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.

Ripple buying a Swiss crypto-custody firm, Binance leaving Canada, and more.

One of the oldest U.S. banks sees innovation as part of risk management, not a discretionary cost.

A recent study looked at government-backed virtual currency.

The New York attorney general's office released draft legislative language to regulate cryptocurrencies, addressing various concerns about the industry but potentially conflicting with the state's existing crypto licensing regime.

The new platform, Coinbase International Exchange, will list Bitcoin and Ether perpetual futures starting this week after it received a license last month from the Bermuda Monetary Authority.

Genesis lawyer Sean O'Neal said that the crypto lender has agreed to a 30-day mediation period including its committee of unsecured creditors, which still opposes the proposed restructuring deal.

The Federal Deposit Insurance Corp. said in a report released Friday that Signature's rapid, unrestrained growth and inadequate risk management practices outpaced supervisors' ratings and responses, even though the issues were known to the agency.

Rep. French Hill, R-Ark., said the House Financial Services Committee and the House Agriculture Committee will hold a joint hearing on crypto next month.

The Federal Reserve's final rule severely restricting the ability of state member banks to engage in crypto-related activities was released without a legally required period of notice and comment.

A House Financial Services Committee aide said that the bill is meant to restart discussions with Democratic lawmakers and the White House over how to regulate stablecoins.

Financial institutions and their trade groups fear a loss of funding for loans if customers migrate in large numbers to a central bank digital currency, according to comments to the Federal Reserve about a possible digital dollar. Industry officials are also worried about heightened cybersecurity and money laundering risks.