industry partner-bank failures, but in the absence of legislative direction, oversight of crypto is largely left to the Securities and Exchange Commission. The SEC's approach has been aggressive, but its authority has been muddied by recent court decisions.

While talks between House Financial Services Committee Chairman Patrick McHenry, R-N.C., and ranking member Rep. Maxine Waters, D-Calif., fell apart on stablecoin legislation, crypto anti-money-laundering bills quietly moved forward in the Senate.

JPMorgan Chase, Barclays, Citigroup and others will face a class-action suit over allegations of foreign exchange manipulation. 

The Government Accountability Office called for Congress to pass blockchain regulation legislation to shore up the federal regulatory apparatus.

Spring Development Bank aims to use blockchain technology to support funding for the expelled leaders and provide financial services to the civil war-torn population.

The Crypto-Asset National Security Enhancement and Enforcement Act would increase regulatory oversight of cryptocurrencies traded on public blockchains and guard against money laundering and sanctions evasion, particularly by holding the largest crypto investors accountable for compliance.

The SEC chairman's power grab is driving the crypto industry out of the U.S. Eventually, the courts will find that he has exceeded his authority.

A federal judge ruled that the Ripple Labs token is a security when sold to institutional investors but not the general public, a long-awaited decision that was widely hailed as a victory for the crypto industry over the SEC.

Prosecutors claim that from 2018 through June 2022, Mashinsky "orchestrated a scheme to defraud customers of Celsius Network LLC and its related entities," according to the indictment unsealed Thursday.

Sens. Cynthia Lummis, R-Wyo., and Kirsten Gillibrand, D-N.Y., unveiled their latest effort to regulate the U.S. cryptocurrency industry, placing greater emphasis on consumer protection following a string of high-profile company failures last year. 

Management, in exchange, has agreed to assist company lawyers in potentially lucrative actions against firms they blame for BlockFi's collapse including FTX and failed crypto hedge-fund Three Arrows Capital.

A digital version of the British pound may feature a way to verify the holder's age and citizenship status, potentially smoothing the purchase of alcohol and tobacco and transactions with government agencies.