CFPB Proposes Mandatory Refunds for Crypto Hack Victims in Landmark Consumer Protection Move
The Consumer Financial Protection Bureau unveils groundbreaking regulations requiring crypto companies to reimburse customers for hacks and unauthorized transactions. The proposed rule, which redefines 'funds' to include digital assets, comes amid rising security breaches totaling $2.2 billion in 2024 alone.
Senate to Launch Historic Cryptocurrency Subcommittee Under Lummis Leadership
The U.S. Senate Banking Committee is establishing its first-ever cryptocurrency subcommittee, with Senator Cynthia Lummis expected to lead the groundbreaking initiative. This watershed development aims to craft balanced oversight frameworks that protect consumers while fostering innovation in the rapidly evolving digital asset sector.
Oklahoma Senator Introduces Groundbreaking Bitcoin Payment Legislation
Oklahoma State Senator proposes the Bitcoin Freedom Act, enabling voluntary Bitcoin adoption for wages and payments across the state. The legislation aims to provide financial sovereignty while opposing CBDCs, building on the state's existing support for cryptocurrency innovation.
South Korea Opens Door to Institutional Crypto Trading in Landmark Policy Shift
South Korea's FSC plans to allow institutional investors into cryptocurrency markets through a phased approach, starting with non-profit organizations. The regulatory changes signal growing acceptance of digital assets while maintaining oversight, with additional plans for crypto ETFs and security token offerings by 2025.
Backpack Exchange Acquires FTX EU License, Eyes European Crypto Derivatives Market
Backpack Exchange has secured FTX EU's assets and MiFID II license, planning to launch regulated crypto derivatives trading in Europe by Q1 2025. The strategic acquisition includes managing FTX bankruptcy claims distribution while positioning Backpack as a key player in Europe's underserved regulated crypto market.
Federal Reserve's Crypto Skeptic Steps Down: Michael Barr's Exit Signals Regulatory Shift
Federal Reserve Vice Chair Michael Barr, known for his critical stance on cryptocurrencies, announces resignation amid controversy over Operation Chokepoint 2.0. His departure marks a significant change in U.S. financial regulation as investigations into alleged anti-crypto banking restrictions continue.
China's Latest Crypto Crackdown: New Rules Target Cross-Border Transactions
China unveils strict regulations requiring banks to flag and potentially block crypto-related cross-border transactions, adding to its existing restrictions on cryptocurrency activities. While China maintains its hardline stance, other nations have taken varied approaches to crypto regulation, with some previously restricted countries now considering legalization.
UK Financial Watchdog Intensifies Crackdown on Illegal Crypto Advertising
The FCA has identified over 1,700 unauthorized cryptocurrency promotions in the UK, successfully removing 54% while targeting influencers and implementing stricter advertising controls. Google's upcoming policy changes will require FCA registration for UK crypto advertisers starting January 2025.
Binance Makes History with First Crypto Broker-Dealer License in Brazil
Binance secures groundbreaking approval from Brazil's Central Bank to acquire Sim;paul, becoming the first crypto exchange with a broker-dealer license in the country. This milestone marks Binance's 21st global regulatory achievement and enables expanded services in Latin America's largest economy.
Jordan Unveils Ambitious 2025 Blockchain Strategy to Modernize Government Services
Jordan's government has approved a comprehensive Blockchain Technology Policy aimed at revolutionizing public services and administrative operations by 2025. The initiative focuses on implementing blockchain solutions to enhance efficiency, data security, and transparency while developing local expertise and supporting blockchain startups.