As part of a deal with New York Attorney General Letitia James, the cryptocurrency exchange agreed to return more than $50 million in digital assets to investors involved in the now-defunct Gemini Earn program.

Legislation enabling new banklike stablecoin issuers would create direct competition for deposits, with small U.S. banks in the most danger. Where is the pushback from the industry?

Digital assets have never caught on for mainstream payments, but the card network isn't giving up hope. Its latest effort aims to reduce complexity by learning from the successes of digital wallets.

Shan Hanes, who led Heartland Tri-State Bank in Kansas until it failed last year, pleaded guilty to one count of embezzlement by a bank officer. He now faces up to 30 years in prison. He is scheduled to be sentenced on Aug. 8.

Payment firm BVNK is betting that PYUSD's potential to connect to PayPal's network of millions of consumers and businesses will make it more than another investment currency.

The Securities and Exchange Commission's overly broad expansion of the Dealer Rule is only the latest example of the agency's yearslong effort to stifle innovation in a vibrant and growing industry.

The bill spells out how the Securities and Exchange Commission can and can't address crypto custody at banks and is getting a wave of bipartisan traction on Capitol Hill. But some academics and consumer advocates are concerned that the legislation could allow banks to bypass regulations.

The Bank for International Settlements' Innovation Hub is doing important work on integrating new technology into the global financial system. The next step is to bring both banks and nonbanks into the discussion.

Banking experts said that none of the currently circulating stablecoin proposals adequately address concerns about the overlap between banking and commerce and how a stablecoin issuer would go through insolvency.

Regulation and other factors are creating friction for banks and consumers that want to transact in crypto.

The Senate Thursday joined the House in passing a resolution to overturn the SEC's SAB 121 accounting guidance for financial firms holding crypto in custody. President Biden has vowed to veto the measure.

The Securities and Exchange Commission, having already approved spot bitcoin ETFs, ought to follow through and grant the same approval to spot ethereum funds. Doing so would create a new surge of investment, with positive economic impacts.

The bill, which would allow uninsured trust companies to issue stablecoins, represents a perilous departure from historically sound financial regulatory policies, and would open the door to potentially catastrophic market disruptions.

A "true" stablecoin would benefit the economy by improving the money supply, facilitating frictionless payments and lowering the cost of borrowing fiat currency.

The House advanced a resolution that would roll back a Securities and Exchange Commission resolution that banks argue cuts them out of the crypto custodying business, but President Biden said he would veto it if it passes the Senate.

The full House is scheduled to vote Wednesday on a Congressional Review Act resolution that would overturn a staff accounting bulletin from the Securities and Exchange Commission. Banks argue that the guidance would effectively cut them out of the crypto custody business.

The Securities and Exchange Commission has warned Robinhood Markets that it faces an enforcement action over its crypto business — the latest sign that the regulator isn't letting up on its yearslong crackdown on digital assets. 

Mississippi's Renasant names its next CEO; environmental fintech Aspiration Partners spins out its consumer brand; the OCC adds five weeks to comment period for Capital One-Discover merger; and more in the weekly banking news roundup.

The San Francisco-based firm's Anchorage Digital Trusted Liquidity and Settlement network, better known as Atlas, will allow clients to settle a range of cryptocurrency transactions.

Mastercard launches service to fight instant-payment fraud, EU may green-light Apple's NFC-access plan, and more.