The Federal Deposit Insurance Corp.'s Inspector General says the agency needs to mitigate digital asset risks, and notes that dozens of its affiliate banks are looking into — or are actively engaged with — crypto assets.

The sweeping legislative package would require digital-asset businesses to get licensed and add to the authority of the state financial services regulator. Illinois officials say the changes would protect consumers and level the regulatory playing field, but a banking trade group is pushing back against some of the ideas.

House majority whip Rep. Tom Emmer, R-Minn., introduced a similar bill last year before joining House leadership in this Congress.

Digital asset startup MoonPay has appointed former Coinbase executive Asiff Hirji as its new president and chief operating officer. Hirji aims to continue the company's push into the nonfungible token market.

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.

Move over, stablecoins; a new type of blockchain-based currency could take precedence, a bank report finds.

Bank of England releases digital pound details, CBA adds anti-scam tech, and more. Here's what's happening around the world.

As the cryptocurrency mania raged, Congress took a hands-off approach, keeping the fast-growing industry in legal limbo as it spawned startups and drew billions of dollars from investors. That's left it to the courts to deal with the wreckage.

A former Coinbase Global manager admitted participating in a scheme to trade on confidential information about when the exchange was going to list new tokens.

SEBA Bank, a crypto bank backed by Julius Baer Group Ltd., hired an ex-JPMorgan Chase banker as its Asia Pacific chief executive.

Bank of England and the U.K. Treasury stepped up work on creating a digital currency to sit alongside physical banknotes and sought to allay concerns that the work could threaten the stability of banks.